Sensex Ends 92 Points Higher; FMCG and Metal Stocks Witness Buying

Tue, 14 Jan Closing

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Indian share markets ended their trading session on a positive note today.

At the closing bell, the BSE Sensex stood higher by 92 points (up 0.2%) and the NSE Nifty closed higher by 32 points (up 0.3%).

Both, the BSE Mid Cap index and the BSE Small Cap index ended the day up by 0.7%.

On the sectoral front, gains were seen in the FMCG sector and metal sector. Banking sector and energy sector, on the other hand, witnessed selling.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood down by 0.24% and the Nikkei was trading up by 0.73%, while the Shanghai Composite was trading down by 0.28%.

European markets were trading on a positive note. The FTSE 100 was up by 0.35%. The DAX was trading up by 0.20%, while the CAC 40 was trading up by 0.07%.

The rupee was trading at 70.84 to the US$ at the time of writing.

Speaking of Indian share markets, as the divergence between the Sensex and Small cap index widens, in the video below Richa Agarwal answers why small cap rebound is just around the corner and why this could be the right opportunity to buy quality small cap stocks.

Tune in to find out more...

In the news from the macroeconomic space, the government today appointed Michael Debaprata Patra as the deputy governor of the Reserve Bank of India (RBI).

The appointment of Patra, who is currently an executive director at the central bank, comes nearly six months after former deputy governor Viral Acharya's pre-mature resignation.

Patra will serve as the deputy governor for three years from the time of his appointment. The date of Patra's appointment has not been specified yet.

The RBI currently has three deputy governors - NS Vishwanathan, BP Kanungo and MK Jain. Patra will be the fourth among the deputy governors. Shaktikanta Das is the governor of RBI.

In news from the fertilizer sector, Deepak Fertilizers share price was in focus today after the company sold its land in Dahej.

The company informed exchanges that it has divested one of its plots in the industrial land in Dahej as part of the strategy to divest non-core assets.

The company in a filing said that the land has been sold for a total transaction value of Rs 992 million.

It added that the Deed of Assignment was executed in December 2019 and the transfer order from Gujarat Industrial Development Corporation was received accordingly. The company has received the sale consideration and paid all the related charges & its share of transfer fees.

The company's existing Nitric Acid plant is situated in Dahej where it continues to have an adequate unutilised area in order to take care of any future expansion.

Moving on to the news from the IPO space, the All India UTI AMC Officers' Association has submitted a letter to the Indian stock market regulator alleging that the draft prospectus of the asset manager's initial public offering (IPO) fails to adequately highlight the contingent liabilities arising out of employee-related dues.

The letter states that UTI's draft prospectus is silent on the liability that may arise on account of the direction given by the Bombay High Court asking the government to consider the grievances of officers of UTI AMC.

The company had filed a draft red herring prospectus (DRHP) with markets regulator for its public offer last month.

The public issue consists of an offer for sale by shareholders including State Bank of India (SBI), Bank of Baroda and LIC. There won't be any fresh issue.

The offer size could be about Rs 38-48 billion.

SBI, LIC and Bank of Baroda may sell a maximum 10.5 million shares each, while Punjab National Bank and T Rowe Price may sell 3.8 million shares each through the issue.

SBI, LIC, Punjab National Bank and Bank of Baroda each hold 18.5% stake in UTI AMC. The remaining stake is held by US company T Rowe Price.

We will keep you updated on all the news from this space.

Speaking of IPOs, in one of the editions of The 5 Minute WrapUp, Ankit Shah shared how IPOs offer insights into the mood of the stock markets.

He picked the six most successful IPOs of the year and checked the retail investor enthusiasm for them.

Obviously, all these IPOs were oversubscribed across investor categories. But the level of retail investor enthusiasm differed widely, depending on the overall market sentiments. This can be seen in the chart below:

Are Retail Investors Back in the IPO Game?

Here's what Ankit wrote about it...

• Clearly, IRCTC witnessed the highest number of bids for the retail category. Factoring in the discount of Rs 10 per share for the retail category, the total bids were worth a whopping Rs 3,242 crore. Over five times the entire IPO size!
  
  Polycab India and the recent IPO of CSB Bank also received a strong thumbs-up from retail investors.

Does this hint that retail investors are coming back to the markets? Could we witness of flurry of IPOs in the coming months?

It would be interesting to see how this trend pans out in 2020.

Ankit keeps a tab on all the IPOs at his premium newsletter Equitymaster Insider (requires subscription).

He's closely watching IPOs in 2020 and is going to pick all the profitable ones for his readers at Equitymaster Insider. In one of his recent articles, he has explained why keeping a tab on the IPO market is vital to your overall investing goals. You can read it here: What I Learnt from IPOs in 2019 (requires subscription).

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

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

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