Sensex Opens Over 200 Points Higher; Metal and Banking Stocks Lead

Thu, 5 Mar 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.3% while the Hang Seng is up 1%. The Nikkei 225 is trading up by 1%. Wall Street roared back to life on Wednesday, with both the Dow and the S&P 500 surging more than 4%, after former Vice President Joe Biden's strong showing in the Super Tuesday Democratic primary contests injected a dose of confidence.

Back home, India share markets have opened the day higher. The BSE Sensex is trading up by 217 points while the NSE Nifty is trading up by 73 points. The BSE Mid Cap index opened up by 0.3%, while BSE Small Cap index opened up by 0.3%.

All sectoral indices have opened in green with metal stocks and bank stocks witnessing maximum buying interest.

The rupee is currently trading at 73.37 against the US$.

The rupee swung wildly before closing flat at 73.19 against the US currency on Wednesday as increasing number of coronavirus cases in India kept investors on edge despite a rate cut by the US Federal Reserve.

The rupee had opened strong and raced to a high of 72.90 to the US dollar in early trade following weakness in the US currency after the rate cut by the US Fed.

Speaking of the current stock market scenario, investors took the flight to safety last week as stock markets saw a sharp fall post the Coronavirus impact.

In the video below, co-head of research at Equitymaster, Tanushree Banerjee recommends steps to buy multibagger stocks of the next decade during the market correction.

Watch Now...

Moving on to the news from the IPO space. As per an article in a leading financial daily, Indian Railway Finance Corporation (IRFC) has got markets regulator market regulator's approval for its initial public offer (IPO).

The IPO comprises a fresh issue of 938 million equity shares and an offer for sale of 469 million equity shares by the Government of India.

Meanwhile, SBI Cards and Payment Services, the first IPO of 2020 has seen a 15.5 times subscription on 4 March, the third day of bidding.

SBI Card is the biggest public issue after GIC Re which was launched in October 2017.

The issue has so far received bids for over 1.6 billion equity shares against IPO size of more than 100 million equity shares (excluding anchor book).

Today is the last day for the issue subscription.

To know more the SBI Cards' business, the credit card industry, and whether you should apply to this IPO, you can read one of Ankit's latest notes here: SBI Cards IPO: Apply or Avoid? (requires subscription).

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.

We will keep you updated on all the developments from this space. Stay tuned!

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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