RBI Rate Cut, Cochin Shipyard IPO and Top Stocks in Action Today

Thu, 3 Aug Pre-Open

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On Wednesday, the share markets in India traded cautious throughout the day, and declined in the last hour of trade as the Reserve Bank of India's (RBI) monetary policy statement failed to enthuse investor sentiment

The BSE Sensex closed lower by 98 points to end at 32,476 while the broader NSE Nifty ended the day lower by 33 points to close at 10,082.

IT stocks were among the top losers on Tuesday as Infosys, TCS, Wipro ended the day in red, while NTPC, Lupin and Hero Motor Corp were the major gainers.

RBI Cuts Key Interest Rates

The RBI monetary policy committee (MPC) announced a 25 basis points cut in the policy rate citing a sharp fall in inflation. As per Livemint, RBI noted that there are several uncertainties to the inflation trajectory such as farm loan waiver impact on state finances and maintained the neutral stance of monetary policy. This is the first rate cut since October 2016 and the interest rate is now at a 6-year low.

While a rate cut may lead to some volatility in the share markets today, one would do well to not be affected by the short-term volatility.

At Equitymaster, we do not attempt to predict how and when macroeconomic developments will unfold. Instead, we focus all our energy on understanding the underlying business strength of companies.

In fact, the ValuePro team is always on the lookout for all-weather stocks whose fortunes are not tied to economic cycles.

Top Stocks in Action Today

Lupin share price will be in focus again today after the pharma major declared its results for the June quarter. The company posted a 59% drop in consolidated net profits, however it managed to hold on to its earlier gains on the back of approval from US drug regulator for its generic lidex ointment.

Coal India share price is likely to be in focus today after the state-owned coal miner missed its April-July output target. The miner produced 155.4 million tonnes (mt) of coal in the April-July period as against the target of 168 mt. Production in July was 36.6 mt as against the target of 37.6 mt.

Banking sector stocks will be in focus today as the effects of the RBI's decision to cut rates will continue to price in.

Company Earnings That Will Drive Indian Markets Today

Companies which will be reporting June quarter earnings today include Bajaj Electricals, Ceat ltd, ICRA, PNB Housing Finance, Titan among others.

Oil Prices Back to Below US$ 50 per Barrel

Oil prices fell over 1% on Wednesday as a surprise rise in US fuel inventories pulled the US crude back below US$ 50 per barrel, while the ongoing pumping of oil from OPEC weighed on the international prices.

Cochin Shipyard IPO Oversubscribed on Second Day

The initial share sale offer of Cochin Shipyard was oversubscribed 1.4 times on the second day of bidding yesterday.

The IPO received bids for 4,77,48,420 shares against the total issue size of 3,39,84,000, data available with the NSE showed.

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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Indian Share Market Update: Top Gainers and Losers