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Sensex Ends Day in Green; Energy Stocks Top Gainers
Tue, 24 Apr Closing | Parth Parekh, TM Team

After opening the day in green, share markets in India witnessed positive trading activity throughout the day and ended the day deep in green. Sectoral indices too ended the day in green, with stocks in the energy sector and stocks in the capital goods sector leading the gains.

At the closing bell, the BSE Sensex stood higher by 166 points (up 0.5%) and the NSE Nifty closed up by 30 points (up 0.3%). The BSE Mid Cap index ended the day flat, while the BSE Small Cap index ended the day down by 0.1%.

Asian stock markets too finished in green. As of the most recent closing prices, the Hang Seng was up by 1.2% and the Shanghai Composite was up by 2%. The Nikkei 225 was up by 0.9%. Meanwhile, European markets too were trading on a positive note. The FTSE 100 was up by 0.3%, The DAX, was up by 0.6% while the CAC 40 was up by 0.2%.

The rupee was trading at Rs 66.33 against the US$ in the afternoon session. Oil prices were trading at US$ 68.99 at the time of writing.

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In news from stocks in the IPO space, ICICI Securities share price was in focus today after the stock market regulator has sought details of a large investment made by ICICI Prudential Mutual Fund (ICICI MF) in the flop IPO of affiliate ICICI Securities Ltd.

ICICI Securities had to cut its IPO size to Rs 35 billion from the original target of Rs4,017 crore because of poor investor interest. Of this, a large chunk was bought by ICICI MF.

The Rs 40.2 billion initial public offering (IPO) of ICICI Securities could only manage 78% subscription. However, including anchor allotment, the issue received a total of 88% subscription.

One shall note that, first time in almost 3 years a firm debuted on the exchanges after getting less than 80% subscription.

ICICI Securities share price, opened the day below its issue price and ended the first day down 14.4% from its issue price.

IPO Subscription Times (2017)

One space which tests the investor's contrarian philosophy is the IPO space. The demand for IPO's has reached sky-high levels. Avenue was the first company this year to cross the 100 time subscription mark swiftly followed by CDSL and Dixon technologies lately.

The market euphoria is something similar to what was seen in 2007-08. When everyone around you is clamoring to get a piece of the IPO pie, it makes sitting tight difficult. And, why should you sit tight when stocks like Avenue Supermart lets you pocket a cool 100% gain from day 1 of the listing?

History suggests that these cases are few and far between. More than 70% of the IPOs listed in 2007 and 2008 are in the red, even today when the Sensex is at an all-time high.

This allows us to stay on the fence when it comes to investing in IPOs. But it doesn't make sense to completely ignore this space. For every Reliance Power - like issue, there have been issues like Maruti, TCS, and Jubilant Foodworks Ltd (with returns over 4,000%, 1,000% and 500% respectively) that have created immense wealth for shareholders.

A merit-based selection primarily including valuation, business, and management quality is the logical way to go about it. 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 than not.

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

Moving on to news from the chemicals sector. According to a leading financial daily, Tata Chemicals is looking at business opportunities related to the exploration and import of lithium from Bolivia to India and possibly to other countries where the company operates.

A team of senior executives from the company recently visited the South American nation, which has the largest deposits of lithium in the world, and held meetings with government officials there, two people aware of the development said.

One of India's largest Indian manufacturers of chemical, crop nutrition and consumer products, Tata Chemicals' interest in lithium is guided by the fact lithium and cobalt are the two most important commodities needed to develop batteries for electric vehicles (EVs), the thrust vehicles for automobile manufacturers in India and across the world.

At present a lithium-ion battery accounts for 40% of the total cost of an electric vehicle. Lithium has other uses such as in mobile phone batteries and solar panels.

Tapping into the potential of lithium can be a great opportunity for Tata Chemicals as demand for lithium will only increase in the coming years in the domestic market and globally.

Tata Chemicals share price ended the day down by 0.2%.

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

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