Sensex Closes Marginally Higher; Auto & Metal Stocks Top Gainers

Tue, 1 Aug Closing

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Indian share markets traded on a volatile note oscillating between positive and negative to end the session in the green amid strong global markets.

At the closing bell, the BSE Sensex closed higher by 60 points and the NSE Nifty finished up 38 points. The S&P BSE Mid Cap finished up by 0.4% while & S&P BSE Small Cap finished down by 0.1%. Gains were largely seen in auto stocks, metal stocks and energy stocks. Consumer durables stocks and capital goods stocks finished in red.

Asian stock markets finished higher today with shares in Hong Kong leading the region. The Hang Seng is up 0.79% while China's Shanghai Composite is up 0.60% and Japan's Nikkei 225 is up 0.30%. European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.78% while Germany's DAX is up 0.51% and France's CAC 40 is up 0.35%.

The rupee was trading at Rs 64.07 against the US$ in the afternoon session. Oil prices were trading at US$ 50.16 at the time of writing.

Tech Mahindra share price surged 4.5% after it posted a 6.5% rise in net profit at Rs 7.99 billion for the quarter ended 30 June. This is against a net profit of Rs 7.49 billion in the year-ago period.

Revenues of the software exporter grew 6% to Rs 73.36 billion in the reported quarter as against Rs 69.21 billion in the corresponding quarter last year.

In dollar terms, the company's net profit was up 11.2% to US$ 123.8 million, while revenues grew 10.3% to US$ 1.13 billion in April-June 2017 quarter from the year- ago period.

One must note that, Indian IT firms are posting muted earnings growth hurt by wage hikes, stronger rupee and slower pace of large deal closures, amid uncertainty surrounding protectionist measures in the United States.

So, are you worrying about IT stocks? If you are, then I highly recommend The 5 Minute WrapUp edition from 3 February - How To Act On the Trump Crash in IT Stocks. Here's an excerpt.

• "We believe, if they respond to this challenge well and differentiate themselves from their peers, certain Indian IT companies could not only survive but thrive.In this new era of disruption, only firms run by managements who believe in agility will do well. Thus, in this sector, it is imperative to bet on the jockeys as much as it is the horses. Taking a blanket negative view on the sector would be wrongheaded."

In news from economic sector, the output of eight core industries slowed down in June as the total output moved up marginally by 0.4% as against an increase of 4.1% in May 2017. The combined index of eight core industries stands at 121 in June 2017, compared to 120.5 in June 2016. The eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

The slowdown in on the back of a decline in output of coal, refinery products, fertilizer and cement. The previous low was recorded in November 2015, when the sectors' output had declined by 1.3%.

Slowdown in Manufacturing

According to that data released by the ministry of Commerce and Industry showed the combined Index of eight core industries stood at 121.0 in June 2017, which was 0.4% higher compared to the index of June 2016. Its cumulative growth during April to June 2017-18 was 2.4%.

Moving on to news from banking sector. Union Bank of India share price fell 2.3% in today's trade after RBI slapped a penalty of Rs 30 million on the bank for non-compliance of Know Your Customer (KYC) norms in two separate cases.

One of them was based on media reports related to a fraud in the bank, for which a penalty of Rs 20 million was imposed. In the other case, RBI said it received a complaint regarding huge cash withdrawals in certain accounts maintained with Union Bank of India, for which a penalty of Rs 10 million was imposed.

Meanwhile, in a surprise move on Monday, India's largest lender State Bank of India cut interest rate on savings bank accounts by 50 basis points to 3.5% on balance of Rs 10 million and below, after over six years of status quo.

About 90% of SBI's savings bank accounts have balances of under Rs 10 million and this latest move could lead to a margin improvement of 10-15 basis points.

As per Economic Times, SBI's rate cut could ignite a rate war among the large state-run and private banks, but most mid-sized and small finance banks hungry to gain incremental market share could decide to hold rates.

In news from IPO segment, the IPO of Security and Intelligence Services (SIS), received bids for 58% of the total issue size on Day 2 of bidding process.

By 11.15 am, the issue had received bids for 30,85,038 shares compared with the total issue size of 53,16,187 shares.

The quota limit for retail individual investors as subscribed 3.5 times on BSE. The quota limit for non-institutional investors was subscribed 2 per cent whil QIB quota was yet to see bidding.

Meanwhile, Cochin Shipyard, India's largest state-owned shipyard, is offering 34 million shares to public through an initial public offer (IPO), which opened today (August 1, 2017). The issue, priced in a range of Rs. 424-432, will help the company raise around Rs. 9.79 billion in fresh capital and would increase its paid up equity capital to Rs. 1.36 billion.

Do the company's fundamentals justify the price it is asking? Should you subscribe to it? Read on to find out.

However, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 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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