Market Movers: What changed for D-Street while you were sleeping

Check out what all might matter on Dalal Street in today's trading session.

BCCL
Business sentiment in India fell to its lowest level since June 2016, as companies were worried over a slowing economy, government policies and water shortage, a survey said Monday.
NEW DELHI: Global markets are clueless, waiting for key economic releases in the US for further guidance. Back home, domestic investors are waiting on the sidelines ahead of quarterly earnings from top corporates.

Here is breaking down the pre-market actions.


TRADE SETUP

Singapore trading sets stage for tepid start
Nifty futures on the Singapore Exchange were trading 8 points, or 0.07 per cent, lower at 11,578.50, indicating a tepid start for Dalal Street.


Tech view: Nifty forms Hammer candle
Nifty50 on Monday formed a Hammer-like candle on the daily chart, suggesting that every selling got bought into. The index needs follow-up buying and a sustained close above the 11,600-650 range to resume an uptrend, said analysts.

Asian stocks tepid ahead of US retail data
Asian shares inched up on Tuesday as traders awaited US retail sales data and more corporate earnings to gauge the health of the world's biggest economy. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.04 per cent. US S&P500 e-mini stock futures pointed up, rising 0.07 per cent in early Asian trade. Japan's Nikkei stock index dipped 0.36 per cent.

US stocks settled marginally higher
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In overnight trade, the Dow Jones Industrial Average index rose 27.13 points, or 0.10 per cent, to 27,359.16. The S&P500 index added 0.53 points, or 0.02 per cent, to 3,014.30. The Nasdaq Composite index was up 14.04 points, or 0.17 per cent, to 8,258.19.

Oil prices weak on rise in crude production
Oil prices fell for a second day as more production facilities returned to operation in the US Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand. Brent crude futures were down 10 cents, or 0.2 per cent, at $66.38 a barrel. They fell 0.4 per cent overnight.

DIIs buy Rs 592 cr worth equities
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 216.44 crore on Monday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 591.72 crore, data suggests.

MONEY MARKETS

  • Rupee: The rupee advanced by 15 paise to close at 68.54 against the US currency, tracking gains in domestic equities and weakness in the greenback overseas.

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  • 10-year bonds: India 10-year bond yields fell 0.85% to 6.43 on Monday, after trading in 6.43-6.48 range, according to RBI data.

  • Call rates: The overnight call money rate weighted average was 5.60%, according to RBI data. It moved in a range of 1.00-6.45%.

The Day Ahead:

  • US Fed Chair Powell’s speech
  • UK May employment rate
  • BoE Governor speech
  • US June industrial output data
  • EU May Balance of Trade data
MACROS

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Exports, imports shrink in ominous signs
India’s exports shrank for the first time in nine months in June as global trade tension hit shipments and the country braced for the impact of the US withdrawing some benefits. Exports shrank 9.71% to $25.01 billion while imports declined 9.06%, narrowing the trade deficit to $15.28 billion from $16.6 billion a year ago, government data showed. Exports to China fell by a sharp 14.1% as the country struggled under the impact of the trade war with the US. Its GDP growth slowed to a 27-year low of 6.2 per cent in June quarter

Surcharge burden on India Inc books?
The increase in effective tax rate to 43% for those earning Rs 5 crore and more has spread disquiet in India Inc’s C-suite, raising the possibility of salary reviews, as the rise in tax will invariably push senior compensation levels higher with top talent demanding some offset. As per the latest records available, 144 executives of BSE500 companies on an average earned Rs 11.4 crore annually. To compensate for this, the individual’s salary will have to be increased by one-fourth, the senior CEO said, adding that it will take a 25% increase in income to get back to the same level of take-home pay.,

What stalled Chandrayaan-2
India’s space agency had to abort its much anticipated moon mission Chandrayaan-2 on Monday, due to drop in pressure in one of the tanks of the upper stage of its heaviest rocket, people familiar with the development said. Isro now has a window of a minute every day till July 31 to attempt a relaunch of its second moon mission.

China growth at 27-year low
China's economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand faltered in face of US pressure. Analysts expect Beijing will continue to roll out more support measures.

India’s wholesale price inflation cools
India’s wholesale inflation cooled to a 23-month low of 2.02 per cent in June as prices rose at a slower pace for veggies and manufactured products, and dropped for fuel and power, raising expectations of a rate cut next month

Suzlon set to default on FCCB
Suzlon Energy is staring at a default on redemption of its foreign currency convertible bonds worth $172 million, or Rs 1,200 crore, due on Tuesday and has told bondholders they will have to wait until banks accept its proposed one-time settlement plan

Look, who is splurging
Indians are spending more on overseas travel and education as spends rose more than 60% year on year this May just ahead of the next academic season. Expenses on overseas travel under the Liberalised Remittances Scheme rose 56% to $568 million in May, while spends on education and maintenance of close relatives rose 88% to $334 million and 21% to $ 300 million, latest figures released by RBI showed.

Flipkart finds way to dodge predatory pricing
Walmart-owned Flipkart has found a way to dodge the rules to check “predatory pricing”. The ecommerce firm has started incentivising sellers to pass on additional discounts to customers enrolled in its loyalty programme Flipkart Plus by offering non-cash credits to the vendors. Under this programme, vendors offering a 5% additional discount to consumers will receive as much as 50% of discount value back

India’s biz sentiment hit 3-year low
Business sentiment in India fell to its lowest level since June 2016, as companies were worried over a slowing economy, government policies and water shortage, a survey said Monday. According to the IHS Markit India Business Outlook, predictions of softer activity growth underpin the downward revisions of profit outlook, subdued hiring plans and relatively muted capital expenditure. Private sector companies foreseeing output growth in the year ahead fell from 18% in February to 15% in June.
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