Indian Indices Erase Gains; RBI Keeps Repo Rate Unchanged

Thu, 5 Dec 12:30 pm

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Share markets in India fell sharply in the afternoon session as the Reserve Bank of India (RBI) kept its repo rate unchanged at 5.15%. The RBI also revised its GDP growth outlook for 2019-20 downwards from 6.1% to 5%.

The monetary policy committee (MPC) of the RBI in a surprise decision kept its repo rate steady at 5.15%. A Reuters poll of 70 economists had predicted the RBI would cut its repo rate by 25 basis points (bps).

Sectoral indices are trading on a mixed note with stocks in the metal sector, telecom sector and healthcare sector witnessing selling pressure, while consumer durable stocks and IT stocks are trading in green.

The BSE Sensex is trading down by 41 points, while the NSE Nifty is trading down by 9 points. The BSE Mid Cap index and the BSE Small Cap index are trading down by 0.1%.

The rupee is currently trading at Rs 71.58 against the US$.

Note that after the RBI's decision to keep repo rate unchanged, the Bank Nifty Index fell sharply.

In the below video, Apurva Sheth predicted exactly the same. So, should you enter this sector at this level?

Tune in to find out...

In latest developments from the IPO space, the initial public offering (IPO) of Ujjivan Small Finance Bank was subscribed as many as 166 times on Wednesday, the final day of the share sale.

According to data from the exchanges, the small finance bank's share sale received bids for 20,538 million shares as against 123.9 million shares on offer.

The portion reserved for institutional investors was subscribed 110.7 times, while that reserved for high net-worth individuals and retail investors was subscribed 473 and 49.1 times, respectively.

Ujjivan Financial Services, the bank's parent company, subscribed to shares worth 3.27 times the portion reserved for them.

Apollo Micro Systems (248.5 times), Astron Paper & Board Mill (243.3 times), Capacite Infraprojects (183 times), and CDSL (170.2 times) are some of the highly subscribed IPOs in the past couple of years.

The Rs 7.5 billion IPO of Ujjivan SFB opened for subscription on 2 December. The lender had set a price band of Rs 36-37 for the share sale.

On November 29, Ujjivan SFB had mopped up Rs 3 billion out of the total issue size, from 18 anchor investors.

Earlier last month, the bank had also raised Rs 2.5 billion in a pre-IPO round led by IIFL group's funds.

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 a recent 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.

Moving on to news from the IT sector, Tata Consultancy Services (TCS) has successfully completed the finance transformation for Ayala Land Inc. (ALI), by migrating its operations to SAP S/4HANA, in the first such implementation in the Philippines.

ALI partnered with the company to simplify business operations and accelerate its cloud-led digital transformation journey.

Meanwhile, Wipro has launched its NextGen Cyber Defence Centre (CDC) in Melbourne, Australia. With the launch of this centre, the company aims to make substantial investments to up-skill its employees, hire more local resources and generate more than 100 jobs in Melbourne for cyber security specialists.

The company also plans to launch similar CDCs in other cities in Australia and offer cyber resilience and provide digital protection to large government organizations.

TCS share price and Wipro share price are presently trading up by 1.3% and 0.2%, respectively.

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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