Sensex Trades Marginally Higher; Tata Steel, Infosys Among Top Gainers

Fri, 5 Apr 12:30 pm

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Share markets in India are presently trading marginally higher. Sectoral indices are trading mixed with stocks in the realty sector, IT sector and metal sector witnessing buying interest while FMCG stocks and energy stocks are witnessing selling pressure.

The BSE Sensex is trading up by 43 points while the NSE Nifty is trading up by 21 points. The BSE Mid Cap index is trading up by 0.5% while the BSE Small Cap index is trading up by 0.6%.

The rupee is trading at Rs 69.21 against the US$. The domestic currency erased early gains and is trading lower.

Yesterday the rupee plunged 76 paise to close at 69.17 after RBI in its policy meeting cut the repo rate by 25 bps and kept the monetary policy stance neutral.

Rupee was weighed down against the US dollar in the last hour of the sessions after the RBI in its policy statement cut rates.

In the news from the realty space, Godrej Properties share price is trading higher today after the Mumbai-based real estate developer announced the addition of a new residential project, in Vashi, Navi Mumbai.

Earlier on April 3, the company had entered into a joint venture with a renowned developer to develop a 4.3 acres sea-facing property in the prime suburban micro-market of Sandra West, Mumbai.

Reportedly, the project will offer approximately 1.1 million square feet of saleable area and will be developed as a luxury residential project.

In other news, the company has also increased its equity stake in Wonder Space Properties pvt ltd. from 25.1% to 96% by acquiring equity shares from Shubh properties.

Shares of the company are presently trading 5% higher. In the past four trading session Godrej Properties has rallied 19% after recording its best-ever quarterly sales performance in the January-March quarter (Q4FY19).

Speaking of realty sector, note that The BSE Realty index has been volatile in the last five years.

Have a look at the chart below to see the performance:

Volatile Performance of BSE Realty Index in the Last Five Years

Here's what Sarvajeet Bodas wrote about it in one of the recent editions of The 5 Minute WrapUp...

• In 2017, the BSE Realty index was the best performer with a massive gain of 98%. In the next year, the index was the worst performer with a decline of 31%.
  
  In 2018, the realty sector took a beating on the back of concerns of higher interest rates and accounting changes (from percentage of completion method to completion method). The NBFC crisis added to the woes.
  
  Interestingly, 2018 also witnessed some improvement in real estate sales.
  
  2019 hasn't been good so far with the index down about 3%.
  
  However, the recent budgetary support and interest rate reduction by the RBI could help to revive demand.
  
  Buying the right real estate stock today is the way to go.

He believes, this could be the turning point for the real estate sector.

Moving on, in the latest development from the IPO space, Metropolis Healthcare's Rs 12 billion initial public offering was subscribed 47% on the second day of the issue.

The IPO received bids for 35,73,400 shares against the total issue size of 76,61,802 units. The company is looking to sell 13,685,095 shares. Of these, promoter Sushil Shah will sell 6,272,335 shares, while investor CA Lotus Investments, a subsidiary of US-based private equity firm Carlyle Group will offload 7,412,760 shares.

In other news, Polycab India's IPO, which is reportedly the country's largest manufacturer of wires and cables in terms of revenue, opened today.

On the block will be fresh issue of equity shares, aggregating up to Rs 4 billion and offer for sale (OFS) of 17.6 million shares.

The price band of the issue is fixed at Rs 533-538. At the upper limit of the band, the issue size is Rs 13.5 billion.

Ankit Shah has shares the detailed note. You can read it here.

With IPOs hitting the markets again, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

To know how to safely profit from the on-going IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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Indian Share Market Update: Top Gainers and Losers