Indian Share Markets End FY19 on a Positive Note, Upcoming IPOs and Top Stocks in Action Today

Mon, 1 Apr Pre-Open

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On Thursday, the Indian share markets continued their momentum throughout the day and ended marginally higher. Gains were largely seen in the metal sector, healthcare sector and automobile sector.

At the closing bell, the BSE Sensex stood higher by 127 points (up 0.3%) and the NSE Nifty closed higher by 54 points (up 0.5%). The BSE Mid Cap index ended the day up 1% and the BSE Small Cap index, ended the day up by 0.7%.

Top Stocks in Focus

Punjab National Bank share price will be in focus today as it has entered into agreement for sale of 10.9 million equity shares held in PNB Housing Finance to General Atlantic Group at a per share price of Rs 850 aggregating to Rs 9.3 billion.

Zydus Cadila has received the final approval from the United States Food & Drug Administration (USFDA) to market Ambrisentan Tablets USP (US RLD-Letairis Tablets), 5 mg and 10 mg. Cadila Healthcare will be watched out today.

Kalpataru Power has secured new orders of Rs 5.9 billion. The stock will be in focus.

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

Global Stock Market Drivers

Stocks climbed globally on Friday to round out a strong quarter while bonds edged lower as investors gauged the growth outlook and hopes for a China trade deal.

The dollar held four days of gains.

Equities rose across Asia, with Chinese shares posting the biggest gains. European sovereign bonds nudged lower.

Whether the rebound in stocks can spill over into the second quarter may depend on the outcome of trade talks between Chinese and American negotiators, who are said to be working line-by-line through the text of an agreement.

Meanwhile, nerves remain frayed after the inversion of a key part of the US yield curve, with grumblings over Brexit delays in the background.

Here are some key events to watch out for:

• Fed official Randal Quarles will speak to the Shadow Open Market Committee on "Strategic Approaches to the Fed's Balance Sheet and Communications."
• Theresa May will put her Brexit divorce deal to a vote in Parliament.

Oil Extends Loss

Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and US sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009.

US West Texas Intermediate (WTI) futures were at US$59.56 per barrel, up 0.4% from their last settlement.

WTI futures are set to rise for a fourth straight week and are set for a first quarter gain of 31%. Brent crude oil futures were up by 0.4%, at US$68.12 per barrel.

For both futures contracts, the first quarter 2019 is the best performing quarter since the second quarter of 2009 when both gained about 40%.

Oil prices have been supported for much of 2019 by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, together known as OPEC+, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.

From the IPO space...

The IPO of Rail Vikas Nigam Ltd (RVNL) opened for subscription on Friday. The state-owned company is offering 253.4 million shares at a price band of Rs 17-19 per equity share.

The Rs 4.8-billion RVNL IPO will close on April 3.

RVNL will be the third rail PSU to be listed after RITES and IRCON. RVNL will not receive any proceeds from the offer for sale since the government is selling about 12% stake in the company. After the IPO, the central government's stake in RVNL will drop around 88%.

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.

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Indian Share Market Update: Top Gainers and Losers