Sensex, Nifty End at Record Closing Highs; Telecom and Energy Stocks Witness Buying

Thu, 19 Dec Closing

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Indian share markets witnessed huge buying interest during closing hours today and ended their day on a positive note. The Sensex and Nifty both closed at their record closing highs today.

At the closing bell, the BSE Sensex stood higher by 115 points (up 0.3%) and the NSE Nifty closed higher by 38 points (up 0.3%).

The BSE Mid Cap index ended up by 0.2%, while the BSE Small Cap index ended the day up by 0.1%.

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

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng stood down by 0.30% and the Nikkei was trading down by 0.29%, while the Shanghai Composite stood flat.

European markets were also trading on a negative note. The FTSE 100 was down by 0.03%. The DAX was trading down by 0.39%, while the CAC 40 was trading down by 0.09%.

The rupee was trading at 71.13 to the US$ at the time of writing.

In news from the banking sector, Yes Bank share price was in focus today after India Ratings downgraded its long-term rating to "A" from "A+".

India Ratings and Research (Ind-Ra) has downgraded Yes Bank's long-term issuer rating to 'IND A' from 'IND A+' and its short-term issuer rating to 'IND A1' from 'IND A1+'.

Earlier, Moody's Investors Service had downgraded Yes Bank's long-term foreign-currency issuer rating to B2 from Ba3.

Moody's also downgraded the long-term foreign and local currency deposit ratings of the bank to B2 from Ba3, foreign currency senior unsecured MTN programme rating to (P)B2 from (P)Ba3, and baseline credit assessment (BCA) and adjusted BCA to B3 from B1.

The private bank on December 13 said that the third quarter would remain subdued and there would be an improvement in the revenue in the March quarter on the back of government measures.

In a note, Yes Bank said that muted demand environment amid economic slowdown weighed on corporate earnings during the second quarter of 2019-20, with an aggregate revenue recording a contraction of 3.5% year-on-year (YoY) compared to an expansion of 3% in the preceding quarter of the financial year.

We will keep you updated on all the developments from this space. Stay tuned.

In news from the automobile sector, Maruti Suzuki share price was in focus today as the company announced the launch of a new variant of its entry-level small car Alto, priced at Rs 3.80 lakh.

The new variant comes with aero edge design, dual-tone interiors, high-fuel efficiency, and latest safety features.

The company added that the variant comes with BS-VI compliant engine and delivers a high fuel efficiency of 22.05 km/l.

Moving on to news from the IPO space, the initial public offering (IPO) of Prince Pipes and Fittings has been subscribed around 52% so far on the second day of the bidding process.

The issue continued to get support from retail investors, whose reserved portion has been subscribed 77% so far.

The IPO has received bids for 80.81 lakh equity shares against offer size of over 1.97 crore equity shares.

The portion set aside for qualified institutional buyers has seen subscription of 5% and that of non-institutional investors of 3%.

Prince Pipes and Fittings is one of India's leading pipe and fitting manufacturers.

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 is 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.

The 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 the Indian pipes and fittings industry, the chart below reveals one of the biggest reasons why this industry has a long growth story ahead...

A Big Opportunity Beyond the Current Slowdown

Here's what Ankit Shah wrote about it in a recent edition of The 5 Minute WrapUp...

• India has very low per-capita plastic consumption of about 11 kg, compared with the global average of 30 kg. Traditional materials dominate the application areas of plastic.
  
  However, over the past three to four years, low crude oil prices and superior properties of plastic have increased the usage of plastic in India. Hence, India's per-capita consumption is expected to increase towards the global average.
  
  Given this background, the IPO of Prince Pipes and Fittings looks interesting to me. I'm going to analyse this IPO and recommend my Insider readers whether to apply for it or not.

Ankit has share a detailed note on this IPO with his readers at Insider. You can read the same here (subscription required): Prince Pipes and Fittings: Another Rs 500 Crore IPO

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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