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Global Markets Amid Jackson Hole Meeting, Lupin, Bank of India & IOC Among Other Top Stocks to Watch Out Today
Mon, 28 Aug Pre-Open

On Thursday, share markets in India ended the session on a subdued note, with the Nifty holding on to 9850-mark. The Sensex was up 28 points at 31596, while the Nifty was up 5 points at 9857.

IT stocks were among the top gainers with Infosys rising as much as 2.4% after a group of institutional investors asked the company to bring former CEO Nandan Nilekani back on to its board to settle the feud with the founders.

Gains were however muted as investors booked profit in bank stocks following Union Cabinet's approval of a mechanism to oversee consolidation in public sector banks.

Top Stocks in Action Today

Lupin, through its USA subsidiary Lupin Pharmaceuticals, Inc has initiated voluntary recall of tablets Mibelas from the USA market as they are "out of sequence". According to a notification issued by the US Food and Drug Administration (USFDA), as many as 24,652 tablets are being recalled under 'class-I' classification.

IOC share price will be in the focus after it was reported that the company is expected to export 2 million tonnes (mt) of finished products to Nepal in FY18. The company has exported 0.691 mt of finished products to Nepal from April to July this year. Comparably this was at 0.578 mt in the corresponding period of the last fiscal.

Bank of India reduced interest rate on savings bank accounts by 50 basis points to 3.5% on deposits of up to Rs 5 million. However, the bank will continue to pay 4% interest on deposits of above Rs 5 million.

SREI infrastructure finance company announced IPO dates for its unit Bharat Road Network. The initial public offer will open on September 6 and close on September 8. The company has proposed to sell up to 29.3 million equity shares.

Metal stocks are likely to remain in focus as zinc and aluminium prices jumped to their highest levels in over 10 years. Copper is also hovering around its 3-year high.

Shoppers Stop is on the lookout for an immediate exit from its duty-free airport stores business, which it entered partnering with the Nuance Group AG in 2006. Shoppers Stop that previously had a 50% stake in the joint-venture, has reduced the same to 40% and is currently on the lookout to sell off its remaining stake.

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Global Stock Market Key Events

Asian stocks ended mixed on Thursday after overnight slide in US and European peers. While strong regional earnings as well as higher oil and metal prices helped spur stock-specific buying, renewed geopolitical tensions and uncertainty over US political risks served to keep underlying sentiment somewhat cautious.

Among other key events looming this week:

  • The latest figures on combined sales of previously-owned US homes will be released on Thursday.
  • Investors kept a close eye on a central banking conference in Jackson Hole, Wyoming, on Friday, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi both were to speak.

From the Commodities Space

  • Oil prices crept lower as rising US oil output dampened some of the optimism that had accompanied eight straight weeks of declines in US crude inventories.
  • US crude slipped 0.1% to US$48.37 a barrel, after rising 2.2% over the previous two sessions.
  • Gold was also steady at US$1,289.66 an ounce, retaining Wednesday's 0.4% jump.

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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1 Responses to "Global Markets Amid Jackson Hole Meeting, Lupin, Bank of India & IOC Among Other Top Stocks to Watch Out Today"

hebbalkar

Aug 28, 2017

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