Of RBI Policy Review, Falling Crude Oil Prices, and Top Cues in Focus Today

Thu, 6 Dec Pre-Open

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Indian share markets witnessed most of the selling pressure during closing hours and ended their trading session on a negative note yesterday. All sectoral indices ended on a negative note with metal stocks, auto stocks, and healthcare stocks losing the most.

At the closing bell yesterday, the BSE Sensex stood lower by 250 points (down 0.7%) and the NSE Nifty closed down by 85 points (down 0.7%). The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1.2%.

Top Stocks in Focus Today

In the news from pharma sector, Lupin share price will be in focus today as the company yesterday reported that the US health regulator made a total of 22 observations after inspection of its facilities loacated at Mandideep in Madhya Pradesh. The inspections were carried out between November 26 and December 4, 2018.

Alembic Pharmaceuticals share price will also in focus today after as company yesterday said it has received approval from the US health regulator for Candesartan Cilexetil tablets, used for treatment of hypertension. The company in its filing said it has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Candesartan Cilexetil tablets USP in the strengths of 4 mg, 8 mg, and 16 mg.

From the engineering space, market participants will be tracking L&T share price today as the company's construction arm - L&T Construction has won orders worth Rs 21 billion across two business segments.

Of RBI Policy Review...

In the news from the macroeconomic space, the Reserve Bank of India (RBI) held the repo rate at 6.5% in its fifth bi-monthly policy review yesterday.

The central bank maintained its 'calibrated tightening' stance although it cut its inflation projection for H2FY19 to 2.7-3.2% from 3.9-4.5% earlier.

The decision of the monetary policy committee (MPC) is in line with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The central bank said that even though inflation projections have been revised downwards significantly and some of the risks pointed out in the last resolution have been mitigated, especially of crude oil prices, several uncertainties still cloud the inflation outlook.

Sun Pharma Touches Five-Year Low

In another news, Sun Pharma share price continued its selling pressure yesterday and touched over five-year lows.

The stock has fallen 12% in the last three days, even though the company made a clarification related to corporate governance and whistleblower issues.

Last Tuesday, a note by Macquarie, an Australian brokerage firm went viral which raised concerns among the investing community.

The note raised questions about inadequate disclosures regarding the role of promoter Dilip Shanghvi's brother-in-law Sudhir Valia, Sun Pharma's past links with banned traders Ketan Parekh and Dharmesh Doshi, related party transactions involving promoter Shanghvi and guarantees given to real estate firm Suraksha Realty.

The note also questioned the selection of little-known London-based firm Jermyn Capital to manage the drug major's $275 million foreign convertible bond issue in 2004-07.

The markets regulator reportedly is planning to reopen the investigation into the insider trading case against the company and its promoters which was settled through consent mechanism.

To know more about the company, You can read Sun pharma Q2FY19 result analysis and Sun pharma fact sheet on our website.

Crude Oil Witness Selling Pressure

In the news from the commodity space, crude oil witnessed selling pressure yesterday. Losses were seen on the back of swelling US inventories and a plunge in global stock markets amid concerns over an economic slowdown.

Reportedly, oil prices are under pressure due to a weekly report by American Petroleum Institute (API) that said US crude inventories rose by 5.4 million barrels in the week to Nov. 30, to 448 million barrels, in a sign that US oil markets are in a growing glut.

As per the news, the Organization of the Petroleum Exporting Countries (OPEC) plus Russia and other allies are meeting on 6^th and 7^th December. Producers are discussing a supply curb of 1 million to 1.4 million barrels per day (bpd) and possibly more.

The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina, at which oil policy is expected to be discussed. The meet will also potentially lay the groundwork for an OPEC deal.

Recently, Qatar announced that it is quitting next month to focus on liquefied natural gas (LNG) production. This was a big blow faced by OPEC.

Qatar's energy minister Saad Sherida al-Kaabi dismissed the notion that the move was driven by Doha's ongoing feud with OPEC's de facto leader Saudi Arabia.

Note that OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5% of global supply.

However, while OPEC is considering withholding supply, US crude oil production reached another record high last week at 11.7 million barrels per day (bpd), according to U.S. Energy Information Administration (EIA). So, this, on the other hand, is helping cap the sharp rise in crude oil prices.

Note that high crude oil prices can be a big worry for the Modi government as well as it has been a big beneficiary of lower crude oil prices.

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