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Of Cadila Healthcare, ICICI Lombard IPO & Other Top Cues in Action Today
Mon, 18 Sep Pre-Open | Karan Janani, TM Team

Indian share markets continued to trade flat in Friday's session as geopolitical tensions escalated in far east following another missile launch by North Korea that dampened the sentiment. Even so, Indian markets put up their best weekly performance in two months, with the Sensex and Nifty gaining 1.8% and 1.5%, respectively.

At the closing bell, the BSE Sensex closed higher by 31 points and the NSE Nifty finished flat. The S&P BSE Mid Cap finished down by 0.3% while S&P BSE Small Cap finished up by 0.4%. Power stocks and capital goods stocks witnessed majority of the selling pressure. Meanwhile, gains were seen in software stocks and energy stocks.

Top Stocks in Focus

Cadila Healthcare Ltd (Zydus Cadila) share price is expected to gather some momentum today as the company has received final approval from the US drug regulator US Food and Drug Administration (USFDA) to market Modafinil tablets USP. The group now has more than 150 approvals and has so far filed over 300 ANDAs since the commencement of the filing process in FY 2003-04.

As per an article in The Hindu Business Line, Tata Motors is upbeat on the company's commercial vehicles business unit, where it expects to consolidate its market share up from current 43%. The company resulted in a slowdown in the CV business due to demonetisation, the transition from BS III to BS IV norms, and the GST regime, Tata Motors registered strong growth in July and August and hope to grow more than the industry performance during the current fiscal. The company also plans on investing Rs 15 billion per annum in this business.

JK Cement share price is expected to be in action today after it was reported that the company plans to invest up to Rs 15 billion in the next three to four years to hike production capacity of grey cement by over 30% to 14 million tonnes per annum. The company is keeping its options of either setting up new units or expand at the existing plants to tap growth opportunities in the grey cement segment.

In news from mining sector, coal import in August declined 24% on a yearly basis as Indian buyers preferred not to buy any fresh fossil fuel and instead wait and watch ahead of an upcoming auction for the power sector. The drop-in coal import comes as the stocks at power plants have thinned due to short supply and higher power generation.

Coal India share price finished up by 2% in the previous trading session on the back of the news that the company is likely to diversify its core business of coal extraction. The company is planning to become a full-fledged mining company in a bid to mitigate the growing pressure from renewable energy. Betting on the core competence in mining, the company is planning to foray into mining of iron ore, bauxite, copper and nickel.

As per an article in The Economic Times, IndusInd Bank said it has secured up to US$ 200 million (about Rs 12.82 billion) loan from multilateral lender Asian Development Bank (ADB) to serve low income women borrowers in rural areas. The 7-year senior loan will go towards IndusInd Bank's micro-finance activities.

Piramal Enterprises share price is likely to see some action as the company said a committee of its board approved raising of up to Rs 6 billion by issuing non-convertible debentures (NCDs) on private placement basis. The NCDs are proposed to be listed on the wholesale debt market segment of NSE.

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IPOs on the Table This Week

The initial share sale offer of ICICI Lombard General Insurance was subscribed 27% on the first day of the 3-day bidding on Friday. The initial public offer (IPO), through which the insurer is looking to raise about Rs 57 billion, received bids for 16,669,466 shares as against the total issue size of 61,666,740. The company's IPO involves dilution of up to 86,247,187 shares by promoters-ICICI Bank and Fairfax.

Meanwhile, Prataap Snacks Ltd, which sells potato crisps and a variety of savories under the brand name Yellow Diamond said it will launch its initial public offering (IPO) on 22 September. At the upper end of its price band of Rs 930-938, the share sale will raise around Rs 4.82 billion. The IPO will close on 26 September. The IPO will see a fresh issue of Rs 2 billion.

To get a more detailed view on the IPO sector, 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.

Current Account Deficit Widens

As per an article in The Livemint, India's current account deficit (CAD) soared to a four-year high of US$14.3 billion, or 2.4% of gross domestic product (GDP), in the June quarter. Gold imports also picked up ahead of implementation of the goods and services tax (GST) starting 1 July.

While gold imports also picked up by 69% to US$1.9 billion in August, export of gems and jewellery items contracted 26% to US$2.7 billion. However, other key export items such as engineering goods (20%), chemicals (32.4%) and pharmaceuticals (4.21%) registered positive growth.

US Markets Climb after Geopolitical Worries Fade

Markets in US closed at record levels on Friday's trade as the market posted strong weekly gains after news surrounding North Korea and Hurricane Irma was not as bad as originally expected. The SPDR S&P Bank exchange-traded fund gained 4.2% for the week, its biggest weekly rise since June.

The jump comes on the back of stronger-than-expected inflation numbers which increased expectations for a Federal Reserve rate hike. The Labour Department said that the consumer price index rose 1.9% last month on a year-over-year basis. Reportedly, market expectations for a December Fed rate hike are now at 52.9%.

Meanwhile, Chinese markets pulled back amid weaker-than-expected economic data and closed lower last week. According to data, China's fixed asset investment rose 7.8% in August, which was less than analysts' forecast of 8.2% growth. China's industrial production rose 6% in August, which was less than the forecast of 6.6% growth. China's weaker-than-expected economic data raised concerns that the economy started to cool down.

Oil prices Recover

Oil prices ended unchanged for Friday's session, but marked the biggest weekly gain since late July on expectations of stronger global demand and a decline in world-wide supplies of crude last month.

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!

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Mar 22, 2018 (Close)