Indian Indices Trade Marginally Higher; Metal Stocks Witness Buying

Fri, 12 Jan 11:30 am

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After opening the day in the green, stock markets in India have continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks in the metal sector and energy sector witnessing maximum buying interest.

The BSE Sensex is trading up 94 points (up 0.3%) and the NSE Nifty is trading up 26 points (up 0.2%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.7%. The rupee is trading at 63.53 to the US dollar.

As per a leading financial daily, Capital First said that it is exploring various opportunities on a continuous basis amid market talk that company could be considering a merger with IDFC Bank, which is up for sale.

The company stated that it is evaluating various opportunities on a continuous basis and the company, as the matter of policy, does not comment on market speculation.

There have been market talks that the Mumbai-based non-banking finance company (NBFC) is considering merger with IDFC Bank. If the merger goes through, it would create a financial company with a market value of around Rs 290 billion.

At the time of writing Capital First share price was trading down by 0.6%.

In the news from the commodity space, crude oil is witnessing selling pressure today.

Prices eased after hitting their highest levels since December, 2014 this week. This was seen amid a sell-off and speculations that the rally might have little room left to run.

However, despite the correction, the ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia kept prices in check. These production cuts signal a healthy demand growth for oil in 2018.

Note that crude oil prices have been on a rising trend this year. However, this is not good news from India's perspective.

As we wrote in a recent edition of The 5 Minute WrapUp...

• Fiscal revenues are at risk. Particularly if the government is forced to consider a cut in fuel excise duties due to a rally in oil prices. In recent times, a sharp jump in excise collections has helped indirect tax collections. Any risk to revenues and subsequent threat to the fiscal deficit target at 3.2% of GDP would require tighter spending cuts.
  
  Secondly, the impact on inflation needs to be monitored. This narrowing the central bank's scope for further rate cuts.
  
  Lastly, low crude prices were a positive growth impetus through higher discretionary incomes for households and lower input costs for manufacturers and farmers. Part of this benefit is likely to be eroded as retail fuel costs rise. As for corporations, expansion in gross margins caused by falling commodity prices is also likely to wane, pressurising profitability.

You can read the entire article here.

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.

In the news from the IPO space, Apollo Micro Systems is going to conclude its IPO offer today. The company's IPO was subscribed around 9 times on its second day of the offer.

The company intends to raise Rs 1.5 billion from its public offering.

The price band of the IPO is finalised at Rs 270 to Rs 275 per share.

Over last two decades, Apollo Micro Systems has developed an established brand name, acceptance and recall value in the defence ESDM sector. It is an electronic, electro-mechanical, engineering designs, manufacturing and supplies company and designs, develops and sells high-performance, mission and time critical solutions to Defence, Space and Home Land Security for Ministry of Defence, government controlled public sector undertakings and private sectors.

Healthy growth in revenues, high return on equity, and strong R&D capabilities are some key factors that stand out for Apollo Micro Systems Ltd. The company's IPO comes at a time when ESDM markets are seeing double digit growth. Also, India is now seen as a favorable destination for ESDM markets. Apollo Micro Systems is well placed to benefit from these factors, among others.

Should you subscribe to its IPO? We have analyzed this IPO and have released our analysis on the company. You can access it here (subscription required).

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.

IPO Subscription Times (2017)

This euphoria is something similar to what was seen in 2007-08. When everyone around you is clamoring to get a piece of the IPO pie, it makes sitting tight difficult. And, why should you sit tight when stocks like Avenue Supermart lets you pocket a cool 100% gain from day 1 of the listing?

History suggests that these cases are few and far between. 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.

To know more, you can download our FREE report - How to Get Rich with IPOs. This guide will show you how to safely profit from the ongoing IPO rush.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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