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Sensex Ends Marginally Higher; Energy and IT Stocks Witness Buying
Mon, 13 Jul Closing | Monish Vora, TM Team

After opening the day on a strong note, Indian share markets erased most of the gains and turned highly volatile in the afternoon session.

Benchmark indices erased gains during closing hours tracking weakness in banking and finance stocks.

Sectoral indices ended on a mixed note with stocks in the energy sector and IT sector witnessing buying interest.

Meanwhile, banking stocks witnessed selling pressure.

After rising more than 400 points in early trade, the BSE Sensex ended the day up by 99 points.

Meanwhile, the NSE Nifty stood higher by 47 points.

SGX Nifty was trading at 10,810, up by 39 points, at the time of writing.

The BSE Mid Cap index ended up by 0.1%. The BSE Small Cap index ended down by 0.2%.

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Asian stock markets ended on a positive note today as stocks gained ignoring global rise in coronavirus cases, giving more weight for expected government stimulus.

As of the most recent closing prices, the Hang Seng was up 0.2% and the Shanghai Composite stood higher by 1.8%. The Nikkei ended up by 2.2%.

European stock markets opened higher today as French and Italian industry output data rebounded more than expected in May.

Gold prices are trading up by 0.6% at Rs 49,149 per 10 grams.

The rupee is trading at 75.19 against the US$.

Market participants were tracking Avenue Supermarts share price. Shares of the company declined over 5% today after the company reported an 88% fall in its net profit for the April-June quarter (Q1FY21).

Avenue Supermarts, the operator of hypermarket stores DMart, said that operations and financial performance during the quarter were hit by the lockdown. Revenues were down 32% from the previous year.

Consolidated total revenue for the hypermarket chain stood at Rs 39.3 billion in the June quarter, down from Rs 58.3 billion in the same quarter last year.

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In news from the realty sector, shares of Omaxe were locked in 5% down circuit at Rs 75.85, an 11-year low, despite the company issuing a clarification regarding the recent volatility in the stock price.

The real estate firm's stock was locked in lower circuit for 12th straight trading day today. The stock is trading at its lowest level since July 14, 2009.

Recently, the company had issued a clarification to the exchanges, saying the movement in the share price is purely due to market conditions and based on demand and supply principles.

According to the disclosure made by the company on Friday, July 10, lender Venus India Asset-Finance Private Limited has invoked 160,000 equity shares held by Guild Builders Private Limited, one of the promoters of Omaxe.

As on March 31, 2020, out of total 74.15% or 135.63 million equity shares held by promoters, about 52.32% or 70.97 million equity shares were pledged, the shareholding pattern data shows.

Omaxe, which was scheduled to announce its January-March quarter (Q4FY20) earnings on June 29, has postponed the same by a month.

On June 26, the company had informed the stock exchange that the board of directors of the company are now scheduled to meet on July 29, 2020 to approve the Q4 results.

The board will also consider and recommend dividend on preference shares and equity shares. It will also approve the enabling resolution for shareholder's approval to undertake fund raising activity.

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Moving on, in latest developments from the IPO space, after a four-month lull in the IPO market, Rossari Biotech's public issue opened for subscription today.

In the Rs 5 billion IPO, Rossari Biotech has fixed a price band of Rs 423-425 per equity share and the issue will remain open till July 15th.

Rossari Biotech's IPO comprises fresh issuance of shares worth Rs 500 million and sale of 1,05,00,000 equity shares by company's promoters through offer-for-sale route. Post the IPO, the promoter shareholding will fall to 73% from 95% earlier.

Investors can bid in lot sizes of 35 shares. The equity shares will be listed on the NSE and BSE.

The net proceeds from the IPO will be utilised for funding working capital requirements, repaying certain debt availed by the company and for general corporate purposes.

Rossari Biotech is a specialty chemicals manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.

At the time of writing, the issue had received bids for 27,58,560 shares, which was 34% of the issue size of 81,73,530 shares.

On Friday, the company raised Rs 1,488.7 million from anchor investors, who included top three fund houses - SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund.

Speaking of IPOs, in one of the editions of The 5 Minute WrapUp, Ankit Shah has shared how IPOs offer insights into the mood of the stock markets.

He picked the six most successful IPOs of 2019 and checked the retail investor enthusiasm for them.

Obviously, all these IPOs were oversubscribed across investor categories. But the level of retail investor enthusiasm differed widely, depending on the overall market sentiments.

This can be seen in the chart below:

Are Retail Investors Back in the IPO Game?

Here's what Ankit wrote about it...

  • Clearly, IRCTC witnessed the highest number of bids for the retail category. Factoring in the discount of Rs 10 per share for the retail category, the total bids were worth a whopping Rs 3,242 crore. Over five times the entire IPO size!

    Polycab India and the recent IPO of CSB Bank also received a strong thumbs-up from retail investors.

Does this hint that retail investors are coming back to the markets? It would be interesting to see how this trend pans out in 2020.

We will keep you updated on all the developments from this space. Stay tuned!

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

TUBE INVESTMENTS OF INDIA LTD Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Aug 7, 2020 03:34 PM

TUBE INVESTMENTS OF INDIA LTD share price is trading up by 5% and its current market price is Rs 558. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are TUBE INVESTMENTS OF INDIA LTD (up 5.2%) and HONEYWELL AUTOMATION (up 14.2%). The top losers are V GUARD INDUSTRIES (down 0.2%) and SKF INDIA (down 0.3%).

BANK OF BARODA Share Price Up by 5%; BSE BANKEX Index Up 0.4% (Today's Market)

Aug 7, 2020 03:34 PM

BANK OF BARODA share price is trading up by 5% and its current market price is Rs 49. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index are BANK OF BARODA (up 5.1%) and RBL BANK LTD (up 9.7%). The top losers are AXIS BANK and SBI (down 0.2%).

ADANI TRANSMISSION Share Price Up by 9%; BSE POWER Index Up 1.4% (Today's Market)

Aug 7, 2020 03:34 PM

ADANI TRANSMISSION share price is trading up by 9% and its current market price is Rs 254. The BSE POWER is up by 1.4%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 9.0%) and JSW ENERGY (up 5.3%). The top losers are NTPC (down 0.3%) and KALPATARU POWER (down 0.5%).

ESSEL PROPACK Share Price Down by 5%; BSE 500 Index Up 0.3% (Today's Market)

Aug 7, 2020 03:14 PM

ESSEL PROPACK share price is trading down by 5% and its current market price is Rs 275. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are HONEYWELL AUTOMATION (up 11.7%) and RBL BANK LTD (up 10.0%). The top losers are ESSEL PROPACK (down 5.0%) and LUPIN (down 6.0%).

EMAMI LTD Share Price Up by 6%; BSE FMCG Index Up 0.8% (Today's Market)

Aug 7, 2020 02:26 PM

EMAMI LTD share price is trading up by 6% and its current market price is Rs 254. The BSE FMCG is up by 0.8%. The top gainers in the BSE FMCG Index are EMAMI LTD (up 6.2%) and GSK CONSUMER (up 5.1%). The top losers [TOPLOSERS].

Sensex Trades Marginally Lower; HCL Technologies & Infosys Top Losers (Today's Market)

Aug 7, 2020 12:30 pm

The BSE Sensex is trading down by 83 points, while the NSE Nifty is trading down by 18 points.

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