Sensex Ends Marginally Higher; Telecom and Energy Stocks Witness Buying

Mon, 2 Dec Closing

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Indian share markets ended their volatile trading day on a flattish note.

At the closing bell, the BSE Sensex stood higher by 8 points (up 0.02%) and the NSE Nifty closed lower by 8 points (down 0.1%).

The BSE Mid Cap index ended down by 0.8%, while the BSE Small Cap index ended the day down by 0.4%.

On the sectoral front, gains were seen in the telecom sector and energy sector. IT sector and auto sector, on the other hand, witnessed selling.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.37% and the Nikkei was trading up by 1.01%, while the Shanghai Composite was trading up by 0.13%.

European markets were also trading on a positive note. The FTSE 100 was up by 0.38%. The DAX was trading up by 0.54%, while the CAC 40 was trading up by 0.35%.

The rupee was trading at 71.67 to the US$ at the time of writing.

In the news from the macroeconomic space, business conditions in the India's manufacturing sector improved in November. However, firms shed jobs for the first time in 20 months.

The IHS Markit India Manufacturing PMI rose to 51.2 in November from 50.6 in October when it had fallen to a two-year low. It remained above the 50-mark threshold that separates contraction from expansion.

As per the survey, subdued sales prevented hiring in November, with payroll numbers declining for the first time in 20 months. A number of companies indicated that workloads had been managed by existing staff, while others cited the non-replacement of retirees and non-renewal of temporary contracts.

The decline in growth was led by manufacturing, which saw a 1% contraction in gross value added against a 6.9% rise in the corresponding quarter last year.

Consumer goods provided the main impetus to overall growth, while the intermediate goods category returned to expansion territory. Conversely, there was a solid deterioration in operating conditions at capital goods makers.

These job cuts have come amid India's economy growing 4.5% in the July-September quarter - the slowest pace of expansion in over six years.

How this trend pans out in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Moving on the news from the IPO space, the initial public offering (IPO) of Ujjivan Small Finance Bank (USFB) got fully subscribed on the first day of the bidding process.

The interest was seen on the back of strong retail interest.

On the BSE, the issue was subscribed 76%, with retail individual investor (RII) quota subscribing by 4.34 times. On the NSE, the issue got 30% subscription, with RII quota subscribing by 1.75 times.

The company is looking to raise up to Rs 7.5 billion through this IPO.

The price band has been set at Rs 36 to Rs 37 per equity share, and the offer will close for subscription on December 4.

Earlier this month, USFB raised Rs 2.5 billion in a pre-IPO round.

The bank's parent microfinance lender Ujjivan Financial Services went public in 2016 after receiving an in-principle license from the Reserve Bank of India (RBI) to start a small finance bank.

We will keep you updated on more developments for this IPO in the coming days. Stay tuned.

Speaking of IPOs, 2019 has seen some of the most mindbogglingly profitable IPOs.

The top six IPOs of the year have given high double-digit and triple-digit returns so far - IRCTC (180%), IndiaMART InterMESH (121%), Affle India (105%), Neogen Chemicals (73%) and Polycab India (72%).

In today's edition of The 5 Minute WrapUp, Ankit Shah shares how IPOs offer insights into the mood of the stock markets.

He picked the six most successful IPOs of the year and checked the retail investor enthusiasm for them.

Obviously, all these IPOs were oversubscribed across investor categories. But the level of retail investor enthusiasm differed widely, depending on the overall market sentiments. This can be seen in the chart below:

Are Retail Investors Back in the IPO Game?

Here's what Ankit wrote about it...

• Clearly, IRCTC witnessed the highest number of bids for the retail category. Factoring in the discount of Rs 10 per share for the retail category, the total bids were worth a whopping Rs 3,242 crore. Over five times the entire IPO size!
  
  Polycab India and the recent IPO of CSB Bank also received a strong thumbs-up from retail investors.

Does this hint that retail investors are coming back to the markets? Could we witness of flurry of IPOs in the coming months?

Ankit is keeping a close watch and going to pick all the profitable IPOs for his readers at Insider.

Also, since we are talking about 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...

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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