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All Eyes on IIP & Inflation Data; Infosys' Q1 Result and Top Stocks in Action Today
Fri, 13 Jul Pre-Open | Rini Mehta, TM Team

Indian share markets ended on a strong note on Thursday. Sensex ended at record closing high driven by gains in financial and energy stocks as optimism around corporate earnings and stronger Asian shares boosted sentiment. The broader Nifty 50 index also ended above its crucial 11,000-mark.

Among individual stocks, Reliance Industries' m-cap crossed US$100-bn mark in intra-day trade yesterday, after hitting a new high. It became the second Indian company to cross the milestone after TCS.

Meanwhile, investors awaited May industrial growth (IIP) data and June retail inflation (CPI) data due later in the day.

Top Stocks in Focus

Dr.Reddy's Lab share price will be in focus as the company has launched Hydroxychloroquine Sulfate Tablets USP, 200 mg, a therapeutic equivalent generic version of Plaquenil Tablets, in the US market, approved by the US Food and Drug Administration (USFDA).

Meanwhile, Lupin has received final approval for its Nitrofurantoin Capsules USP (Macrocrystals), 50 mg and 100 mg from the USFDA to market a generic version of Alvogen Malta Operations Macrodantin Capsules, 50 mg and 100 mg. The stock will be in focus.

Infosys share price will hog limelight today as the IT major is poised to announce its financial results for the quarter to June today.

To get more updates on share market, click here.

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Global Stock Market Drivers

Stocks advanced globally on Thursday, rebounding in the wake of a bruising sell-off a day earlier. The prospect of more trade talks between the US and China helped settle nerves, and the dollar edged higher while Treasuries slipped and commodities recovered ground.

And these are some events to look out for this week:

  • Earnings season gets into gear with JPMorgan Chase & Co. and Citigroup Inc. among the largest companies due to give results, as well as India's Infosys Ltd.
  • The most noteworthy US data may be the June inflation report on Thursday, which consensus expects will show both headline and core price growth picking up.
  • Chinese trade data due at the end of the week will probably show slightly slower export growth, after early indicators pointed to softer overseas demand and weaker export orders, the reports stated.

US Crude Oil Price Recovers

The price of US crude oil is rallying after Wednesday's sharp fall prompted by news that Libya's National Oil Corporation is reopening four oil export terminals.

The recovery was prompted by a report from the US Energy Information Administration that US crude oil inventories fell by 12.6 million barrels in the week to July 6, almost three times the drop expected.

The decline in stockpiles was the most in nearly two years, leaving inventories at their lowest since February 2015, and the consequent price rally suggests that Wednesday's decline was overdone.

IPO Buzz

Women's apparel maker TCNS Clothing, which operates brands like W, Aurelia and Wishful, plans to raise up to Rs 11.3 billion through an initial public offering (IPO).

The company has set a price band of Rs 714 to Rs 716 per share for its IPO.

The IPO, which is a 100% offer for sale (OFS) of 16 million existing shares, is scheduled to open on July 18 and close on July 20.

Speaking of IPOs, the demand for IPO's had reached sky-high levels last year.

Note that, more than 70% of the IPOs listed in 2007 and 2008 are in the red.

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 than not.

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Read the latest Market Commentary

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Stock Market Updates

Indian Indices Trade Marginally Higher; Pharma Stocks Witness Buying (Today's Market)

Jul 17, 2018 12:30 pm

The BSE Sensex is trading up by 48 points, while the NSE Nifty is trading up by 31 points.

Sensex Opens in Green; Energy & PSU Stocks Witness Buying (Today's Market)

Jul 17, 2018 09:30 am

Indian share markets open firm with Sensex trading up by 95 points, while the Nifty is trading up by 37 points.

Indian Indices Trade in Red, Inflation on an Uptrend, and Top Stocks in Action (Today's Market)

Jul 17, 2018 Pre-Open

Inflation creeping up, pharma stocks in focus, and other stocks in action to watch out today...

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