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Punjab National Bank, Pharma Stocks & GDP Data among Few Factors that may Sway Stock Markets Today
Fri, 1 Sep Pre-Open

On Thursday, share markets in India ended marginally higher. The BSE Sensex closed higher by 84 points and the NSE Nifty finished up 34 points.

The Nifty50 settled the August series of derivatives contract above 9,900 thanks to gains in information technology stocks, realty stocks and automobile stocks.

Adani Ports, Wipro and Tata Power gained the most on both indices, while Bosch, Bharti Infratel, Infosys and M&M were the top losers.

India's Q1 GDP Data

The Central Statistics Office (CSO) released gross domestic product (GDP) growth estimates for the first quarter of 2017-18 (April-June) yesterday.

Sandwiched between the government's demonetisation program and the implementation of the goods and services tax (GST), most experts expected the GDP print to be around 6%.

The economy clocked a 6.1% growth rate in the January-March period - its lowest pace of growth in the past nine quarters, mainly due to demonetisation.

For those investing based on macro clues, these are times to be a little skeptical. What you see could be too good to be true. And could be a very slippery premise for one's investment thesis. Ask superinvestors who have consistently beaten benchmark indices.

Our Research analyst, Kunal has been working on a project to answer this. They have travelled the length and breadth of the country to interview a bunch of value-oriented investors who've had tremendous success with investing.

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Top Stocks in Action Today

Punjab National Bank share price will be in focus today after it was reported that the bank has cut its marginal cost based lending rates by up to 0.25% for select maturities, effective today. The state-owned lender has also slashed its base rate by 0.20% to 9.15%.

Fortis Healthcare will hog the limelight today following news reports that the Supreme Court has refused to grant permission to the company's promoters to sell their shares that they have pledged with banks and financial institutions.

Meanwhile, as per an article in Business Standard, Swedish defence and aerospace major, Saab, will announce a partnership with the Adani group to manufacture defence equipment in India, including Saab's new Gripen E single-engine, medium fighter if that is chosen by the IAF.

Singapore-based power producer Sembcorp Industries has entered into an agreement to acquire IDFC's remaining stake of 28% in renewable energy firm Sembcorp Green Infra (SGI) for Rs 14.10 billion.

Ajanta Pharma share price is in news today after it announced the launch of eletriptan hydrobromide tablets, used to treat headaches, in the US market. It is a bioequivalent generic version of Relpax tablets.

Lupin has launched generic Lanthanum Carbonate chewable tablets used for reducing serum phosphate in patients with end-stage kidney disease in the American market.

Global Stock Market Key Events

Major equity markets in the Asia Pacific were in a mixed mode on Thursday, with stock indexes in Japan and Australia making gains on better-than-expected economic data out of the US, while stocks in China and South Korea seeing losses over geopolitical tensions, despite positive manufacturing data in China.

European shares gained a second day after data underscored the resilience of the American and Chinese economies, and billionaire investor Warren Buffett said he still prefers stocks to bonds. The dollar was steady as Treasury yields rose a second day.

Also, at Equitymaster, our goal is to recommend stocks using the "Buffett would buy" criteria. And that means zeroing in on companies that have strong businesses and moats, a healthy balance sheet and good management. We want to share with you our approach towards identifying stocks that meet the "Buffett would Buy" criteria. Click Here to know more...

Among other key events this week:

  • Among economic releases in Europe: Germany July retail sales and August unemployment, as well as euro-area July CPI and unemployment.
  • The US released on Thursday a key personal consumption expenditure report that the Federal Reserve looks at, ahead of jobs data out today.

Oil Prices Hit by Demand Concerns

Oil prices were upended as flooding and damage from Tropical Storm Harvey shut nearly a quarter of US refinery capacity, curbing demand for crude.

The resulting risk of fuel shortages sent US gasoline futures up 6.4% in Asian trading to their highest in over two years. Prices have surged more than 20% in the past week.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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

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Mar 1, 2021 03:30 PM