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Bank of Baroda, Reliance Industries, Trump's Tax Plan, Dollar among Few Factors that May Sway Markets Today
Fri, 29 Sep Pre-Open | Rini Mehta, TM Team

Indian share markets recovered on Thursday after declining for seven straight sessions, with the Nifty50 closing the September series above its crucial 9,750 mark.

However, the overall sentiment remained dull ahead of the expiry of derivative contracts and as the rupee continued to weaken against the dollar.

Barring energy stocks, all sectoral indices traded in the green. Kotak Mahindra Bank, Cipla, Dr Reddy's Labs and ACC gained the most on both indices, while Asian Paints, Reliance, and Bosch were the top losers.

Top Stocks in Action Today

Reliance Industries share price will be in focus today after it outbid rivals, including state-owned GAIL India to buy the entire volume of natural gas from its own coal seam blocks until March 2021.

IRB Infrastructure share price is set to be in action as the management announced that IRB InvIT sold stake in arm IRB Pathankot Amritsar for Rs 5.3 billion and this deal will add Rs 0.9 billion to net profit.

ITC share price will hog limelight after global research firm Deutsche Bank feels the latest proposal to ban non-tobacco products on tobacco kiosks is neutral for cigarette companies.

Ruchi Soya Industries has signed exclusive distribution partnership agreement with Patanjali for edible oil. The stock had yesterday rallied by 13.7%.

Dr. Reddy's Laboratories said it has received an establishment information report from the US Food and Drug Administration (USFDA) for its Srikakulam plant in Andhra Pradesh.

Bank of Baroda has revised Base Rate and Benchmark Prime Lending Rate (BPLR) with effect from 1 October 2017. The revised Base Rate and BPLR stood at 9.15% per annum (p.a.) and 13.45% p.a. respectively.

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Global Stock Market Drivers

Asian stocks ended mixed yet again on Thursday after South Korea said it expects North Korea to engage in more provocation action next month, to coincide with the anniversary of the founding of its communist party and China's Communist Party Congress.

The dollar and US bond yields rose on Thursday after President Donald Trump proposed the biggest US tax overhaul in three decades and as strong US economic data added to the case for a rate hike by the Federal Reserve later this year.

What to watch out for the rest of this week:

  • As per Bloomberg, German inflation may have accelerated in September to 1.9% year-on-year in harmonized EU terms from 1.8% in August.
  • Japan August industrial production and retail sales are due Friday as is South Korea's current account balance for August.
  • US data on GDP and personal spending will provide further clues as to the potential Fed policy path.
  • The euro-area inflation rate may have accelerated a touch to 1.6% in September from 1.5% but the core will probably remain at 1.2%. The data is set to be out today.

Gold Prices Slide

Gold prices declined by Rs 250 to Rs 30,750 per 10 grams on Thursday, largely on weak trend overseas amid waning demand from local jewellers.

In the national capital, gold of 99.9% and 99.5% purity slumped by Rs 250 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively. The yellow metal had gained Rs 300 in last two days.

Tracking gold, silver ready fell by Rs 300 to Rs 40,500 per kg and weekly-based delivery by Rs 275 to Rs 39,665 per kg.

In another development, the World Gold Council (WGC) is planning to form a committee soon to help set up India's first spot gold exchange within 12 to 18 months.

A dedicated exchange for physical gold is expected to pave the way for standard gold pricing practices in India, apart from bringing in transparency into a market which sees large cash transactions.

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.

P-notes Investment Hits over 7-year Low

Investments in the domestic capital market through participatory notes (P-notes) plunged to seven-and-a-half year low of Rs 1.25 trillion at August-end because of stringent norms put in place by regulator.

The total value of P-notes investments in Indian markets-equity, debt and derivatives-slumped to Rs 1250.4 billion at August-end after hitting a five-year low of Rs 1353 billion at the end of July.

This is the lowest level since February 2010, when the cumulative value of such investments stood at Rs 1241.8 billion.

From the IPO Space

Indian Energy Exchange Ltd's (IEX's) initial public offering will be open for subscription from 9 to 11 October, according to a draft red herring prospectus (DRHP) dated 26 September.

The IPO will see a sale of 6.1 million equity shares by existing shareholders including Tata Power Co. Ltd, Aditya Birla Group's private equity arm, Madison India Capital and Multiples Alternate Asset Management Pvt Ltd. The shares are proposed to be listed on the BSE and National Stock Exchange.

Meanwhile, MAS Financial Services on Thursday said it has fixed a price band of Rs456-459 per share for its initial share sale offering, through which it is estimated to raise Rs 4.6 billion.

The IPO will be open to public subscription from 6-10 October.

Additionally, Godrej Agrovet Ltd., a diversified, research and development focused agri-business of the Godrej Group, plans to tap the capital market with an IPO to mobilise about Rs 11.6 billion.

The IPO comprises a fresh issue of shares aggregating up to Rs 2.9 billion by the company, an offer for sale by promoter Godrej Industries Ltd. aggregating up to Rs 3 billion, and up to 12.3 million equity shares by investor V-Sciences Investments Pte. Ltd of Temasek Holding that would total up to Rs 5.7 billion.

The issue will open on 4 October. The price band has been fixed between Rs 450 and Rs 460 per equity share of face value of Rs 10 each.

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

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!

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Mar 20, 2018 (Close)