Gujarat Election Results; BHEL, Bank Stocks & Other Top Cues to Sway the Market Today

Mon, 18 Dec Pre-Open

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Indian share markets witnessed buying momentum in today's session after exit polls predicted a BJP victory in Gujarat and Himachal Pradesh.

Incidentally, the Indian markets largely ignored the US Fed's decision to increase interest rates by 25 basis points while also increasing the growth estimate to 2.5% from the earlier projected 2.1%. A rise in the interest rates in the US typically affects foreign flows in emerging markets, including India.

At the closing bell last week, the BSE Sensex closed higher by 216 points and the NSE Nifty finished higher by 81 points. The S&P BSE Mid Cap finished up by 1% while S&P BSE Small Cap finished up by 1.4%. Gains were largely seen in metal sector, consumer durables sector and realty sector.

Maintaining its upbeat momentum, the rupee surged by 25 paise to hit a fresh 3-month high of 64.09 against the U.S. dollar, with all exit polls on assembly elections.

Top Stocks to Watch Out

BHEL share price should be in limelight today after it was reported that the company has won a Rs 73 billion order for setting up a Supercritical Thermal Power Project (TPP) in Tamil Nadu. BHEL has an 83% share in the state's coal-based generating capacity and has been a major partner in the power development program of Tamil Nadu.

Indusind share price and Yes Bank share price should see some momentum today as the companies are being included in the benchmark with weightage of 2.6% and 1.7%, respectively, taking the weightage of private sector banks to 28.1%, an increase of 3.6%. With the exit of Cipla (0.9% weightage) and Lupin (0.6%), healthcare stands to lose the most from the reshuffle. The weightage of healthcare firms would decline 1.6% to 2.6%, the lowest in seven years.

In news from energy sector, as per an article in The Economic Times, an arbitration tribunal has rejected GAIL's claim of Rs 3.57 billion against Deepak Fertilizers and Petrochemicals Corporation Ltd for supply of domestic natural gas. Deepak Fertilisers said that as per two contracts entered into 2016 and 2010 between the two companies, the purchase of gas was contractually and clearly intended, supplied and utilised for industrial applications.

Eveready Industries share price surged 3.6% in previous trade and is also expected to see action today after the company received orders worth Rs 238.5 million for supply of ceiling fans and smart LED street lighting luminaires from Energy Efficiency Services (EESL) and Kolkata Municipal Corporation.

Jaiprakash Associates share price should see momentum today after it was reported in an economic daily that it plans to sell all its five hospitality assets under the brand Jaypee Hotels and Resorts at an estimated asking rate of Rs 25 billion. The development comes even as the Supreme Court on Friday extended the deadline for Jaiprakash Associates, the parent company of embattled Jaypee Infratech, to deposit Rs 1.25 billion more for safeguarding the interests of stressed homebuyers to January 25, 2018.

IPO Segment

As per a leading financial daily, ICICI Securities, a subsidiary of private sector lender ICICI Bank, filed draft papers with markets regulator SEBI to raise an estimated Rs 30-40 billion through an initial public offering.

The public issue comprises sale of 64,428,280 equity shares, amounting to 20% stake, by ICICI Bank.

The objects of the offer for the company are to achieve the benefit of listing the equity shares on the stock exchanges. Further, the company expects that the listing of equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders.

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 Continues to Rise

Bitcoin marked another all-time high of almost US$18,000 on the Bitstamp exchange, up 9% on the day, as caution warnings grew over the risks of investing in the highly volatile and speculative financial instrument.

The cryptocurrency's recent price rises, 1,700%+ YTD, have stirred worries that the market is a bubble that could burst in spectacular way.

Bitcoin has climbed almost 80% so far in December, putting it on track for its best month in percentage terms since December 2013.

Global Markets Remain Mixed

Asian and European share benchmarks finished on a mixed note last week as investors shrugged off upbeat data from Japan.

US markets climbed to a fresh high as investors bet that a tax-overhaul plan before Congress would pass, likely boosting profits for many U.S. companies.

For the week ahead, the main focus will be on whether the tax reform package will be wrapped up by the year's end and a longer spending package will be agreed to head off a partial government shutdown on 23 December. Investors expect the tax overhaul to add to what many already project to be a strong 2018 for stocks as an expanding economy, strong earnings and low interest rates continue to lift indexes higher.

Further, the key event that investors will be watching out will be South Africa's ruling African National Congress which is set to meet to elect a leader to replace Jacob Zuma as party president.

Oil Prices Rise on Solid Chinese Demand

Oil prices moved in previous trade, lifted by the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts, although rising output from the United States kept a lid on markets.

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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