Rising Dollar after Fed Minutes; F&O Expiry and Top Stocks in Action Today

Fri, 23 Feb Pre-Open | Rini Mehta, TM Team

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Indian share markets ended largely flat on Thursday following the expiry of derivative contracts for February series. The S&P BSE Sensex ended down by 25 points while the broader Nifty 50 index settled at down by 15 points.

Sun Pharma, Adani Ports, and Aurobindo Pharma were the top gainers, while Dr Reddy's Labs, ONGC and BPCL lost the most.

Top Stocks in Focus

Glenmark Pharma share price will hog limelight as it has entered into an exclusive agreement with Sam Chun Dang Pharm.

Jain Irrigation Systems share price will be in focus after it bagged Rs 3.8 billion order from Pune Municipal Corporation.

Federal Bank has received an approval for acquisition of a significant minority stake of up to 26% of the paid-up equity share capital of Equirus Capital (ECPL) a financial services company.

Reliance Infrastructure Ltd won an EPC contract for Rs 36.5 billion from Tamil Nadu Generation and Distribution Corp. Ltd for supercritical coal-based Uppur Thermal Power Project at Ramanathapuram district.

Punjab National Bank share price will be in focus after the bank said that it has followed lawful avenues to recover its dues following Rs 114 billion swindling of funds allegedly by jewellery designer Nirav Modi and associates.

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Global Stock Market Drivers

Global stocks took another leg down on Thursday in the wake of Federal Reserve minutes that painted a healthy picture of the world's biggest economy, raising the prospect of tighter monetary policy. The dollar was steady, while Treasuries rose and European bonds were mixed.

Here are some key events scheduled for this week:

• The ECB debate on capping asset purchases is the focal point for those perusing its account of policy makers' January meeting, due today.
• UK PM Theresa May is locking down her ministers in a bid to agree what kind of post-Brexit trade deal they want from the EU.
• Companies announcing earnings include Woolworths and Royal Bank of Scotland.

IPO Buzz

Two state-run companies -Bharat Dynamics and Indian Renewable Energy Development Agency (IREDA) - have received market regulator's go-ahead to float initial public offerings.

Bharat Dynamics' IPO will see sale of equity shares by the government and the public issue will help the company achieve the benefits of listing.

Bharat Dynamics was established in 1970 and is a manufacturer of guided missiles and allied defence equipment.

Speaking of IPOs, the demand for IPO's had reached sky-high levels last year.

One shall note that, 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.

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Oil Prices

Oil prices fell on Thursday, dragged lower by a firmer dollar that offset support from a surprise decline in US crude inventories.

Brent crude futures LCOc1 were down 28 cents at US$65.14 a barrel, while West Texas Intermediate (WTI) futures CLc1 dropped 37 cents to US$61.31 a barrel.

The dollar rose to a one-week high against a basket of major currencies on Thursday, after minutes of the Federal Reserve's January meeting showed policymakers were more confident of the need to keep raising interest rates.

With the strengthening dollar, the oil price has lost nearly 10% since hitting a multi-year high above US$70 in January.

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.

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Indian Share Market Update: Top Gainers and Losers

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