Indian Indices Trade Marginally Higher

Thu, 29 Sep 11:30 am

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After opening the day on a positive note, the Indian indices registered slight losses and went on to trade marginally higher. Majority of the sectoral indices are trading on a positive note with stocks from the energy and auto sector witnessing maximum buying interest. FMCG stocks are, however, trading in the red.

The BSE Sensex is trading up 61 points (up 0.2%) and the NSE Nifty is trading up 25 points (up 0.3%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 66.57 to the US$.

ICICI Prudential Life Insurance today became the first Indian insurer to get listed on stock exchanges. The scrip of insurer got listed at Rs 329 on the Bombay Stock Exchange. This was a 1.5% discount to its offer price of Rs 334. Further, on the National Stock Exchange (NSE), the stock got listed at Rs 330.

Moreover, the stock witnessed selling pressure as the day's session progressed. At the time of writing, the stock was trading at Rs 311, down by around 6.9% from its open price.

At opening trade, the market capitalisation of the insurer was at about Rs 480 billion - putting it in the list of top 50 firms in terms of market capitalisation on the BSE.

The IPO, which ran between September 19-21, was the biggest since the Coal India issue in 2010. The IPO was sold in the price band of Rs 300-334 and got over-subscribed 10 times.

IPOs have kept the Indian markets busy of late. Listing gains and over subscription of the issues have caught the eye of market participants. With this euphoria, there are many more IPOs lined up in the coming days. This begs the question: What should be one's approach towards IPOs?

As far as our views are concerned, one should not get swayed away by the buoyancy surrounding IPOs. Instead, what one should look for in IPOs is the fundamentals of the business and the attractiveness of valuations.

We at Equitymaster have always recommended IPOs cautiously. If you ask us, every IPO needs to be evaluated on its own merit. When there is a need to go through a checklist for buying stocks, why not so in the case of IPOs?

There are several big IPOs in the pipeline in the last few months of 2016. In case you wish to run them through a handy checklist, we have something for you.

Download our Handbook of IPOs to be able to pick only the right ones for you.

In another news update, the International Monetary Fund (IMF) head Christine Lagarde has renewed warnings against protectionism and trade restrictions. This, as per Christine Lagarde, is because the global economy risked prolonged low growth and advanced economies faced painful inequality.

As per the IMF, the current global recovery was still fragile following the Great Recession of 2008-2009. Further, it was noted that populist political currents rising in the developed world threatened to undo the progress made.

Apart from the above, the IMF has also signaled to downgrade its forecasts for the US growth due to sub-par performance in the first half of 2016.

The global economy is plagued by low inflation, low interest rates, and easy money policies by the central banks. As Bill Bonner writes in the Vivek Kaul's Diary: Sooner or later, the recovery myth for the global economy will explode and the 2017 recession will kick in.

And India will be no exception to this. Several macroeconomic indicators pose a threat and expose the bleak picture of India's economy. To stay on top of big macro trends in India, we recommend the HYPERLINK "https://www.equitymaster.com/outlook/archivesvkl.asp" \t "_blank"Vivek Kaul Letter (subscription required). Vivek addresses a range of big issues in this unique newsletter - the government's handling of oil prices, the mess in public sector banks, the current state of India's real estate bubble...and a lot more!

In fact, as you read this, Vivek has come out with a video that details all...including how these macro trends could impact you. Click here to watch the whole 58-minute video.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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