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Rising Dollar after Fed Minutes; F&O Expiry and Top Stocks in Action Today
Fri, 23 Feb Pre-Open | Rini Mehta, TM Team

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.

To know more, download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the IPO rush.

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.

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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Stock Market Updates

D. B. CORP plunges by 5%; BSE 500 Index Down 0.2% (Today's Market)

Jun 21, 2018 12:20 PM

D. B. CORP share price has plunged by 5% and its Current Market Price is Rs 261. The BSE 500 is down by 0.24%. The top gainers in the BSE 500 Index are CG POWER & INDUSTRIAL SOLUTIONS LTD (up 4.40%) and TVS SRICHAKRA (up 3.43%). The top losers are D. B. CORP (down 5.24%) and HIMACHAL FUTURISTIC (down 5.15%).

Sensex Opens Higher; Consumer Durables & Bank Stocks Lead (Today's Market)

Jun 21, 2018 09:30 am

Indian share markets open in green with Sensex trading up by 94 points, while the Nifty is trading up by 30 points.

RELIANCE IND. at All Time High; BSE OIL & GAS Index Up 0.4% (Today's Market)

Jun 21, 2018 09:29 AM

RELIANCE IND. share price has hit an all time high at Rs 1,031 (up 1.01%). The BSE OIL & GAS Index is up by 0.38%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (up 1.01%) and BPCL (up 0.47%). The top losers include CASTROL INDIA (down 0.18%) and GAIL (down 0.80%).

JINDAL SAW LTD plunges by 5%; BSE METAL Index Up 0.1% (Today's Market)

Jun 21, 2018 09:27 AM

JINDAL SAW LTD share price has plunged by 5% and its Current Market Price is Rs 90. The BSE METAL is up by 0.08%. The top gainers in the BSE METAL Index are NMDC LTD (up 0.50%) and HINDALCO (up 0.49%). The top losers is JINDAL SAW LTD (down 5.02%).

BATA INDIA at All Time High; BSE FMCG Index Up 0.2% (Today's Market)

Jun 21, 2018 09:25 AM

BATA INDIA share price has hit an all time high at Rs 848 (down 0.05%). The BSE FMCG Index is up by 0.17%. Among the top gainers in the BSE FMCG Index today are BATA INDIA (down 0.12%) and NESTLE (up 0.12%). The top losers include VENKYS (I) LIMITED (down 0.02%) and HIND. UNILEVER (down 0.03%).

Rising Oil Prices; RBI Minutes and Top Stocks in Action Today (Today's Market)

Jun 21, 2018 Pre-Open

Impact of rising oil prices in India; RBI policy minutes; IPOs back in demand and Top Cues in Action Today.

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Jun 21, 2018 01:35 PM