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Sensex Finishes Marginally Higher; Realty & Metal Stocks Lead
Fri, 9 Jun Closing

Share markets in India edged higher in the afternoon session to finish marginally above the dotted line. At the closing bell, the BSE Sensex closed higher by 49 points. While, the NSE Nifty finished higher by 21 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap Index ended up by 0.3% & 0.5% respectively.

Sectoral indices finished the day on a mixed note with information technology sector and FMCG sector witnessing maximum selling pressure. While, realty stocks and metal stocks finished the day in green.

Asian equity markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.52% and the Shanghai Composite rose 0.26%. The Hang Seng lost 0.26%. European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.49% while France's CAC 40 is up 0.42% and Germany's DAX is up 0.19%.

The rupee was trading at Rs 64.26 against the US$ in the afternoon session. Oil prices were trading at US$ 45.70 at the time of writing.

Infosys share price ended down 0.8% on reports that the founders of the company are likely to sell their entire 12.75% stake in the company. It is reported that their unhappiness over the way the company has been run over the past three years is the trigger for their move.

Automobile stocks witnessed buying interest today after it was reported that domestic passenger vehicle sales grew 8.63% to 2,51,642 units in May from 2,31,640 units in the same month last year.

The off-take of other sub-segments such as utility vehicles rose by 18.80% during the month with 69,845 units, while sales of vans increased by 9.50% to 15,167 units.

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The Society of Indian Automobile manufacturers (SIAM) reported that the large car segment is likely to see major relief under the Goods and Services Tax (GST). A marginal impact on sales is expected before the rollout of the GST, which is likely to be rolled out from 1 July.

Further, domestic two-wheeler sales however seen a good recovery during the month post the demonetisation and Bharat Stage BS-III vehicle ban to post a 11.8% growth during the month.

However, commercial vehicle sales continued to struggle post the BS-III ban as pre-buying has led to a slowdown in purchase of BS-IV vehicles which are higher priced.

S&P BSE Auto index ended up by 1% with Maruti Suzuki share price up 3% hitting an all-time high as reports indicated that the company plans to spend Rs 10 billion in land acquisition this year.

The recently announced goods and services tax (GST) regime favours the broader car market and Maruti with its wide range of products including sedans and compact SUVs, is well-positioned to enjoy the benefits. This too has added the stock up.

Moving on to the news from stocks in bank sector. As per an article in a leading financial daily, State Bank of India (SBI) closed its Qualified Institutional Placement (QIP), On 8 June 2017 after raising Rs 150 billion from domestic and foreign institutional investors.

SBI had offered 522.19 million shares to institutional investor with a price band of Rs 275.76-287.25 per share. The issue had opened on June 5.

Reportedly, demand from foreign institutional investors was more than Rs 110 billion, while domestic institutional investors had put in bids worth Rs 85 billion.

In January 2014, funds of Rs 80.32 billion were raised by the SBI as it issued shares through the QIP route. Government of India has infused a fund of Rs 75.75 billion in the bank in the 2016-17 sessions.

One must note that, SBI needs the capital to meet Basel-III requirements under Indradhanush plan.

SBI share price ended the day down by 0.1%

In another development, it was reported that Central Depository Service Limited will announce its forthcoming IPO details on 12 June 2017.

CDSL is a depository that facilitates holding of securities in the electronic form and enables securities transactions to be processed by book entry.

CDSL was initially promoted by BSE, which has thereafter divested its stake to leading banks as sponsors of CDSL.

All leading stock exchanges like the BSE, National Stock Exchange and Metropolitan Stock Exchange of India have established connectivity with CDSL, the reports noted.

Interestingly, in FY17, the amount of money raised through 25 IPOs nearly doubled to Rs 282 billion. The IPOs were well received, with a majority (15 of them) getting oversubscribed by over 10 times.

After a bumper year in FY17, abundant liquidity has fueled expectations that fund raising through IPOs would remain robust in FY18. And may even surpass the amount raised in FY17.

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In fact, as per the chief of Bombay Stock Exchange, a 1,000-odd company are planning to get listed once GST kicks in.

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And here's a note from Profit Hunter:

The Nifty 50 Index ended the week on a flattish note. On Monday, it opened its weekly session slightly higher and traded with a positive bias. The upside momentum continued until next day opening as the index opened gap up to hit a new life high of 9,709. But it couldn't sustain for long and slipped to close Tuesday's session 40 points negative.

The first two days formed a bearish engulfing candlestick pattern on the daily chart. This is a short-term reversal pattern that indicates a minor correction on the cards.

The index traded on a flattish note for the next two days. Finally, on Friday, it opened gap down and traded negatively for the first half of the session but turned positive coming into second half and closed the weekly session marginally up.

The negative divergence with the RSI indicator, as you can see in the chart below, might drag the index towards its 20-day exponential moving average (EMA), which is acting as good support on every minor correction.

Nifty Index Trades on a Flattish Note for the Week
Nifty Index Trades on a Flattish Note for the Week 

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Mar 22, 2018 (Close)