Fed Rate Hike; IOC, Axis Bank & Other Top Cues to Sway the Markets Today

Fri, 23 Mar Pre-Open

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After opening their day on a positive note, Indian share markets gave up their earlier gains and ended their session marginally lower after the US Federal Reserve raised interest rates and maintained its view for three hikes this year. Losses were largely seen in the realty sector and telecom sector, while consumer durables stocks ended the day higher.

At the closing bell, the BSE Sensex stood lower by 130 points (up 0.4%) and the NSE Nifty closed lower by 41 points (up 0.4%). The BSE Mid Cap index ended the day down by 0.8%, while the BSE Small Cap index ended the day down by 1.1%.

Top Stocks to Watch Out

Indian Oil Corp (IOC) share price is expected to witness some action today after it was reported that the company is planning to invest as much as US$3.5 billion in the year beginning April 1, or about a fifth more than the previous year, to expand and upgrade its refineries and boost its marketing network. Reportedly, the company plans to use internal resources for the capital expenditure and has no plans to raise loans or issue bonds.

Axis Bank share price is expected to be in limelight today after the company's corporate banking head and deputy managing director resigned.

Indiabulls Real Estate share price is expected to see some action after it was reported in The Livemint that Global private equity firm Blackstone Group Lp is set to buy a 50% stake in Indiabulls Real Estate Ltd's prime office assets in central Mumbai for an enterprise valuation of around US$1.3 billion.

Sun Pharma share price finished on an encouraging note in the previous trading session after the company received a US Food and Drug Administration approval for its novel psoriasis drug TildraKizumab, the first new drug approval for India's largest drug maker.

In another development, Suven Life Sciences has been granted a patent each by Norway, South Korea and Singapore corresponding to new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases.

As per leading financial daily, Coal India (CIL) is planning to set up plants for coal gasification and its further processing into downstream chemicals, with an aim to promote environment-friendly uses of coal. In this direction, CIL has formed a Joint Venture (JV) company along with Rashtriya Chemicals & Fertilizers (RCF), GAIL (India) and FCIL, namely; Talcher Fertilizers to set up a coal based Ammonia-Urea plant at Odisha, through surface coal gasification route.

In news from automobile sector, Tata Motors has entered association with the Board of Control for Cricket in India (BCCI) as the Official Partner for the VIVO Indian Premier League (IPL). Meanwhile, the company has also bagged electric bus supply contracts in six cities - Jaipur, Indore, Lucknow, Kolkata, Jammu and Guwahati - to supply 190 e-buses.

IPO Segment

The initial public offering (IPO) of ICICI Securities, the brokerage arm of private lender ICICI Bank, was subscribed 9% on Thursday, the first day of the bidding process.

The price band of the issue has been fixed at Rs 519-Rs 520 per share. ICICI Bank aims to raise about Rs 40.17 billion at the upper end of the price band by selling 77 million shares or 24% stake in ICICI Securities.

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 Prices Stay Below US$9000

The price of bitcoin, the most dominant cryptocurrency in the global market, has recovered beyond the US$9,000 for the first time since March 14, exactly a week ago.

While bitcoin has rebounded over the past few days, it has only recovered from its price drop that occurred in mid-March. Two weeks ago, the price of bitcoin peaked at US$11,600, and the cryptocurrency is still US$2,600 away from reaching its monthly high.

The G20 considers cryptocurrencies risky, said the head of Italy's central bank, but the broad consensus is that they should not be banned. After days of negative news, this is a positive shift for the cryptomarket. Led by Bitcoin, most cryptocurrencies are trying to pull back from their recent lows.

US Feds Goes for 25 bps Rate Hike

Asian stock markets ended mixed on Thursday after the Federal Reserve announced its widely anticipated decision to raise interest rates by 25 basis points and projected three rate hikes in 2018, citing a strong outlook for US economic growth.

Underlying sentiments remained somewhat cautious amid expectations that US president Donald Trump will introduce tariffs on Chinese goods for approximately US$50 billion.

Japanese shares ended higher in choppy trade as pension funds and retail investors lapped up beaten-down shares, helping offset a strong yen and mixed manufacturing data. The manufacturing sector in Japan continued to expand in March, albeit at a slower pace, the latest survey from Nikkei revealed with a manufacturing PMI score of 53.2, down from 54.1 in February.

Meanwhile, Chinese shares ended lower after the People's Bank of China raised its short-term interest rates for the first time this year in reaction to the Fed's rate hike. The central bank lifted its 7-day reverse repo rate by 5 basis points to 2.55% from 2.50%. This was the first rate action after the appointment of Yi Gang as central bank governor.

Oil Prices Rise

Oil prices rose at their highest levels since February 1 on Wednesday after the government reported a surprise decline in U.S. inventories. Other catalysts behind the rally were Middle East tensions and worries about Venezuela's production slide.

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!

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