Global Stocks Markets Amid ECB Meeting, Oil Prices & Top Cues in Action Today

Fri, 8 Sep Pre-Open

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On Thursday, share markets in India ended flat after a volatile trade as jittery investors booked profits at every rise amid deepening worries over North Korea.

At the closing bell, the BSE Sensex closed higher by 1 point. While, the NSE Nifty finished higher by 14 points.

Mahindra & Mahindra (up 2%), Bajaj Auto (up 1.4%), Dr Reddy's (up 1.2%), were among the major gainers on Sensex. However, ITC, Bharti Airtel, Tata Motors, witnessed maximum selling pressure.

Top Stocks in Action Today

Hindalco share price will be in focus today after it was reported that the company is planning to invest in new capacities for automobile component offerings from its Canadian subsidiary Novelis. Also, the company is planning to expand manufacturing lines to grow its auto shipments to a quarter of the total production capacity.

Jet Airways is also set to gain attention today. In a major shift in its domestic route network strategy, Jet Airways will now focus on providing direct connectivity between tier-II cities as it aims to penetrate deeper into such markets.

Sugar Stocks will hog limelight today after a report pointed out that India's sugar production is estimated to rise 24% to 25.1 million tonnes in the next marketing year starting October on higher sugarcane area. India's sugar demand is 24-25 million tonnes annually.

Life Insurance Corporation (LIC) reduced its stake in Raymond by 2.01%. LIC sold 12.37 trillion in the open market over the period spanning from 11 October 2016 to 4 September 2017.

TVS Motor share price will hog the limelight after it launched a premium edition of its popular 110 CC motorcycle Victor with new features in view of the festive season.

Global Stock Market Key Events

Global share markets were mixed on Thursday as investor relief over a deal on US borrowing limits was offset by uncertainty over the departure of a senior Fed official and lingering North Korean tensions. European markets perked up on its key central bank meeting.

While tensions over Pyongyang's weekend nuclear test have abated, there are fears the North is planning to launch another missile this weekend, riling an already furious Unites States.

The key events this week:

• China trade figures are anticipated to show another month of solid export growth, according to Bloomberg.
• ECB President Mario Draghi will address a much-anticipated press conference after the central bank's policy meeting.
• In the US, data on first-time unemployment claims and productivity may add clues to the Fed's policy path.

Oil Dips on Fears that Hurricane Irma Could hit Crude Shipments

Oil prices dipped on Thursday over fears that Hurricane Irma in the Caribbean could interrupt crude shipments in and out of the United States, and as Libyan output began to recover from disruptions.

However, prices received some support from rising demand in the United States, where Gulf Coast refineries are restarting in the wake of Hurricane Harvey that hit the region less than two weeks ago.

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.

From the IPO Space

The initial public offering of contract electronics manufacturer Dixon Technologies Ltd was fully covered midway through the second day on Thursday driven by strong demand from retail and institutional investors.

The public offering of 2.37 million shares, excluding the anchor allotment, received bids for a little over 2.47 million shares, as per stock-exchange data. The book was subscribed 1.05 times.

Further, the IPO of road developer Bharat Road Network Ltd (BRNL), promoted by SREI Infrastructure Finance Ltd, continued its poor show on the second day, subscribed just 25%. That's little progress over the first day, when it was covered 22%.

The public offering of 29.3 million shares received bids for a little more than 7.1 million shares.

Today is the last date of offer for both the above IPOs.

So, do these companies have sound business models? Are they leaving enough money on the table for investors? We have released our IPO note for both the above IPOs. You can access the same in our IPO section.

Meanwhile, ICICI Lombard General Insurance Co.'s IPO is also set to hit the markets from 15 to 19 September.

The company plans an equity dilution of over 86 million shares, with a reservation of up to 4.3 million shares of ICICI Lombard for ICICI Bank Ltd.'s existing shareholders.

To know which IPOs to subscribe to, you can download our FREE report - How to Get Rich with IPOs. This report 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!

Read the latest Market Commentary

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