ACC Cement Beats Street Estimates, China GDP and Top Cues in Action Today

Tue, 18 Jul 0

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The BSE Sensex closed at a record high of 32,074.78 points on Monday with IT stocks such as Infosys and Wipro leading the gains. The broader Nifty 50, too, closed at a record high of 9,915.95 points. Both the Nifty and the Sensex posted their best weekly gain last week since last 4 months.

The recent rally in the stock markets is triggered by forecast of above average monsoon rains, cooling inflation, which fell to its lowest level in over 5 years. Meanwhile, the sentiment was also boosted by a rally in global markets.

Realty sector, metal stocks and software stocks led the pack of gainers.

As the markets continue to rally, corporate earnings of June quarter will be crucial for the NSE Nifty index to touch the 10,000 mark this week.

China GDP Beat Expectations but Markets seem Rattled

China's economy grew 6.9% in the second quarter from a year earlier, faster than expected and in line with the first quarter's growth. But the equity markets stayed in the red, with little sign of strength even after the numbers surprised. The Shanghai Composite lost 1.43% in previous trade.

As per a leading financial daily, investor sentiment was likely weighed down as the government work meeting from the weekend indicated Beijing was looking to increase control over the economy.

Reportedly, the government announced it would establish the State Council Financial Stability and Development Commission to oversee the financial sector. This could mean tighter control over the financial system and the economy, which could pose further strains as China's economy transitions to new sources of growth. All that could upset Beijing's main priority now of maintaining stability and calm ahead of a major Communist Party leadership change.

US Treasury

In the bond markets, US 10-year Treasury yields, which fell to as low as 2.279 last week, were steady as the dollar inched higher versus the yen.

Euro zone government bonds also barely budged, biding their time ahead of this week's European Central Bank meeting. The Bank of Japan too is expected to keep its ultra-accommodative policy unchanged when it meets on Wednesday and Thursday.

Meanwhile, as per an article in The Financial Times, the US Treasuries market is at risk of price distortions that could put investors in bonds and derivatives in danger of big losses. US Treasuries are used as a benchmark to price many securities and are also widely used as collateral. Any problems in US Treasuries can severely affect pricing and liquidity across various markets.

Top Stocks in Focus

ACC cement share price is expected to see a lot of action today as the company reported a 32.6% YoY jump in consolidated net profit at Rs 3.26 billion for the June quarter. The company had reported Rs 2.46 billion profit for the corresponding quarter last year. Net sales for the quarter rose 17.8% YoY to Rs 33.29 billion from Rs 28.27 billion.

Ultratech Cement share price too is expected to remain in limelight today as the company declares its June Quarter earnings.

ONGC share price and HPCL share price will be in focus today after it was reported that ONGC need not pay a premium for government stake in HPCL. As per an article in The Times of India, HPCL is widely traded and fairy valued by the market and the transaction would involve no change in state control over the two companies.

The speculation about HPCL shares likely to be sold at a premium has sent stock up 16% in ten days. The stock is up 63% in a year. Paying a premium can drain away ONGC's resources already needed for its planned capex of Rs 300 billion in 2017-18.

ICICI Bank share price is expected to gain further limelight after its subsidiary, ICICI Lombard General Insurance Company filed draft red herring prospectus with market regulator for public offer. The IPO, a pure offer for sale, will see ICICI Bank and Fairfax sell around 86.24 million shares.

Oil Prices Rise on Strong China Demand

Crude futures were off to an upbeat start adding to gains seen last week supported by a slowdown in the growth of rigs looking for crude in the United States and because of strong refinery demand from China.

While the OPEC-led cuts have offered prices some support, rising supplies from Nigeria and Libya, two OPEC members exempt from the pact, have weighed on the market, as has growth in U.S. shale production.

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