US GDP Data, Key Q4FY19 Results, Rising Oil Prices and Top Stocks in Focus

Fri, 26 Apr Pre-Open

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On Thursday, the Indian share markets saw major selling pressure in late trade and reversed more than half of previous day's gains.

The BSE Sensex fell 324 points to 38,731 and the Nifty50 dropped 84 points to 11,641.80 amid rising crude oil prices.

Banking & financial stocks pulled the market lower.

The rupee on Thursday slipped 4 paise to touch the crucial psychological level of 70 against the US dollar.

Top Stocks in Focus

Cadila Healthcare share price will be in focus as Zydus Cadila received the final approval from the United States Food & Drug Administration (USFDA) to market Leflunomide Tablets USP 10 mg and 20 mg.

Maruti Suzuki reported a fall of 4.6% in its net profit at Rs 17.9 billion for the quarter under review as compared to Rs 18.8 billion for the same quarter in the previous year. The stock will be watched out.

Bharti Infratel has reported a rise of 16.2% in its net profit at Rs 3.9 billion for the quarter ended March 2019 as compared to Rs 3.3 billion for the same quarter in the previous year.

Indiabulls Ventures Q4 net profit nearly doubled to Rs 1.1 billion in March quarter, against Rs 0.5 billion in same period last year.

Glenmark Pharma received approval from Russian Ministry of Healthcare to market Momate Rhino metered nasal spray as an Over-the-Counter (OTC) product. The stock will hog limelight today.

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

Results Corner

Market participants will track HDFC AMC, Hero Motocorp, Yes Bank, Atul, Foseco India among others as they announce their March quarter results today.

Global Stock Market Drivers

European shares slipped and contracts on US equity benchmarks treaded water as investors parsed a slew of earnings against a backdrop of global growth concerns. A dollar gauge set a fresh four-month high and Treasuries were little changed alongside European bonds.

Market participants are looking to company results to blow new life into a global stock rally after the key US benchmark lost momentum at a record high and European stocks ended the longest run of gains in more than a year.

Mostly positive readings have gone some way toward mitigating concerns about Europe's poor economic outlook, while investors in Asia are pondering further stimulus in China. Still ahead is US first-quarter gross domestic product data due today.

Here are some notable events to watch out:

• The Bank of Japan, Bank of Russia, Sweden's Riksbank and Bank of Indonesia set monetary policy.
• Japan's Shinzo Abe meets leaders of the European Union before flying to the US for a summit with President Donald Trump.
• The initial print on first-quarter US GDP will be closely watched for clues as to how the economy responded to the government shutdown and fallout from the fourth-quarter market rout.

Oil Prices Rise

Brent crude oil on Thursday rose above US$75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in US prices were crimped by a surge in US supply.

Brent crude futures rose to a 2019 high of US$75.01 per barrel on Thursday and were at US$74.90 per barrel, up 0.4%, from their last close.

US West Texas Intermediate (WTI) crude futures were at US$65.94 per barrel, up 5 cents from their previous settlement.

Reportedly, Brent was receiving support on Thursday from a halt of Russian oil exports to Poland and Germany via a pipeline due to quality concerns.

The United States this week said it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

The US decision to try and bring down Iran oil exports to zero comes amid supply cuts led by producer Organization of the Petroleum Exporting Countries (OPEC) since the start of the year aimed at propping up prices.

As a result, Brent prices have risen by almost 40% since January.

From the IPO space...

Neogen Chemicals' Rs 1.3-billion IPO was subscribed 78% on Thursday afternoon.

Mumbai-based Neogen Chemicals' IPO, which comprises a fresh issue of shares worth Rs 700 million and an offer for sale (OFS) worth Rs 620 million, opened for subscription on Wednesday, and will close today.

Neogen Chemicals is a manufacturer of bromine and lithium-based specialty chemicals.

The chemicals manufacturer has set a price band of Rs 212-215 for the initial public offer. The Neogen Chemicals IPO can be subscribed in lots of 65 shares.

To get a detailed view of the IPO, you can read Ankit Shah's latest note in the Equitymaster Insider: Neogen Chemicals Ltd IPO: Should You Apply?

With IPOs hitting the markets again, 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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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