Global Stock Market Drivers, Key Q4FY19 Results, Oil Prices and Top Stocks in Action

Fri, 3 May Pre-Open

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On Thursday, the Indian share markets ended a volatile session marginally lower with IT and Pharma stocks dragging the indices down.

The Sensex dropped 50 points to finish at 38,981 levels, with Tata Motors, ICICI Bank, IndusInd Bank, Infosys and HCL Tech among the biggest losers. Of the 30 constituents, 15 ended the day in green while as many were painted red.

Nifty50 failed to hold the 11,750 level and closed at 11,725 levels, down 23 points.

Top Stocks in Focus

Radico Khaitan share price will be in focus as the company has reported a rise of 14.2% in its net profit at Rs 390.5 million for the quarter under review as compared to Rs 341.9 million for the same quarter in the previous year.

Ashok Leyland share price will hog limelight today as the company reported 10% rise in the domestic vehicles sales at 13,141 units in April 2019. The commercial vehicles company had sold 11,951 vehicles in domestic market during the same month last year.

Meanwhile, Escorts reported a 15% decline in tractor sales to 5,264 units in April 2019. The company had sold 6,186 tractors in the same month last year.

IL&FS Transportation Networks defaulted in payment of the interest around Rs 175.6 million on various non-convertible debentures (NCDs), because of insufficient funds.

MRF reported a fall of 14.9% in its net profit at Rs 2.9 billion for the quarter ended March 2019 as compared to Rs 3.5 billion for the same quarter in the previous year.

Dabur India reported a rise of 17.2% in its net profit at Rs 4.1 billion for the quarter under review as compared to Rs 3.5 billion for the same quarter in the previous year.

Hero MotoCorp launched three new premium bikes priced between Rs 94,000 and Rs 1.1 lakh (ex-showroom Delhi), with an eye on leadership position in the segment. The stock will be watched out today.

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

Results Corner

Market participants will track Aavas Financiers, CDSL, HUL, Tata Chemicals, HSIL, Birla Corp, Godrej Consumer among others as they announce their March quarter results today.

Global Stock Market Drivers

Stocks were mixed on Thursday as investors switched their focus from monetary policy back to company earnings and the outlook for global trade.

US equity futures advanced after the three main gauges fell on Wednesday, when the Federal Reserve pushed back on market expectations that its next move would be a rate cut.

Corporate results were mixed, with oil giant Shell beating estimates and Lloyds Bank missing.

In Asia, trading was again depressed by holidays in Japan and China. Equity benchmarks in South Korea and Hong Kong hit their highs of the session after it was reported that the US and China could announce a trade deal as soon as next Friday.

Alongside the earnings season, the chances of a breakthrough in the trade talks are back on top of the agenda, with negotiations between the US and China set to continue in Washington next week. For now, markets appear to be stabilizing in the wake of the Fed decision and press conference, which triggered stock declines and marginal gains for the dollar that suggested some investors had anticipated a more dovish message from Jerome Powell and his colleagues.

Here are some notable events to watch out:

• Companies reporting earnings include: HSBC and Macquarie.
• The US jobs report will be out today

Oil Prices Fall

Oil prices dipped on Thursday after data showed record US crude oil production, which resulted in a surge in stockpiles.

Outside the United States, however, oil markets remained tense as all exemptions to US sanctions on Iran expire, the political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply.

Spot Brent crude futures, the international benchmark for oil prices, were at US$72.09 per barrel, down 0.1% from their last close.

US West Texas Intermediate (WTI) crude futures were down 2 cents, at US$63.58 per barrel, having eased 0.5% in the previous session.

Note that, US crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 barrels, as production set a record high of 12.3 million barrels per day (bpd), while refining activity rates fell, the Energy Information Administration (EIA) said on Wednesday.

From the IPO space...

Zee Group-backed MT Educare is planning an IPO for its online educational technology platform Robomate on the stock exchanges. MT Educare, which runs Mahesh Tutorials and Lakshya coaching brands, has initiated discussions with merchant bankers and valuers to initiate the listing process, the reports noted.

The valuation exercise undertaken by one of the Big Four audit firms has put the valuation of Robomate at around Rs 7 billion.

According to reports, funds raised from the IPO funds will be used to scale it up to the next level of growth.

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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