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Rising Rupee; Auto Sales Data; SBI; GAIL among Top Stocks to Sway Markets Today
Tue, 2 Jan Pre-Open | Rini Mehta, TM Team

On Monday, Indian share markets fell over 244 points amid sell off on the first day of the new year led by losses in banks, IT and automobile stocks.

TCS, HUL, IndusInd Bank and BPCL lost the most on both indices, while BHEL, Wipro, Tata Power and Indiabulls Housing were the top gainers.

Top Stocks in Focus

SBI share price will be in focus after the bank announced reducing its lending interest rate by 30 basis points (bps) to 8.65%.

IndusInd Bank raised US$ 500 million term loan from overseas lending bodies to expand its business. The fundraising, along with the funds raised during the ongoing financial year from multilateral institutions ADB and OPIC, will help the bank expand its lending to clients, the reports noted.

Maruti Suzuki share price will hog limelight after it reported a 10.3% rise in December sales. The automaker sold 130,066 units in December, compared to 119,286 in same period last year.

Meanwhile, Atul Auto reported sale of 2890 units, with a rise of 13.1% for the month of December 2017 as compared to 2556 units sold in December 2016. The company's total sales for April - December 2017 stood at 31,120 units, up by 2.3% as compared to 30,410 units in the same period last year.

GAIL share price will be in focus as it has commissioned India's second largest rooftop solar PV power plant at its Petrochemical Complex at Pata, Uttar Pradesh. With an expected PLF of around 15% annually over 7.9 million KWh of electricity is targeted to be generated for captive use of India's largest gas based petrochemicals plant.

The Sajjan Jindal-led company terminated a pact to acquire Jaiprakash Power Ventures Ltd.'s 500MW plan in central India after the indicative time for completing the transaction ended on 31 December.

Global Economy Week Ahead

The new year kicks off with data on the US labor market and minutes from the Federal Reserve, as well as an update on eurozone inflation.

On Wednesday, the Federal Reserve will release minutes from its 12-13 December policy meeting, when officials voted to raise short-term interest rates for the third time in 2017. The minutes also could shed light on how US central bank officials saw the Republican tax overhaul affecting the economy in 2018 and beyond.

While on Friday, Eurostat will release flash December inflation data for the Eurozone and the Labor Department will release its December report on the US labor market. The always closely watched jobs report will show year-end trends for hiring, unemployment and wage growth.

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Upcoming IPOs

Bandhan Bank Ltd on Monday filed its draft initial public offering (IPO) prospectus. The bank said that it will be offering 119.3 million shares in its proposed initial share sale, through a mix of primary and secondary share sale.

The IPO consists of a fresh issue of up to 97.6 million shares and an offer for sale of up to 14.1 million shares by International Finance Corp. (IFC) and up to 7.6 million equity shares by IFC FIG Investment Co. IFC and IFC FIG collectively own 4.94% stake in the bank. The share sale will see a dilution of around 10% stake.

Some of the other firms which are gearing up with their IPOs in 2018 are Hindustan Aeronautics Ltd, Continental Warehousing Corporation, Bharat Serum and Vaccines Ltd, Acme Solar, NSE, ReNew Power, ICICI Securities among others.

Speaking of IPOs, the demand for IPO's had reached sky-high levels last year.

One shall note that, more than 70% of the IPOs listed in 2007 and 2008 are in the red, even today when the Sensex is at an all-time high.

A merit-based selection primarily including valuation, business, and management quality is the logical way to go about investing in IPOs. If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often than not.

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Rupee Rallies To 5-Month High

The local currency advanced for a third day to the highest since August on the back of possible inflows into bonds.

The dollar-rupee pair dropped 0.3% to 63.67 Monday after touching 63.65 earlier, the weakest level since August 2017.

The RBI last month announced raising investment limits for foreign investors in central government bonds for Jan-March quarter by Rs 64 billion, and by Rs 58 billion in state government notes. Foreigners bought Rs 1.4 trillion worth of rupee bonds in 2017 and US$7.7 billion of stocks.

From Commodities Space

Gold prices ruled flat at Rs 30,400 per ten grams on the first trading day of the year 2018 due to scattered deals. However, silver rose Rs 120 to Rs 40,100 per kg on increased offtake by industrial units and coin makers.

Reportedly, the near absence of cues from global markets, which remained closed yesterday on account of New Year Holiday, also influenced the sentiment.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

From Cryptocurrencies Space

Bitcoin prices were hovering below the US$14,000 mark in a soft start to the New Year 2018. Bitcoin prices were at around US$13,700 - down around 1% - on cryptocurrency exchange Bitstamp.

Bitcoin had a great run in 2017, though it witnessed some volatility. Bitcoin prices jumped nearly 14 times from the start-of-the year price of around US$1,000.

This led authorities in many countries, including India, to warn the public to be wary of virtual currencies. Bitcoin hit a record high of around US$20,000 in mid-December, before witnessing one of its biggest selloffs since 2013.

Interestingly, there are over 800 cryptocurrencies in existence today, with new ones being added to the list every day.

While the world of digital currencies is intriguing, it can get very confusing for the layman. Our team member, Ankit Shah, Research Analyst, has decided to study cryptocurrencies and help our readers understand them.

Here's Ankit's take in a recent edition of Equitymaster Insider:

  • I've been studying and tracking bitcoin for a while, and though I still understand very little about it, I believe that it is a revolutionary technology that could transform a range of businesses and money itself. It would be naive to dismiss it as a passing fad.

    I want my readers to be on top of the biggest megatrends in the global economy. So, you can expect to hear about bitcoin whenever there is an important update or insight.

Ankit has also released a premium guide for Equitymaster Insider subscribers, titled Bitcoin 101 which contains everything you need to know about bitcoins and other digital currencies.

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Stock Market Updates

MRPL at 52 Week High; BSE 500 Index Up 2.0% (Today's Market)

Mar 1, 2021 03:34 PM

MRPL share price has hit a 52-week high. It is presently trading at Rs 45. BSE 500 Index is up by 1.7% at 19,713. Within the BSE 500, MRPL (up 8.3%) and RCF (up 20.0%) are among the top gainers, while top losers are HIMADRI SPECIALITY CHEMICAL and BHARTI AIRTEL.

KEC INTERNATIONAL Share Price Up by 5%; BSE CAPITAL GOODS Index Up 1.6% (Today's Market)

Mar 1, 2021 03:26 PM

KEC INTERNATIONAL share price is trading up by 5% and its current market price is Rs 454. The BSE CAPITAL GOODS is up by 1.6%. The top gainers in the BSE CAPITAL GOODS Index are KEC INTERNATIONAL (up 5.2%) and BHARAT ELECTRONICS (up 6.5%). The top losers are SCHAEFFLER INDIA (down 0.2%) and HINDUSTAN AERO. (down 0.3%).

GUJARAT ALKALIES Share Price Up by 10%; BSE 500 Index Up 1.6% (Today's Market)

Mar 1, 2021 03:24 PM

GUJARAT ALKALIES share price is trading up by 10% and its current market price is Rs 346. The BSE 500 is up by 1.6%. The top gainers in the BSE 500 Index are GUJARAT ALKALIES (up 10.2%) and DEEPAK NITRITE (up 14.5%). The top losers are COLGATE and HDFC AMC .

DEEPAK NITRITE Share Price Up by 13%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:10 PM

DEEPAK NITRITE share price is trading up by 13% and its current market price is Rs 1,553. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are DEEPAK NITRITE (up 12.8%) and JUST DIAL (up 14.2%). The top losers are BAJAJ HOLDINGS & INVESTMENT and CADILA HEALTHCARE .

HIMADRI SPECIALITY CHEMICAL Share Price Down by 11%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:08 PM

HIMADRI SPECIALITY CHEMICAL share price is trading down by 11% and its current market price is Rs 55. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are RCF (up 20.0%) and MMTC (up 20.0%). The top losers is HIMADRI SPECIALITY CHEMICAL (down 11.3%).

Sensex Trades Over 300 Points Higher; Dow Futures Up by 204 Points (Today's Market)

Mar 1, 2021 12:30 pm

BSE Sensex is trading up by 378 points, while the NSE Nifty is trading up by 165 points.

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