Sensex Crosses 41,000-Mark; Nifty Opens Over 12,120 Levels

Tue, 26 Nov 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.1% while the Hang Seng is down 0.1%. The Nikkei 225 is trading up by 0.6%. Each of Wall Street's three major averages kicked off the trading week with record closes on Monday as signs pointed to progress between the United States and China on a trade truce, while a round of merger deals also helped buoy sentiment.

Back home, India share markets opened higher with the benchmark indices touching fresh record highs. The BSE Sensex is trading up by 190 points while the NSE Nifty is trading up by 52 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.5% and 0.3% respectively.

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

The rupee is currently trading at 71.67 against the US$.

In the news from the financial markets. Foreign portfolio investors (FPIs) are pouring money into the domestic market at an unprecedented pace. The net investment by overseas investors into the equities cash segment has topped US$6 billion (Rs 440 billion) in the past two months.

The rolling two-month FPI flows into the domestic market currently is the highest since May.

The sharp flows have helped the benchmark Sensex and the Nifty surge 13% in just two months.

The earnings-boosting move of lowering corporation tax rates in September, coupled with easing monetary policy globally, are seen as the reasons for sharp inflows into domestic equities.

Sometime ago, the fall in stock markets indicated the impact of FPIs.

FPIs had been pulling out money since quite some time.

The reason for this were many. From slowdown in the economy to the budget...

But, can the real reason be external?

In March this year, the Morgan Stanley Capital International (MSCI) announced it would increase the weightage of Chinese A shares (stocks trading in mainland China) by 4 times. These shares form around 10% of total Chinese shares in the index.

FPIs investing in passive funds follow the MSCI EM index for investments in emerging markets.

A comparison of India's weightage with China in the MSCI EM index provided us clues on the recent outflows from FPIs.

So, now are we seeing a similar FPI inflow into Indian stocks?

Will India be the Next Hot FPI Destination?

Moving on to the news from the IPO space. The IPO of Kerala-based CSB Bank, formerly known as Catholic Syrian Bank, will close today.

The issue, which opened on Friday, was fully subscribed on Day 1 itself, with strong interest seen from retail investors.

CSB Bank is aiming to raise up to Rs 4.1 billion and has fixed a price of Rs 193-195 per share for the IPO.

At the end of Day 2, CSB Bank IPO was subscribed 4.4 times. The qualified institutional buyers (QIBs) category was subscribed 26% while non-institutional investors segment was fully subscribed. Retail individual investors category was subscribed 21.5 times.

It will be interesting to watch how this IPO opens on the listing day.

Speaking of IPOs, this one IPO has been the hot topic in the world over. I am talking about the Saudi Aramco IPO.

There's a lot going on this front.

Saudi Aramco's much heralded and oft-delayed initial public offering is going ahead, albeit in a scaled down version of the original plan by Saudi Crown Prince Mohammed bin Salman.

There'll be no grand opening on the London or New York stock exchanges. The sale is restricted to the Saudi bourse and won't even by marketed to most international money managers.

Investors will be able to purchase just 1.5% of the world's most profitable company, about half what was previously considered. Even so, the share sale in early December will come close to, or even surpass, the record for the biggest IPO in history.

So, what does all that mean for crude oil investors and traders? And why is important?

At a time when Saudis are not sharing many details with their wall street investment bankers, Vijay Bhambwani in his latest video, raises a few questions that the mainstream media is not covering, and not even crude oil traders are asking...

Tune in to find out...

And 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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