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Monetary Policy; Q1 Earnings & Top Cues in Action Today
Fri, 21 Jul Pre-Open

Indian share markets finished marginally lower on Thursday as IT stocks, metal stocks, and automobile stocks witnessed selling pressure. The top movers were Axis Bank, ONGC and Kotak Bank. However, Tata Steel fell by 1.82%, followed by Asian Paints and Hero MotoCorp.

The broader, the BSE Sensex stood lower by 51 points, while the NSE Nifty finished down by 26 points.

Top Cues in Action Today

The steel authority of India (SAIL share price) will be in focus today as the Rs 50-billion autograde steel plant in joint venture between SAIL and ArcelorMittal would be set up close to an automobile hub and final decision on the site is likely in three months.

The pharma major Merck is betting on India's growing pharmaceutical space and steady state spending on healthcare to expand its business, even as the German life sciences and technology company's seven-year-old joint venture with Dr Reddy's Laboratories to develop biosimilar drugs comes to an end.

Eros International Media's promoter group entity Eros Worldwide FZ LLC has sold 3.61% stake in the company this month bringing down its total shareholding to 39.91%.

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Results Corner

A meeting of the Board of Directors of Mangalore Refinery & Petrochemicals Ltd (MRPL) has been scheduled for today to consider and approve Un-Audited Financial Results for the first quarter ended 30th June, 2017 of FY 2017-18.

Auto majors Ashok Leyland and Atul Auto will announce its Q1 results today.

Wipro share price and Reliance Industries share price will be in action today after it posted its Q1 results yesterday.

IPO Buzz

As per The Business Standard, the largest non-life insurer New India Assurance hopes to launch its initial share sale by October. as it expects the final government go-ahead for it anytime now.

Meanwhile, Godrej Agrovet, a subsidiary of Godrej Industries has filed draft papers with Sebi to raise an estimated Rs 10-12 billion through an IPO. In May, Godrej Industries' board had approved Godrej Agrovet's IPO.

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Bank of Japan Pushes Back Inflation Target

Asian shares rose to their highest levels in nearly a decade on Thursday, bolstered by a surge in global markets. While the yen eased after the Bank of Japan reinforced expectations that it will keep massive stimulus in place far longer than other major central banks.

Following its policy meeting, Japan's central bank on Thursday cut its inflation forecasts for the next few years. It now admits it won't hit its 2% target until 2020, despite having thrown trillions of new yen into the money supply in recent years.

We believe there's a big crisis brewing within Japan. In fact, if there's one place on this planet that epitomizes all the wrong kinds of growth, it's Japan. Too much money printing...too much debt...too much government intervention...too much stock market manipulation.

Sooner than later, these easy money measures by central bank are going to end. And as per Asad, the end of easy money policies will create some big trends that traders can profit from. Here's Asad Dossani, editor at Profit Hunter:

  • "Regardless how many more times interest rates go up, one thing is clear. This is the beginning of the end of easy money. At least, the end of easy dollars (easy euros, pounds, and yen will stay with us for a while)."

The European Central Bank also reviewed its monetary policy yesterday. The UK released its June retail sales data.

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Feb 22, 2018 03:37 PM