Emerging Markets Under Pressure; Trump's Trade War Threats; GDP Data and Top Stocks in Focus

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Indian share markets ended flat on Friday amid weakness in the rupee, which hit a new low breaching 71 per dollar mark for the first time earlier in the day.

The S&P BSE Sensex ended at 38,645, down 45 points while the broader Nifty50 index settled at 11,680, up 4 points. Gains in metal, pharma and FMCG stocks were offset by losses by banking stocks.

Meanwhile, India's first quarter GDP print was scheduled for release on Friday, and there was lot of curiosity to know how the world's fastest-growing major economy fared in a quarter marked by trade tensions.

Rupee Hits 71 per Dollar

The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Month-end dollar demand from importers and a slide in other Asian currencies weighed on the rupee. So far this year, the rupee has weakened 9.7% against the US dollar, weighed down by outflows from debt markets. Foreign investors have sold US$256.5 million and US$8 billion in equity and debt markets, respectively.

Top Stocks in Focus

Lupin share price will be in focus as the company received approval for its Potassium Chloride Oral Solution USP, 20 mEq/15 mL (10%) and 40 mEq/15 mL (20%) from the United States Food and Drug Administration (USFDA) to market a generic version of Genus Lifesciences, Inc.'s Potassium Chloride Oral Solution.

SAIL share price will hog limelight after the company declined a government call for a dividend this year, citing financial risks.

Reliance Infrastructure completed the sale of its Mumbai city power distribution business to fellow industrialist Gautam Adani for Rs 188 billion. It will help bolster the company's financials by repaying debt of Rs 138 billion from an accumulated debt of Rs 220 billion. The stock will be watched out for today.

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Global Stock Market Drivers

Asian shares came under renewed pressure on Friday as a report US President Donald Trump was preparing to step up a trade war with Beijing sent Chinese stocks lower and partially erased gains made in the week's global rally.

Many emerging market currencies were also frail after Argentina's peso sank on Thursday despite the central bank's interest rate hike.

While trade jitters dominated market sentiment, indicators suggests activity in the world's second largest economy remained firm.

The official Purchasing Managers' Index (PMI) on Friday showed growth in China's manufacturing sector unexpectedly picked up in August after a two-month slide.

Still, investors remained cautious as they expect more risks from the trade frictions down the road.

Oil Prices Slip on Sino-US Trade Conflict

Oil prices dipped on Friday amid concerns of the trade war between the United States and China could intensify. Although looming US sanctions against Iran's oil exports prevented markets from falling further.

International Brent crude oil futures were at US$77.70 per barrel, down 7 cents from their last close.

US West Texas Intermediate (WTI) crude futures were down 3 cents at US$70.22 a barrel.

Still, with Venezuelan supply falling sharply and concerns around US sanctions against Iran that will target its oil exports from November, crude markets in August are on track to post a more than 4% rise for Brent and a 2% increase for WTI, the reports noted.

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