Indian Indices End on a Flat Note; Capital Goods and Metal Stocks Witness Selling

Tue, 24 Sep Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   12:30 pm   

Indian share markets traded on a volatile note throughout the day and ended their trading session on a flat note.

Sectoral indices ended on a mixed note with stocks in the IT sector and energy sector witnessing buying interest, while capital goods stocks and metal stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 7 points and the NSE Nifty closed lower by 12 points. The BSE Mid Cap index ended the day down by 0.5%, while the BSE Small Cap index ended up by 0.2%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up 0.2% and the Shanghai Composite stood higher by 0.3%. The Nikkei 225 was up 0.1%.

The rupee is trading at 70.99 against the US$.

In latest developments from the IPO space, state-owned Indian Railway Catering and Tourism Corp (IRCTC), which sells tickets for Indian Railways and manages its catering services, is planning to launch its initial public offering (IPO) on 30 September.

The proposed IRCTC IPO is expected to see the government sell stake worth Rs 4.8 billion through an offer for sale. The company will announce the price band for the IPO on Wednesday.

As per a leading financial daily, the government is looking to offload up to 20 million shares in IRCTC via the IPO. The stake sale will result in the government reducing its stake in the company by about 12.5%.

IRCTC's business is divided into four segments - internet ticketing, catering, packaged drinking water under the 'Rail Neer' brand, and travel and tourism.

According to the draft red herring prospectus (DRHP) filed with the regulators in August, IRCTC's sales rose 25% year-on-year to Rs 19 billion. Profits grew by 23.5% to Rs 2.7 billion in FY19.

More than half of its revenues at Rs 10.4 billion came from the catering business, while internet ticketing business contributed about 12%.

Note that the plan to launch its initial share sale comes immediately after a sharp turnaround in the Indian stock markets, following the finance minister's announcement last week to cut corporate taxes.

Several companies had seen IPO approvals lapse in the last few months due to volatility in stock markets on account of slowing economic growth, global trade war and rising crude prices.

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 more recent IPO of IndiaMART InterMESH.

Both IPOs were subscribed many times over. And 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, shares of Thomas Cook India continued their downtrend and slipped up to 12% intraday, despite clarifying that the company has not received intimation from the Ministry of Corporate Affairs (MCA) over any 'suspicious' transaction.

Clarifying on the news report, which said that the MCA was probing Thomas Cook India in relation to a 'suspicious' money transaction with a Delhi-based forex trader, the travel support services company called the report "factually incorrect".

On Monday, the company in a BSE filing said, "we categorically refute the contents of the same in reference to Thomas Cook India and state for the record that both the headline and contents of the article are factually incorrect and malicious in intent."

In a separate regulatory filing, the company said that the collapse in Britain's Thomas Cook will not have any impact on Thomas Cook India which is a completely different entity.

Thomas Cook UK ceased to be a promoter in the company post the transfer of its entire stake to Fairfax.

UK's Thomas Cook said on Friday it needs to raise £200 million in funding to avoid a collapse and had approached the British government for a bail-out.

Thomas Cook India share price ended the day down by 1.9%.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers