Sensex Ends 304 Points Lower; Energy and Automobile Stocks Witness Selling

Tue, 31 Dec Closing

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Indian share markets fell sharply during closing hours today and ended deep in the red. The BSE Sensex stood lower by 304 points, while the NSE Nifty closed down by 87 points.

The BSE Mid Cap index ended the day down by 0.1%, while the BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a mixed note with stocks in the energy sector, automobile sector and telecom sector witnessing most of the selling pressure, while realty stocks witnessed buying interest.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 0.5% while the Nikkei was down 0.8%.

The rupee was trading at 71.35 against the US$.

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In news from the aviation space, shares of Jet Airways were locked in the upper circuit limit of 5% today amid reports that Hinduja Group is preparing a bid to buy the grounded carrier.

As per reports, the UK-based group, run by brothers Gopichand Hinduja and Ashok Hinduja, is planning to submit an expression of interest by the January 15 deadline, signaling its intent to make a formal offer.

Earlier, the group had considered bidding for Jet Airways in partnership with Etihad, but the latter jettisoned the proposal pushing the temporarily de-funct airline into bankruptcy.

Jet Airways stopped flying in April after it ran out of money for daily operations.

Last week, Jet Airways had informed the exchanges that the Committee of Creditors (CoC) passed the resolution to issue fresh invitation of Expression of Interest.

As per reports, Gopichand Hinduja had earlier said that the group was open to buying Jet Airways "if indemnified from the airline's legal liabilities".

How the above developments pan out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on, in latest developments from the IPO space, messaging and voice application programming interface company, Route Mobile Ltd, has received the regulatory approval to float an initial public offering.

The markets regulator issued its final observations to Route Mobile's refiled IPO proposal on December 24, making it the 28th company to receive the regulatory clearance this year for an IPO. The Mumbai-based company had refiled its IPO on September 30.

As per reports, the offer comprises fresh shares worth Rs 2.4 billion and shares of promoters worth Rs 3.6 billion.

The company will use the proceeds for repayment and advance payment of certain borrowings, acquisitions, and other strategic initiatives, purchase of office premises, and for general corporate purposes.

In other news, as per an article in The Economic Times, Indian companies may mop up Rs 400-500 billion through the initial public offering (IPO) route in 2020.

It would be nearly four times higher compared with the Rs 123.6 billion raised by 16 companies in 2019 on the main exchange boards, which was the lowest in five years.

Among the prominent IPOs that may hit in the first half of the new year are SBI Cards & Payment, UTI Asset Management Company, Burger King, Home First Finance, and Computer Age Management Services.

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