Sensex Opens Over 100 Points Up; Realty and Telecom Stocks Lead

Mon, 25 Nov 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.5% while the Hang Seng is up 1.7%. The Nikkei 225 is trading up by 0.9%. Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies and upbeat domestic economic data helped to ease investor worries.

Back home, India share markets opened higher. The BSE Sensex is trading up by 108 points while the NSE Nifty is trading up by 30 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.2%.

Barring oil & gas stocks, all sectoral indices have opened the day in green with realty stocks and telecom stocks witnessing buying interest.

The rupee is currently trading at 71.77 against the US$.

In the news from the economy. India's forex reserves rose by US$441 million to a fresh lifetime high of US$448.3 billion in the week to 15 November on an increase in core currency assets.

The overall foreign exchange reserves, which have been on an upward trend for many weeks now, had swelled by US$1.7 billion to US$447.8 billion in the previous reporting week.

The foreign currency assets, a major component of the reserves, increased by US$643 million to US$416.5 billion in the week ended 15 November, as per the Reserve Bank data.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

During the week, gold reserves decreased by US$200 million to US$26.7 billion.

The special drawing rights with the International Monetary Fund was down by US$5 million to US$ 1.4 billion.

The country's reserve position with the Fund increased by US$ 3 million to US$3.6 billion.

Moving on to the news from the IPO space. The public offer of CSB Bank, formerly Catholic Syrian Bank, was fully subscribed on 22 November, the opening day itself.

The public issue received bids for 12 million equity shares against the IPO size of 11.5 million shares (excluding anchor book).

As a result, the issue subscribed 1.1 times.

The reserved category for retail investors was subscribed 5.6 times, while the portion set aside for non-institutional investors received subscription of 9.5%. Qualified institutional buyers are yet to get subscription.

The Kerala-based lender has already raised Rs 1.8 billion from anchor investors on November 21, at higher end of price band of Rs 193-195 per share.

The public offer consists of a fresh issue of shares to raise up to Rs 240 million and an offer for sale of 19.7 million scrips by existing investors.

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.

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!

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