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Surging of WPI Inflation, MSTC IPO and Top Stocks to Watch Out for Today
Fri, 15 Mar Pre-Open | Rini Mehta, TM Team

On Thursday, the Indian share markets took a breather after logging solid gains in the last three sessions amid mixed global peers and spurt in crude oil prices.

The BSE Sensex closed at 37,755, up 3 points. During the day, the index hit a high and low of 37,908 and 37,694, respectively. The Nifty50 index settled the day at 11,343, down nearly 2 points.

Among the sectors, IT and automobile stocks remained under pressure, while buying was seen in in the metal and pharma stocks.

WPI inflation Surges in February

Breaking three-month easing trend, India's Wholesale price index (WPI) inflation surged to 2.93% in the month of February 2019, as compared to a 10-month low of 2.76% in January and 2.74% during the corresponding month of the previous year.

The rise in inflation was mainly due to hardening of prices of primary articles, fuel and power.

Top Stocks in Focus

Zydus Cadila has received the tentative approval from the US Food and Drug Administration (USFDA) to market Sitagliptin and Metformin Hydrochloride extended-release tablets.

Reliance Infrastructure has approved the sale of its entire equity interest in DA Toll Road, a wholly owned subsidiary for an enterprise value of Rs 36.1 billion.

Reliance Industries, Venezuela's top customer in India, has capped oil purchases from the Latin American country and halted selling diluent following US pressure to cripple President Nicolas Maduro's government.

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

Global Stock Market Drivers

US equity futures rose with European stocks on Thursday as investors digested the latest clues on growth from the world's largest economies.

The pound fell, trimming gains from a day earlier as the Brexit saga rumbled on.

Market participants have a lot to grapple with just now. US stocks have extended gains this week as economic data comes in neither too hot nor too cold, while traders in Europe on Thursday seemed to be shrugging off more warning signs from the region, perhaps because of hopes Brexit can be delayed or derailed.

Figures suggesting China's slowdown deepened in the first two months of the year added to reasons for caution following this quarter's rebound in Asian shares.

Here are some of the key events coming up:

  • China's National People's Congress is set to wrap up today.
  • Bank of Japan will conclude their discussions on monetary policy.

Oil Prices Rise

Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.

An unexpected dip in US crude oil inventories and production also lifted prices, the reports noted.

International Brent crude oil futures marked a 2019-peak of US$67.80 per barrel in Asia. That was also the strongest level since November 2018.

Brent was still at US$67.75 per barrel, up 0.3% from its last close.

US West Texas Intermediate (WTI) crude futures were at US$58.38 per barrel, up 0.2%, from their last settlement, and also close to November 2018 highs reached the previous day.

From the IPO space...

The initial public offer (IPO) by Miniratna MSTC received tepid response so far on Day 2.

The issue received bids for 1.4 million shares, which was 8% of the total issue size of 17.7 million shares.

At the upper price band of Rs 121-128 per share, the issue size stands at Rs 2.3 billion.

You can get access to our MSTC IPO note here.

We will keep you updated on all the developments from this space. Stay tuned.

Speaking of IPOs, 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!

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Stock Market Updates

Sensex Ends 222 Points Lower; Energy and Telecom Stocks Witness Selling (Today's Market)

Mar 22, 2019 Closing

The BSE Sensex ended the day down by 222 points, while the NSE Nifty closed down by 64 points.

NARAYANA HRUDAYALAYA LTD Surges by 5%; BSE HEALTHCARE Index Down 0.6% (Today's Market)

Mar 22, 2019 03:33 PM

NARAYANA HRUDAYALAYA LTD share price has surged by 5% and its current market price is Rs 225. The BSE HEALTHCARE is down by 0.6%. The top gainers in the BSE HEALTHCARE Index is NARAYANA HRUDAYALAYA LTD (up 5.4%). The top losers are LAURUS LABS LTD (down 0.1%) and SUN PHARMA (down 0.2%).

RELIANCE INFRA Plunges by 5%; BSE POWER Index Up 1.1% (Today's Market)

Mar 22, 2019 03:31 PM

RELIANCE INFRA share price has plunged by 5% and its current market price is Rs 139. The BSE POWER is up by 1.1%. The top gainers in the BSE POWER Index are NTPC (up 4.6%) and GMR INFRA (up 1.8%). The top losers is RELIANCE INFRA (down 5.1%)..

INDIABULLS REAL EST Plunges by 5%; BSE REALTY Index Up 1.0% (Today's Market)

Mar 22, 2019 02:25 PM

INDIABULLS REAL EST share price has plunged by 5% and its current market price is Rs 97. The BSE REALTY is up by 1.0%. The top gainers in the BSE REALTY Index are PRESTIGE ESTATES (up 7.5%) and OBEROI REALTY (up 4.0%). The top losers is INDIABULLS REAL EST (down 5.5%)..

SECURITY AND INTELLIGENCE SER. Plunges by 5%; BSE 500 Index Down 0.6% (Today's Market)

Mar 22, 2019 02:23 PM

SECURITY AND INTELLIGENCE SER. share price has plunged by 5% and its current market price is Rs 876. The BSE 500 is down by 0.6%. The top gainers in the BSE 500 Index are SPICEJET (up 7.5%) and PRESTIGE ESTATES (up 7.4%). The top losers are SECURITY AND INTELLIGENCE SER. (down 5.0%) and DILIP BUILDCON LTD (down 5.2%).

MOTHERSON SUMI Plunges by 5%; BSE 500 Index Down 0.2% (Today's Market)

Mar 22, 2019 02:07 PM

MOTHERSON SUMI share price has plunged by 5% and its current market price is Rs 159. The BSE 500 is down by 0.2%. The top gainers in the BSE 500 Index are RELIANCE COMMUNICATIONS (up 9.9%) and PRESTIGE ESTATES (up 9.1%). The top losers are MOTHERSON SUMI (down 5.2%) and VA TECH WABAG (down 5.3%).

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