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The Bull Run in Indian Stock Markets, National Fertilisers OFS, and Top Cues in Action Today
Thu, 27 Jul Pre-Open

Share markets in India closed at their life-time highs yesterday, with Nifty50 settling above the 10,000-mark for the first time. At the closing bell, the BSE Sensex closed higher by 154 points. While, the NSE Nifty finished higher by 56 points. Meanwhile, the S&P BSE Midcap Index and the S&P BSE Small Cap Index ended up by 0.2% & 0.3% respectively.

Gains were largely seen in metal sector and capital goods sector.

The recent rally in the stock markets is triggered by good monsoon, cooling inflation, and the quarterly earnings season.

We still have some way to go before this bull market ends.

Our Sensex 40,000 call implies a Nifty level of about 12,375. Already, brokerages are predicting Nifty 12,000. Dalal Street is warming up to the idea of Sensex 40,000.

Stocks at Expensive Valuations - Are there Any Opportunities Left?

While Indian indices are scaling new highs, one must note that the above rise in Indian stock markets has also led many stocks to trade at expensive valuations.

But even as the Equitymaster analysts grow increasingly wary of market valuations, their bottom-up approach continues to uncover new opportunities.

For instance, Richa's Hidden Treasure team has uncovered a batch of small caps that could lead to what Richa calls 'backdoor profits'. Download a copy of Richa's new FREE report, Backdoor Profits - The Small-Cap Way to Big Returns, to know about these stocks.

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Impact of US Federal Reserve Policy

Market participants are also gauging what impact the US Federal Reserve policy review may have on financial markets.

US Federal Reserve rate hikes generally have a negative impact on emerging economies. But India is currently seen as better equipped than other emerging markets to ride the impact of higher US interest rates. That's largely because of its stronger economic growth and impressive foreign exchange reserves.

Foreign portfolio investors may not drain funds from India in a knee-jerk reaction to the Fed rate hike, as that would mean missing out on the enormous growth opportunities Indian markets offer.

National Fertilisers Ltd Offer for Sale

Investors are keeping a close watch on the National Fertilisers Ltd offer-for-sale (OFS) through which the government is selling 15% stake at a floor price of Rs 72.8 a share.

The OFS got good response in yesterday's trade, with the portion reserved for institutional investors getting oversubscribed.

The OFS will open for retail investors today.

Top Stocks in Focus

The stock of Federal Bank is expected to be in focus in today's trade as it declared its results for the quarter ended June 2017. While the bank posted a 26% YoY rise during the quarter, provision for bad loans rose and weighed on the stock. Gross bad loans as a percentage of total loans rose to 2.42% at end-June, compared with 2.33% at March-end.

Share price of Yes Bank too is expected to be in the buzz today as the company reported a 32% YoY rise in net profits during the quarter ended June. Also, gross bad loans as a percentage of total loans fell to 0.97% at end-June from 1.52% at March-end.

Market participants will also be keeping tabs on share price of ITC as the company is going to announce its Q1FY18 earnings today. The key factor to watch out for would be the cigarette business of the company which has been in the limelight of late after the Goods and Services Tax (GST) Council decided to increase the cess on cigarettes. The stock had witnessed selling pressure last week after this development.

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