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Market at Record Highs; Strong ITC & RIL Performance & Other Top Cues to Sway the Market Today
Mon, 22 Jan Pre-Open | Karan Janani, TM Team

Indian share markets extended gains in the afternoon session after the government decided to cut tax rates on certain products and services. At the closing bell last week, the BSE Sensex finished higher by 251 points. While, the NSE Nifty finished higher by 78 points. Meanwhile, the S&P BSE Midcap Index and S&P BSE Small Cap Index ended up by 0.9%.

All the sectoral indices ended the day in green with bank stocks, realty stocks and PSU stocks leading the pack of gainers.

Results Corner

ITC share price finished the previous trading session up by 0.4% on the BSE. The company's fiscal third-quarter profit rose 16.8% from a year earlier, boosted by a one-time reversal of a provision of Rs 4.12 billion.

Wipro share price is expected to see some momentum today after the company posted December quarter earnings that missed Street estimates. The company reported profit at Rs 19.3 billion, down 12.%.

HDFC Bank share price finished the previous trading session up by 1% after the bank reported a record high quarterly profit, as an increase in interest and fee incomes as well as a steady non-performing loan ratio boosted the bottom line. Net profit for the lender rose 20% to Rs 46.4 billion (US$728.4 million) for the third quarter ended 31 December from Rs 38.7 billion a year ago.

Reliance Industries share price is expected to be in limelight today after the company reported a 25% increase in quarterly profit, beating analysts' estimates, as its telecom unit swung to a profit and the petrochemical business posted strong gains.

Top Stocks to Watch Out

Dilip Buildcon share price is expected to be in limelight today after it was reported that the company has bagged a road project worth Rs 3.6 billion in Karnataka from Ircon International Ltd.

In news from mining sector, the Coal Ministry has restarted the process of allocating mines. The Ministry allocated 11 coal blocks to subsidiaries of Coal India Ltd. After the allocation of these blocks, all of Coal India's subsidiaries will be producing 100 million plus tonnes of coal.

Meanwhile, as per an article in The Economic Times, Tata Steel said its rights issue worth Rs 128 billion will open on February 14 and close on February 28. The issue will comprise up to 155.3 million fully paid up ordinary share not exceeding Rs 80 billion and 77.6 million fully paid up ordinary share not exceeding Rs 48 billion.

Bharti Airtel share price finished the previous trading session up by 0.7% on the BSE and is expected to see some momentum today as well after it was reported that the company will transfer its 25% stake in DTH arm Bharti Telemedia to wholly owned subsidiary Nettle Infrastructure Investments. Airtel in December signed agreement to sell 20% stake in Bharti Telemedia to private equity firm Warburg Pincus for about US$350 million (around Rs 23.1 billion).

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IPO Segment

The initial public offering of Amber Enterprises, the manufacturer of air-conditioners, was subscribed 165.31 times on Friday, the last day of bidding.

The IPO to raise Rs 6 billion received bids for over 814.5 million shares. Till Thursday, the IPO was subscribed 3.61 times. The company had raised Rs 1.79 billion from anchor investors on Tuesday. The price band has been fixed at Rs 855-859 a share.

Meanwhile, as per an article in The Livemint, integrated oilfield services company John Energy Ltd, backed by India's best-known stock market investor Rakesh Jhunjhunwala, is looking to go public and will soon file its draft IPO papers. The IPO could see the company raise around Rs 3 billion, through a mix of primary and secondary share sale.

After such stellar response to IPOs in 2017, all focus and attention will shift to the major IPOs in the upcoming new year 2018 which includes IPOs of HDFC Asset Management Company, NSE and IRCTC to name a few.

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 2017 IPO rush.

However, The market 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.

This allows us to stay on the fence when it comes to investing in IPOs. But it doesn't make sense to completely ignore this space. For every Reliance Power - like issue, there have been issues like Maruti, TCS, and Jubilant Foodworks Ltd (with returns over 4,000%, 1,000% and 500% respectively) that have created immense wealth for shareholders. A merit-based selection primarily including valuation, business, and management quality is the logical way to go about it.

Bitcoin Stays Above US$16,000

Bitcoin had a lackluster week, with dramatic drops midweek that made some question the hype cryptocurrencies had generated in the latter months of 2017. And then it started to recover, reminding us how erratic cryptocurrencies are. Bitcoin prices rose 5% to trade near US$ 12,000.

Meanwhile, India has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than US$3.5 billion worth of transactions have been conducted over a 17-month period.

Also, as per an article in The Economic Times, top lenders including State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions.

Global Markets Stay Strong

Falling oil prices and a possible U.S. government shutdown didn't seem to phase North American markets Friday, as the Toronto stock index and Wall Street capped off the week on a positive note.

European and Asian markets too finished the previous session on a strong note.

Oil Prices Rise

Oil prices ended down on Friday and broke a four-week winning streak after a rally that had taken benchmarks to three-year highs, as investors sold positions on re-emerging U.S. production concerns.

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.

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

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Feb 16, 2018 (Close)