Strong US Markets; SBI, Tata Steel & Other Top Cues to Sway the Markets Today

Mon, 19 Feb Pre-Open

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After opening the day in green, share markets in India witnessed negative trading activity throughout the day and ended the day on a weak note as bank stocks dragged after more banks disclosed their exposure in the PNB fraud case. Losses were seen across most sectors with stocks in the metals sector and stocks in the auto sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 287 points (down 0.8%) and the NSE Nifty closed down by 93 points (down 0.9%). The BSE Mid Cap index ended the day down 1.2%, while the BSE Small Cap index ended the day down by 1.3%.

Top Stocks to Watch Out

Tata Steel share price is expected to gather momentum in today's trade after it was reported that the company has emerged as the highest bidder for Bhushan Steel with a surprise bid of Rs 350 billion. JSW Steel, which was the favourite till the end of the race, was second placed with a bid of Rs 297 billion.

In news from power sector, as per an article in The Economic Times, Power Grid has emerged as the successful bidder to establish Vindhyachal, Varanasi 765kV transmission line, as part of New WR-NR 765 kV Inter-Regional Corridor valuing the project around Rs 10 billion.

Rcom share price is expected to witness some action today after the company got its shareholders' approval to sell most of its wireless assets to Reliance Jio Infocomm Ltd. RCom said that it expects to complete its asset monetization by March, a process which will reduce the company's debt by Rs 250 billion.

Meanwhile, as per an article in The Livemint, Aditya Birla Group expects savings from the merger between group company Idea Cellular Ltd and Vodafone Group Plc's India unit to be significantly more than the US$10 billion it forecast in March last year. The benefits accruing out of the Idea-Vodafone merger will increase on account of savings made by both Idea Cellular and Vodafone India Ltd because of synergies in capital and operating expenditure.

SBI share price finished the previous session down by 2.6% on the BSE. The company said it has an exposure of US$212 million (about Rs 13.6 billion) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to Nirav Modi.

Mahindra & Mahindra (M&M) said it will invest up to Rs 1.76 billion in car and bicycle rental firm Zoomcar India or Zoomcar Inc., its US incorporated holding parent company.

Reliance Industries share price is expected to be in limelight today after it was reported that the company's wholly owned unit Reliance Industrial Investments and Holdings Ltd will buy a 65% stake in the Indian Film Combine Pvt. Ltd for Rs 11.05 billion.

IPO Segment

As per a leading financial daily, HG Infra Engineering Ltd will launch its Rs 4.62 billion initial public offering on 26 February. HG Infra has set a price band of Rs 263-270 per share for the IPO. The offer will close on 28 February.

Founded in 2003, HG Infra is an infrastructure construction, development and management company with an extensive focus on road projects, including highways, bridges and flyovers. Its main business operations include providing engineering, procurement and construction (EPC) services and undertaking civil construction projects.

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 Crosses US$10,000

The price of a single bitcoin briefly crossed US$10,000 as details emerged about a mysterious buyer's bet on the cryptocurrency.

The average of bitcoin trading prices in the exchanges across the world is around US$9,966, taking the total market capitalization of world's most popular cryptocurrency to past US$168 billion. The bitcoin prices have been rising for past four days now.

US Markets In Green

US markets continue on its positive path north as investors shrug off inflation fears and focus on growth in the economy and corporate profits. The Dow Jones Industrial Average and S&P 500 have risen for six straight days.

The Dow posted its best week since November 2016. For the week the Dow jumped 4.25%, the S&P 500 gained 4.30% and the Nasdaq climbed 5.31%. Stocks came off their highs on February 16 but regained momentum after news that a federal grand jury had indicted 13 Russian nationals and three Russian entities accused of interfering with US elections.

Oil Prices Recover

Oil prices continued to post modest gains at the end of the week, rising on the back of a falling dollar and comments from Saudi Arabia that bolstered confidence in the longevity of the OPEC cuts. The broader upswing in equity markets also helped crude benchmarks.

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!

Read the latest Market Commentary

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