Indian Indices Continue Downtrend, Global Stock Market Drivers, and Top Stocks in Action Today

Fri, 30 Aug Pre-Open

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On Thursday, Indian share markets witnessed negative trading activity throughout the day and ended deep in the red.

The BSE Sensex closed lower by 383 points to end the day at 37,069. Yes Bank and SBI were among the top losers.

While the broader NSE Nifty ended down by 98 points to end at 10,948.

Among BSE sectoral indices, banking stocks fell the most, followed by finance stocks and energy stocks.

Top Stocks in Action Today

Vodafone Idea share price will be in focus today as the company has received shareholders' approval to raise its authorized share capital from existing Rs 302.9 billion to Rs 500 billion.

Meanwhile, Bharti Airtel's subsidiary - Airtel Africa has achieved the 100-million customers mark. Airtel Africa claims to be the second-largest mobile operator in Africa in terms of number of active subscribers.

Indian Oil Corporation (IOC) share price will also be in focus as the company is reportedly planning to set up a 1 Giga Watt (GW) plant to make batteries used for running electric vehicles (EVs) in partnership with an overseas start-up.

To know more about the company, you can read IOC's latest result analysis and IOC's 2018-19 annual report analysis on our website.

Market participants will also track NTPC share price.

Reportedly, the company's subsidiary - Energy Efficiency Services, is eyeing to sell around 40,000 air-conditioners (ACs) over the next six to eight months under its product expansion plan.

From the Commodity Space...

Oil witnessed selling pressure on Thursday, with Brent easing but holding above US$ 60 a barrel while a sharp fall in US inventories boosted WTI futures.

The US government's Energy Information Administration said on Wednesday that American crude stocks dropped last week by 10 million barrels, while gasoline and distillate stocks each fell by 2.1 million barrels.

US weekly crude production rose 200,000 barrels per day to a new record at 12.5 million bpd in the week to August 23.

Reports state that concerns about a slowdown in economic growth due to the trade war between the world's biggest oil consumers, along with the potential hit to oil demand, are keeping prices in check.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's article here: Message of the Markets - What is Crude Oil Indicating?

Global Stock Market Drivers

European shares rose nearly 1% led by a 1.7% jump in Italy where the government's bond market borrowing costs also rallied to record lows.

The Japanese yen was a touch higher heading for its biggest monthly rise since May. China's yuan dipped for an 11th straight session.

On the latest trade war development, China said they were discussing the next round of face-to-face trade talks in September with the US and voiced hopes that US President Donald Trump would cancel plans for additional trade tariffs.

In the latest tit-for-tat escalation of the trade war between the world's two largest economies, Trump last Friday announced additional duties of 5% on targeted Chinese imports worth about US$ 550 billion to be imposed in stages from September 1 to mid-December.

As per the economic schedule released by Vijay Bhambwani, editor of Weekly Cash Alerts, here are the important events which are due later today:

• India's GDP data for the April-June quarter, Infrastructure Output.
• Canada's GDP data for June Month-on-Month.
• USA's Personal Spending data for July.
• Japan's Core CPI, Jobs Data, Retail Sales.

Gold Prices Rise amid Recession Fears

Gold and silver prices in India edged higher on Thursday, hovering near record highs. On MCX, October gold futures prices were up 0.3% to Rs 39,251 per 10 grams, after hitting a new high of Rs 39,340 earlier this week. Silver futures rose 0.4% to Rs 46,841 per kg.

Note that on Wednesday, Silver sky rocketed Rs 2,110 to Rs 48,850 a kg, helped by positive trend overseas and strong demand from industrial units and coin makers.

Reportedly, higher uptake by local jewellers ahead of festive season and investors preferring the yellow metal as a safe-haven asset helped the yellow metal touch its new all-time high level.

Gold got a boost as the US yield curve inversion deepened on Tuesday to levels not seen since 2007, which sent US markets sharply lower amid deeper worries about the global economy.

Apart from concerns about global slowdown and worries that a US-China trade breakthrough is not happening soon, gold prices have a boost from buying from central banks.

As many central banks diversify their portfolio, they are adding gold as global growth slows and trade and geopolitical tensions rise.

Speaking of Silver, Vijay Bhambwani believes Silver provides a good opportunity to safeguard your capital and earn good returns in the bargain.

Here's an excerpt of what he wrote...

• When Silver reached Rs 73,600 in April 2011 the USDINR was at 44.47. Now it has crossed the 72-mark, a depreciation of 61.90%.
  
  You should not rule out the possibility of a re-test of the all-time high of 74.68, reached in October 2018, in the next 12 months. Remember, the INR depreciates against the US dollar on average by 3.5-5% per annum on a long period average (LPA) basis.
  
  The weaker the INR, higher the Silver price goes. It's that simple really.

To know more, you can read Vijay's entire article here: Will We See Another 'Silver Thursday'?

And 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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