Import Duty Hikes; Rising Oil Prices amid US Sanctions; and Top Stocks in Action Today

Fri, 28 Sep Pre-Open

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The Indian Indices settled over 0.5% lower on Thursday on expiry of September series Futures and Options (F&O) contracts.

The S&P BSE Sensex ended at 36,324, down 218 points, while the broader Nifty 50 index settled at 10,978, down 76 points.

Consumer durable stocks fell after the government raised import duties on 19 essential items, including refrigerators, air conditioners, and jet fuel. Voltas share price fell over 6% on the BSE. Havells India settled at Rs 612, over 5% down.

Aviation stocks also slipped as the government imposed an import tariff on aviation turbine fuel (ATF).

Top Stocks in Focus

Tata Steel share price will be in focus after its wholly owned subsidiary, Tata Steel Processing and Distribution has received an approval from the Government of Odisha for setting up a manufacturing unit with investment of Rs 920 million.

Larsen and Toubro's power business has received two orders worth Rs 14 billion for setting up flue gas desulphurisation systems from NTPC at its Vindhyachal super thermal power plant in Madhya Pradesh and Darlipali super thermal power project in Odisha. The stock will be in focus.

Reliance Communications share price will hog limelight today as the company that's offloading most of its assets to a rival, is in talks to sell a controlling stake in what will remain after it exits India's consumer wireless business.

State Bank of India (SBI) received ECCB approval for divestment of 4% stake in SBI General lnsurance Company.

To know more, check out our share market updates here.

Global Stock Market Drivers

Stocks in Europe and Asia fell Thursday as investors digested the likelihood of more Federal Reserve interest-rate increases stretching into next year. The euro fell with Italian bonds as the country is due to decide on deficit targets.

Market participants will look forward to durable goods, GDP data and jobless claims for the US.

Oil Prices Rise

Oil prices rose by 1% on Thursday, pushed up by the prospect of tighter markets due to US sanctions against major crude exporter Iran, which are set to be implemented in November.

Front-month Brent crude futures were at US$82.23 per barrel, up 89 cents, or 1.1% from their last close, and just off Tuesday's four-year high.

US West Texas Intermediate (WTI) crude futures were at US$72.47 a barrel, up 90 cents, or 1.3% from their last settlement.

Reportedly, oil markets were tightening ahead of Washington's planned sanctions on Iran's petroleum industry from 4 November.

From the IPO Space...

The initial public offer of housing finance company Aavas Financiers has been subscribed 49% on last day of the bidding on Thursday.

The Rs 17.3-billion IPO received bids for 7.1 million equity shares against issue size of 14.7 million equity shares.

To know our view on the IPO, you can read the analysis of Aavas Financiers IPO here (subscription required).

With so many IPOs set to hit the markets, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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