Sensex Ends 271 Points Higher; Capital Goods and Realty Stocks Rally

Thu, 23 Jan Closing

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Indian share markets witnessed buying interest during closing hours today and ended higher. Benchmark indices regained momentum amid huge buying seen in capital goods and realty stocks.

At the closing bell, the BSE Sensex stood higher by 271 points and the NSE Nifty closed up by 73 points.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.9%, respectively.

All sectoral indices ended on a positive note with stocks in the capital goods sector and realty sector witnessing most of the buying interest.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 1.5% and the Shanghai Composite stood lower by 2.8%. The Nikkei 225 was down 1%.

The rupee is trading at 71.20 against the US$.

Speaking of stock markets, Rahul Shah in his latest video outlines the action you can take if the bull market of 2019 passed by you.

Tune in now...

In news from the pharma sector, Cipla share price was in focus today after the company received observations for its Goa facility after USFDA inspection.

The United States Food and Drug Administration (USFDA) has classified the inspection conducted at its Goa manufacturing facility from 16-27 September 2019 as official action indicated (OAI).

The company believes that it does not have any material impact on the US business at this stage.

The company said that it has a strong track record of maintaining the highest standard of compliance and will work closely with the agency to comprehensively address the observations received.

Note that the US Food and Drug Administration (USFDA) is back in action again as at least five companies filed corporate announcements on the stock exchanges related to the health regulator over the past three days.

Biocon informed bourses that pre-approval inspection of the Bengaluru facility of its arm conducted by US health regulator was concluded with zero observations.

Strides Pharma Science (Strides) said its arm has received an establishment inspection Report (EIR) from the US health regulator for its Florida facility in the US. Strides Pharma Inc received EIR from the USFDA for the inspection conducted at its unit in December last year.

Drug major Lupin on Saturday said it has received five observations from the US health regulator after inspection of its Vizag facility in Andhra Pradesh.

And SMS Pharma today informed exchanges that the United States Food and Drug Administration (USFDA) conducted a cGMP inspection at Kandivalasa, Vipanagaram, Andhra Pradesh API manufacturing facility from January 13-17.

How this trend pans out in the coming days and what effect it will have on the pharma sector remains to be seen. We will keep you updated on all the developments from this space.

In the news from the IPO space, state-run ITI has set the price band for its follow-on public offer (FPO) at Rs 72-77 per share.

The company is looking to raise up to Rs 14 billion through the offer that opens Friday.

The issue will not have less than 75% allocation to qualified institutional buyers. Non-institutional bidders' and retail quotas have been set at 15% and 10%, respectively.

The telecom equipment maker's issue will close on January 28.

The company intends to use the proceeds to fund its working capital requirements for FY2020 and repay loans fully or partially.

The company said it is looking to diversify its products and services and leverage their relationship with the government and various public-sector units, modernise infrastructure and technology as well as team up with innovative technology leaders and startups to support Make in India and Digital India fillip of the government.

An FPO is a process by which a company, which is already listed, issues new shares to investors or existing shareholders, usually the promoters. It is used by companies to diversify their equity base.

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 2019 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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