Indian Indices Pare Losses, ADB Lowers India's GDP Forecast, and Top Stocks in Action

Wed, 27 Sep Pre-Open

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On Thursday, share markets in India witnessed negative momentum throughout the day but arrested losses and ended on a flat note with a negative bias.

The BSE Sensex closed lower by 27 points to end at 31,600 while the broader NSE Nifty ended the day lower by 1 point to close at 9,872.

Among BSE sectoral indices, realty index rose the most by 2.6%, followed by metal stocks 2.5%. ONCG, Axis Bank, and Tata Steel were among the top gainers.

Top Stocks in Action Today

Godrej Industries share price is likely to be in focus today after its unit, Godrej Agrovet Ltd set a price range of Rs 450-460 a share for its initial public offering (IPO) to raise up to Rs 11.6 billion.

The animal-feed producer is selling new shares worth up to Rs 29.2 billion in the IPO, while its main shareholder Godrej Industries is selling secondary shares of up to Rs 3 billion.

D-Mart parent, Avenue Supermarts Ltd will be among the stocks to watch today after the stock soared over 18% yesterday. The buying interest was seen after a global investment bank initiated coverage on the stock.

Asian Development Bank Lowers India's GDP Forecast

The Asian Development Bank (ADB) has lowered its 2017 growth forecast for India to 7% from its July estimate of 7.4%, taking into consideration "short term disruptions" such as last year's demonetisation and this year's implementation of the goods and services tax (GST). The bank expects both the disruptions to be transitory and believes it effects would dissipate going forward.

The ADB expects medium term benefits to arise from the implementation of GST and expects GDP growth to pick up next year to 7.4%, lower than the previous estimates of 7.6%.

Indian GDP growth hit a three-year low of 5.7% in the June quarter. The aftereffects of Notebandi and the Goods and Service Tax (GST) were mainly responsible for the slowdown. The growth was much lower than analyst estimates of around 6.6%.

Manufacturing growth stunted to 1.2% during the quarter compared to 10.7% a year ago. The transition to the GST regime affected the sector as dealers de-stocked and manufacturers offered discounts before GST took effect.

After this decline, the upcoming few quarters will be critical. Growth is expected to normalise as businesses start aligning themselves to the post-GST regime. But only growth will determine how well the Indian economy has adapted to GST.

Global Markets Drop as North Korea Tensions Rise

Global stock markets were more or less negative against the backdrop of rising tensions on the Korean Peninsula. North Korea's foreign minister said on Monday that a weekend tweet by President Donald Trump counted as a declaration of war on North Korea and that Pyongyang reserved the right to take countermeasures, including shooting down U.S. bombers even if they are not in its air space.

IPO Buzz

ICICI Lombard General Insurance Company (ILGIC) is set to list on the bourses today. Last week, the company offered a portion of existing paid-up equity shares worth up to Rs 57 billion in the primary market starting.

The private insurer is among at least five insurers looking to go public, riding on a stock market rally and an increasing demand for financial assets in Asia's third largest economy. State-run general insurers - General Insurance Corp of India and New India Assurance Company - and private life insurance firms SBI Life and HDFC Standard Life have also lined up primary market offers.

ICICI Lombard is the largest private-sector non-life insurer in India, a position the company has maintained since FY04 after being one of the first few private-sector companies to commence operations in the sector in FY02. However, is it worth your attention? We analysed and reviewed the IPO and released a recommendation note. You can check the same on the IPO page.

Meanwhile, Prataap Snacks' IPO made waves in the primary market with its initial share sale offer oversubscribed by about 30 times on its final day yesterday. You can read more about our view on the Prataap Snacks IPO here.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

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