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Indo-Pak Tensions; Powell Testimony & Top Stocks to Watch Out for Today

Wed, 27 Feb Pre-Open

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   09:30 am   

   12:30 pm   

   Closing   

On Tuesday, the Indian share markets registered a sharp recovery after it slipped in the morning trade on the back of Indian Air Force (IAF) strike early morning in Pakistan occupied Kashmir (PoK).

At the closing bell, the Sensex was down 240 points, while Nifty was down 45 points.

Top gainers were Zee Entertainment, Tata Motors, TCS and Coal India while losers were Indiabulls Housing, HDFC, ICICI Bank and HCL Tech.

After a weak opening, the Indian rupee recovered but was trading lower by 6 paise at 71.04 per dollar versus Monday's close 70.98.

Top Stocks in Focus

Lupin share price will be in focus today as it has received approval for its Methylprednisolone Tablets from the United States Food and Drug Administration (USFDA) to market a generic version of Pharmacia and Upjohn Company's Medrol tablets.

Bharat Electronics and Bharat Forge have entered into a Memorandum of Understanding (MoU) for strategic co-operation in the field of Defence and aerospace products / systems to jointly capitalise on the emerging opportunities in the domestic market, leveraging the policy initiatives of the Indian Government such as Make in India.

Dewan Housing Finance Corporation (DHFL) will be watched out for today after rating agency ICRA downgraded the company's commercial papers (CPs) worth Rs 80 billion to 'A2+' from 'A1+'.

Max India will hog limelight today after a media report indicated that Indian private equity firm True North Capital is likely to buy a controlling stake in Max Bupa Health Insurance.

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

Global Stock Market Drivers

Stocks fell, and bonds rose on Tuesday as the rush of optimism over US-China trade talks from earlier in the week faded.

The pound strengthened after UK Prime Minister Theresa May was said to be considering a plan to delay Brexit.

Lacking fresh developments on trade after President Trump's announcement Monday that he will postpone the date for boosting tariffs on Chinese imports, investors are left contemplating a mixed picture in the global economy, such as ebbing forecasts for growth.

Monetary policy is also in focus, with semiannual testimony on the US economy from Federal Reserve Chairman Jerome Powell today.

Here are some key events coming up:

• Federal Reserve Chairman Jerome Powell delivers semiannual testimony on monetary policy and the state of the economy over two days to House and Senate committees.
• UK Prime Minister Theresa May updates the House of Commons on Brexit talks as the March 29 deadline nears for Britain to leave the EU. Lawmakers will vote today.
• President Donald Trump and North Korea leader Kim Jong Un are expected to meet for a second summit.
• Thursday brings fourth quarter US GDP.

Oil Prices

Oil prices slipped on Tuesday, extending losses of more than 3% during the previous session, after US President Donald Trump called on OPEC to ease its efforts to boost the market.

International Brent futures were at US$64.66 a barrel, down 0.2%, from their last close. Brent, which plunged 3.5% on Monday, fell to as low as US$64.32 a barrel on Tuesday, the lowest since 14 February.

US West Texas Intermediate (WTI) crude futures were at US$55.19 per barrel, down 0.5%. WTI futures dropped 3.1% on Monday.

From the IPO space...

As per a leading financial daily, state-run Punjab National Bank (PNB) may look at listing its life insurance arm - PNB Metlife - next financial year.

As per the news, the lender is currently in the process of selling its 4% of the 30% stake in PNB Metlife to discover price.

The insurance company has been talking about an IPO since 2016 and the issue is necessitated by the American financial services major and its partner Metlife Inc's plans to exit the company.

We will keep you updated on all the developments from this space. Stay tuned.

Also, speaking of IPOs, 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.

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.

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Indian Share Market Update: Top Gainers and Losers