Indian Indices Continue Downtrend, Developments From the IPO Space, and Top Cues in Focus Today

Wed, 18 Sep Pre-Open

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On Tuesday, Indian share markets fell sharply during closing hours amid fears of rising crude oil prices and weakness in the rupee.

The BSE Sensex closed lower by 642 points to end the day at 36,481. Hero MotoCorp and Tata Motors were among the top losers.

While the broader NSE Nifty ended down by 186 points to end at 10,818.

Among BSE sectoral indices, automobile stocks fell the most, followed by realty stocks and metal stocks.

Top Stocks in Action Today

Wipro share price will be in focus today as its subsidiary - Wipro Infrastructure Engineering and BEML have signed a Memorandum of Understanding (MoU) to work together in Aerospace, Industrial Automation, 3D Printing, Artificial Intelligence, and Hydraulic System Engineering.

To know more about the company, you can read Wipro's latest result analysis and Wipro's 2018-19 annual report analysis on our website.

Allahabad Bank share price will also be in focus today as its Board has approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sector lender of the country.

Market participants will also track Tata Consultancy Services (TCS) share price.

TCS and General Motors (GM) have entered into a new partnership in future global vehicle engineering. The company will acquire certain assets at the GM Technical Center - India (GMTC-I), and will partner with GM, supporting its global vehicle programs with engineering design services over the next 5 years.

From the Automobile Sector...

As per two government officials, India's goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses.

A government study, attached to the agenda of a September 20 GST panel meeting, has said the total annual revenue loss could be as much as Rs 500 billion, if the panel decided to lower tax rates for the auto sector to 18% from 28%.

The Indian auto sector, which has been reeling from the worst slump in nearly two decades, has pushed for a lowering of tax rates at the GST panel meeting, in a bid to revive vehicle demand.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

From the IPO Space...

In latest developments from the IPO space, State Bank of India (SBI) on Monday, scrapped its plan to list its general insurance arm on domestic bourses saying that there is no need for additional capital now.

SBI chairman Rajnish Kumar, however, added that while the lender has scrapped plans for general insurance-arm, SBI Card listing will happen by this fiscal.

Earlier, the public sector lender was looking for an initial public offer (IPO) for SBI General Insurance arm in FY20. Incorporated in 2010, SBI General Insurance is the joint venture between State Bank of India and International Pty Ltd (IAG), in which SBI owns 70% in the venture while IAG holds 26%, respectively.

Speaking of IPOs, only 11 companies have hit the capital markets so far in 2019, garnering over Rs 100 billion through initial share sales, much lower than 24 firms raising Rs 309.6 billion in entire 2018.

In 2017, as many as 36 firms mopped-up a record amount of over Rs 680 billion through initial share-sales.

So far this year, a total of 23 companies have approached markets regulator for raising funds through IPOs. In comparison, 90 firms filed draft papers with the regulator in all of 2018.

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 both gave handsome double-digit returns on the listing date.

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.

From the Commodity Space...

Gold prices in India fell on Tuesday after rising sharply in the previous session. On MCX, gold October futures fell 0.24% to Rs 38,088 per 10 grams. They had gained 1.7% on Monday.

Gold and silver prices had jumped sharply on Monday as the weekend attack on Saudi oil facilities increased Middle East tensions and pushed investors toward safe-haven assets.

Note that last week, gold and silver prices had witnessed a steep correction on the back of improved risk-on sentiment.

Despite the recent correction, gold prices are up over 20% so far this year in India. Many analysts expect gold prices to remain supported due to renewed global risk-off sentiment.

Tracking a similar trend, silver prices on MCX fell 0.40% to Rs 47,040, after a 3% rise on Monday.

Speaking of Silver, Vijay Bhambwani tells us from where to buy silver and where not to.

In the below video, he reveals a simple method to find out whether your silver bar is pure.

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!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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