Business Standard Podcast

With the ICC Cricket World Cup 2019 entering its third week, equations have started changing, thanks to some strong performances, a few upsets, and also some heartbreaks. Bangladesh chased down a massive 322-run target against Windies on Shakib Al Hasan's century. Later, they repeated the show against Australia, even more emphatically, but fell short of the target by 49 runs. England scored a mountain of runs against Afghanistan — only three runs shy of the 400-mark — and won easily. But the same side failed to chase a not-so-great target of 233 runs against Sri Lanka, as Lasith Malinga scalped four wickets. Surprisingly, a formidable Indian batting line-up, with greats like Rohit Sharma, Virat Kohli and M S Dhoni faced a reality check, with minnows Afghanistan first restricting them to just 224 runs and then nearly chasing the target. If India were able to save their blushes, they had Jasprit Bumrah’s precision and Mohammed Shami’s last-minute havoc to thank for it. Meanwhile, New Zealand skipper Kane Williamson calmly took his team to victory in crucial matches against South Africa and West Indies, with a century in each match. And, Pakistan got back to winning ways by defeating South Africa on the back of Mohammad Amir's heroics. And then, there was a heartbreaking image whose memory will endure for a long time: A distraught Carlos Brathwaite sitting on ground, almost in tears, after nearly taking West Indies past the target against New Zealand. Windies lost the thriller by just 5 runs Let’s take a look at all this, and what more to expect as the contest intensifies in this BS podcast. Follow the BS on Ground channel on Google Podcast, Apple Podcasts and Spotify for more from the world of sports. 

Benchmark indices closed Monday's session with marginal cuts, dragged down by metal stocks, amid weak global cues and rise in oil price. The benchmark S&P BSE Sensex settled 72 points, or 0.18 per cent, lower at 39,123, with ONGC, Tata Steel, Vedanta, Bajaj-Auto, and Tech Mahindra among the biggest losers.  The broader Nifty50 dipped 24 points, or 0.2 per cent, to 11,700. Market breadth remained in favour of declines with NSE advance decline ratio at 2:3. Only two out of the 11 Nifty sectoral indices ended the day in the green, with Nifty Metal, down 1.3 per cent, and Nifty Realty, down 1 per cent, taking the deepest cuts. In the broader market, the S&P BSE MidCap slipped 46 points, or 0.3 per cent, to 14,578, while the S&P BSE SmallCap index slipped 21 points, or 0.15 per cent, to 14,063. BUZZING STOCKS Piramal Enterprises rose 5 per cent to Rs 1,986 on the BSE in early morning trade after a Business Standard report said that Japanese conglomerate SoftBank was in final stages of talks with Piramal group to invest $1 billion. The stock ended the session 3 per cent higher at Rs 1,945.60.  Shares of Glenmark Pharmaceuticals hit a 52-week low of Rs 467, down 7 per cent on the BSE in the early morning trade on Monday after the US health regulator USFDA cited deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients (API) and in manufacturing facilities. The stock settled at Rs 460.60, down 7.92 per cent.

Heightened tensions between the United States and Iran, Chinese President Xi Jinping's meeting with the US President Donald Trump at the G-20 summit, expiry of June series Futures and Options (F&O) contracts, and May fiscal deficit data would be the key events driving markets this week. The US on Saturday decided to impose further sanctions on Iran after the Gulf country shot down the former’s military drone last week.  Back home, the sudden resignation of the Reserve Bank of India (RBI) Deputy Governor Viral Acharya before the scheduled end of his term is likely to be on the investors' radar. Additionally, India’s infrastructure output print, progress in monsoon, foreign fund flow, crude oil prices and rupee movement against the dollar could steer indices.   On Friday, the benchmark S&P BSE Sensex crashed 407 points to 39,194 while the broader Nifty50 index settled 108 points lower at 11,724. The rupee fell 14 paise to settle at 69.57 against the US dollar. Global cues Asian shares were trading lower during the early morning trade on Monday. Japan’s Nikkei was trading 0.2 per cent lower while South Korea’s Kospi was down 0.06 per cent. On Wall Street, the indices slipped during the overnight trade on Friday. The Dow Jones Industrial Average settled 34 points lower at 26,719 while the S&P500 closed 4 points lower at 2,950. The Nasdaq shed 20 points to end at 8,032. In the commodities market, oil prices climbed on Monday as tensions remain high between Iran and the US. Brent futures were up 0.6 per cent at $65.57 a barrel by 6:15 am.

Benchmark indices ended lower on Friday, wiping out previous session's gains, amid weakness in auto stocks, as uncertainty around the US-China trade negotiations and rising oil prices outweighed investor euphoria around the US Federal Reserve’s hints at future rate cuts. The benchmark S&P BSE Sensex crashed 407 points, or 1.03 per cent, to 39,194, with YES Bank, Maruti Suzuki, HDFC, Hero MotoCorp, and Sun Pharma leading the list of losers. The broader Nifty50 index settled 108 points lower at 11,724. All the NSE sectoral indices except Nifty PSU Bank finished the session with losses, with Nifty Pharma and Nifty Auto, down 1.46 and 1.22, respectively dipped the most. About 1,157 shares advanced, 1,292 declined, and 167 remained unchanged on the NSE.  On a weekly basis, the Sensex closed the week 0.65 per cent lower while the Nifty50 slipped 0.84 per cent.  In the broader market, the S&P BSE MidCap index lost 56 points, or 0.3 per cent, to 14,625, while the S&P BSE SmallCap rose 19 points, or 0.14 per cent, to 14,084.. BUZZING STOCKS Aurobindo Pharma shares slipped 8 per cent to Rs 579 on the BSE in early morning trade on Friday after the company received a warning letter from US health regulator for its Unit XI, API (Active Pharmaceutical Ingredients) manufacturing facility in Srikakulam, Andhra Pradesh. The stock ended the day 3.92 per cent lower at Rs 602.35.    Sobha stocks dipped 11 per cent to Rs 500 on BSE on Friday after more than four per cent total equity of the real estate developer changed hands via block deals in early morning trade. By the end of the session, the stock was down 7.39 per cent lower to Rs 520.30.

Soaring crude oil prices due to tensions between the US and Iran are likely to guide markets on Friday. On Thursday, Tehran shot down a US military drone flying over Strait of Hormuz, souring relations. Moreover, Goods and Services Tax (GST) council meeting, foreign fund flow, rupee value against the US dollar and global cues could affect investors’ sentiment. Additionally, markets may also react to the Reserve Bank of India’s (RBI) comments on slowing economic growth despite tepid inflation revealed in the minutes of its June policy meeting, which was released post-market hours on Thursday. On Thursday, the benchmark S&P BSE Sensex ended at 39,601, with a gain of 489 points while the Nifty50 closed at 11,831, rising 140 points. The rupee ended at 69.44, compared to the previous day’s close of 69.7. GLOBAL CUES Asian stocks struggled on Friday as anxiety over Sino-US trade negotiations clouded the investor mood in the region. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent while Japan’s Nikkei was flat. On Wall Street, indices ended higher on a possible rate cut next month. The Dow Jones added 249 points to settle at 26,753 while the Nasdaq gained 64 points to close at 8,051. The S&P500 rose 28 points to end at a record high of 2,954. In the commodities market, oil prices rose on Friday. Brent crude was up 0.6 per cent at $64.84 a barrel by 6 am.

Indian shares recouped early losses to end Thursday's session with over 1 per cent gain as financial stocks, following Fed’s rate-cut hints, offset losses in IT counters triggered by a report of U.S. move to cap H1-B work visas. That apart, reports of monsoon hitting drought hit Maharashtra also boosted sentiment. As per a Reuters report, India’s annual monsoon has covered some parts of the western state of Maharashtra and conditions are becoming favourable for further advancement into the southern part of the country. The benchmark S&P BSE Sensex zoomed 489 points, or 1.25 per cent, to 39,602, with YES Bank, IndusInd Bank, Sun Pharma, Larsen & Toubro, and ICICI Bank leading the list of gainers. Out of the 30 BSE Sensex scrips, only NTPC, ITC, HDFC Bank, and Hindustan Unilever ended Thursday's session with losses. The broader Nifty50 index ended higher. Nifty Pharma gained the most 3.06 per cent, while Nifty Auto and Nifty PSU Bank indices also climbed over 2 per cent each. In the broader market, the S&P BSE MidCap index added 237 points, or 1.6 per cent, to settle at 14,680, while the S&P BSE SmallCap index rose 146 points, or 1.05 per cent, to 14,065. BUZZING STOCKS YES Bank shares tumbled to a double-digit value of Rs 98.75 per share, down 4.6 per cent intra-day, for the first time in almost half a decade as investors’ sentiment eroded due to the bank’s exposure to debt-laden companies. However, the stock ended the day 11 per cent higher at Rs 114.55.  Shares of Adani Green rallied 3.66 per cent to Rs 41.10 on Thursday, a day after the company announced that its wholly-owned subsidiary Adani Renewable Energy Park (Gujarat) has bagged 600 MW wind-solar hybrid projects in an auction conducted by state-run Solar Energy Corporation of India (SECI). 

The United States has told India it is considering caps on H-1B work visas for nations that force foreign companies to store data locally, three sources with knowledge of the matter told Reuters, widening the two countries' row over tariffs and trade. The plan to restrict the popular H-1B visa programme, under which skilled foreign workers are brought to the United States each year, comes days ahead of US Secretary of State Mike Pompeo's visit to New Delhi. Listen to this podcast for more.

US Federal Reserve's decision to keep the interest rates steady will be the biggest factor driving markets on Thursday. On Wednesday, the US central bank held rates in the June policy but signaled rate cuts later in the year. Moreover, markets may further react to the Bank of Japan and the Bank of England's interest rate outcomes due later in the day.  Additionally, minutes of the Reserve Bank of India's (RBI) latest policy meeting, slated to be released today, progress in the US-China trade dialogues, foreign fund flow, oil prices and rupee value against the dollar will also steer indices. On Wednesday, the benchmark S&P BSE Sensex closed 66 points higher at 39,113 while the broader Nifty50 ended absolutely flat at 11,691. The rupee inched up 2 paise to end at 69.68 against the US dollar GLOBAL CUES Asian shares were trading higher on Thursday with Japan’s Nikkei ruling 0.33 per cent higher. South Korea’s Kospi was, however, trading 0.08 per cent lower. On Wall Street, the indices inched up during the overnight trade on Wednesday. Dow Jones Industrial Average added 38 points to settle at 26,504 while the S&P500 ended 9 points higher at 2,926. The Nasdaq too gained 33 points to close the session at 7,987. In the commodities market, oil prices rose over 1 per cent on Thursday as official data showed greater than expected fall in the US crude inventories. Brent crude futures had risen 1.3 per cent to $62.64 by 6:00 am.

Benchmark indices ended Wednesday's volatile session little changed, as the last hour buying offset the sudden fall in benchmark indices. The benchmark S&P BSE Sensex closed at 39,113, up 66 points, or 0.17 per cent, with Tata Steel, Kotak Bank, NTPC, HDFC, and Powergrid pocketing the highest gains. Nifty ended absolutely flat at 11,691. Nifty sectoral indices traded mixed. Nifty Realty gained the most 1.1 per cent, while Nifty Pharma and Nifty Auto, down 1.6 and 1.1 per cent. The broader market underperformed the benchmarks, with the S&P BSE MidCap index settling 100 points, or 0.7 per cent, lower at 14,443, while the S&P BSE SmallCap index tumbled 194 points, or 1.37 per cent, to 13,919. BUZZING STOCKS Shares of Jet Airways (India) hit a fresh all-time low of Rs 28.60, down 29 per cent, in early morning trade on the National Stock Exchange (NSE) on Wednesday ahead of National Company Law Tribunal (NCLT) hearing later in the day on insolvency plea filed by the lenders. The stock ended the day 18 per cent lower at Rs 33.10.    Shares of Jain Irrigation Systems (JISL) tanked 22 per cent to Rs 21.25 on the National Stock Exchange (NSE) on Wednesday after rating agency India Ratings and Research (Ind-Ra) downgraded the company’s long-term issuer rating to ‘IND BBB’ from IND A-“ with negative outlook. By the end of the session, the stock had slid to 28.1 per cent lower at Rs 19.70.

Hopes of a trade truce between the US and China is likely to guide investor sentiment on Wednesday.  In a Twitter post, US President Donald Trump said he "had a very good telephone conversation with President Xi of China" and they will be having an extended meeting next week at the G-20 in Japan. Moreover, investors will keenly await the Fed meet outcome due later in the day.  il prices, foreign fund inflow and movement of rupee against the US dollar could also move indices. On Tuesday, the benchmark S&P BSE Sensex rose 86 points to 39,046 while the broader Nifty50 index climbed 19 points to 11,691.5. The rupee Tuesday appreciated by 21 paise to close at 69.70 against the US dollar. GLOBAL CUES Asian share markets jumped on Wednesday as investors hoped that the Federal Reserve would open the door to future rate cuts. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent while Japan’s Nikkei rose 1.5 per cent. South Korea’s Kospi gained 1.1 per cent. On Wall Street, indices rallied during the overnight trade on Tuesday. The Dow Jones Industrial Average added 353 points to close at 26,465 while the S&P500 gained 28 points to settle at 2,918. The Nasdaq rallied 109 points to end the session at 7,954. In the commodities market, oil prices soared during the morning trade. Brent crude futures were up 0.6 per cent, at $62.48 a barrel by 6:00 am. They rose 2 per cent on Tuesday

Benchmark indices halted their four-day losing streak to end Tuesday's session higher, lifted by gains in financials and IT stocks. The benchmark S&P BSE Sensex rose 86 points, or 0.2 per cent, higher to 39,046, with Vedanta, Coal India, Power Grid, ICICI Bank, and HCL Tech among the top gainers. Out of the 30 BSE scrips, 20 ended the day in the green. Nearly 966 shares advanced, 1,571 declined, while 124 remained unchanged. The broader Nifty50 index climbed 19 points, or 0.17 per cent, to 11,691.5. Of the 11 Nifty sectoral indices, four ended the session in the red. Nifty IT index gained the highest 0.58 per cent, followed by Nifty Metal index, up 0.5 per cent. In the broader market, the S&P BSE MidCap index ended the day at 11,543, up 12 points, or 0.08 per cent, while the S&P SmallCap index tumbled 60 points, or 0.4 per cent, to 14,113. BUZZING STOCKS Dabur India stocks slid 5 per cent to Rs 382 in morning deals on the BSE on Tuesday after global brokerage firm Goldman Sachs downgraded the stock to 'sell' from ‘neutral’. The stock ended the day 3.23 per cent lower at Rs 387.85.  Shares of Jet Airways crashed 41 per cent to Rs 40.45 on Tuesday, after State Bank of India (SBI) - led lenders’ consortium moved National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the airline.

Six more children died in Bihar's Muzaffarpur district on Monday, taking the toll due to suspected Acute Encephalitis Syndrome (AES) to 103 and prompting the state government to announce a slew of measures to tackle the situation. According to a release issued by the district administration, 18 deaths were reported from the Kejriwal hospital and 85 from the Sri Krishna Medical College and Hospital (SKMCH), where Union Health Minister Harsh Vardhan had visited the patients on Sunday and assured their families of all possible help from the Centre. While doctors have maintained that the deaths occurred due to AES, state officials claimed that most of the victims, below the age of 10, have died due to hypoglycemia -- a condition caused by low level of blood sugar, electrolyte imbalance due to high temperature and extreme humidity. Listen to this podcast for more.

The two-day US Federal Reserve’s monetary policy meeting, which begins today, is likely to be on the investors' radar on Tuesday.  Additionally, trade tensions, fears of a confrontation between Iran and the United States, oil prices, movement of rupee against the US dollar, progress in monsoon and funds inflow will also play a key role. On Monday, dampened investment sentiment due to weak monsoon and trade tensions between the US and India dragged benchmark indices to one-month closing low. The S&P BSE Sensex ended at 38,960, down 491 points and the broader Nifty50 closed at 11,672, down 151 points. The rupee depreciated by 11 paise, falling for the third-straight session, to close at 69.91 per US dollar. Global cues Asian peers capped gains on Tuesday, trading cautiously ahead of the Federal Reserve’s interest rate meeting. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 per cent. Australian stocks added 0.1 per cent while Japan’s Nikkei dipped 0.05 per cent. On Wall Street, indices ended higher during the overnight trade on Monday. The Dow Jones Industrial Average added 23 points to close at 26,112 while the S&P500 gained 3 points to settle at 2,890. The Nasdaq too rallied 48 points to end at 7,845. In the commodities market, oil prices gained 0.08 per cent during the early morning trade on Tuesday after dipping 1.7 per cent on Monday on fanning global demand. At 7 am, the Brent Crude futures were trading at $60.99 per barrel. 

Benchmark indices slipped on Monday, dented by losses across sectors, after India slapped higher tariffs on certain US products in retaliation to Washington’s decision to remove certain trade privileges for New Delhi. The government, after dragging its feet for almost a year, decided to increase tariffs on 29 high-value US agricultural and industrial imports by up to 50 per cent.    The investor sentiment was further dampened by patchy monsoon and the government’s ability to bolster a slowing economy. The benchmark S&P BSE Sensex ended the day 491 points, or 1.25 per cent, lower at 38,961, with Tata Steel, Tata Motors, ONGC, Vedanta, and Sun Pharma topping the list of losers. Only YES Bank, Coal India, and Infosys out of the 30 BSE constituents ended the session in the green. The broader Nifty50 index dipped 151 points, or 1.28 per cent, to 11,672. All the Nifty sectoral indices closed Monday's session with losses, with Nifty Metal, down 2.87 per cent, and Nifty Auto, down 1.69 per cent, taking the deepest cuts. Moreover, Nifty Bank, Nifty Fin Service, Nifty Pharma, Nifty PSU Bank, and Nifty Private Bank, all dipped over 1 per cent. In the broader market, the S&P BSE MidCap index settled at 14,531, down 190 points, or 1.29 per cent, while the S&P BSE Smallcap index skidded 193 points, or 1.35 per cent, to 14,173. Buzzing stocks Shares of Reliance Infrastructure (RInfra) hit an over 28-year low of Rs 52.70, down 10 per cent on the BSE on Monday in the early morning trade after the auditors raised questions about the company’s ability to continue in business. The stock ended the day 4.72 per cent lower at Rs 56.50.    Shriram Transport Finance Company shares dipped 6.54 per cent to Rs 1,014 on the National Stock Exchange (NSE) on Monday after Piramal Enterprises sold its entire 9.96 per cent stake in the company through open market. 

Trade war will be one of the biggest factors for markets this week. India has raised tariffs on 28 items exported from the US with effect from Sunday in retaliation to America’s withdrawal of preferential access for Indian products from June 5.  Additionally, US Federal Reserve’s interest rate decision, and the Reserve Bank of India’s (RBI) minutes of the monetary policy meeting, slated to be announced on Wednesday, June 19 and Thursday, June 20, respectively will remain in focus.  Moreover, Current Account Balance data, GST council meeting, progress in monsoon, foreign fund inflow, oil prices, and rupee value against the dollar will also be keenly watched. On Friday, the benchmark S&P BSE Sensex ended 289 points lower at 39,452 while the broader Nifty50 index tumbled 91 points to 11,823. The rupee fell by another 30 paise to close at 69.80. Global cues Stocks in Asia traded lower on Monday tracking weak global cues. Japan’s Nikkei 225 declined 0.25 per cent in early trade while South Korea’s Kospi shed 0.26 per cent. On Wall Street, indices ended Friday’s session lower. The Nasdaq shed 40 points to end at 7,797, the S&P500 lost 5 points to close at 2,887 and the Dow Jones Industrial Average slipped 17 points to settle at 26,090. In the commodities market, oil prices were trading higher in the morning trade on Monday. Brent Crude Futures were trading at $62.25, up 0.39 per cent against Friday’s close.