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On Tuesday, share markets in India opened in red and ended on a weak note.

The BSE Sensex closed lower by 228 points to end at 33,227 while the broader NSE Nifty ended the day lower by 82 points to close at 10,240.

Among BSE sectoral indices, realty index fell the most by 1.6%, followed by power stocks at 1.3%. Cipla and Coal India were among the top losers.

Top Stocks in Action Today

Reliance Industries share price is likely to be in focus today after the company said it is weighing an initial public offering (IPO) of mobile operator Reliance Jio Infocomm Ltd, after a $31 billion investment spree that shook-up the country's wireless market.

Dr Reddy's share price is among the stocks to watch today as the company received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA).

The company received the establishment inspection report (EIR) for its for its formulations manufacturing plant-3 in Hyderabad.

As per USFDA, after the completion of an inspection of a facility, an EIR is issued to a company detailing inspection findings.

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A report by United Nations predicts that India's economy is likely to expand by 7.2% in 2018 and go up further to 7.4% in the following year, on the back of strong private consumption, public investment and the ongoing structural reforms.

On India, the report has projected a positive outlook despite the slowdown early this year and the lingering effects of demonetisation.

Interestingly, many economists and global research firms alike have predicted India's GDP growth on very similar lines. Global financial services conglomerate Goldman Sachs sees a bounce back in India's GDP growth to 7.6% in the current financial year, and to 8% in FY19, a huge jump from a three-year low GDP growth a quarter ago. After upgrading India's sovereign rating by a notch after a gap of almost 14 years, despite an economic slowdown in recent quarters and an expected rise in debt levels, Moody's predicts a rebound in India's growth to 7.5% in 2018-19.

Global Markets Eye US Fed Meet

Global stock market participants are closely tracking the Federal Reserve's latest meeting which ends today, as well as the European Central Bank's meeting tomorrow.

Meanwhile, oil prices jumped on Tuesday after the shutdown of a North Sea pipeline knocked out significant supply from an already tightening market, while world stocks took a break from a three-day rally. Brent crude futures, the international benchmark for oil prices, rose above US$ 65 a barrel - their highest since mid-2015 - after Britain's Forties pipeline was shut due to cracks as a cold snap sweeps the country.

IPO Buzz

Even as initial public offering (IPO) activity in India is headed for a record year, investments by anchor investors have hit historic levels in 2017.

According to an article in Business Line, these investors pumped in over Rs 158 billion in companies that got listed on bourses this year, which is almost double of the nearly Rs 79 billion these marquee investors had invested in 2016.

Anchor investors are institutional investors who are offered shares in an IPO a day before the issue opens. They 'anchor' the IPO by subscribing to shares at a fixed price, creating a significant impact on pricing of IPOs. The concept of anchor investors in IPOs was introduced by SEBI in 2009.

The IPO by HDFC Standard Life topped the charts, raising Rs 23 billion from 126 anchor investors, followed by the listing by SBI Life Insurance, which received Rs 22 billion from 69 investors.

IRB InVIT (Rs 20 billion from 28 investors), Bharat-22 Exchange Traded Fund (Rs 20 billion from 44 investors) and ICICI Lombard (Rs 16 billion from 64 investors) were other IPOs that attracted investors.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.



This article (Indian Indices Fall, UN Raises GDP Forecast and Top Stocks in Action) is authored by Prabhat Financial

Equitymaster is a leading 'independent' equity research initiative focused on providing well-researched and unbiased opinions on stocks listed on the Bombay Stock Exchange.


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