Earnings Season Kickstarts This Week, Polycab IPO and Top Stocks in Action Today

Mon, 8 Apr Pre-Open

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On Friday, the Indian share markets ended near day's high level with Nifty ending above 11,650 level.

At the end, the Sensex was up 178 points at 38862, while Nifty was up 68 points at 11666.

On the sectoral front, FMCG and PSU bank witnessed some selling pressure, while IT, metal, energy and automobiles stocks ended higher.

Note that, country's largest IT companies TCS and Infosys will kick off March quarter and full year earnings season on April 12.

Top Stocks in Focus

Adhunik Metaliks share price will be in focus after lenders of the company issued shares and debentures worth Rs 400 million to UK-based company Liberty House.

ABB India will be watched out today after the automation company introduced low-voltage digital switchgear condition monitoring.

Bank of India has floated a Request for Proposal (RFP) for sale of equity stake in its joint venture company i.e. Star Union Dai-ichi Life Insurance.

Alkem Laboratories received EIR from USFDA. The stock will hog limelight today.

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

Global Stock Market Drivers

On Friday, global stocks edged higher while Treasuries slipped following remarks from both China and the US that progress was being made in trade talks. The dollar held steady hours before Friday's report on the American job market.

Elsewhere in Asia, trading volumes were muted, with cash markets in China and Hong Kong shut for a holiday. Treasuries fell, with the yield on 10-year notes earlier reaching a two-week high, while most euro-zone bonds also slipped.

The pound held its advance after news emerged that UK Prime Minister Theresa May asked the EU to delay Brexit to June 30.

Oil Prices Fall

Oil prices fell on Friday, with Brent slipping away from the US$70 mark reached the previous day, pulled down by worries about progress in the US-China trade talks.

International benchmark Brent futures dropped 0.2%, to US$69.25 a barrel, having touched US$70.03 in the previous session, the highest since November 12.

US West Texas Intermediate (WTI) crude was down 1 cent at US$62.09. The contract fell 36 cents in the previous session, having hit US$62.99 on Wednesday, its highest since November 7.

From the IPO space...

Metropolis Healthcare's Rs 12 billion initial public offer (IPO) was subscribed 1.2% on the third day of the issue on Friday.

The IPO received bids for 9 million shares against the total issue size of 76,61,802 units till 2:20 pm, NSE data showed.

The issue was subscribed 9% on Day 1 on Wednesday and 47% on Day 2 on Thursday.

Meanwhile, Polycab India's Rs 13.5 billion IPO was subscribed 62% on the first day of the bidding process on Friday.

The price band of the issue is fixed at Rs 533-538. At the upper limit of the band, the issue size is Rs 13.5 billion.

With IPOs hitting the markets again, 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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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