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RBI Monetary Policy Review, Global Stock Market Drivers, Earnings & Top Cues in Action Today
Wed, 2 Aug Pre-Open

On Tuesday, the share markets in India gained in the last hour of trade as Nifty closed at record high level.

The BSE Sensex gained 60 points to end at 32,575 while the broader NSE Nifty surged 38 points to close at 10,115.

Automobile stocks excelled on Tuesday as Maruti, Hero MotoCorp, Eicher Motors featured among major gainers while Bank of Baroda, State Bank of India, Lupin and ONGC were the major losers.

Markets to Focus on RBI Policy Review

The central bank will review the monetary policy today.

One must note that, retail inflation measured by the Consumer Price Index (CPI) dropped to a record low of 1.54% in June. The drop was mainly on the back of a sharp drop in the prices of vegetables and pulses. Does this call out for a rate cut?

As per Richa Agarwal, our research analyst, falling core inflation bodes well for a rate cut in today's monetary policy meeting. Subdued factory output data for May could also encourage the RBI to cut rates. Here's an excerpt of what she wrote in The 5 Minute WrapUp recently:

  • "But a 25-basis point rate cut is not a given. The RBI, in its previous monetary policy meeting, raised concerns about the impact GST could have on inflation. It also cited fiscal risks from farm loan waivers. These risks still prevail."

At Equitymaster, we do not attempt to predict how and when macroeconomic developments will unfold. Instead, we focus all our energy on understanding the underlying business strength of companies.

In fact, the ValuePro team is always on the lookout for all-weather stocks whose fortunes are not tied to economic cycles.

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Global Key Events to Watch Out Today

Global stocks advanced following the latest set of corporate results, with European shares tracking a jump in Asian peers on both earnings and promising economic data. The US dollar traded sideways after Monday's drop.

Here are some key upcoming events:

  • Brazil's Congress will vote today on whether to put President Michel Temer on trial.
  • As per Bloomberg, Bank of England Governor Mark Carney may signal a more hawkish tone at its quarterly Inflation Report on Thursday. The central bank will likely keep rates on hold.
  • Rate decisions will be taken in Czech Republic and Ukraine on Thursday and Romania on Friday.
  • Company Earnings That Will Drive Indian Markets Today

    Companies which will be reporting June quarter earnings today include Wockhardt Ltd, VST Industries, Voltas Ltd, Tribhovandas Bhimji Zaveri, Transport Corporation of India Ltd, Lupin Ltd, KEC International, Hawkins Cookers, Ingersoll Rand India, Bata India and Entertainment Network India Ltd among others.

    Top Cues in Action Today

    Lupin share price will hog the limelight today as the company received final approval for its Fluocinonide Topical Ointment USP, 0.05% from the United States Food and Drug Administration (USFDA) to market a generic version of County Line Pharmaceuticals, LLC's Lidex Ointment, 0.05%.

    Tata Steel share price will be in focus after it was reported that the company has has completed the sale of its 42 and 84-inch pipe mills in Hartlepool to Liberty House Group.

    The sale covers the 42-inch and 84-inch pipe mills, also known as the Submerged Arc Weld (SAW) mills, where about 140 employees manufacture pipeline for gas and oil projects around the world.

    HPCL share price will be in action today after Airtel Payments Bank announced a strategic partnership with Hindustan Petroleum Corporation Limited (HPCL), aiming to further boost digital payments in the country.

    Meanwhile, Marico reported an 11.9% decline in its consolidated net profit to Rs 2.4 billion for the first quarter ended June, on account of reduction in sales due to transition into GST. The company had posted a net profit of Rs 2.7 billion during the same period previous fiscal.

    JSW steel also reported results for first quarter ended 30 June 2017 yesterday. The company reported 61.3% fall in its net profit at Rs 4.2 billion for the quarter under review as compared to Rs 10.8 billion for the same quarter in the previous year.

    Cochin Shipyard IPO Subscribes by 29% on First Day

    The IPO attracted total bids of 99,46,800 shares and total bids at a cut-off price of 76,73,790 shares on August 1. As per the NSE data the issue got subscribed by 29%.

    Do the company's fundamentals justify the price it is asking? Should you subscribe to it? Read on to find out.

    However, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

    We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

    Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

    Factory Activity Lowest in Nine Years

    As per a private survey, India's factory activity slumped to its lowest level in more than nine years in July. This came as The Nikkei/IHS Markit Manufacturing Purchasing Managers' Index (PMI) unexpectedly fell to 47.9 in July from 50.9 a month earlier.

    The above fall was seen by disruptions to business activity after the launch of GST last month. But despite this slowdown, many expect GST to boost business activity in the long-run.

    In our view, GST is a complicated topic, the exact implications of which will be obvious over next few years. Our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong.

    To know more, download his special report - The Good, the Sad and the Terrible (GST)

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

    Read the latest Market Commentary

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Aug 18, 2017 03:37 PM

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