Union Budget 2019 in Focus; Key Q3FY19 Results and Top Stocks to Watch Out for Today

Fri, 1 Feb Pre-Open

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On Thursday, the Indian share markets ended over 1.5% higher on the expiry of January-series futures and options (F&O) contracts.

The sharp rally was led by gains in information technology (IT), banking and fast-moving consumer goods (FMCG) stocks.

The BSE Sensex ended at 36,256, up 665 points or 1.9%, while the Nifty50 index settled at 10,831, up 179 points or 1.7%.

Axis Bank, Infosys, Tata Motors, GAIL and Titan Company were among major gainers on the Nifty, while losers were Yes Bank, Bajaj Finserv, Zee Entertainment, Indiabulls Housing and HCL Tech.

Market participants will closely track Union Budget 2019 today.

Top Stocks in Focus

BHEL share price will be in focus today as it has won two significant orders for Primary side heat exchangers from Nuclear Power Corporation of India (NPCIL).

Zydus Wellness along with its wholly-owned entity, Zydus Wellness Sikkim has successfully completed the acquisition of Heinz India, the subsidiary of Kraft Heinz.

Dabur India reported a rise of 17.6% in its net profit at Rs 3.1 billion for the quarter under review as compared to Rs 2.7 billion for the same quarter in the previous year.

Meanwhile, Bajaj Auto reported a rise of 15.7% in its net profit at Rs 11 billion for the quarter ended 31 December 2018 as compared to Rs 9.5 billion for the same quarter in the previous year.

Natco Pharma and Alvogen Pine Brook LLC, USA, have submitted Abbreviated New Drug Application (ANDA) containing a paragraph IV certification with the US Food and Drug Administration (USFDA) for generic version of Ibrutinib Tablets.

Tata Consultancy Services (TCS) has successfully completed the first phase of a large cloud-based sales transformation program for Infineon Technologies AG (Infineon) to help the company pursue accelerated sales growth.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Results Corner

Market participants will track Berger Paints, Dr. Reddy's Lab, SBI, Taj GVK hotels, Titan Company, Thomas Cook among others as they announce their December quarter results today.

Global Stock Market Drivers

Global stocks advanced on Thursday as solid corporate earnings and the Federal Reserve's dovish outlook boosted appetite for risk. Treasury yields and the dollar extended Wednesday's declines.

European stocks rose for a third day, led by energy companies after strong earnings from Shell. US equity futures extended gains a day after signals from the Fed that it will be "patient" on interest-rate moves and flexible on the path for reducing its balance sheet powered the S&P 500 Index to an eight-week high.

In Asia, Japanese and Hong Kong shares led the region, with Chinese stocks posting modest gains. Emerging-market assets rallied on the dovish Fed.

Among key events in the coming days:

• Meetings between Chinese President Xi Jinping's top economic aide, Vice Premier Liu He, and US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will be in focus.
• Earnings season rolls on.

Oil Prices Slide

Oil prices rose for a third day on Thursday, pushed up by signs of lower imports into the United States as part of efforts by OPEC to tighten the market.

US West Texas Intermediate (WTI) crude futures were at US$54.58 per barrel, up 0.7%, from their last settlement.

International Brent crude oil futures were up 0.8%, at US$62.17 per barrel.

The price rise came after a report from the US Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States.

Saudi Arabia is the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers, including Russia, announced supply cuts late last year aimed at tightening the market and propping up prices.

Despite these efforts, oil remains in ample supply, not least because of soaring US crude oil production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd.

From the IPO Space...

The Rs 16.4 billion initial public offer (IPO) of Chalet Hotels was fully subscribed on Day 3 of the bidding process on Thursday.

The price band for the issue was fixed at Rs 275-280 apiece and bids were to be made in multiples of 53 shares.

Chalet Hotels is an owner, developer and asset manager of high-end hotels in key metro cities in India. Its hotel platform comprises five operating hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad and Bengaluru, representing 2,328 keys, as of 31 March 2018.

To know our view on the IPO of Chalet Hotels Ltd, you can read our entire IPO analysis here (subscription required).

With IPOs hitting the markets again, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

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