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

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 504.13 crore on Thursday, data available with NSE suggested.

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Amidst a slowdown in the economy, bank credit is expected to grow at 6.5-7.0% during the current fiscal ending March’20, according to ratings firm Icra.
NEW DELHI: US stocks closed at record highs in overnight trade and cues from China are also positive. Will this help the domestic market snap a three-day losing streak?

Here’s breaking down the pre-market actions.


TRADE SETUP

Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange traded 30 points, or 0.25 per cent, higher at 12,223.50, indicating a firm start for Dalal Street.


Tech view: Nifty support shifts lower
Nifty settled December F&O series at 12,126 on Thursday and in the process it formed a bearish candle for the second successive session, with a lower high-low formation for the third day. This showed supports are shifting lower. Momentum oscillator RSI showed triple-negative divergence and turned southward on the daily chart, which does not bode well for the bulls, analysts said.

Asian shares rise on firm US cues
In Japan, the benchmark Nikkei225 index edged up 0.09 percent, or 21.24 points, to 23,946.16 in early trade. In Hong Kong, the Hang Seng index added 0.61 per cent, or 169.45 points, to 28,033.66 in early trade. Chinese benchmark Shanghai Composite index slipped 0.02 per cent, or 0.50 points, to 3,006.85.

US stocks closed at record highs
US Retailers and technology companies powered stocks broadly higher on Thursday, extending the market's record-setting run, AP reported. The S&P 500 rose 16.53 points, or 0.5 per cent, to 3,239.91. The Dow gained 105.94 points, or 0.4 per cent, to 28,621.39. The Nasdaq Composite climbed 69.51 points, or 0.8 per cent, to 9,022.39.

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FIIs buy Rs 504 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 504.13 crore on Thursday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 120.46 crore, data suggests.

Spurt in crude oil prices
Crude prices rose on Friday, hitting three-month highs after data showedrecord online spending by US consumers, stoking faith in the world’s No 1economy even before the hoped-for end to the trade war between Washington andBeijing. Brent crude futures rose 13 cents to $68.05 a barrel while the WTIcontracts gained 13 cents to $61.81

MONEY MARKETS

Rupee: The rupee erased its early gains to settle down by 4 paise at a three-week low of 71.31 against the US currency on Thursday, marking its fifth straight day of losses amid heavy selling in domestic equities and steady rise in crude oil prices.

10-year bonds: India 10-year bond yield rose 0.06 per cent to 6.58 after trading in 6.58-6.61 range.
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Call rates: The overnight call money rate weighted average was 5.11 per cent, according to RBI data. It moved in a range of 3.70-5.30 per cent. (fresh values unavailable)

THE DAY PLANNER
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  • RBI Forex Reserves
  • Japan Nov Unemployment Rate
  • BoJ Summary of Opinions
  • ECB Economic Bulletin
  • US EIA Crude Oil Stocks Change

MACROS

China industrial profit rises 5.4% in Nov
Profits at China’s industrial firms in November grew 5.4 per cent from a year earlier to 593.9 billion yuan ($84.93 billion), the National Bureau of Statistics said on Friday. That compares with a 9.9 per cent drop in October, the biggest fall since the January-February period.

Rail fares likely to go up soon
The Indian Railways may increase passenger fares up to 40 paise per kilometre soon to tide over the financial crisis it is grappling with owing to the ongoing economic slowdown. “Work is on to rationalise both passenger and freight fares. Since freight fares are already high we cannot increase them. In fact, there is a need to lower freight fares to attract more freight from road,” Railway Board chairman Vinod Kumar Yadav said at a press conference on Thursday.

Efforts on to make it easier to start up
A plethora of regulatory changes covering startups is in the works to reduce time spent on tax compliance by them to less than one hour a month along with easier incorporation processes and boosting the availability of global and domestic capital. The Department for Promotion of Industry and Internal Trade (DPIIT) is in talks with the ministries of finance and corporate affairs, the Securities and Exchange Board of India (Sebi) and the Reserve Bank (RBI) over the new measures.

Indians consumed less groceries but shelled out more
India’s grocery consumption basket shrank by an average 5 kg per household in the 12 months ended September from the year earlier, although they spent slightly more overall. Consumers shopped more often but bought less each time, spreading their budgets to ease the financial pinch amid the slowdown, according to a study by Kantar Worldpanel, a global consumer research firm owned by communications and advertising giant WPP. “The average basket size in (the year ended) September 2018 was 222 kg while it dropped 3% to 217 kg in 2019,” said K Ramakrishnan, South Asia MD at Kantar. Most companies increased promotions in 2018 by offering additional grammage or bigger packs while keeping prices intact.

Slump could drag credit growth to 58-yr low
Amidst a slowdown in the economy, bank credit is expected to grow at 6.5-7.0% during the current fiscal ending March’20, according to ratings firm Icra. This will be the lowest growth in 58 years. The year-on-year (y-o-y) growth in bank credit is expected to decelerate sharply to 6.5-7.0% during FY’2020 from 13.3% during FY2019 on account of limited incremental credit growth during the financial year so far, Icra said in a report.

TN tops good governance index among big states
Tamil Nadu has bagged the top position in the composite ranking for good governance index (GGI), followed by Maharashtra and Karnataka, according to data provided by the Personnel Ministry. Chhattisgarh has got the fourth position, followed by Andhra Pradesh (fifth), Gujarat (sixth), Haryana (seventh) and Kerala at the eight rank, it said. Madhya Pradesh is at the ninth rank, West Bengal at the tenth position, followed by Telangana (11th), Rajasthan (12th), Punjab (13th), Orissa (14th), Bihar (15th), Goa (16th), Uttar Pradesh (17th) and Jharkhand at eighteen position in the big states category.

Pulses output may be below estimates
India’s quest for self-reliance in pulses may suffer a setback this year, because output is likely to be lower than the official estimates that were prepared before erratic weather damaged the crop. Officials said the government was closely watching the situation and would ensure adequate supply of protein-rich seeds to prevent a price spike, like the one in onions following crop damage from floods.
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