Weak Global Markets; Oil Prices; Moody's Rating & Stocks to Sway the Market Today

Mon, 20 Nov Pre-Open

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Global ratings agency Moody's revised the country's sovereign ranking to Baa2 from Baa3 - its first upgrade in almost 14 years. The new rating, India's highest since the 1991 reforms looks beyond the present slowdown in economic growth and a surge in bank bad loans, and bets on India's medium- and long term growth potential. The move comes close on the heels of the sharp improvement in India's ranking in the World Bank's ease of doing business survey.

Share markets in India witnessed buying activity throughout the last trading session and ended the day on a strong note, albeit off the day's high. Gains were seen across most sectors with stocks in the realty sector and stocks in the metal sector, leading the gains. While stocks in the IT sector lost the most.

At the closing bell, the BSE Sensex stood higher by 236 points (up 0.7%) and the NSE Nifty closed up by 69 points (up 0.7%). The BSE Mid Cap index ended the day up by 1%, while the BSE Small Cap index ended the day up by 0.8%.

Top Stocks to Watch Out

Indian private sector banks Yes Bank Ltd and IndusInd Bank Ltd will join the BSE stock exchange's 30-member Sensex index, effective 18 December while pharma companies Lupin and Cipla Ltd while make way for the two banks. Yes Bank share price has gained nearly a third so far this year, while IndusInd share price has added more than 45%. Lupin share price has shed 44%, while Cipla share price has gained about 4% in 2017.

NHPC share price is expected to see some action today after it was reported that the company could bid for a US$2.5 billion hydropower project in Nepal after Kathmandu cancelled a deal with China Gezhouba Group Corp. State-run NHPC could look at developing what will be the country's biggest hydropower plant.

In news from oil & gas sector, as per an article in The Economic Times, state-run oil companies will be able to supply the required quantum of BS-VI petrol and diesel to Delhi from their own refineries by April 2018. State refiners plan to invest Rs 300 billion to upgrade all their units to produce BS-VI fuel. The companies will later take a call on how much of the incremental cost can be passed on to customers.

Eris Lifesciences share price finished the previous session up by 2.6% and is expected to see some momentum today as well after the company agreed to acquire Stride Shasun's India business for Rs 5 billion. The transaction involves domestic brands of Strides, while manufacturing facilities of the firm will continue to support its global generic businesses. Strides joins a lect league of Indian pharmaceuticals firms exiting domestic market to focus on more lucrative international business.

Allahabad Bank share price is expected be in limelight as the company has decided to put on sale bad loans worth Rs 1.01 billion of Khaitan Electricals Ltd (KEL). The company has been battling declining revenues in recent quarters.

IPO Segment

As per an article in The Economic Times, the initial public offer (IPO) market frenzy among market participants is showing signs of moderating as a spate of weak listings recently and higher funding costs have dampened his optimism about making a quick buck from these share offerings.

Khadim India, New India Assurance Co, Mahindra Logistics, General Insurance Corporation of India and Indian Energy Exchange, which listed recently, are down 3 to 14% below their issue prices. Some of them even listed at a discount.

The buzz in the IPO market encouraged the government and companies, which launched their issues recently, to aggressively price their offerings.

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.

Global Markets Remain Weak

U.S. stocks fell in their previous trading session as persistent worries about tax reform lingered on Wall Street. Dow Jones and S&P 500 post first 2-week losing streak since August. Expectations of tax reform have helped lift U.S. stocks to record levels this year.

The European markets fluctuated between small gains and losses during Friday's session, but ended the day in the red. Markets were under pressure as the Euro gained ground against the U.S. dollar. Eurozone's robust economic recovery is still supported by the massive monetary stimulus that would help inflation to return to target.

Meanwhile, uncertainty about the outlook for China's economy helped unsettle industrial metal prices in the previous week.

Oil prices Fall

Oil prices rallied on Friday after seeing some of their worst weeks in some time on hopes that OPEC would extend its production cuts. Crude benchmarks posted steep losses in the previous week in the wake of the incredibly bearish assessment from the IEA. The losses continued on Wednesday and Thursday after the EIA reported a surprise uptick in crude inventories.

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!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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