Sensex Trades Marginally Higher; CDSL IPO Witnesses Robust Interest from Retail Investors

Tue, 20 Jun 11:30 am

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Stock markets in India are presently trading marginally higher. Sectoral indices are trading on a mixed note with stocks in the consumer durables sector and energy sector witnessing maximum buying interest.

The BSE Sensex is trading up 38 points (up 0.1%) and the NSE Nifty is trading up 11 points (up 0.1%). Both, the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.5%. The rupee is trading at 64.44 to the US$.

In the news from IPO markets, the initial public offer of leading securities depository Central Depository Services (CDSL) got oversubscribed 2.95 times on the second day of the bidding process until 11:00 am. This comes as the IPO is getting robust response from retail investors.

The price band for the share sale has been fixed at Rs 145-149 and the issue will close on June 21. The company is expected to raise Rs 5.10 billion at the lower end of price band and Rs 5.24 billion at higher end of price band.

CDSL, the second largest depository in the country has bagged a sizeable share in the depository market.

Apart from securities depository services, the company has also diversified into other digital services such as KYC services to capital market intermediaries, e-locker, e-voting, National Acadamic Depository services, electronic holding of insurance policies, etc.

The company's IPO comes at a time when equity markets are seeing increased retail participation coupled with the growth seen in digitisation services in the country. CDSL is well placed to benefit from these factors, among others.

In case you haven't seen it yet, here's our view on the Central Depository Services (India) Ltd IPO (subscription required).

Britain and the rest of the European Union (EU) started their negotiations to decide the status of expats, the UK's divorce bill and Northern Ireland border. The negotiations, which started yesterday, also include some other compensatory issues.

The British and EU Brexit negotiators stressed on goodwill and also the huge complexity and about the tight deadline in their talks.

The European Union's Michel Barnier made clear little was agreed but an initial calendar and a structure for negotiations. EU officials believe Theresa May and her ministers are coming round to accepting Brussels' rules.

Earlier this year, in March, UK Prime Minister Theresa May triggered the formal two-year process of negotiations for Brexit. This came after the British Ambassador in Brussels hand delivered a letter invoking Article 50 of the Lisbon Treaty, officially notifying the European Union (EU) of Britain's decision to withdraw from the bloc, to European Council President Donald Tusk.

British MPs overwhelmingly approved a bill allowing Prime Minister Theresa May to trigger negotiations for the UK's exit from the EU.

Market participants are gauging the effects above developments will have on Europe and global trade.

Britain's divorce from the EU bloc will have major implications for financial markets and exchange rates. It will also lead to more global economic uncertainty, which, by the way, stood at an all-time high at the start of the year, as can be seen from the chart below:

Global Economic Uncertainty Index at All-Time High

Asad Dossani, Profit Hunter editor, has written on how one can successfully trade political events such as Brexit.

For domestic markets, the above development may bring some concerns for Indian share markets in the short run. However, a crash can be an ideal time to bet on solid Indian companies that are well-shielded from adverse developments in global markets. As these companies can turn into bargain buying opportunities.

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

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