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Sensex Tanks 661 Points; Banking and Finance Stocks Witness Huge Selling
Tue, 14 Jul Closing | Monish Vora, TM Team

Indian share markets fell sharply today, led by weak Asian equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide.

Pune and Bengaluru are among the big cities going under lockdown, while many areas in states like Bihar and UP are also under curfew.

Further, weak inflation data and negative cues from global markets amid escalating US-China tension dampened investor sentiment.

The United States on Monday rejected China's disputed claims to offshore resources in most of the South China Sea, a move that Beijing criticized as inciting tensions in the region and highlighted an increasingly testy relationship.

At the closing bell, the BSE Sensex stood lower by 661 points (down 1.8%).

Meanwhile, the NSE Nifty closed down by 195 points (down 1.8%).

SGX Nifty was trading at 10,612, down by 195 points, at the time of writing.

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The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1% and 0.9%, respectively.

Banking stocks and finance stocks were among the hardest hit. HDFC Bank, Axis Bank and IndusInd Bank came under selling pressure today.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 1.1% and the Shanghai Composite stood lower by 0.8%. The Nikkei was down 0.9%.

The rupee was trading at 75.41 against the US$.

Gold prices are trading down by 0.3% at Rs 48,996 per 10 grams.

Market participants were tracking 5Paisa Capital share price. Shares of the company were locked in the 5% upper circuit limit after the company posted net profit of Rs 37.4 million in June quarter (Q1FY20), against net loss of Rs 5.5 million in the year-ago quarter.

The company has reported quarterly profits for the first time since the launch of 5Paisa in March 2016. The stock was trading at its 52-week high level.

The management said the company saw highest quarterly acquisition of over 1.6 lakh customers.

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In news from the power sector, shares of BF Utilities jumped 10% in early trade today following reports of ace investor Radhakishan Damani having acquired 1.3% stake in the company.

According to the latest shareholding pattern, Damani held 1.30% stake in Kalyani group company as of 30 June.

Yesterday, BF Utilities had announced that operations at its Pune office have been suspended, as of 14 July until further notice, to comply with the lockdown order issued by local authorities.

The company reported a standalone net profit of Rs 7.2 million in the March quarter (Q4FY20) compared to a loss of Rs 10 million in the year-ago period.

Net sales surged 61.2% year-on-year to Rs 34.5 million during January-March quarter.

BF Utilities share price ended the day up by 10%.

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Moving on, in latest developments from the IPO space, casual dining chain Barbeque Nation Hospitality has received markets regulator's approval to raise about Rs 10-12 billion through an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth Rs 2.8 billion and an offer-for-sale of up to 98,22,947 equity shares, according to the draft papers filed with the regulator.

The company may consider a pre-IPO placement to the tune of Rs 1.5 billion.

Barbeque Nation Hospitality, which had filed its draft papers with markets regulator in February, obtained "observations" from the regulator on July 7.

Proceeds of the issue will be utilized to repay an outstanding borrowing of Rs 2.1 billion in part or full and for general corporate purposes.

The promoters hold 60.24%, CX Partners own 33.79% and Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05% stake in the company.

In 2017, the company had filed IPO papers seeking to raise Rs 7 billion. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.

In other news, the Rs 5 billion IPO by Rossari Biotech got fully subscribed on the Day 2 of bidding process.

By 1 pm today, the issue by specialty chemicals company had attracted bids for 89,61,015 shares, which was 1.10 times the issue size of 81,73,530 shares.

The quota for qualified institutional bidders (QIBs) was subscribed 98% while those of non-institutional investors and retail individual investors (RII) was subscribed 23% and 1.42 times, respectively.

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.

The issue was subscribed 1.31 times at the time of writing. It received bids for 1,07,34,465 shares against the offer 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!

Read the latest Market Commentary

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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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Aug 11, 2020 03:37 PM