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Sensex Trades in Red, IPO Market Back in Focus, and Top Stocks in Action
Tue, 9 Apr Pre-Open | Monish Vora, TM Team

On Monday, share markets in India opened on a negative note and ended the day in red after an dull day of trading.

The BSE Sensex closed lower by 162 points to end the day at 38,700. While the broader NSE Nifty ended down by 61 points, to end the day at 11,605 points.

Among BSE sectoral indices, realty stocks fell the most by 2.3%, followed by energy stocks at 1.7%. Yes Bank and Bajaj Finance were among the top losers.

Top Stocks in Action Today

Laxmi Vilas Bank and Indiabulls Housing Finance share prices will be in focus today after Lakshmi Vilas Bank's board approved a merger with mortgage lender Indiabulls Housing Finance in the latest incidence of a bank combining with a non-banking finance company.

Shareholders of Lakshmi Vilas will get 14 shares of Indiabulls Housing for every 100 bank shares they hold.

Indiabulls trumped several private equity players which were reportedly in the fray to acquire a stake in the bank.

Cadila Healthcare share price is likely to be in focus as it received the tentative approval from the USFDA to market Tofacitinib Tablets (US RLD - Xeljanz Tablets), 5 mg.

Reportedly, it will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad.

Tofacitinib is used alone or with other medications (such as methotrexate) to treat moderate to severe forms of rheumatoid arthritis. It helps to decrease pain, tenderness and swelling in the joints.

Polycab India IPO in Focus

the initial public offer of Polycab India which hit the markets last week witnessed good demand on its second day of the bidding process today.

Data available with NSE showed the IPO was subscribed 1.2 times at the time of writing. The issue received bids for 2,08,89,765 units against the total size of 1,76,37,777 shares. Qualified institutional buyers (QIBs) quota has was subscribed 2.11 times, non-institutional investors (NII) 0.52 times and retail 1.15 times so far.

Polycab India is engaged in the business of manufacturing and selling wires and cables and fast-moving electrical goods (FMEG) under the "POLYCAB" brand.

According to CRISIL Research, Polycab India is the largest manufacturer in the wires and cables industry in India, in terms of revenue from the wires and cables segment and provides one of the most extensive range of wires and cables in India.

During the financial year 2017-18 (FY18), the company had a market share of approximately 18% of the organized wires and cables industry, and approximately 12% of the total wires and cables industry in India, estimated at Rs 525 billion based on manufacturers realization.

Polycab India manufactures and sells a diverse range of wires and cables such as power cables, control cables, instrumentation cables, solar cables, building wires, flexible cables, flexible/single multi core cables, communication cables and others including welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, specialty cables and green wires.

To get a detailed view of the IPO, you can read Ankit Shah's latest note in the Equitymaster Insider: Polycab India IPO: All You Need to Know.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

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

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Stock Market Updates

IDFC Share Price Up by 10%; BSE 500 Index Up 0.2% (Today's Market)

Aug 11, 2020 03:31 PM

IDFC share price is trading up by 10% and its current market price is Rs 23. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index are IDFC (up 10.1%) and GARWARE TECHNICAL (up 11.0%). The top losers are M&M and V GUARD INDUSTRIES .

STRIDES PHARMA SCIENCE at 52 Week High; BSE 500 Index Up 0.5% (Today's Market)

Aug 11, 2020 02:25 PM

STRIDES PHARMA SCIENCE share price has hit a 52-week high. It is presently trading at Rs 628. BSE 500 Index is up by 0.5% at 14,843. Within the BSE 500, STRIDES PHARMA SCIENCE (up 2.1%) and NESCO (up 15.9%) are among the top gainers, while top losers are LAURUS LABS LTD and CAPLIN POINT.

CENTRAL BANK Share Price Up by 6%; BSE BANKEX Index Up 1.1% (Today's Market)

Aug 11, 2020 02:15 PM

CENTRAL BANK share price is trading up by 6% and its current market price is Rs 19. The BSE BANKEX is up by 1.1%. The top gainers in the BSE BANKEX Index is CENTRAL BANK (up 5.6%). The top losers is CITY UNION BANK (down 0.2%).

INDIAN BANK Share Price Up by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Aug 11, 2020 01:55 PM

INDIAN BANK share price is trading up by 5% and its current market price is Rs 63. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index is INDIAN BANK (up 5.3%). The top losers is CITY UNION BANK (down 0.5%).

SCHNEIDER ELECTRIC INFRA Share Price Up by 5%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Aug 11, 2020 01:47 PM

SCHNEIDER ELECTRIC INFRA share price is trading up by 5% and its current market price is Rs 90. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is SCHNEIDER ELECTRIC INFRA (up 5.3%). The top losers are AIA ENGINEERING (down 0.1%) and LAKSHMI MACHINE (down 0.5%).

Indian Indices Trade Higher; ITC & Tata Steel Top Gainers (Today's Market)

Aug 11, 2020 12:30 pm

The BSE Sensex is trading up by 226 points, while the NSE Nifty is trading up by 56 points.

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