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Published on 9/12/2019 10:00:13 AM | Source: HDFC Securities Ltd

Sugar stocks to sweenten sentiment - HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Sugar stocks to seenten sentiment HDFC Securities

In a major relief to the sugar industry amid a domestic and global market glut, Uttar Pradesh government has decided to keep the sugarcane price or State Advised Price (SAP) unchanged at Rs. 315 per quintal for the common variety of the cash crop for the 2019-20 crushing season. Sugar stocks should respond positively to this news and that should help in improving sentiment on the sector.

Key U.S. indices closed sharply higher Friday, with the Dow Jones Industrial Average having its best day in two months, after the employment report from the Labor Department beat economists' consensus expectations. The unemployment rate in USA has fallen to a 50-year low

On the contrary latest Chinese economic data coming out of Beijing suggest a slowdown. China's exports fell 1.1% in November against an expectation of a 1% rise in the wake of the holiday season. Exports to US fell 23% - the 12th consecutive monthly decline. The weak exports data should nudge China to agree on trade deal. As the deadline of 15th December is coming closer the newsflow related to Sino-US trade negotiations will drive global stock markets.

Japan's third quarter GDP, elections in UK and FOMC interest rates pronouncements in USA are other three important events to watch out for this week.

Nifty has breached crucial technical support. It would be advisable to remain cautious until Nifty surpasses 12081 on closing basis. Immediate support for Nifty

Maruti raises production by 4% in Nov after 9 months

Maruti Suzuki India (MSI) increased its production in November by 4.3 percent, after having reduced output for nine straight months due to lower demand.

The company produced 1.41 lakh units in November as against 1.36 lakh units in the year-ago month.

Passenger vehicles' production last month stood at 1,39,084 units as against 1,34,149 units in November 2018, an increase of 3.67 percent, it added.

 

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