Bank of England Rates Decision; Rising Oil Prices and Top Stocks in Action Today

Fri, 11 May Pre-Open

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On Thursday, Indian share markets ended marginally lower despite firm global markets.

The S&P BSE Sensex ended down 73 points while the broader Nifty 50 index settled at 10,717, down 25 points. The BSE Midcap index and BSE Smallcap index, however, underperformed the frontline indices and lost over 1.5% and 1.4% respectively.

Realty stocks were among the worst hit on Thursday with DLF, Unitech and HDIL slipping over 3% each.

Adani Transmission Ltd reported a consolidated net profit of Rs 1.5 billion in the March 2018 quarter compared to a profit of Rs 949 million a year ago. Adani Transmission share price zoomed 5%, while BSE power Index was down 1.6% on Thursday.

Meanwhile, Jain Irrigation share price plunged 5% and the BSE capital goods Index was at 19,353 (Down 0.9%).

To get more updates on share market, click here.

Top Stocks in Focus

Lupin share price will be in focus today after under its consumer healthcare division - LupinLife, has launched Corcal Bone and Beauty, a novel calcium health supplement for women.

Welspun Enterprises has reported results for fourth quarter and year ended 31 March 2018. The stock will be in focus.

Cadila Healthcare share price will hog limelight today as Zydus Cadila received final approval from the USFDA to market Carbidopa tablets, used for treating symptoms of Parkinson's disease.

Jindal Steel & Power Ltd (JSPL) said it will focus on paring its Rs 420 billion debt by half in the next three years. The Naveen Jindal flagship, which posted a net profit of Rs 1.5 billion in Q4 FY18 after incurring consecutive losses for the past 13 quarters, is betting big on higher internal accruals and sale of certain overseas assets to reduce its debt.

Results Corner

Allahabad bank, Canara Bank, Dena Bank, Gabriel India, Havells India, NDTV are among few companies that will report its fourth quarter results today.

Global Stock Market Drivers

Global stock markets were mixed, with European equities edging lower and US futures nudging upward. Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after US President Donald Trump's decision to pull out of a nuclear deal with Iran.

Ten-year Treasury yields, which have been driving up the greenback and exacting pain on emerging markets, dipped back below 3% to push the dollar toward its first drop in five days.

The dollar gave up some of its recent gains on Thursday, declining as traders confronted a range of catalysts from political risks to missiles in the Middle East.

Some key global events to watch out are:

• The Bank of England will decide on its policy.
• US inflation data for April is also due.

IPO Buzz

The initial public offering of Indostar Capital Finance was subscribed 46.4% on Thursday, the second day of the bidding process. Total bids received stood at 1,04,05,434 shares against the total issue size of 2,25,75,438 shares. Today is the last day of the offer.

To know our view on the IPO, you can read our IndoStar Capital Finance IPO note here (requires subscription).

Meanwhile, Fino Payments Bank is looking to raise up to Rs 3 billion through a share sale by October.

The bank, which has ICICI Bank, IFC and the state-run oil marketeer BPCL among others as shareholders, is in the final stages of appointing merchant bankers for the share sale, the reports noted.

Speaking of IPOs, the demand for IPO's had reached sky-high levels last year.

One shall note that, 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.

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 than not.

To know more, download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the IPO rush.

Oil Prices Dip

Oil price rose on Thursday and was set for its largest weekly increase in a month. The market prepared for potential disruption to crude flows from major exporter Iran in the face of US sanctions.

Brent crude futures were up 29 cents at US$77.5 a barrel, having gained 3.5% so far this week, the largest weekly increase since mid-April. US West Texas Intermediate crude futures were up 42 cents at US$71.56 a barrel.

The oil price is at its highest since late 2014 and is on track for its fourth consecutive quarterly gain, the longest such stretch for over 10 years.

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!

Read the latest Market Commentary

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