BoE Decision, Trump's Fed Choice, ONGC, Cadila Healthcare & Coal India among Top Stocks in Action Today

Fri, 3 Nov Pre-Open

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On Thursday, Indian share markets ended flat due to profit-booking by funds and retail investors amid firm global cues. At the closing bell, the BSE Sensex ended lower by 27 points (down 0.1%) and the NSE Nifty ended lower by 17 points (down 0.2%).

Among BSE sectoral indices, healthcare index gained the most by 2.5%, followed by consumer durables index 1.3% and power 0.3%. On the other hand, FMCG index fell 0.9% while auto index was down by 0.6%.

Top Cues in Action Today

ONGC share price will hog limelight today on the back of its plans to nearly double natural gas production in four years as it invests billions of dollars to produce from newer discoveries. The company is investing Rs 920 billion in 35 major projects.

Cadila Healthcare share price will be in focus today after Zydus Cadila's Nesher Pharmaceuticals received final approval from the United States Food and Drug Administration (USFDA) to market Dextroamphetamine Sulfate and Amphetamine Sulfate Tablets. The drug is used in the treatment of Attention Deficit Hyperactivity Disorder (ADHD) and Narcolepsy.

Tech Mahindra withdrew its case against Reliance Communications (Rcom) from the National Corporate Law Tribunal (NCLT) on Thursday saying parties are looking at a settlement. Tech Mahindra (Tech) had filed a petition for recovery of Rs 82 million from the telco and its two units a few days after RCom's proposed merger with Aircel was called off.

State Bank of India (SBI) lowered home loan rate by 0.05% to 8.3%, the lowest in the industry. It has also reduced the auto loan by a similar percentage point to 8.7%.

Apollo Tyres share price will be in focus after it reported 37.5% fall in its net profit at Rs 1.3 billion for the quarter ended 30 September 2017 as compared to Rs 2 billion for the same quarter in the previous year.

ITC share price may see some movement after it came out with a new brand, Farmland, marking its foray into the fresh fruits and vegetables segment.

Coal India missed its production target for the period April-October by 5% and its sales target by 3% despite power companies complaining about non-availability of adequate coal.

Earnings Today

Those scheduled to announce their second-quarter results include BSE Ltd, Godrej Agrovet, Godrej Properties, Hindalco, Punjab National bank, Shipping Corporation of India, Titan Company, Torrent Pharma, UCO Bank, Union Bank and Zensar Technologies among others.

Global Stock Market Drivers

Majority of Asian indices slid on Thursday even though a broad index of equities in the region clung to slight gains. Investors also digested the Federal Reserve's decision to keep interest rates steady.

Meanwhile, President Donald Trump will choose Fed Governor Jerome Powell to be the next chair of the central bank, as per the Wall Street Journal. Rising expectations that Trump will tap Powell, who is seen as more dovish on interest rates, pressured US Treasury yields and kept the dollar on the backfoot this week.

The release of House Republicans' tax reform bill will also be in the spotlight in the US after its unveiling was postponed by one day.

Ahead, investors will keep an eye on the Bank of England, which many expect to raise interest rates for the first time in more than 10 years.

From the IPO Space

Khadim India Ltd's initial public offering was subscribed 7% on the first day of share sale on Thursday. While, IPO of state-owned general insurance firm The New India Assurance Co. Ltd was subscribed 1.05 times on the second day of the share sale.

We have released our IPO note for the above IPOs. You can access the same in our IPO section.

From Commodities Space

Gold prices rose to a one-week high on Thursday amid a weaker dollar, on increased demand from Chinese retail investors. Spot gold was up 0.3% at US $1,278.10 per ounce after earlier rising to US $1,281.43, the highest since 26 October.

US gold futures edged up 0.1% to US $1,278.80 per ounce. Higher demand from Chinese retail buyers has raised domestic bullion prices and global prices have risen to narrow the gap.

Meanwhile, Ministry of Petroleum and Natural Gas on Thursday stated that crude oil prices in the Indian basket rose by US$0.97 per barrel to US$60.0 per barrel as on 1 November 2017 in comparison to the previous day of trade.

Crude oil prices for the Indian basket stood at US$59.03 after the day's trade on 31 October 2017. The Indian basket represents Oman, Dubai and Brent crude average.

Notably, crude oil prices have been firming up post the dip in the last two financial years. Crude prices soared as high as US $123.61 per barrel in March 2012 and plummeted to US $28.12 per barrel in January 2016.

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.

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