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Xi Jinping’s Speech In Focus; L&T, ICICI Bank Among Top Stocks In Action Today

By Kurt Osterberg · On April 10, 2018

Indian stock markets ended higher on Monday taking cues from their Asian counterparts. The S&P BSE Sensex ended at 33,788, up 162 points while the broader Nifty 50 index settled at 10,379, up 48 points.

Among sectoral indices, the Nifty FMCG index ended 1.2% up led by a rise in the shares of Marico and ITC.

Upcoming quarterly results season, along with the release of macroeconomic data points on industrial production (IIP) and inflation, are expected to determine the trajectory of key equity indices this week.

Further, global cues such as concerns over trade protectionist measures between the US and China, combined with the direction of foreign fund flows and crude oil prices, will also impact market participants’ risk-taking appetite.

Top Stocks in Focus

Larsen & Toubro unit L&T Technology Services has bagged a multi-million deal from ExxonMobil Exploration Co., which will deliver revenues of US$20 million in the first year. The stock will be in focus.

ICICI Bank share price will be in focus as a media report indicated that directors are likely to meet this week and to discuss the way ahead for CEO Chanda Kochhar. Rating agency Fitch has also cautioned about ‘reputational risks’ to the bank on the basis of investigative developments.

DCM Shriram Industries share price will hog limelight as it has launched a light bullet-proof vehicle for use by Indian defence and para-military forces.

Indiabulls Real Estate, through its wholly-owned subsidiary Manjola Infrastructure, has entered into an agreement to acquire a newly- constructed commercial building at Udyog Vihar, Phase IV, in Gurgaon.

Alembic Pharma has received approval from the US health regulator its Acyclovir ointment USP, used for the treatment of genital herpes.

Global Stock Market Drivers

Stocks in Europe climbed and futures pointed to a higher opening in US markets as investors looked to China’s Xi Jinping to calm a trade dispute between the world’s two largest economies. Treasuries fell and the dollar climbed.

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Kurt Osterberg

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