Strong US Markets; ITC, Tata Steel Results & Other Top Cues to Sway the Market Today

Mon, 30 Oct Pre-Open

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Indian share markets finished the trading session on a flat note after hitting record highs earlier during the day. At the closing bell last week, the BSE Sensex closed higher by 10 points and the NSE Nifty finished down by 21 points. The S&P BSE Mid Cap finished up by 0.3% while S&P BSE Small Cap finished up by 0.2%. Gains were largely seen in pharma stocks and automobile stocks. PSU stocks, energy stocks and bank stocks witnessed majority of the selling pressure.

Results Corner

Indian oil corporation share price plunged 5% in previous trading session despite the company reporting an 18.4% jump in September quarter net profit to Rs3,696.29 crore from a year ago on account of higher volumes despite increased costs. Indian Oil's revenue jumped about 10% to Rs 1.1 trillion in the second quarter from a year earlier as the company stepped up sale of refinery products in domestic and export markets.

Maruti Suzuki share price is expected to see some momentum as the company posted a marginal increase in September quarter net profit but still beat Street expectations. Maruti Suzuki India Ltd posted more than a 3% rise in its quarterly profit, beating analysts' estimates. The company reported a profit of Rs 24.84 billion (US$381.86 million) for the second quarter of FY18, versus Rs 24.02 billion a year ago.

ITC share price is expected to see action as the company reported a 5.6% rise in net profit for the second quarter ended September 30, driven mainly by its paper and new FMCG businesses. Net profit stood at Rs 26.39 billion for the quarter and Rs 52 billion for the first half of 2017-18 compared with Rs 48.84 billion a year earlier. The company said that its performance was subdued as the legal cigarette industry volumes were under severe pressure due to the sharp increase in tax incidence under the GST regime.

HDFC share price, IDFC share price and Tata Steel share price to see some action today as the major heavyweights declare their quarterly results during market hours today.

Top Stocks to Watch Out

Ashok Leyland share price is expected to be in limelight today as the company is looking at investing Rs 4- 5 billion in its electric vehicle business over the next three to five years. The company aims to be future ready and also stated that the government needs to step up investments in electric vehicle technology to help bring down battery costs and encourage adoption of green mobility solutions.

In news from energy stocks, as per an article in The Livemint, Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. are expanding their network of liquified petroleum gas (LPG) dealerships by appointing more than 6000 new distributors. This will mainly be in rural areas and in addition to the locations for which selection has already been made.

Meanwhile, as per an article in The Economic Times, HDFC Bank has been given green signal for setting up of a call centre cum residential training centre in Mohali district, Punjab at a cost of Rs 1.94 billion.

IPO Segment

The initial public offering (IPO) of Reliance Nippon Life Asset Management Ltd, India's third largest mutual fund manager, was subscribed 81.45 times on Friday, the last day of the share sale. The Rs 15.42 billion Reliance Nippon Life AMC IPO comprises a fresh issue of shares worth Rs 6.17 billion.

Meanwhile, Mahindra Logistics plans to open an IPO of Rs 8.29 billion through Offer for Sale (OFS). The price band for the IPO is fixed at Rs. 425-429 per share. The minimum lot size for subscription is 34 shares. The issue will remain open from October 31 to November 2, 2017.

In another development, as per a leading financial daily, India's state-run New India Assurance Co. Ltd has set a price band of Rs770-800 a share for its initial public offering (IPO) opening on 1 November. At the upper end of the price range, the IPO would raise Rs9,600. The sale will close on 3 November.

The IPO is part of the government's disinvestment program. So far in FY 18, the government has raised Rs 197.58 billion through disinvestment and strategic disinvestments of public sector enterprises as against its target of Rs 725 billion.

The market euphoria is something similar to what was seen in 2007-08. When everyone around you is clamoring to get a piece of the IPO pie, it makes sitting tight difficult. And, why should you sit tight when stocks like Avenue Supermart lets you pocket a cool 100% gain from day 1 of the listing?

History suggests that these cases are few and far between. More than 70% of the IPOs listed in 2007 and 2008 are in the red, even today when the Sensex is at an all-time high.

This allows us to stay on the fence when it comes to investing in IPOs. But it doesn't make sense to completely ignore this space. For every Reliance Power - like issue, there have been issues like Maruti, TCS, and Jubilant Foodworks Ltd (with returns over 4,000%, 1,000% and 500% respectively) that have created immense wealth for shareholders. A merit-based selection primarily including valuation, business, and management quality is the logical way to go about it.

US Markets Stay Hit New Highs

US stock markets hit new peaks on Friday after forecast-beating results from the technology companies including Google's parent company Alphabet, Amazon and Microsoft. All three saw their shares soar to record highs in the wake of better than expected quarterly updates, adding billions in revenues and increasing profits compared with the same three-month period in 2016.

Oil prices Remain Flat

Oil prices rose strongly last week before breaking two-year-highs on Friday. The price gains came after robust data from the EIA this week, plus rising confidence in an OPEC extension.

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!

Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers