Indian Indices Witness Selling; Sensex Down 235 Points

Fri, 22 Nov 12:30 pm

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Share markets in India are presently trading on a negative note.

Sectoral indices are trading on a mixed note with stocks in the IT sector, telecom sector, and capital goods sector witnessing maximum selling pressure, while power stocks are witnessing buying interest.

The BSE Sensex is trading down by 235 points, while the NSE Nifty is trading down by 67 points.

The BSE MidCap index is trading down by 0.6% and the BSE SmallCap index is trading down by 0.2%.

The rupee is trading at 71.84 against the US$.

Amid the mood swings of Mr. Market witnessed these days, Tanushree Banerjee in the video below talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times.

Tune in to find out more...

In the news from the engineering sector, RITES share price is in focus today. The stock of the company witnessed selling pressure after government said it was going to sell 2.5 crore shares in the company.

The President of India, acting through and represented by the Ministry of Railways, Government of India, a promoter of RITES, proposed to sell up to 2,50,00,000 equity shares.

This represents 10% of the total issued and paid-up equity share capital of the company.

The government said it will sell these shares on November 22 for non-retail investors only and on November 25 for retail investors and for non-retail investors.

The government has an option to additionally sell up to 1,25,00,000 equity shares-representing 5%-in the event of oversubscription.

The floor price for the offer for sale is Rs 293.5 per share.

As per BSE shareholding for the quarter ended September 2019, the promoter holding stood at 87.4% in the company.

In the news from the IPO space, CSB Bank's IPO has hit the markets today. As per the news, the bank, in consultation with Axis Capital Ltd. and llFL Securities Ltd., have finalized allocation of 94,54,080 equity shares in aggregate, to anchor investors at a price of Rs 195 per equity share (including share premium of Rs 185 per equity share).

The IPO of Kerala-based private sector lender is available at a price band of Rs 193-195 apiece.

The bids for the offer can be applied for a minimum of 75 shares and its multiples.

CSB Bank is one of the oldest private lenders in India, having a strong presence in Kerala, Tamil Nadu, Maharashtra and Karnataka.

For the six months ended September 30, the bank reported a revenue of Rs 8.17 billion. Its profit, for the first half of FY20, stood at Rs 443 million, reversing the loss of Rs 657 million reported in FY19.

In terms of asset quality, the bank's gross non-performing assets (NPA) were 2.86% of its total advances, declining from 4.87% as of March 31.

Its total NPA provisioning and write-offs stood at Rs 2.7 billion for the six month period ended September 30, against Rs 11.3 billion provisioning and write offs between FY17-19.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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.

The total amount raised through IPOs has shrunk to Rs 107.2 billion in 2019, a third of the Rs 309.6 billion raised in the previous year.

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.

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

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Indian Share Market Update: Top Gainers and Losers