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Sensex Ends Above 38,000-Mark, Embassy Office Parks IPO, and Top Stocks in Action Today
Mon, 18 Mar Pre-Open | Monish Vora, TM Team

On Friday, share markets in India traded on a positive note throughout the day and ended higher.

The BSE Sensex closed higher by 269 points to end the day at 38,024. Kotak Mahindra Bank and ONGC were among the top gainers.

While the broader NSE Nifty ended up by 84 points to end at 11,427.

Among BSE sectoral indices, power stocks gained the most by 1.9%, followed by IT stocks and banking stocks.

Top Stocks in Action Today

Bank of India share price will be in focus today as the lender is planning to raise around Rs 4-5 billion from sale of a non-core asset including Star Union Dai-Ichi Life Insurance, STCI Finance and Sidbi by end of March. The bank has floated request for proposals of the same.

Zee Media share price will be in focus today as the company has entered into exclusive two-year partnership with Taboola, the leading discovery platform. The partnership will see Zee Media implement Taboola Feed on desktop, mobile web and in-app to increase user engagement and generate additional revenue.

Wipro share price will also be in focus today as the company has launched Industrial Internet of Things (IIoT) Centre of Excellence (CoE) in Kochi in the state of Kerala. The CoE marks the company's commitment to developing innovative IIoT solutions that span across the technology stack for its customers.

Market participants will also track M&M share price.

Reportedly, Mahindra & Mahindra (M&M) has received over 13,000 bookings for its compact SUV, Mahindra XUV300. Launched on February 14, 2019, the XUV300 has entered the top three in the Compact SUV segment in its very first month.

To know more about the company, you can read M&M's Q3FY19 Result Analysis and M&M's Annual Report analysis on our website.

Turbulence Ahead for Jet Airways

Jet Airways share price could be staring at another default of $109 million, which is to be paid by March 28 to the HSBC Bank Middle East as the second tranche of the $140-million loan it had taken in 2014 and for which Etihad stood guarantor.

On March 11, Jet Airways defaulted on its external commercial borrowings (ECBs) of $31 million, payable to HSBC and guaranteed by Etihad Airways. In a letter to HSBC on March 11, the domestic airline had said it is going through a severe liquidity crunch and is working on a bank-led resolution plan for its revival.

Selling pressure was seen last week on back of the above news and reports that Etihad Airways is unlikely to agree with the provisional debt resolution plan proposed by the lenders.

As per an article in a leading financial daily, a meeting of the board of Etihad in Abu Dhabi remained inconclusive, with several members expressing reservations about the terms proposed by the lenders that included adding two nominee directors from the promoter group of Jet Airways, led by founder Naresh Goyal.

Oil Prices

Oil prices edged up on Friday, with US crude climbing to its highest so far this year as production cuts led by OPEC and US sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.

Reportedly, prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.

The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia - known as the OPEC+ alliance - have been withholding around 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.

OPEC+ ministers will meet at the group's headquarters in Vienna, Austria, on April 17-18 to decide output policy.

According to reports, with OPEC withholding supply and US sanctions preventing Iranian and Venezuelan oil from entering markets, global crude flow data in Refinitiv showed a slight supply deficit likely appeared in the first quarter.

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

From the IPO Space...

Bengaluru-based Embassy office parks plans to raise 47.5 billion from the initial public offering (IPO) which opens today. The price band for the Embassy Office Parks REIT IPO is Rs 299-300 apiece.

The investment objective of Embassy Real Estate Investment Trust (REIT) is to own, operate and invest in rent or income generating office real estate and related assets in accordance with the REIT regulations.

The Embassy REIT has been given a long-term rating of AAA by ICRA. Some competitive strengths include, high quality infrastructure, well known sponsors and top-class office properties.

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.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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

WELSPUN CORP Plunges by 5%; BSE CAPITAL GOODS Index Down 0.7% (Today's Market)

Jul 22, 2019 12:16 PM

WELSPUN CORP share price has plunged by 5% and its current market price is Rs 130. The BSE CAPITAL GOODS is down by 0.7%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 0.9%) and CARBORUNDUM UNIVERSAL (up 0.6%). The top losers are WELSPUN CORP (down 5.3%) and HEG (down 7.8%).

MINDA INDUSTRIES Plunges by 5%; BSE 500 Index Down 0.8% (Today's Market)

Jul 22, 2019 12:16 PM

MINDA INDUSTRIES share price has plunged by 5% and its current market price is Rs 287. The BSE 500 is down by 0.8%. The top gainers in the BSE 500 Index are YES BANK (up 8.3%) and SUN PHARMA ADV. RES. (up 5.5%). The top losers are MINDA INDUSTRIES (down 5.2%) and BAJAJ FINSERV (down 5.4%).

L&T TECHONOLOGY Plunges by 5%; BSE 500 Index Down 0.8% (Today's Market)

Jul 22, 2019 12:12 PM

L&T TECHONOLOGY share price has plunged by 5% and its current market price is Rs 1,591. The BSE 500 is down by 0.8%. The top gainers in the BSE 500 Index are YES BANK (up 8.4%) and SUN PHARMA ADV. RES. (up 5.6%). The top losers are L&T TECHONOLOGY (down 5.0%) and BAJAJ FINSERV (down 5.5%).

JAIPRAKASH ASSO. Plunges by 5%; BSE REALTY Index Down 2.2% (Today's Market)

Jul 22, 2019 12:08 PM

JAIPRAKASH ASSO. share price has plunged by 5% and its current market price is Rs 3. The BSE REALTY is down by 2.2%. The top losers are JAIPRAKASH ASSO. (down 5.1%) and INDIABULLS REAL EST (down 5.7%).

VINATI ORGANICS Plunges by 5%; BSE 500 Index Down 0.7% (Today's Market)

Jul 22, 2019 12:02 PM

VINATI ORGANICS share price has plunged by 5% and its current market price is Rs 2,053. The BSE 500 is down by 0.7%. The top gainers in the BSE 500 Index are YES BANK (up 8.8%) and SUN PHARMA ADV. RES. (up 6.1%). The top losers are VINATI ORGANICS (down 5.2%) and BAJAJ FINSERV (down 5.4%).

Sensex Opens Over 280 Points Down; Realty Stocks Slump (Today's Market)

Jul 22, 2019 09:30 am

Indian share markets open lower. The BSE Sensex opened down by 289 points, while the Nifty is trading down by 95 points.

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