Sensex Trades Marginally Lower; Energy Stocks Witness Selling

Tue, 28 Feb 11:30 am

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After opening the day on a flat note, the Indian share markets witnessed choppy trades and are presently trading marginally lower. Sectoral indices are trading on a negative note with stocks in the energy sector and banking sector witnessing maximum selling pressure.

The BSE Sensex is trading down 29 points (down 0.1%) and the NSE Nifty is trading down 16 points (down 0.2%). The BSE Mid Cap index is trading down by 0.1%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 66.72 to the US$.

In the news from IPO space, at least half-a-dozen companies are set to raise Rs 60 billion in March or early April through initial public offerings (IPOs). And this is recorded as the second best month for IPOs in the past six-and-a-half years.

The above list includes companies such as Music Broadcast, Avenue Supermart, Central Depository Services, S Chand & Co, Continental Warehousing Corporation, Security and Intelligence Services, Housing and Urban Development Corporation and Shankara Building Products.

This begs the question: What should be one's approach towards IPOs?

If the past trend is any indication, listing gains and over subscription of the IPO issues have caught the eye of market participants.

Huge Retail Participation in IPOs

In our view, however, one should not get swayed away by the buoyancy surrounding IPOs. Instead, what one should look for in IPOs are the fundamentals of the business and the attractiveness of valuations.

The bottomline: One needs to evaluate each IPO on its merits by considering its fundamentals and most importantly the valuations, particularly when the hype and mania surrounding an IPO is at its peak.

One of our editions of The 5 Minute WrapUp suggests two ways to think about IPOs and how to profit from them. Further, in case you wish to run IPOs through a handy checklist, we have something for you. Download our Handbook of IPOs to be able to pick only the right ones for you.

In other news, the government is proposing its own version of the US's Buy American policy through a national government procurement policy. This is done in order to promote its flagship 'Make In India' programme.

The central government, under the proposed policy, is aiming to provide special preference to companies producing in India.

While the above move seems as a step in the right direction, one shall also note that it's been over two years since 'Make in India' campaign was launched. The markets were optimistic about the theme as it was timed to perfection as companies sought to move away from China's labour atrocities and poor quality. However, not much development is seen in this regard.

India's manufacturing sector is still facing troubles. Domestic demand has been dull. Export opportunities are uninspiring. Labour issues have remained problematic. Tax laws are unhelpful. Land acquisition is a major worry. And the notebandi move by the government came as a further blow to these distressed issues.

So we will have to wait and watch how the above efforts by the government pan out in the coming days.

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

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