OPEC Meet; Fitch's GDP Forecast & Top Stocks to Sway Markets Today

Fri, 7 Dec Pre-Open

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On Thursday, Indian share markets remained under pressure throughout the session with Nifty ending below 10,600 level, while Sensex lost over 600 points.

Maruti Suzuki, Tata Motors, Yes Bank, Reliance Industries and Adani Ports were among the major losers on the Sensex.

Meanwhile, Indian rupee recovered from the day's low point. It traded lower by 38 paise at 70.84 per dollar versus previous close 70.46.

Rupee broadly moved in a range of 70.30 and 70.80 levels ahead of the important RBI policy statement that was released on Wednesday.

Top Stocks in Focus

Aurobindo Pharma share price will be in focus today as the company faces a class action lawsuit in the US over carcinogenic elements in its blood pressure drug.

Sun Pharmaceutical Industries including its subsidiaries has received final approval from USFDA for its Abbreviated New Drug Application (ANDA) for generic version of Ganirelix Acetate Injection, 250 mcg/0.5 mL.

Muthoot Finance reported a profit of Rs 4.8 billion in the quarter ended September 30 versus Rs 4.5 billion a year ago. Total revenue from operations fell marginally to Rs 16.5 billion in the September 2018 quarter from Rs 16.6 billion in the same period last year.

By the way, you can read our recently released Q2FY19 result analysis of the following companies: Asian Paints, TVS Motors, Wipro, Ambuja Cement, HDFC Bank, Infosys and more.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Global Stock Market Drivers

On Thursday, US stock futures and Asian shares tumbled after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, fanning fears of a fresh flareup in tensions between the two superpowers.

The Nikkei slid 1.7%, with semi-conductor related shares leading the losses. Hong Kong's Hang Seng dropped 2.1% while Shanghai shares dropped 0.9%.

Some of the key events that will be in focus this week:

• OPEC ministers meet in Vienna.
• Today, the US monthly employment report for November will be released.
• China November trade data are due on Saturday.

Oil Prices Fall

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30% since October.

International Brent crude oil futures were at US$61.04 per barrel, down 0.8% from their last close. US West Texas Intermediate (WTI) crude futures were at US$52.38 per barrel, down 1%.

Fitch Cuts India's GDP Forecast

Fitch Ratings cut India's FY19 GDP growth forecast to 7.2% from 7.8% on December 6. The rating agency has also cut growth forecasts for FY20 and FY21 to 7% from 7.3% and 7.1% from 7.3%, respectively.

The cut comes after India's GDP growth softened quite substantially in Q3 FY19, growing 7.1% year-on-year (YoY) after 8.2% in the previous quarter. Consumption was also at the weak spot, falling to 7% from 8.6%, though still growing at a healthy rate.

Note that, on December 5, the Reserve Bank of India (RBI) had projected FY19 GDP growth at 7.4% (7.2-7.3% in H2) as in the October policy and at 7.5% for H1 FY20, with risks somewhat to the downside.

Owing to the widening of the current account deficit, Fitch said tighter global financing conditions may put downward pressure on the currency. It sees the rupee to weakening to 75 against the dollar by 2019-end.

However, at Equitymaster, we do not attempt to predict how and when macroeconomic developments will unfold. Instead, we focus on the fundamentals and the underlying business strength of companies.

The ValuePro team is always on the lookout for all-weather stocks whose fortunes are not tied to economic cycles.

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

Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers