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Weakening of Rupee, Oil Prices, Axis Bank & Other Top Cues in Action Today
Mon, 4 Sep Pre-Open

Indian stock markets ended the previous session at a three-week high as a weaker-than-expected economic growth data raised hopes the central bank would cut interest rates in October.

The NSE Nifty ended the week up 1.2%, while the BSE Sensex posted a weekly gain of 0.9%. Among BSE sectoral indices, realty sector was the star-performer and was up 2.59%, followed by auto sector and metal sector.

Top Stocks in Focus

Axis bank share price is expected to be in focus as the bank has loans to 12 companies on RBI's list of defaulters. Reportedly, RBI has asked banks to send at least 20 companies that defaulted on their debts to bankruptcy court if their problems are not resolved by about mid-December.

Aditya Birla Capital share price is expected to be in focus today as the company got locked at the 5% lower circuit at Rs 237.50 and remained there till the markets closed for the day. The stock's debut had a rub-off effect on the stock prices of related companies Grasim Industries and Aditya Birla Money, which fell 2% and 4% respectively.

In news from metal sector, NALCO has formally launched a superior Value Added Rolled Product with wide applications and potential to attract many new customers. With this product, NALCO also plans to be an active partner in the Make in India movement.

Sadbhav Engineering has been declared as successful bidder by the Gujarat government for two projects worth Rs 9 billion. The projects include upgradation of Sayla-Bamanbore and Bagodara-Limbdi sections of National Highway 8 in Gujarat.

Energy stocks are likely to in limelight today as Total SA, the French energy giant, is looking for a local partner to begin retailing petrol and diesel in the fast expanding Indian fuel market. As per Economic Times, oil markets in India already has a bunch of private and foreign oil companies competing with state firms. Local firms still dominate the market with more than 90% market share but private firms have begun to carve their own space. In 2016-17, demand for diesel rose 1.8% and petrol 8.6%.

Vedanta share price is expected to witness some action today as the company plans to invest around Rs 500 billion on business expansion in India in coming years. The company's MD stated that bankruptcy law and GST will help improve the business environment and attract global investors.

Union Bank of India and Dena Bank are expected to see some momentum as the banks reduced their marginal cost of lending rates across various tenors. Union Bank has cut its MCLR by 20 basis points across all tenors while Dena Bank has reduced MCLR by 15 basis points across one year, six months, three months and one month.

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Disinvestment process Kicks Off for Air India

As per an article in The Economic Times, the government is all set to get moving on appointing an adviser for the sale of its stake in loss-making Air India, kicking off the process to disinvest the airline.

Reportedly, the adviser will suggest the extent of equity that the government could dilute. While the government is looking to sell a majority stake, there have been suggestions that completely exiting the airline is the best option, which will also maximise valuations.

Similarly, the government is looking at ways to ensure that the non-core assets, such as the large real estate, are not sold with the airline. NITI Aayog had recommended that these assets could be transferred to a new entity.

US Markets Upbeat after Jobs Report

Global markets closed higher last week as Wall Street assessed the likelihood of tighter monetary policy following a weaker-than-expected jobs report. Market participants were closely watching out for the report as they looked for clues about the Federal Reserve's next monetary policy move.

The Fed is set to meet later this month with many investors expecting the central bank start rolling off its massive bonds portfolio later in the fall. However, most analysts are expecting the Fed to keep interest rates unchanged for the rest of 2017. Another rate hike isn't fully priced in until June 2018.

Rupee Weakens Against the US$

The rupee on Friday weakened over one week low against the US dollar after India's economic growth slowed down unexpectedly to three year low. As per Livemint, bond yields reacted after the data and fell to one month low as analyst expects that the fall in gross domestic product may give further room to Reserve Bank of India to cut rates.

Oil prices Continue to Fall

Oil prices continued to decline as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10% of U.S. fuel-making capacity.

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.

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Mar 20, 2018 (Close)