Global Stock Market Drivers; Falling Oil Prices; HUL, L&T Among Top Stocks in Action Today

Fri, 28 Dec Pre-Open

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On Thursday, the Indian share markets extended gains for a second straight session, tracking positive trends in Asian stocks following a rally in US stocks.

At the closing bell, the BSE Sensex ended at 35,807, up 157 points, while the Nifty50 index settled at 10,780, up 50 points.

IT stocks such as Infosys, TCS and Tech Mahindra led gains on the Sensex and the Nifty 50. However, a drop in shares of bank and financial services companies limited gains. Reliance and ONGC gained, while oil marketing companies HPCL, BPCL and Indian Oil declined following an 8% surge in oil prices in the previous session.

The Indian rupee traded marginally lower against the US dollar.

Top Stocks in Focus

Suven Life Sciences share price will be in focus today as the company received a product patent from each Brazil and Eurasia corresponding to new chemical entities for the treatment of disorders associated with Neurodegenerative diseases.

Hindustan Unilever said it is considering "legal options" after GST anti-profiteering authority found it guilty of not passing on rate cut benefits to consumers. The stock will be watched out for today.

Sun Pharma said its arm DUSA Pharmaceuticals has received relief from a US court in a patent infringement case.

Meanwhile, Dr Reddy's Laboratories launched Sevelamer Carbonate for oral suspension, in 0.8 g and 2.4 g packets, a therapeutic equivalent generic version of Renvela (sevelamer carbonate).

L&T share price will hog limelight today as the construction arm of the comapny has won orders worth Rs 23.6 billion on Thursday.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

By the way, you can read our recently released Q2FY19 result analysis of the following companies: Asian Paints, TVS Motors, Wipro, Ambuja Cement, HDFC Bank, Infosys and more.

Global Stock Market Drivers

On Thursday, the biggest rally in American equities since 2009 flowed powerfully through to Japanese stocks. But had little momentum thereafter, with mixed trading in US futures and European and Asian stocks.

The dollar gave up some of Wednesday's advance.

Here are some events coming up:

• US new-home sales are due today.
• Weekly data on active US oil rigs will be released today.
• Brazil's new president is sworn in on Tuesday.

Oil Prices Fall

Oil prices fell on Thursday after soaring at least 7.9% in the previous session. The fall came on the back of worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support.

Brent crude oil futures were down by 0.3%, at US$54.31 per barrel. They rose 7.9% to US$54.47 a barrel the day before.

US West Texas Intermediate (WTI) crude futures fell 0.4% to US$46.05 per barrel. They jumped 8.7% to US$46.22 per barrel in the previous session.

Both crude benchmarks are down at least 37% from highs touched in October.

From the IPO Space...

On Wednesday, Anand Rathi Wealth Services decided to withdraw its proposed IPO and made an application for the same through the BRLMs. It had filed draft papers with the market regulator towards the end of September.

Pessimism gripped the IPO mart since September in the wake of a selloff in the secondary market.

While the last mainboard IPO of Dinesh Engineers (September 28-October 3) had to be withdrawn amid poor investor response, others such as Aavas Financiers, and Garden Reach Shipbuilders just about managed to sail through.

However, the year ahead looks promising, with some Rs 600 billion worth of issues lined up with markets regulator's clearance.

As per the reports, Renew Power, Lodha Developers, Rail Vikas Nigam, PNB Metlife India Insurance, Flemingo Travel Retail, Ask Investment Managers, Chalet Hotels, GR Infraprojects, Atria Convergence, Bharat Hotels, Muthoot Microfin and Nazara Technologies are some of the companies that are waiting with approvals to hit the markets.

With so many IPOs set to hit the markets, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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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