US Fed Meet, Q1 Results and Cues to Watch Out Today

Tue, 25 Jul Pre-Open

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Indian stock markets rose to all time high as Reliance Industries, ITC and TCS posted strong gains. At the closing bell yesterday, the BSE Sensex closed higher by 217 points. While, the NSE Nifty finished higher by 51 points led by software stocks and FMCG stocks.

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 today.

Index heavyweights like Axis Bank, Asian Paints, Bharti Airtel and Hero Motocorp should be in focus today as the companies announce their Q1 earnings during the market hours.

The markets are touching record highs every day. It makes sense to sit back and evaluate if the fundamentals are in place for such heady growth. When one looks at corporate earnings over the past 5 years, it paints a different picture.

For instance, Richa's Hidden Treasure team has uncovered a batch of small caps that could lead to what Richa calls 'backdoor profits'.

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US Fed Policy Meeting

Investors will also turn focus to the decision on interest rates post a two-day meeting of the US Federal Reserve which is scheduled for today and tomorrow. The Federal Open Market Committee is not expected to raise key interest rate.

The Fed also announced plans to start gradually paring its bond holdings later this year, a move that could cause long-term rates to rise. Over the last few weeks investors have focused what the European Central Bank will do as the European economy continues to improve. The Fed had raised the target range for its federal funds rate by 25 basis points (bps) to 1-1.25% during its June 2017 meeting.

Gold Surges as Dollar Struggles

The dollar struggled near a 13-month low against a basket of major currencies as US political turmoil dampened hopes for quick passage of President Donald Trump's stimulus and tax reform agendas and the euro extended gains. Meanwhile, euro hit 23-month high.

Gold prices rallied to trade at almost four-week high at the bullion market. A weaker dollar makes dollar-denominated gold less expensive for holders of other currencies.

Top Stocks in Focus

HDFC Bank share price is expected to be in focus again today as the company reported stellar Q1 numbers. With 20.2% growth for June quarter, HDFC Bank again hit high-speed growth.

Though well-managed, the gross NPAs reported by the lender at 1.24% of gross advances were the highest since fourth quarter of FY10.

Godrej Consumer Products Ltd share price is likely to be in limelight after the company forayed into the Rs 12 billion professional hair care segment and aims to capture at least 10% of market share in the next two and a half years.

The hair care segment contributes around 13-14% of the company's revenues in India and with the entry in the professional space, it is expected to be 20% in the next three years.

Bank stocks should be in focus as a bill to authorise the RBI to direct banking companies to resolve the problem of stressed assets was today introduced in the Lok Sabha by Finance Minister Arun Jaitley. The measure allows the RBI to initiate insolvency resolution process on specific stressed assets.

Airline stocks are expected to witness some action as IndiGo and Jet Airways have introduced additional flights to Doha and Mumbai on a daily basis from Calicut International airport. Meanwhile, as per an article in The Business Standard, several top fund managers have exited the counter of InterGlobe Aviation.

Put together, fund managers sold shares worth Rs 1.2 billion of IndiGo in June. This came even as the airline recorded the fastest domestic passenger growth rate of 26%. This week, promoters of the airline announced they'd dilute stake to comply with the regulatory framework. The board of directors is meeting on July 31 to consider paring stake from the current 85% to 75%.

Oil Prices Slip

Oil slipped to one-week lows, as several OPEC and non-OPEC ministers met to discuss a pact to curb oil output but the prospect of the group delivering deeper cuts grew more distant.

Saudi Arabia is aiming to cut exports to the U.S. in an effort to drain U.S. inventories. In the most recent week for which data is available, the EIA said U.S. imports of Saudi crude fell to 524,000 bpd, a seven-year low.

The United States is considering financial sanctions on Venezuela to halt dollar payments for the country's oil, which could restrict the OPEC nation's crude exports.

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