Sensex Ends 228 Points Higher; Metal and Energy Stocks Witness Buying

Fri, 23 Aug Closing

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Indian share markets witnessed buying interest during closing hours today and ended their trading session on a positive note. Gains were seen on hopes of stimulus package from government after the press briefing to be held by the Finance Minister today.

On the sectoral front, gains were seen in the metal sector and energy sector.

At the closing bell, the BSE Sensex stood higher by 228 points (up 0.6%) and the NSE Nifty closed higher by 88 points (up 0.8%).

The BSE Mid Cap index ended up by 0.9%, while the BSE Small Cap index ended the day up by 0.6%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.50% and the Nikkei was trading up by 0.40%, while the Shanghai Composite was trading up by 0.49%.

European markets were also trading on a positive note. The FTSE 100 was up by 0.74%. The DAX was trading up by 0.38%, while the CAC 40 was up by 0.51%.

The rupee was trading at 71.66 to the US$ at the time of writing.

In news form the macroeconomic space, Finance Minister Nirmala Sitharaman is going to hold a press briefing today evening, a government spokesman said. The briefing is held amid expectations that the government would announce steps to revive economic growth, said Reuters.

Several businessmen say the Narendra Modi-led government needs to take swift action on the economy, as the economic growth in January-March slid to a near five-year low of 5.8%.

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

In the news from the IPO space, Alphalogic Techsys - India's first startup IPO - could not open for subscription on Friday due to some 'unavoidable' reasons. As per the news, the issue is now said to open on Monday.

The boutique software consulting firm reported that due to unforeseen circumstances, the public issue could not open on August 23, 2019.

As per the company, it has been duly in touch with BSE officials regarding the same and are working tirelessly to resolve the matter.

The company has fixed the issue price at Rs 84 per share and the minimum units one needs to buy is 1,600 shares.

The company plans to expand into new clientele and expand the team in order to leverage various organic and inorganic opportunities.

How this IPO sails through remains to be seen.

Speaking of IPOs, the first half of 2019 hasn't seen a lot of activity in the IPO market.

There have been just 8 IPO on the main board, raising as much as Rs 55.1 billion, compared with 24 that raised Rs 309.6 billion in the year earlier period.

Despite lackluster activity in India's primary markets, there have been attractive money-making opportunities for attentive investors.

Ankit Shah recommended applying to the IPO of Polycab India and the IPO of IndiaMART InterMESH.

Both IPOs were subscribed many times over. And as can be seen from the chart below, both gave handsome double-digit returns on the listing date.

Top 3 IPO Gains in 2019

At Equitymaster, we 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.

Moving on to the news from the commodity space, gold was witnessing selling pressure today. The yellow-metal was set for its worst week in nearly five months, as lack of clarity from US Federal Reserve on the outlook for interest rate cuts triggered investors to cash in some gains ahead of Jerome Powell's speech at Jackson Hole.

Speaking of gold, gold has always been a staple investment for Indian households.

There are various opinions on what proportion of the portfolio could be allocated to the yellow metal.

Here's what co-head of research at Equitymaster, Tanushree Banerjee wrote in one of the editions of The 5 Minute WrapUp:

• The magical metal will be no match for the Indian mettle over the next decade.
  
  So, by all means buy some gold for inflation hedge.
  
  But don't lose sight of the Rebirth of India opportunity.

Also, you can watch Vijay Bhambwani talk about investing opportunities in gold in the video below:

And 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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