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Rising Crude Oil Prices, June Quarter Results, and Top Stocks in Action Today

Mon, 22 Jul Pre-Open

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On Friday, Indian share markets extended their decline for the 2nd day as markets witnessed a sharp sell-off amid disappointing earnings and slowing economic growth concerns.

The BSE Sensex closed lower by 560 points to end the day at 38,337. M&M and Bajaj Finance were among the top losers.

While the broader NSE Nifty ended down by 178 points to end at 11,419.

Among BSE sectoral indices, automobile stocks fell the most by 3.2%, followed by banking stocks and finance stocks.

Top Stocks in Action Today

Thermax share price will be in focus today as the company has concluded an order of Rs 4.7 billion from an Indian government power company to set up two flue gas desulphurization (FGD) systems at their thermal power plant in the state of Jharkhand.

Dr Reddy's Laboratories share price will also be in focus as the company has launched Fexofenadine HCI 60 mg and Pseudoephedrine HCI 120 mg Extended-Release Tablets, USP, an over the counter (OTC) store-brand equivalent of Allegra-D 12 HR Allergy and Congestion Extended-Release Tablets.

Phillips Carbon Black share price is eyeing to develop two products from its new research and development (R&D) center in Gujarat in the next three months. The new R&D center is spread over a land area of 27,000 square feet.

Market participants will also track Just Dial share price, TVS Motor share price, Mastek share price, and Kotak Mahindra Bank share price as these companies are set to announce their results later today.

Credit Growth Steady at 12%

The Reserve Bank of India (RBI) in its latest report showed that bank credit and deposits continued to grow in double digits as they increased by 12% and 10.3% to Rs 969.8 billion and Rs 1267.5 billion, respectively in the fortnight to July 5.

In the year-ago fortnight, advances stood at Rs 865.7 billion and deposits at Rs 1148.8 billion. In the previous fortnight to June 21, credit had increased by 12% to Rs 964.9 billion and deposits grew by 10% to Rs 1249.1 billion.

On a year-on-year basis as of May, non-food credit increased 11.4% from 11.1%. Personal loan growth slowed to 16.9% in May from 18.6% in the year ago period.

Results Corner

Dabur has reported 11.8% rise in its net profit at Rs 2.6 billion for the June quarter (Q1FY20) as compared to Rs 2.3 billion for the same quarter in the previous year.

Total income of the company increased by 10% at Rs 16.9 billion for Q1FY20 as compared Rs 15.4 billion for the corresponding quarter previous year.

RBL Bank has reported 40.5% rise in its net profit at Rs 2.7 billion for the quarter ended June, as compared to Rs 1.9 billion for the same quarter in the previous year.

Rallis has reported a rise of 7.2% in its net profit at Rs 83.2 million for the quarter under review as compared to Rs 77.6 million for the same quarter in the previous year.

ACC share price has reported 39% year-on-year (YoY) growth in consolidated net profit at Rs 4.6 billion in June quarter. Net sales grew 8% at Rs 40.6 billion against Rs 37.7 billion in the corresponding quarter of previous year.

To know more about the company, you can read ACC's latest result analysis on our website.

You can also read our recently released Q1FY20 results: Mindtree, Wipro, Yes Bank, Federal Bank, Colgate, Tata Elxsi.

Gold Rises amid Fed Rate Cut Expectation

On Friday, Gold surpassed the key US$ 1,450 level for the first time since May 2013, after comments from a top Federal Reserve official bolstered expectation of an interest rate cut, while fresh tensions in the Middle East further supported bullion.

The metal has gained nearly 2% so far this week, looking for a second consecutive weekly gain.

At a central banking conference on Thursday, New York Fed President John Williams said policymakers need to add stimulus early to deal with lower inflation when interest rates are near zero and cannot wait for an economic disaster to unfold.

The comments from Williams made it a virtual certainty the Fed would opt to cut interest rates by 25 basis points (bps) at its July 30-31 policy meeting and also fueled expectations of an even deeper 50 bps reduction.

To know more about gold and which are the best counters to trade in the commodities and currencies space, you can read one of Vijay Bhambwani's recent articles: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

From the Commodity Space...

On Friday, oil prices rose by more than 1% after the US Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.

The above development again stoked tensions in the Middle East.

It was a volatile week for crude oil. The commodity saw losses during the past two sessions after official data showed US stockpiles of products like gasoline rose sharply last week.

As per the data, US domestic crude supplies fell for a fifth straight week. According to data released by the US Energy Information Administration (IEA), US crude inventory for the week ended July 12 fell 3.11 million barrels to 455.88 million barrels.

Meanwhile, volatility was also seen on the back of ongoing geopolitical tensions in the Middle East.

Iran this week said that a small oil products tanker missing in the Strait of Hormuz was in its territorial waters. This stoked fraught relations with Iran's neighbors and the West over threats to shipping in the key oil chokepoint.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Speaking of crude oil, in the video below, Vijay Bhambwani explains how trading in crude oil is an evergreen strategy. As per him, trading in crude oil offers excellent opportunities in nearly all market conditions due to its unique standing within the world's economic and political systems.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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