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Indian Indices Continue Momentum, Oil Prices in Focus, and Top Stocks in Action
Tue, 24 Apr Pre-Open | Parth Parekh, TM Team

On Monday, share markets in India opened on a positive note and ended the day in green after a volatile day of trading.

The BSE Sensex closed higher by 35 points to end the day at 34,450. While the broader NSE Nifty ended the day higher by 21 points to end at 10,585.

Among BSE sectoral indices, realty stocks rose the most by 1.8%, followed by pharma stocks at 1.3%. IndusInd Bank and M&M were among the top gainers.

Top Stocks in Action Today

TCS share price is likely to be in focus after the IT services major became the first Indian company to hit a total market capitalization of US$100 billion.

The US$100 billion milestone puts TCS in esteemed company, with only 63 other companies worldwide, including the likes of Amazon, Microsoft, Alphabet (Google) and Facebook.

HPCL share price and BPCL share price are among the stocks to watch today as oil prices continue to rise unabated.

IPO Buzz

The initial public offering (IPO) market is gearing up for a burst of activity, with at least 12 companies planning to raise more than Rs 170 billion over the next two months, after a quiet start to the June quarter.

Reportedly, the introduction of the new Indian accounting standards (IndAS) as one of the reasons why IPO-bound companies have not approached the market so far, this quarter.

All companies, including unlisted ones, having net worth of between Rs 2.5 billion and Rs 5 billion have to prepare their financial accounts for the year ended 31 March 2018 as per the IndAS accounting standards. Companies with net worth of Rs 5 billion or more had to implement the new standard a year earlier.

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As per the reports, the pipeline in the June quarter will be very healthy. The market/IPO outlook continues to be strong and robust for the next two quarters if not the entire year.

Several major IPOs, including those of HDFC Asset Management Co. Ltd, auto parts maker Varroc Engineering Ltd, non-banking financial company IndoStar Capital Finance Ltd, microfinancier CreditAccess Grameen Ltd and women's apparel maker TCNS Clothing Co. Ltd, are set to hit the market this quarter.

Other companies that may launch their IPOs in the quarter include seafood exporters Devi Seafoods Ltd and Nekkanti Sea Foods Ltd. Both said they would decide on the timing of the launch after they get regulatory approval for their respective share sales.

In the first quarter of 2018, 14 companies raised a total of Rs 185.9 billion through the IPO route, a more than fourfold increase from the Rs 41.9 billion raised by five companies in the same period a year earlier.

In 2017, 64 companies tapped the IPO market to raise Rs 671.5 billion.

IPO activity last year was dominated by large issuances such as HDFC Standard Life Insurance Co. Ltd, SBI Life Insurance Co. Ltd, ICICI Lombard General Insurance Co. Ltd, New India Assurance Co. Ltd and General Insurance Corp. of India Ltd, which collectively raised Rs 437.6 billion.

Oil Prices in Focus

Oil prices gave off earlier weakness on the back of a tweet from US President Donald Trump. As per the news, oil traders will continue to weigh ongoing efforts by major global crude producers to reduce a supply glut against a steady increase in US production levels in the week ahead.

Over the week, a meeting was held between Joint Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC ministerial monitoring committee (JMMC) to boost compliance with the production pact and even discuss how they would like crude near US$ 100.

Last week, crude oil was headed for its biggest weekly advance in more than eight months on speculation that tensions in the Middle East may lead to supply disruptions, reinforcing a buy call on commodities by Goldman Sachs Group Inc.

The risk of conflict in Syria, as well as ongoing tensions between Saudi Arabia and Iranian-backed rebels in Yemen, has raised concerns over supply security in the energy-rich region.

While OPEC said its output last month fell to the lowest in a year, with worldwide inventories set to decline significantly later this year, the International Energy Agency (IEA) sees a second wave of shale revolution in the US.

How this pans out remains to be seen. We will keep you updated on all the developments from this space.

Note that crude oil prices have been witnessing a rising trend of late. However, this is not good news from India's perspective.

As we wrote in one of the editions of The 5 Minute WrapUp...

  • Fiscal revenues are at risk. Particularly if the government is forced to consider a cut in fuel excise duties due to a rally in oil prices. In recent times, a sharp jump in excise collections has helped indirect tax collections. Any risk to revenues and subsequent threat to the fiscal deficit target at 3.2% of GDP would require tighter spending cuts.

    Secondly, the impact on inflation needs to be monitored. This narrowing the central bank's scope for further rate cuts.

    Lastly, low crude prices were a positive growth impetus through higher discretionary incomes for households and lower input costs for manufacturers and farmers. Part of this benefit is likely to be eroded as retail fuel costs rise. As for corporations, expansion in gross margins caused by falling commodity prices is also likely to wane, pressurising profitability.

You can read the entire article here.

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Read the latest Market Commentary

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Stock Market Updates

TCS at All Time High; BSE IT Index Up 1.3% (Today's Market)

May 25, 2018 09:26 AM

TCS share price has hit an all time high at Rs 3,668 (up 1.59%). The BSE IT Index is up by 1.27%. Among the top gainers in the BSE IT Index today are TCS (up 1.59%) and ORACLE FINANCIAL SERVICES (up 1.36%). The top losers include NIIT LTD (down 0.41%) and ECLERX SERVICES (down 3.02%).

Lingering US-China Trade Worries; Key Earnings Report and Top Stocks in Action Today (Today's Market)

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