Indian Stock Markets Open Flat; Metal and Telecom Stocks Lag

Wed, 18 Dec 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is flat while the Hang Seng is down 0.1%. The Nikkei 225 is trading down by 0.4%. Wall Street's major indices inched higher on Tuesday, extending their record-setting rally, as strong housing and manufacturing data bolstered investors' confidence in the US economy.

Back home, India share markets opened flat. The BSE Sensex is trading up by 72 points while the NSE Nifty is trading up by 14 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.1% and 0.4% respectively.

Sectoral indices have opened the day on a mixed note with realty stocks and IT stocks witnessing buying interest. Metal and telecom stocks are trading in red.

The rupee is currently trading at 71.09 against the US$.

In the news from the oil & gas sector. Oil retreated today after rising more than 1% in the previous session as US industry data showed a surprise build in crude stocks but hopes for firmer demand next year checked a deeper fall in prices.

Brent crude futures dropped 0.3% to US$65.9 a barrel today.

The international benchmark rose 1.2% to US$66.1 a barrel on Tuesday. West Texas Intermediate (WTI) crude futures fell 0.5% to US$60.6 per barrel.

With lots going in oil front, where do you think are oil prices headed? And what does it mean for the Indian markets?

Well, India's no.1 trader, Vijay Bhambwani shares his insights and updates on his YouTube channel regularly.

In his latest video, he talks about how you can hedge against the rising crude oil prices and also gives a perspective as to what's actually happening in this space.

Tune in...

Moving on to the news from the IPO space. Prince Pipes and Fittings, one of India's leading pipe and fitting manufacturers, is slated to open its initial public offering (IPO) today.

It has 5% share in the organised market and was the sixth largest player in terms of sales at the end of FY19.

The offer will be a combination of both fresh issue of shares and offer-for-sale (OFS). The proceeds will be utilised to repay partial debt and expand capacity at Rajasthan and Telangana plants.

Price band of the offer has been fixed at Rs 177-178. The bid lot consists of 84 shares and multiple thereof. The issue will close on 20 December (Friday).

Post issue, the promoters' holding in the company will come down to 65.8% from 90.1%.

How this IPO sails through remains to be seen. Stay tuned for more updates from this space.

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.

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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