Sensex Remains Unchanged, Manufacturing Activity at 5-year High & Cues to Watch out Today

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On Tuesday, share markets in India finished on a dull note red after trading range bound throughout the day. The BSE Sensex closed flat, while the broader NSE Nifty ended the day higher by 7 points to close at 10,442.

Among BSE sectoral indices, realty stocks fell the most by 1%, followed by pharma stocks by 0.7%. Tata Motors and ONGC were among the top gainers.

Top Stocks in Action Today

IOC share price and BPCL share price is set to be in focus today amid reports that the oil majors are both keen to acquire gas utility GAIL India to become fully integrated energy companies.

Both IOC and BPCL have separately indicated to the petroleum ministry their interest in taking over GAIL to help add natural gas transportation and marketing business to their kitty.

L&T share price is likely to be in focus today after the engineering conglomerate's construction arm - L&T Construction bagged orders worth Rs 14.5 billion across various business segments.

The company's Smart World & Communications Business Unit secured an order worth Rs 8.6 billion for the implementation of 5 Million Smart Meters. Further, its Power Transmission & Distribution Business has bagged orders worth Rs 5.7 billion from both international and domestic customers.

Manufacturing Activity Charts Healthy Growth

Manufacturing activity in India accelerated at a swift pace in the month of December to hit 5 year high. This came on the back of improved operating conditions and strong production.

The substantial inflow of new orders too underpinned the expansion in manufacturing sector. However, Goods and Services Tax (GST) continued to exert upward pressure on manufacturers' cost burdens in December.

Reportedly, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI)-a composite single-figure indicator of manufacturing performance- rose to 54.7 in December from 52.6 in November, indicating a healthy growth in manufacturing sector since December 2012.

The reading signaled an expansion for the fifth consecutive month, remaining above the no-change mark of 50.

On the price front, rising input costs continued to spark cost pressures on manufacturers and to pass on their cost burdens, firms raised output charges for the fifth month in succession. Further, the inflation rate rose to a 10-month high, but was modest and weaker than its long-run series average.

In line with improved manufacturing activity, the employment growth also accelerated to the strongest since August 2012. This came on the back of favorable demand conditions in domestic and international markets.

Tackling unemployment has remained one of the biggest economic challenges for successive governments. So, while the Modi-led government has unveiled a number of breakthrough reforms such as notebandi, GST and the Insolvency and Bankruptcy Act, poor growth in job creation remains its biggest sore point.

IPO Buzz

Private sector lender Bandhan Bank has filed for its IPO to raise over Rs 25 billion. This will make it the biggest banking IPO till date.

As per the news, the company filed draft papers with markets regulator SEBI yesterday for its proposed initial public offering of up to 11,92,80,494 equity shares of face value of Rs 10 each.

The IPO consists of a fresh issue of up to 9,76,63,910 equity shares and an offer for sale of up to 1,40,50,780 scrips by International Finance Corporation (IFC) and up to 75,65,804 shares by IFC FIG Investment Company.

Speaking of IPOs, the demand for IPO's has reached sky-high levels. Avenue Supermarts was seen as the first company last year to cross the 100-time subscription mark swiftly followed by CDSL and Dixon technologies, among others.

Global Markets Mixed as 2018 Trading Begins

Global stock markets were more or less tepid as holiday-thinned trading was the biggest feature on Tuesday, with stocks in emerging nations turning lower and most major currencies lacking direction. Chinese indices were trading in green amid positive manufacturing data.

A survey by Chinese business magazine Caixin found manufacturing activity in December accelerated by its biggest margin in four months. The magazine's purchasing managers' index rose to 51.5 from November's 50.8 on a 100-point scale on which numbers above 50 show activity improving. The surveyed showed exports, total output and buying activity rising.

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