Indian Indices Erase Gains; SBI and ICICI Bank Top Losers

Mon, 30 Dec 12:30 pm

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Share markets in India have erased early gains and are presently trading on a negative note. The BSE Sensex is trading down by 53 points, while the NSE Nifty is trading down by 12 points.

The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.4%.

Sectoral indices are trading mixed with stocks in the realty sector and metal sector witnessing selling pressure, while telecom stocks and automobile stocks are witnessing buying interest.

The rupee is currently trading at Rs 71.34 against the US$.

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In news from the banking sector, State Bank of India (SBI) today announced a 25 basis points cut in its external benchmark rate. According to SBI's press release, the revised effective benchmark lending rate (EBR) of 7.8% (down from 8.05%) will come into effect from January 1, 2020.

In doing so, SBI became the first bank to cut its external benchmark rate after the RBI's monetary policy review in December.

New home buyers will get loans at an interest rate starting from 7.9% a year (previously at 8.15%).

So far this year, SBI has cut one-year MCLR on loans by 65 bps.

Banks are required to reset the external benchmark-based rate at least once in three months.

Earlier this month, SBI had announced a cut in one-year MCLR rate by 10 bps, effective from December 10, 2019.

SBI share price is presently trading down by 1.1%.

In other news, HDFC Bank has emerged as the largest lender to MSMEs in Punjab. Its loan book in the state has touched Rs 89.2 billion as of September 30, 2019 and is now the largest bank for Micro Small and Medium Enterprises in the state with a market share of over 16%.

HDFC Bank share price is presently trading up by 0.4%.

Moving on, in latest developments from the IPO space, shares of Prince Pipes and Fitting made a tepid debut on the stock markets today. The stock was listed at Rs 157.55, down 11.5% from its issue price of Rs 178 on the BSE.

The initial public offering (IPO) of the company that makes polymer pipes and fittings was open for subscription from 18 to 20 December with a price band of Rs 177-178 per equity share.

The offer was subscribed 2.21 times. The offer received bids for 43.7 million shares against the total offer size of 19.7 million shares, as per the NSE data.

The Mumbai-based firm aimed to raise Rs 5 billion via the IPO, of which fresh issue was worth Rs 2.5 billion. The remaining portion would be promoters selling their stake partially.

The company is planning to use Rs 1.8 billion of the net proceeds towards setting up a new plant at Sangareddy in Telangana.

The remaining funds would be used for repayment of certain outstanding loans and upgrading equipment at its manufacturing facilities.

Speaking of IPOs, note that the year 2019 hasn't seen much activity in the IPO market. Since the start of the year, there have been just 16 IPOs on the BSE main board.

Even the ones that hit the primary markets were mostly small to mid-sized IPOs. And no mega IPOs.

Very few companies come out with IPOs during bearish market conditions. So, when the IPO market is sluggish, you must take that as an indicator of market sentiment and liquidity conditions.

It is interesting to note that despite the tepid market conditions, most of the companies gave positive listing day gains.

In fact, if you had invested in each one of them and held them till now, your gains would have been even better.

The chart below shows the top five performing IPOs of 2019:

Top 5 Winning IPOs of 2019

So, unlike bull markets wherein selling shareholders do their best to squeeze the highest price, bear markets often offer fantastic opportunities to spot great companies and get onboard early on.

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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Indian Share Market Update: Top Gainers and Losers