OPEC Meeting; Upcoming IPOs; IDBI Bank, Emami among Top Stocks in Action Today

Mon, 25 Jun Pre-Open

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Indian share markets edged up on Friday with Nifty 50 closing above 10,800-levels, even as broader global markets remained weak.

The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points

The top gainers on the Sensex include Sun Pharma, HDFC, Mahindra and Mahindra (M&M), and Axis Bank whereas Reliance Industries (RIL), and Coal India were the major losers.

Top Stocks in Focus

IDBI Bank share price will be in focus after The Economic Times reported that the government is planning to sell 40% stake in the bank to Life Insurance Corp. of India Ltd.

Astrazeneca Pharma India Ltd received marketing permission for Durvalumab (ImfinziTM) in India. The stock will be in focus today.

Capacite Infraprojects Ltd has received a contract worth Rs 117.4 billion from the Mumbai Housing and Area Development Board. The stock will hog limelight today.

Emami said that Emami International FZE, a wholly owned Subsidiary of the Company based at Dubai has made an investment in Loli Beauty Inc., Delaware USA.

To get more updates on share market, click here.

Global Stock Market Drivers

Globally, investor sentiments were dampened by a trade war like situation after the recent tariff hikes by the US. As a retaliatory measure the European Union on Friday imposed tariffs on around US$3.2 billion worth of American goods.

Asian shares stumbled to their lowest in six months on Friday, hurt by signs US trade battles with China and many other countries are starting to chip away at corporate profits, while oil prices were choppy before an OPEC meeting to discuss raising output.

Bulk & Block Deals

Reliance Industries share price slipped as much as 1.7% in the morning trade on Friday on reports that 12.4 lakh RIL shares worth Rs 1.3 billion were traded in multiple block deals on NSE.

The shares were traded at Rs 1,017 apiece.

Our team of Equitymaster analysts have been working on a project to track the smartest minds in value investing. They have compiled a special report on them, called The Superinvestors of India.

Now, because of insights from these interactions, the team has glued their eyes on insider activity and bulk and block deals...

As per them...

• "The three approaches - tracking superinvestor shareholdings, catching these moves early through bulk and block deal disclosures, and keeping tabs on changes in promoter holdings - have unveiled some critical smart money secrets..."

Oil Prices Rise

Oil prices rose by more than 1% on Friday, lifted by uncertainty over whether the Organization of the Petroleum Exporting Countries (Opec) would manage to agree a production increase at a meeting in Vienna later in the day.

Brent crude oil futures were at US$74.02 per barrel, up 97 cents, or 1.3%, from their last close. US West Texas Intermediate (WTI) crude futures were at US$66.37 a barrel, up 84 cents, or 1.3%.

IPO Buzz

As the two IPOs of state-run RITES and specialty chemicals firm Fine Organic Industries close on Friday, the primary market is gearing up for at least four more issues lined for the coming week.

They include issues of auto ancillary firm Varroc Engineering, engineering and construction firm Rudrabhishek Enterprises and compressor and pumps maker Bright Solar. Rajnish Wellness, too, will hit the market next week.

Except for Varroc Engineering, the other three will be SME offerings.

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

Note that, more than 70% of the IPOs listed in 2007 and 2008 are in the red.

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.

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

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Indian Share Market Update: Top Gainers and Losers