Sensex Trades Over 170 Points Higher; Yes Bank Zooms 30%

Wed, 11 Mar 12:30 pm

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Stock markets in India are trading higher in the afternoon session. The BSE Sensex is trading up by 176 points and the NSE Nifty is trading up by 31 points. The BSE Mid Cap index is trading down by 0.1% while, the BSE Small Cap index is trading up by 0.2%.

Among the sectoral indices, telecom stocks and banking stocks are witnessing buying interest. IT stocks, oil & gas and realty stocks are trading in the red.

YES Bank share price zoomed as much as 30% today after administrator Prashant Kumar on Monday said he is hopeful of the moratorium on the private sector lender being lifted by Saturday.

Note that, YES Bank has been put under a moratorium by the Reserve Bank till April 3, and customers are not allowed to withdraw more than Rs 50,000 from their accounts.

In one of the articles, we have written about the entire timeline of how YES Bank went from a stock market darling to a pariah. Read the article here: How the YES Bank Collapse Unfolded - 10 Points.

In the news from the economy. Amid coronavirus outbreak globally, Moody's Investors Service has slashed its growth forecast for India to 5.3% for 2020 from 5.4% estimated in February, as it expects the coronavirus outbreak to dampen domestic demand globally.

It said the virus outbreak has spread rapidly outside China to a number of major economies. The report said it now seems certain that even if the virus is steadily contained, the outbreak will dampen global economic activity well into Q2 of this year.

Moody's baseline forecasts assume that the number of cases would keep increasing globally and there would be travel restrictions through the April-June period.

Apart from supply chain disruptions, it also expects consumption and investment to be affected and prices of oil and other commodities to remain around current lows until the end of June.

Accordingly, Moody's has revised growth forecasts for G20 economies to 2.1%, 0.3 percentage point lower than the previous baseline. China's 2020 growth forecast has also been reduced to 4.8% from the previous estimate of 5.2%. For the US, growth of 1.5% is now expected, down from the previous estimate of 1.7%.

Further, Moody's has also analyzed the downside scenario of 'extensive and prolonged slump' in case of significant increase in coronavirus cases or increasing public fear that the virus will not be contained, and oil price stays around US$40-50 for 2020.

Speaking of gloomy economy, coronavirus fears, falling markets and crude oil prices, Ajit Dayal has written an insightful piece, sharing his views in the latest edition of The Honest Truth.

Here's a snippet from the article:

• Is the meltdown over?
  
  While the unravelling of the debt excess in the US and the developed world may have some more to play out, the question on an investor's mind in India is: Is the mayhem over and what should I do next?
  
  On the face of it, there is some interesting Upside Potential, or potential profit, if you were to buy the specific stocks now and assume, they get back to their past peak levels over, say, the next 2 to 3 years.
  
  With the help of either some jaadu mantar or some good policy.
  
  But there are some "bets" I would be very cautious about: Yes Bank, Reliance and the INR, for instance.

You can read his entire article here: The Market Gets a Viral Attack.

Moving on to the news from IPO space. Market participants are keenly awaiting shares allotment in SBI Card IPO, the issue that received bids worth nearly Rs 2,000 billion.

The basis for share allotment is likely to be finalised either today or tomorrow.

The recent steep fall in the secondary market has already tampered expectations of strong listing gains for the stock.

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

The stock is expected to get listed early next week.

People looking out for allotment status of SBI cards IPO, can check their allotment status on this link.

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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