Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

OPEC Meet; Fitch's GDP Forecast & Top Stocks to Sway Markets Today
Fri, 7 Dec Pre-Open | Rini Mehta, TM Team

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.

--- Advertisement ---
We Hope You Haven't Bought This Book From Amazon

One of our most popular books, Equitymaster's Secrets, is available on Amazon for Rs 1,450…

We'd say it's cheap even at that price, considering it contains a wealth of secrets and wisdom from our 20+ years of successful stock-picking.

But as an Equitymaster reader, you shouldn't have to pay that much for this book…

Which is why, for a short while only, we're giving away virtually free copies of the latest version of this book to the first 500 readers to act.

Here are the details.
------------------------------

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


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "OPEC Meet; Fitch's GDP Forecast & Top Stocks to Sway Markets Today". Click here!

  

Stock Market Updates

SUNTECK REALTY Share Price Up by 5%; BSE REALTY Index Up 2.1% (Today's Market)

Aug 4, 2020 03:17 PM

SUNTECK REALTY share price is trading up by 5% and its current market price is Rs 191. The BSE REALTY is up by 2.1%. The top gainers in the BSE REALTY Index is SUNTECK REALTY (up 5.2%). The top losers are MAHINDRA LIFESPACE and PHOENIX MILL (down 2.0%).

MISHRA DHATU NIGAM LTD Share Price Up by 5%; BSE METAL Index Up 1.4% (Today's Market)

Aug 4, 2020 02:59 PM

MISHRA DHATU NIGAM LTD share price is trading up by 5% and its current market price is Rs 208. The BSE METAL is up by 1.4%. The top gainers in the BSE METAL Index is MISHRA DHATU NIGAM LTD (up 5.0%). The top losers is NMDC LTD (down 0.2%).

IPCA LABS Share Price Up by 5%; BSE HEALTHCARE Index Up 1.2% (Today's Market)

Aug 4, 2020 02:59 PM

IPCA LABS share price is trading up by 5% and its current market price is Rs 1,997. The BSE HEALTHCARE is up by 1.2%. The top gainers in the BSE HEALTHCARE Index are IPCA LABS (up 5.0%) and APOLLO HOSPITALS (up 5.2%). The top losers are PROCTER & GAMBLE HEALTH and PFIZER (down 0.1%).

VAIBHAV GLOBAL Share Price Up by 10%; BSE 500 Index Up 1.6% (Today's Market)

Aug 4, 2020 02:55 PM

VAIBHAV GLOBAL share price is trading up by 10% and its current market price is Rs 1,485. The BSE 500 is up by 1.6%. The top gainers in the BSE 500 Index are VAIBHAV GLOBAL (up 10.3%) and FINE ORGANIC INDUSTRIES (up 10.4%). The top losers are NMDC LTD (down 0.1%) and TCS (down 0.1%).

FINE ORGANIC INDUSTRIES Share Price Up by 10%; BSE 500 Index Up 1.6% (Today's Market)

Aug 4, 2020 02:53 PM

FINE ORGANIC INDUSTRIES share price is trading up by 10% and its current market price is Rs 2,440. The BSE 500 is up by 1.6%. The top gainers in the BSE 500 Index are FINE ORGANIC INDUSTRIES (up 10.0%) and RAJESH EXPORTS (up 10.2%). The top losers are BIOCON and TCS (down 0.1%).

Sensex Surges 550 Points; HDFC Bank & Reliance Industries Top Gainers (Today's Market)

Aug 4, 2020 12:30 pm

The BSE Sensex is trading up by 566 points, while the NSE Nifty is trading up by 158 points.

View More Indian Share Market News

Most Popular

Why the Stock of HDFC Bank Deserves a Closer Look than Before...(Profit Hunter)

Jul 22, 2020

HDFC Bank's results point to a gaping hole in Indian financial sector. Possibly even a global contagion.

These 5 Smallcaps Deserve a Place in Your Coffee Can Portfolio(Profit Hunter)

Jul 28, 2020

When it comes to quality stocks, doing less is more.

My Best Trading Ideas When Interest Rates Are So Low(Fast Profits Daily)

Jul 23, 2020

India's interest rates are lower than the inflation rate. Here are the best trades for this situation.

Gold or Silver: Which One Should You Buy Now?(Fast Profits Daily)

Jul 24, 2020

Silver and gold are both vying for your attention. Which is the better trade today?

More

Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Aug 4, 2020 (Close)

MARKET STATS