Sensex Opens Higher; Metal and Capital Goods Stocks Gain

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.4% while the Hang Seng is up 1%. The Nikkei 225 is trading down by 0.8%.

Back home, India share markets opened on a positive note. The BSE Sensex is trading up by 127 points while the NSE Nifty is trading up by 37 points. Both, the BSE Mid Cap index and BSE Small Cap index opened the day up by 0.3%.

Except power stocks and consumer durables stocks, all sectoral indices have opened the day in green with metal stocks and capital goods stocks witnessing maximum buying interest.

The rupee is currently trading at 71.22 against the US$.

In the news from the IPO space. As per an article in a leading financial daily, omni channel cloud communications service provider Route Mobile has received approval from capital market regulator to launch its initial public offering (IPO).

The offer comprises of a fresh issue worth Rs 2.4 billion and an offer for sale of Rs 3.6 billion by the promoters, Y Sandipkumar Gupta and Rajdipkumar Gupta.

ICICI Securities, Axis Capital, Edelweiss Financial Services, IDBI Capital Markets & Securities are book running lead managers to the issue.

In other news, as per an article in The Economic Times, Indian companies may mop up Rs 400-500 billion through the IPO route in 2020.

It would be nearly four times higher compared with the Rs 123.6 billion raised by 16 companies in 2019 on the main exchange boards, which was the lowest in five years.

Among the prominent IPOs that may hit in the first half of the new year are SBI Cards & Payment, UTI Asset Management Company, Burger King, Home First Finance, and Computer Age Management Services.

Note that the year 2019 hasn't seen much activity in the IPO market. Since the start of the year, there have been just 16 IPOs on the BSE main board.

Even the ones that hit the primary markets were mostly small to mid-sized IPOs. And no mega IPOs.

Very few companies come out with IPOs during bearish market conditions. So, when the IPO market is sluggish, you must take that as an indicator of market sentiment and liquidity conditions.

It is interesting to note that despite the tepid market conditions, most of the companies gave positive listing day gains.

In fact, if you had invested in each one of them and held them till now, your gains would have been even better.

The chart below shows the top five performing IPOs of 2019:

Top 5 Winning IPOs of 2019

So, unlike bull markets wherein selling shareholders do their best to squeeze the highest price, bear markets often offer fantastic opportunities to spot great companies and get onboard early on.

Moving on the news from the automobiles sector. Tata Motors announced a decline of 12% in total domestic sales to 44,254 units in December versus 50,440 units in the domestic market in December 2018.

The company's sales in the domestic & international market, for December 2019 also came lower at 46,903 vehicles, compared to 54,439 units during December 2018.

Total MHCVs sales in December including MHCV Truck, Buses and International Business stood at 9,657 units compared to 14,374 units last year.

The company's domestic sales of passenger vehicle also slipped by 10% at 12,785 units in December 2019 as compared to 14,260 units in the same month previous year.

Tata Motors share price opened the day up by 0.8%.

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

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