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Rising Demand for Gold, RBI Rate Cut, Key Q1FY20 Results, and Top Cues in Focus Today
Fri, 26 Jul Pre-Open | Monish Vora, TM Team

On Thursday, Indian share markets extended their decline for the 6th day as markets witnessed selling pressure during closing hours.

The BSE Sensex closed lower by 17 points to end the day at 37,831. Tata Motors and Yes Bank were among the top losers.

While the broader NSE Nifty ended down by 19 points to end at 11,252.

Among BSE sectoral indices, energy stocks fell the most by 1.9%, followed by metal stocks and capital goods stocks.

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Top Stocks in Action Today

Bharat Heavy Electricals (BHEL) share price will be in focus today as the company has signed a Memorandum of Understanding (MoU) with NTPC, for forming a Joint Venture (JV) company, to set up a 800 MW Technology Demonstration Plant (TDP) at NTPC's existing power plant in Sipat, Chhattisgarh.

Mphasis share price will also be in focus today as the company has entered into partnership with AppDynamics, a Cisco company and the leader in application intelligence.

Reportedly, the company's participation in the AppDynamics partner program will help to provide a comprehensive one-stop solution to improve businesses' application performance and address service reliability challenges at the enterprise scale.

Market participants will also track Maruti Suzuki share price, Bajaj Auto share price, JSW Steel share price, and Force Motors share price as these companies are set to announce their June quarter (Q1FY20) results later today.

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Results Corner

Bajaj Finance has reported 43% year-on-year (YoY) rise in its June quarter consolidated net profit. This was the highest ever profit recorded by the company.

Net interest income during the quarter grew 43% YoY to Rs 36.9 billion. The consolidated asset under management surged 41% YoY to Rs 1.29 lakh crore.

Oberoi Realty has reported 71.1% fall in its net profit at Rs 711 million for the June quarter as compared to Rs 2,460.5 million for the same quarter in the previous year.

Total income of the company decreased by 61.5% at Rs 2,147.5 million for Q1FY20 as compared Rs 5,573.8 million for the corresponding quarter previous year.

Bharti Infratel has reported a fall of 70.5% in its net profit at Rs 4,481 million for the quarter under review as compared to Rs 15,179 million for the same quarter in the previous year.

PI Industries has reported 23.4% rise in its net profit at Rs 1,008 million for Q1FY20 as compared to Rs 817 million for the same quarter in the previous year.

You can read our recently released Q1FY20 results: Zee Entertainment, SKF India, Torrent Pharma, Monsanto India, TVS Motors, Jyothy Labs, DCM Shriram, United Spirits.

Gold Demand Rises

India's gold demand in Q1FY20 saw an increase of 14% on a year-on-year basis, but reports stated it might remain muted in the next two quarters. Among the reasons for a weak outlook are high domestic prices.

The rates, already high in international markets, will increase further in India on account of the 2.5% import duty increase announced in Union Budget 2019 earlier this month.

Jewellery demand increased by 16% in the June quarter to 168 tonnes, while investment demand increased by 10% to 44 tonnes. Unofficial gold imports fell sharply in the first quarter to just 15 tonnes, the lowest in several quarters.

Note that, 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.

RBI Likely to Cut Interest Rates

As per an article in The Economic Times, the Reserve Bank of India is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists.

Majority of the economists said risks to their already-modest growth forecasts were skewed more to the downside.

Here's an excerpt from the article:

  • India's inflation has remained below the central bank's medium-term target of 4% for almost a year and is not expected to rise significantly above that until at least 2021.

    Yet despite three interest rate cuts this year and expectations for more, India's growth outlook was downgraded in the latest poll compared to the previous quarterly economic survey in April.

    The economy expanded at 5.8% year-on-year in the January-March quarter, its slowest pace in five years and losing its title to China as the fastest-growing economy. India is now forecast to grow in the range of 6.3% to 7.2% each quarter through to end-March.

The article also stated that if the RBI does cut rates next month, it will be the most aggressive amongst dovish central banks in Asia.

The last time RBI delivered so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks went on a cutting spree to revive economic growth.

Stay tuned for more updated from this space.

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Stock Market Updates

Sensex Ends 225 Points Higher; Metal and Banking Stocks Witness Buying (Today's Market)

Aug 11, 2020 Closing

While the BSE Sensex ended up by 225 points, the NSE Nifty ended higher by 52 points.

IDFC Share Price Up by 10%; BSE 500 Index Up 0.2% (Today's Market)

Aug 11, 2020 03:31 PM

IDFC share price is trading up by 10% and its current market price is Rs 23. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index are IDFC (up 10.1%) and GARWARE TECHNICAL (up 11.0%). The top losers are M&M and V GUARD INDUSTRIES .

STRIDES PHARMA SCIENCE at 52 Week High; BSE 500 Index Up 0.5% (Today's Market)

Aug 11, 2020 02:25 PM

STRIDES PHARMA SCIENCE share price has hit a 52-week high. It is presently trading at Rs 628. BSE 500 Index is up by 0.5% at 14,843. Within the BSE 500, STRIDES PHARMA SCIENCE (up 2.1%) and NESCO (up 15.9%) are among the top gainers, while top losers are LAURUS LABS LTD and CAPLIN POINT.

CENTRAL BANK Share Price Up by 6%; BSE BANKEX Index Up 1.1% (Today's Market)

Aug 11, 2020 02:15 PM

CENTRAL BANK share price is trading up by 6% and its current market price is Rs 19. The BSE BANKEX is up by 1.1%. The top gainers in the BSE BANKEX Index is CENTRAL BANK (up 5.6%). The top losers is CITY UNION BANK (down 0.2%).

INDIAN BANK Share Price Up by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Aug 11, 2020 01:55 PM

INDIAN BANK share price is trading up by 5% and its current market price is Rs 63. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index is INDIAN BANK (up 5.3%). The top losers is CITY UNION BANK (down 0.5%).

SCHNEIDER ELECTRIC INFRA Share Price Up by 5%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Aug 11, 2020 01:47 PM

SCHNEIDER ELECTRIC INFRA share price is trading up by 5% and its current market price is Rs 90. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is SCHNEIDER ELECTRIC INFRA (up 5.3%). The top losers are AIA ENGINEERING (down 0.1%) and LAKSHMI MACHINE (down 0.5%).

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