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Sensex Down Over 230 Points; Energy Stocks Witness Losses
Fri, 16 Mar 11:30 am | Monish Vora, TM Team

Indian share markets are presently trading on a negative note. Sectoral indices are trading in the red with stocks in the energy sector and metal sector witnessing maximum selling pressure.

The BSE Sensex is trading down 236 points (down 0.7%) and the NSE Nifty is trading down 71 points (down 0.7%). The BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading up by 0.1%. The rupee is trading at 64.85 to the US dollar.

In the news from global financial markets, Japan's industrial production declined more than estimated in January. Data from the Ministry of Economy, Trade and Industry showed that Industrial production fell a seasonally adjusted 6.8% month-over-month in January. This was more than the 6.6% decrease reported earlier and a growth of 2.9% seen in December.

Shipments contracted 5.7% over the month and inventories dropped 0.5%.

On a yearly basis, industrial production growth eased to 2.5% in January from 4.4% in December.

Data also showed that capacity utilization declined sharply by 7.3% monthly in January, reversing a 2.8% rise in the previous month.

Last week, the Bank of Japan (BoJ) kept its monetary stimulus unchanged and also stuck to its upbeat view on the economy. However, the above data has led to concerns about the growth of the economy.

Note that Kuroda has said to maintain the BOJ's ultra-easy policy.

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The BoJ has pushed back the timing to reach its price target many times since it deployed its massive stimulus programme in 2013. It now hopes that consumer inflation will achieve its 2% target by March 2020, as signs of strength in the economy and a tight job market boost wages giving households higher purchasing power, allowing firms to hike prices.

What remains are many issues that can hamper Japan's economic growth going forward.

Also, the recent win of Japanese Prime Minister Shinzo Abe in elections also signals the continuation of Abenomics - the ultra-loose monetary and fiscal policies. These policies have influenced excessive money printing, too much debt, and too much government intervention in Japan.

As Ankit writes in one of the editions of Equitymaster Insider... "With Abenomics, Japan has gone overboard trying to revive its economy. The Bank of Japan is a Top 10 holder in over 90% of Japanese stocks. And it remains one of the biggest buyer of Japanese stocks."

It would be interesting to see what impact the central bank's ultra-easy money policies will have on the economy going forward. Meanwhile, we'll keep you updated on all the recent developments in this space.

In the news from the IPO space, the initial public offer of Hindustan Aeronautics Ltd (HAL) has opened for subscription today.

The offering is entirely an offer for sale (OFS) of 34.1 million shares by the Government of India (GOI) as part of its 2017-18 disinvestment programme. With the offer for sale, the GOI is diluting 10.2% of its stake in the Bangalore-based aerospace and defence company.

Hindustan Aeronautics is engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including aircraft, helicopters, aero-engines, avionics, accessories, and aerospace structures.

In FY2016-17, it was recognized as the largest defence public-sector undertaking in India in terms of value of production. And according to Flight International, the company was the 39th largest aerospace company in the world in terms of revenue (in USD million) in 2016.

The company reports a sustained track record of profitability and has paid dividends to its stakeholders every year for over four decades. As of December 31, 2017, the company's order book was Rs 684.6 billion.

To know our view on this IPO, you can read our IPO note on Hindustan Aeronautics Ltd (requires subscription).

To know more about how you can safely profit from the ongoing IPO rush, download our FREE report - How to Get Rich with IPOs.

Also note that with big ticket IPOs in the limelight, SMEs have also joined in to get a share of the pie.

The amount raised by SME IPOs in 2017 stood at 17.85 billion, more than three times the amount raised in 2016. The number of SME IPOs launched also doubled from 66 to 132. This is evident from the chart below:

SME IPO Boom in 2017

While it doesn't make sense to completely ignore this space, a certain sense of caution is definitely merited.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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