Bank Credit Growth, Upcoming IPOs and Top Stocks in Action Today

Fri, 29 Mar Pre-Open

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On Thursday, the Indian share markets witnessed buying interest during closing hours and ended their trading session on a strong note.

Gains were largely seen in the realty sector, IT sector and banking sector, while metal stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 413 points (up 1.1%) and the NSE Nifty closed higher by 125 points (up 1.1%).

Top Stocks in Focus

Power Finance Corporation (PFC) has completed the acquisition of majority stake in REC by transferring Rs 145 billion to the government. The stock will be in focus.

NTPC is all set to commence commercial operation of Unit 2 of 660 MW of Solapur Super Thermal Power Station (2 X 660 MW) with effect from 30 March 2019. With this, the commercial capacity of Solapur Super Thermal Power Station, NTPC and NTPC group would become 1320 MW, 45725 MW and 52866 MW respectively.

Strides Pharma Science has received an approval from the shareholders for divestment of Australian Business and for arrangements with Solara Active Pharma Sciences up to Rs 5 billion in each financial year, commencing from FY19.

Mahindra & Mahindra (M&M) has decided to increase price of its range of personal and commercial vehicles by 0.5% - 2.7% across its models. The price hike will be effective from 1 April 2019.

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

Bank Credit Grows

The Reserve Bank of India (RBI) in its latest report has showed that bank credit growth increased by 14.5% to Rs 95.5 trillion, while deposits grew in double-digits at 10% to Rs 122.3 trillion for the fortnight ending March 15.

In the year-ago fortnight, advances stood at Rs 83.5 trillion and deposits at Rs 111.1 trillion.

Strong credit disbursal is clearly a sign of many things to come. Higher consumption demand, better capacity utilization, more capex and higher profits.

So even as we await a sharper earnings recovery, the first signs of it are already evident.

Global Stock Market Drivers

The global bond rally showed signs of easing Thursday, with Treasuries turning lower alongside most sovereign debt in Europe. Stocks rose in the region while US equity futures drifted.

Recent data showing weakness in US housing and consumer sentiment fed into the growth concerns that have helped stoke the global bond rally over the past week. After the Fed last week confirmed its intention to stop raising rates, futures are suggesting at least one quarter-point cut.

The dollar gained for the fifth time in six sessions, while Britain's pound weakened after the UK Parliament rejected eight possible options for a new Brexit strategy. The Turkish lira resumed declines despite an organized effort to stem the currency's losses days before elections.

Here are some key events coming up:

• US-China trade talks resume, with a cabinet-level American delegation due in China.
• Fed official Randal Quarles will speak today to the Shadow Open Market Committee on "Strategic Approaches to the Fed's Balance Sheet and Communications."

Oil Extends Loss

Oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in US stocks.

International Brent crude oil futures were at US$67.63 a barrel, down 0.3% from their last close. Brent closed down 0.2% on Wednesday.

US West Texas Intermediate (WTI) crude futures were at US$59.18 per barrel, down 0.4%, from their last settlement. WTI fell 0.9% on Wednesday.

Prices came under pressure from a rise in US inventories, although analysts pointed to support from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, to trim output.

From the IPO space...

Miniratna Rail Vikas Nigam (RVNL), which received market regulator's nod for IPO in May last year, is finally coming out with its offer today.

On the block are up to 253.4 million RVNL shares in the price band of Rs 17-19 a share. At the upper end of the price band, the issue size comes at Rs 4.8 billion. The IPO is hitting the primary market at a time when another PSU, MSTC, had to extend its issue period due to tepid investor demand. That IPO eventually received 1.5 times bids.

Meanwhile, diagnostics company Metropolis Healthcare's IPO which plans to raise up to Rs 12 billion will open for subscription on 3 April.

The price band has been fixed in the range of Rs 877-880 per share. The company looks to sell 13.7 million shares.

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.

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Indian Share Market Update: Top Gainers and Losers