Gujarat Elections; Strong Global Markets; Axis Bank & Stocks to Sway the Market Today

Mon, 11 Dec Pre-Open

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Indian share markets extended rally in afternoon trade. The buying momentum was backed by hopes that the ruling Bharatiya Janata Party (BJP) would win critical state elections in Gujarat beginning this weekend, while automakers gained on reports of an expected price hike next year.

As per a leading financial daily, punters are betting that the ruling Bharatiya Janata Party (BJP) will once again form the government in the state despite a tough fight from the Congress. Around Rs 5-6 billion of bets have been placed on the Gujarat Assembly election 2017.

At the closing bell last week, the BSE Sensex closed higher by 301 points. While, the NSE Nifty finished higher by 99 points. Meanwhile, the S&P BSE Midcap Index and S&P BSE Small Cap Index ended up by 1% & 0.9% respectively. All sectoral indices finished the day in green with FMCG stocks and metal stocks leading the pack of gainers.

Top Stocks to Watch Out

Axis Bank share price is expected to be in limelight today after Economic Times reported that the company's shareholders have approved mobilisation of Rs 116.26 billion through sale of shares and warrants to a group of investors, including Bain Capital and LIC.

In news from pharma sector, Cadila Healthcare share price is expected to gather some momentum after the company's wholly owned subsidiary Zydus Pharmaceuticals (USA) Inc has received final approval from the US health regulator to market Clozapine tablets, used in treatment of severe schizophrenia.

Meanwhile, Biocon has received shareholders' approval to the resolution for transfer of biosimilars business by way of a slump sale to group entity Biocon Biologics India.

Reliance Industries share price is expected to see some action today after the company acquired a stake in a newly incorporated company, Dreketi S.A, in Uruguay to expand marketing of its petroleum and petrochemical products as part of its marketing effort in Latin American markets.

Meanwhile, as per a leading financial daily, JSW Steel achieved 11% growth in crude steel production at 13.62 lakh tonne in November this year as against crude steel production of 12.27 lakh tonnes in the year-ago period.

In news from automobile sector, Maruti Suzuki share price finished up by 1.8% in previous trade and had reached at an all-time high making the company the sixth most valued firm on the BSE, ahead of State Bank of India (SBI). As per an article in The Livemint, the reason for this appreciation in share price can be attributed to the continuous increase in the company's market share in the passenger vehicle segment. Maruti shares have risen 73% in the last one year.

Tata Motors share price is expected to see action today after the company reported a 22 per cent increase in its total global sales at 1,12,473 units for November. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in November 2017 were at 40,845 units, an increase of 51 per cent over the same month last year.

IPO Segment

The initial public offer (IPO) of Future Supply Chain Solutions the logistics arm of the Kishore Biyani-led Future Group, witnessed an overall subscription of 7.5 times on Friday.

Future Supply Chain had set a price band of Rs 660-664 per share for the IPO. The IPO is a pure offer for sale where the parent Future Enterprises Ltd and special situations fund SSG Capital are collectively selling 9.78 million shares.

The IPO will result in a total stake dilution of 24.43%. Future Enterprises will fetch Rs 1.3 billion from its stake sale, while SSG Capital, which is selling shares through its entity Griffin Partners Ltd, will earn Rs 5.2 billion.

IPO fundraising in value terms in 2017 has breached the last record set in 2010, when 64 companies raised Rs 375.34 billion. Until November 2017, the Indian primary market has witnessed 33 IPOs with companies raising Rs 659.23 billion.

Meanwhile, Gujarat-based kraft paper manufacturer, Astron Paper and Board Mill, on Thursday announced that it will be launching its IPO next week.

The issue will open on December 15, 2017 and will close on December 20, 2017. The company has set a price band of Rs 45-50 per equity share for the same.

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.

Bitcoin Ends Dramatic Week

Bitcoin rounded off a week of frenzied investor speculation with a day of whipsaw trading that knocked nearly 20% off its value at one point, but still left the cryptocurrency changing hands at more than US$15,000.

The currency rocketed to a new high of US$16,660 overnight before slumping to US$13,482 by midday on Friday. Later on, Bitcoin had recovered some of its losses to trade at US$15,350 - having started the week at US$10,875 and the year at US$966.

Global Markets Finish Strong

Wall Street and other major global stock markets posted solid gains on Friday and the U.S. dollar rose for a fifth straight day after data showed robust U.S. job growth combined with progress in Britain's talks to leave the European Union and hopes to surround the formation of the next German government.

U.S. employers added a robust 228,000 jobs in November, a sign of the job market's enduring strength in its ninth year of economic recovery. And the unemployment rate remained at a 17-year low of 4.1%. The figures have reinforced expectations that the Federal Reserve will not only raise interest rates again next week and that there could be another three or four rate hikes next year too.

Meanwhile, British Prime Minister Theresa May announced that an agreement between Britain and the European Union guarantees the rights of 3 million EU citizens in the U.K. and 1 million Britons elsewhere in the bloc.

Oil Prices Rise on Solid Chinese Demand

Oil prices rose last week after Chinese data showed that China's crude oil imports rose to the second-highest on record in November.

Meanwhile, Venezuelan crude exports to the U.S. fell last month to their lowest levels since January 2003. Sanctions and low production caused the decline in November. The last time levels were this low, an industry strike had shut down a large portion of the Latin American nation's oil sector.

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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