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Indian Indices End on a Positive Note for Third Straight Day; Yes Bank Falls 5%
Wed, 17 Jul Closing | Monish Vora, TM Team

Indian share markets traded on a positive note most of the day and ended marginally higher. Sectoral indices ended on a mixed note with stocks in the IT sector, finance sector and FMCG sector witnessing buying interest while automobile stocks and energy stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 85 points and the NSE Nifty closed up by 25 points. The BSE Mid Cap index ended the day down by 0.2%, while the BSE Small Cap index ended down by 0.1%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng and the Shanghai Composite stood lower by 0.2%. The Nikkei 225 was down 0.3%.

The rupee is trading at 68.83 against the US$.

Last Time: Watch the Re-Airing of our 'One Stock Crorepati' Mega Summit

The domestic currency opened on a cautious note and fell 9 paise in early trade today amid rising crude oil prices and foreign fund outflows.

Forex traders said rising Brent crude prices and foreign fund inflows weighed on the domestic currency, while weakening of the greenback vis-a-vis other currencies overseas added support to the local unit and restricted the downfall.

Speaking of crude oil, catch Vijay Bhambwani talk about the impact of hike in excise duty and taxes on fuel in India. As per him, trading in crude oil offers excellent opportunities in nearly all market conditions due to its unique standing within the world's economic and political systems.

In news from the banking sector, shares of DCB Bank witnessed huge selling pressure today after the private lender reported a sub-par performance in June quarter (Q1FY20) led by decline in loan growth, sequential rise in fresh slippages and non-performing assets (NPAs).

Reports state that the bank's loan growth of 13% year-on-year (YoY) was the slowest in the past five years.

The gross non-performing assets (NPAs) ratio rose to 1.96% as against 1.86% in the year-ago quarter.Net NPAs also expanded to 0.81% during June quarter as compared to 0.72% in the corresponding quarter last year.

The bank's net interest margins (NIMs) declined 0.23 bps YoY and 11 bps QoQ to 3.67% in Q1FY20 led by rise in cost of funds and muted loan growth.

To know more, you can read DCB Bank's Q1FY20 Result analysis on our website.

Meanwhile, Yes Bank share price also witnessed selling pressure today. Shares of the lender plunged over 5% in intraday trade, falling 8% from its early morning high of Rs 108 ahead of its Q1FY20 earnings scheduled to be announced later today.

Stock Alert: Our Top 5 Stocks to Buy Now

Note that since the March quarter (Q4FY19) results, which were announced in April, shares of the private lender have tanked around 56% after the bank posted its first ever net loss of Rs 15.1 billion on the back of the provisions soaring over nine times.

Rating agency Moody's has placed Yes Bank's foreign currency issuer rating of Ba1 under review for downgrade as liquidity pressures on finance companies may negatively impact credit profile of the lender.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on, in latest developments from the IPO space, as per an article in The Economic Times, half a dozen companies are likely to hit the primary market in the next month or so to raise around Rs 100 billion, bringing to an end the dry spell in initial public offers (IPOs) that's prevailed this year.

Here's an excerpt from the article:

  • Companies may also rush to launch IPOs to beat a possible flood of OFS once the regulator approves new minimum public shareholding norms as proposed by the government in the budget and based on the advice of investment bankers. Finance minister Nirmala Sitharaman urged the markets regulator to consider increasing the minimum public shareholding in listed firms to 35% from 25% in her budget speech on July 5.

    There are more than 50 DRHPs (draft red herring prospectuses) that have been filed with the regulator. If the next few IPOs trade well, it could mark the revival of primary markets and you could see a strong supply of paper though IPOs and QIPs (qualified institutional placements).

Sources say that Sterling and Wilson Solar, ASK Investment Managers, Spandana Spoorthy Financial, Affle India, AGS Transact Technologies and Mazagon Dock Shipbuilders are planning IPOs by the middle of August.

Speaking of IPOs, the first half of 2019 hasn't seen a lot of activity in the IPO market.

There have been just 8 IPO on the main board, raising as much as Rs 55.1 billion, compared with 24 that raised Rs 309.6 billion in the year earlier period.

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Despite lackluster activity in India's primary markets, there have been attractive money-making opportunities for attentive investors.

Ankit Shah, in his premium newsletter Insider, recommended applying to the IPO of Polycab India and the more recent IPO of IndiaMART InterMESH.

Both IPOs were subscribed many times over. And both gave handsome double-digit returns on the listing date.

Top 3 IPO Gains in 2019

Top 3 IPO Gains in 2019

At Equitymaster, we believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

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.

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

Sensex Ends 228 Points Higher; Metal and Energy Stocks Witness Buying (Today's Market)

Aug 23, 2019 Closing

While the BSE Sensex closed higher by 228 points, NSE Nifty closed higher by 88 points.

INFO EDGE Plunges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 03:26 PM

INFO EDGE share price has plunged by 5% and its current market price is Rs 2,019. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index are TATA ELXSI (up 7.2%) and ORACLE FINANCIAL (up 4.2%). The top losers are INFO EDGE (down 5.4%) and PERSISTENT SYSTEMS (down 5.3%).

ESCORTS LIMITED Surges by 5%; BSE AUTO Index Up 1.5% (Today's Market)

Aug 23, 2019 03:20 PM

ESCORTS LIMITED share price has surged by 5% and its current market price is Rs 454. The BSE AUTO is up by 1.5%. The top gainers in the BSE AUTO Index is ESCORTS LIMITED (up 5.2%). The top losers is EICHER MOTOR (down 1.1%).

CASTROL INDIA Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 03:16 PM

CASTROL INDIA share price has surged by 5% and its current market price is Rs 120. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 5.1%) and BPCL (up 5.2%). The top losers [TOPLOSERS].

GE POWER INDIA LTD Surges by 11%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Aug 23, 2019 03:14 PM

GE POWER INDIA LTD share price has surged by 11% and its current market price is Rs 822. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GE POWER INDIA LTD (up 10.7%). The top losers are ELGI EQUIPMENTS (down 0.1%) and THERMAX (down 0.2%).

VODAFONE IDEA Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Aug 23, 2019 02:26 PM

VODAFONE IDEA share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 10.1%) and STERLITE TECH. (up 13.3%). The top losers are PAGE INDUSTRIES and GSK CONSUMER (down 0.1%).

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