Sensex Hits Fresh Record High; Infosys & SBI Top Gainers

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Share markets in India are presently trading on a positive note. The BSE Sensex rose over 280 points intraday to 40,337 surpassing its previous high of 40,312 touched earlier this year on June 4. The NSE Nifty also reclaimed the 11,900-mark.

Positive global cues, expectations of tax realignments on equities, and strategic stake sale in many PSU companies lifted the sentiment.

Barring telecom sector and energy sector, all sectoral indices are trading on a positive note with stocks in the IT sector, realty sector and healthcare sector witnessing maximum buying interest.

The BSE Sensex is trading up by 219 points (up 0.6%), while the NSE Nifty is trading up by 68 points (up 0.6%). The BSE Mid Cap index is trading up by 0.9% and the BSE Small Cap index is trading up by 1%.

The rupee is trading at Rs 70.88 against the US$.

The domestic currency opened higher against the US$ tracking gains in its Asian peers after the Federal Reserve cut interest rates as expected to boost economic growth.

The rupee opened at 70.78 per dollar versus previous close of 70.90.

The US Federal Reserve lowered its key overnight lending rate by a quarter of percentage point to a target range of between 1.50% and 1.75%.

However, the central bank signaled there would be no further reductions unless the economy takes a turn for the worse.

In a news conference, Fed Chairman Jerome Powell said, "we believe that monetary policy is in a good place. We took this step to help keep the economy strong in the face of global developments and to provide some insurance against ongoing risks."

Investors are also awaiting fresh cues on progress in the US-China trade talks.

Powell also said that the US-China trade war was "a step closer" to resolution and it looked less likely that Britain would crash out of the European Union.

The outlook for the US economy continues to be for "moderate" growth, a strong labor market and inflation rising back to the Fed's 2% annual goal, he said, and only "a material reassessment" of that outlook could drive the central bank to cut rates further from here.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on, in latest developments from the IPO space, Reliance General Insurance, part of Anil Ambani-led Reliance Group, has decided to withdraw its proposed initial share sale offer.

The initial public offering (IPO) was slated for fresh issue of shares worth Rs 2 billion, besides an offer of sale (OFS) of 79,489,821 shares by Reliance Capital.

Markets regulator had received draft red herring prospectus for the proposed IPO on February 8 through lead manager of the issue Motilal Oswal Investment Advisors.

However, according to the regulator, the draft offer documents have been withdrawn by the lead manager.

Proceeds of the IPO were to be utilized for future capital requirements, expected to arise from the growth and expansion of the business, improving solvency margin and consequently solvency ratio.

Earlier in October 2017, Reliance General Insurance approached markets regulator with its IPO papers for which it received the regulator's approval in November 2017.

However, the company had failed to tap primary markets as lack of investors' appetite for the IPO, and volatile equity market conditions had forced the insurer to postpone its plans.

Speaking of IPOs, the year 2019 hasn't seen much activity in the IPO market. Since the start of the year, there have been just 13 IPOs on the BSE main board.

Even the ones that hit the primary markets were mostly small to mid-sized IPOs. And no mega IPOs.

Very few companies come out with IPOs during bearish market conditions. So, when the IPO market is sluggish, you must take that as an indicator of market sentiment and liquidity conditions.

However, it is interesting to note that despite the tepid market conditions, most of the companies gave positive listing day gains.

In fact, if you had invested in each one of them and held them till now, your gains would have been even better.

The chart below shows the top five performing IPOs of 2019:

Top 5 Performing IPOs of 2019

As you can see in the chart, the best IPOs of 2019 have delivered fantastic returns. In fact, 10 of the 13 companies have delivered positive returns.

So, unlike bull markets wherein selling shareholders do their best to squeeze the highest price, bear markets often offer fantastic opportunities to spot great companies and get onboard early on.

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

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Indian Share Market Update: Top Gainers and Losers