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Sensex below 38,000-Mark, HUL, L&T Q1FY20 Results, and Top Stocks in Action Today
Wed, 24 Jul Pre-Open | Monish Vora, TM Team

On Tuesday, Indian share markets extended their decline for the 4th day as markets witnessed selling pressure during closing hours.

The BSE Sensex closed lower by 48 points to end the day at 37,983. SBI and HDFC were among the top losers.

While the broader NSE Nifty ended down by 15 points to end at 11,331.

Among BSE sectoral indices, finance stocks fell the most by 0.8%, followed by energy stocks and automobile stocks.

Last Time: Watch the Re-Airing of our 'One Stock Crorepati' Mega Summit

Top Stocks in Action Today

Dr Reddy's Laboratories share price will be in focus today as the company has launched Ramelteon Tablets, 8 mg, a therapeutically equivalent generic version of Rozerem (ramelteon, 8 mg) Tablets, approved by the US Food and Drug Administration (USFDA).

IndusInd Bank share price will also be in focus today as the lender is planning to raise up to Rs 200 billion by issuing bonds on a private placement basis from the domestic or foreign markets. The bank will put up the proposal before the shareholders in its ensuing annual general meeting to be held on August 16, 2019.

Market participants will also track Asian Paints share price, Quess Corp share price, and PI Industries share price as these companies are set to announce their June quarter (Q1FY20) results later today.

Results Corner

Zee Entertainment has reported 39.8% rise in its net profit at Rs 5121.9 million for the June quarter as compared to Rs 3664.9 million for the same quarter in the previous year. Total income of the company increased by 17% at Rs 18817 million for Q1FY20 as compared to Rs 16084.3 million for the corresponding quarter previous year.

DCM Shriram has reported 2.3% fall in its net profit at Rs 2141.5 million for the quarter under review as compared to Rs 2190.8 million for the same quarter in the previous year.

Just Dial has reported 48.6% rise in its net profit at Rs 572.7 million for the quarter under review as compared to Rs 385.3 million for the same quarter in the previous year.

HUL has reported 14.8% rise in its net profit at Rs 17,550 million for the quarter under review as compared to Rs 15,290 million for the same quarter in the previous year.

Total income of the company increased by 6.6% at Rs 1,02,610 million for Q1FY20 as compared Rs 96,220 million for the corresponding quarter previous year.

You can read our recently released Q1FY20 results: Bandhan Bank, Cyient, Rallis, Dabur, TVS Motors.

Stock Alert: Our Top 5 Stocks to Buy Now

Gold Prices Slip

Gold prices dipped on Tuesday as the dollar strengthened, and some investors locked in profits ahead of the US Federal Reserve meeting next week.

Gold prices briefly surpassed US$ 1,450 mark for the first time in more than six-years last week after New York Fed President John Williams boosted hopes of an aggressive rate cut. However, the New York Fed said the speech was not about potential action at the upcoming meeting.

The US central bank is widely expected to lower interest rate at its meeting ending July 31, but expectations for a larger 50-basis point cut have waxed and waned due to mixed signals from Fed policymakers.

Despite ongoing massive rally in gold prices, the country's gold reserves remained unchanged at US$ 24.3 billion, according to the central bank data.

Both gold and silver prices have surged this week in India, reflecting a firming global trend. Watch Vijay Bhambwani talk about investing opportunities in gold.

From the Commodity Space...

Oil edged further above US$ 63 a barrel on Tuesday, supported by rising tensions in the Middle East after Iran's seizure of a British tanker last week, although signs of faltering demand capped gains.

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Iran's capture of the tanker has sparked concern about supply disruptions in the Strait of Hormuz, a chokepoint in the Gulf through which about a fifth of the world's oil supply flows.

The tensions come as the United States is aiming to cut off Iran's oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices.

But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International Energy Agency, despite lower Iranian exports and OPEC's voluntary supply curbs.

Reports state that oil may gain further support from expectations of another drop in US crude inventories in weekly reports.

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

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

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