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SGX Nifty Up 76 Points, Gold Hits Record High, ONGC Q4 Results, and Buzzing Stocks in Focus Today
Thu, 2 Jul Pre-Open | Monish Vora, TM Team

Indian share markets ended on a strong note yesterday, taking cues from global stock markets.

Sentiment got a boost after the World Bank said it will give US$ 750 million as loan to India for strengthening small businesses that form the backbone of the country's economy and were devastated in the coronavirus pandemic.

The emergency lending will ensure liquidity for some 1.5 million micro, small and medium enterprises (MSME) and protect millions of jobs, said the Bank in a statement.

India's current account turned positive in the last quarter of the 2019-20 fiscal year as a result of lower trade deficit and a sharp rise in net invisible receipts, the first quarterly surplus in 13 years.

At the closing bell yesterday, the BSE Sensex stood higher by 499 points (up 1.4%).

Meanwhile, the NSE Nifty closed higher by 128 points (up 1.2%).

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The BSE Mid Cap index ended up by 0.2%, while the BSE Small Cap index ended up by 0.4%.

On the sectoral front, gains were largely seen in the finance sector and banking sector.

At 8:30 am today, the SGX Nifty was trading up by 76 points, or 0.73% higher at 10,475 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

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Top Stocks in Focus Today

Bharti Airtel will be among the top buzzing stocks today.

This comes as US-based Carlyle Group will invest US$235 million in Bharti Airtel's data centre business, Nxtra Data. Reportedly, Carlyle will hold an approximately 25% stake in the business on completion of the transaction, with Airtel continuing to hold the remaining stake of approximately 75%.

Nxtra will use the proceeds from deal to continue to scale up its infrastructure and offerings across the country.

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Vodafone Idea share price will also be in focus as the company's pre-tax loss rose 73% YoY to Rs 117.4 billion in the March quarter of FY20 owing to exceptional expenses.

While the firm's revenue remained flat on a year-on-year (YoY) basis, the loss widened due to Rs 61.4 billion worth of exceptional items, which included costs related to merger and integration, additional provisioning for depreciation and impairment, and one-time spectrum charges.

ONGC Reports First-Ever Quarterly Loss

Oil and Natural Gas Corporation (ONGC) posted a pre-tax loss of Rs 105.3 billion in the fourth quarter of the financial year 2019-20 (Q4FY20).

This was ONGC's first-ever quarterly loss. Reportedly, the loss was due to a drop in crude oil prices, the impact of the Covid-19-induced lockdown, and exchange losses.

The company's director of finance, Subhash Kumar, said that the combined impact of reduced demand, Covid-19, reduced offtake and lower crude prices had an impact on the company's numbers to the tune of Rs 49 billion.

He added that another major factor was foreign exchange losses. The rupee had depreciated heavily during the quarter, resulting in a loss of Rs 11.1 billion on exchange rate variation, as against a gain of over Rs 2 billion during the same time last year.

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The company's revenue from operations declined by 7% to Rs 1,044.9 billion in the quarter under review, compared to Rs 1,125.4 billion the previous year.

During Q4FY20, the company's net realisation on crude was seen US$ 49.01 a barrel, as against US$ 61.93 a barrel a year ago.

Gas price for the quarter was also lower at US$ 3.23 per million metric British thermal unit (mmBtu), compared to US$ 3.36 a mmBtu in the year-ago period.

For the whole of FY20, the company's profit before tax fell by 65% to Rs 190.7 billion as against Rs 548.5 billion in FY19.

Revenue from operations saw a 6% drop from Rs 4,536.8 billion in FY19 to Rs 4,250 billion in FY20.

Gold Prices Hit an All-Time High

Domestic gold prices hit an all-time high yesterday, tracking a global rally, as surging coronavirus cases in many countries raised the metal's safe-haven appeal.

August gold futures on MCX hit an all-time high of Rs 48,871 per 10 grams in early trade yesterday, taking their gains to 25% in 2020 so far.

Tracking gold, silver futures surged past the 50,000-mark to Rs 50,779 per kg. Silver had surged about 3% in the previous session.

In global markets, gold hit US$ 1800 per ounce in New York's Comex Futures, the highest in eight years, lifted by investors seeking a safe bet as the world battles coronavirus pandemic.

US Federal Reserve Chairman Powell said last week that output and employment remain far below their pre-pandemic levels and cautioned that the outlook for the economy is "extraordinarily uncertain."

In 2011, gold reached above US$ 1900 and then fell sharply to consolidate at lower levels for years after falling to near US$ 1,000.

As per Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, the recent developments in bullion markets may put some short-term pressure on gold prices.

In his latest video, he shares his thoughts on gold, especially in view of three events which have recently transpired in the gold market.

You can check the same here: These 3 Recent Events Will Impact the Price of Gold.

Fitch Ratings Cut India's Growth Forecast to 8% for FY22

Fitch Ratings cut India's growth forecast for 2021-22 fiscal to 8% from 9.5% projected last month.

It, however, retained its projection of Indian economy contracting by 5% in the current fiscal.

Indian economic growth stood at an estimated 4.2% in FY20.

In its June update of Global Economic Outlook, Fitch projected Indian economy to grow 5.5% in FY23.

Note that, S&P has forecast a 5% contraction in the fiscal year starting April, and the growth to recover to 8.5% next fiscal.

Moody's expects India's real GDP to contract by 4% in fiscal 2020 due to the shock from the coronavirus pandemic and related lockdown measures, followed by 8.7% growth in fiscal 2021 and closer to 6% thereafter.

Speaking of the coronavirus impact on Indian economy, note that the Indian economy was grappling with its own issues and Covid-19 has made matters worse.

The industry was facing demand problems, due to which business houses were reluctant to undertake capex plans. Unemployment was at its peak and exports were consistently down for several months.

India's GDP growth has been on a consistent decline after peaking out at 7.9% in Q4 of FY18 to 4.7% in Q3 of FY20, as can be seen in the chart below:

Declining GDP Growth for India

Interestingly, there's a silver lining in all this. India can become an outsourcing hub. The global slowdown will mean that countries like the US, will be looking out for low-cost outsourcing destinations like India.

Further, a lot of global buyers have already shifted to India to source ceramics, home appliances, fashion, and lifestyle goods.

Meanwhile, as per the reports, around a thousand foreign manufacturers want to relocate their production to India, a country they see as an alternative to China.

Here's an excerpt from one of the articles Tanushree Banerjee wrote on the Indian economic recovery:

  • It's also a fact that India's importance in the global supply chain has never looked better. PM Modi himself referred to that.

    Therefore, utilising the stimulus package to tighten India's presence in the global supply chain will be the fastest way to move up the Swoosh index. Any delay or disregard would cost India dearly.

    True that Apple, Samsung and several smartphone manufacturers are already considering an expansion of their Indian capacities.

    But the land, labour, liquidity, and legal reforms cannot remain on paper if the Make in India dreams are to be realised.

    I expect to gather more cues about India's prospects on the Swoosh index over coming months.

Watch this space as Tanushree tracks these Rebirth of India megatrends closely.

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

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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Stock Market Updates

SAIL Share Price Up by 5%; BSE METAL Index Up 2.8% (Today's Market)

Sep 25, 2020 03:34 PM

SAIL share price is trading up by 5% and its current market price is Rs 34. The BSE METAL is up by 2.8%. The top gainers in the BSE METAL Index are SAIL (up 5.2%) and JINDAL STEEL & POWER (up 7.2%).

FORCE MOTORS Share Price Up by 5%; BSE AUTO Index Up 3.4% (Today's Market)

Sep 25, 2020 03:28 PM

FORCE MOTORS share price is trading up by 5% and its current market price is Rs 1,060. The BSE AUTO is up by 3.4%. The top gainers in the BSE AUTO Index are FORCE MOTORS (up 5.2%) and MOTHERSON SUMI (up 5.6%).

VODAFONE IDEA Share Price Up by 13%; BSE 500 Index Up 2.4% (Today's Market)

Sep 25, 2020 03:24 PM

VODAFONE IDEA share price is trading up by 13% and its current market price is Rs 10. The BSE 500 is up by 2.4%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 13.5%) and IFB INDUSTRIES LTD (up 11.9%). The top losers are OBEROI REALTY and BAJAJ HOLDINGS & INVESTMENT .

BAJAJ CONSUMER CARE Share Price Up by 5%; BSE FMCG Index Up 2.0% (Today's Market)

Sep 25, 2020 03:24 PM

BAJAJ CONSUMER CARE share price is trading up by 5% and its current market price is Rs 185. The BSE FMCG is up by 2.0%. The top gainers in the BSE FMCG Index are BAJAJ CONSUMER CARE (up 5.1%) and GSK CONSUMER (up 5.1%). The top losers are GILLETTE INDIA (down 0.5%) and EMAMI LTD (down 0.5%).

ADANI TRANSMISSION Share Price Up by 6%; BSE POWER Index Up 2.2% (Today's Market)

Sep 25, 2020 03:24 PM

ADANI TRANSMISSION share price is trading up by 6% and its current market price is Rs 250. The BSE POWER is up by 2.2%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 6.0%) and TATA POWER (up 5.5%). The top losers is SIEMENS (down 0.5%).

Indian Indices Trade Higher; HCL Tech, Bharti Airtel & TCS Up Over 4% (Today's Market)

Sep 25, 2020 12:30 pm

The BSE Sensex is trading up by 451 points, while the NSE Nifty is trading up by 127 points.

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