Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Markets will remain closed on May 13, 2021 on account of Id-Ul-Fitr (Ramzan Id).

Sensex & Nifty Open Marginally Lower; Bank Stocks Lead the Losses
Thu, 3 Aug 09:30 am

Asian indexes were mostly lower on Thursday as the dollar recovered slightly from a two-and-a-half year low touched overnight against the euro. The Nikkei 225 is off 0.38%, while the Hang Seng is down 0.12%. The Shanghai Composite is trading down by 0.24%. Overnight, the US markets closed slightly higher supported by upbeat earnings.

Back home, share markets in India have opened the day on a flat note with a negative bias. The BSE Sensex is trading lower by 40 points while the NSE Nifty is trading lower by 21 points. The BSE Mid Cap and BSE Small Cap index both opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with energy stocks and healthcare stocks leading the gains. While bank stocks and FMCG stocks have opened the day in the red. The rupee is trading at 64.07 to the US$.

Telecom stocks opened the day on a mixed note with Reliance Communications and MTNL leading the losses. As per an article in The Livemint, Bharti Airtel Ltd is considering selling about a 3% stake in its tower unit through an institutional share sale as the company is weighing the sale to cut its net debt.

Bharti Airtel had Rs 878.4 billion of net debt at the end of June, according to company filings.

In March, a consortium of KKR & Co. and Canada Pension Plan Investment Board (CPPIB) bought a 10.3% in its tower unit for Rs 61.93 billion.

Competition has been intensifying in the telecom market, as the entry of Reliance Jio Infocomm Ltd backed Mukesh Ambani has impelled rivals to slash tariffs and consolidate. A planned combination of Vodafone Group Plc's Indian unit with Idea Cellular Ltd will topple Airtel as the dominant mobile-phone operator in the nation.

Bharti Airtel share price opened the trading day up by 0.3%.

Just Released: Multibagger Stocks Guide
(2017 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

Moving on to the news from IPO space. The initial share sale offer of Cochin Shipyard was oversubscribed 3.16 times on the second day of the three-day bidding today.

The company has set a price band of Rs 424-432 per share for the initial share sale.

The IPO is a fresh issue of 22.65 million shares, which at the upper end of the price band will fetch the company over Rs 9.8 billion. There is also an offer for sale of 11.3 million shares. At the upper end of the price band, the government, which is selling 10% stake, will raise over Rs 4.9 billion.

The funds will be used to fund two major projects and also to improve the existing facilities.

But, do the company's fundamentals justify the price it is asking? Should you subscribe to it? Read on to find out.

Meanwhile, Security and Intelligence Services Limited (SIS) was oversubscribed 7 times on the last day of bidding.

SIS had priced its shares in a band of Rs 805-815. The IPO is a fresh issue of 5.12 million shares, which at the upper end of the price band will fetch Rs 3.6 billion to the company.

According to Livemint, 15 companies have raised Rs 125.8 billion through IPOs in 2017. In 2016, the Indian primary market saw 27 companies raise Rs 264.9 billion through IPOs.

The Bonanza of IPOs in Indian Markets

However, in the big bad world of IPOs, many a management promise turns out to be a mere mirage.

Yes, there are riches to be had. But only if you know how to spot the few true opportunities among the many wealth destroyers. Having this ability is more relevant now than ever.

To help you develop this valuable skill, we've put out a completely free IPO report that'll reveal all you need to know to find those money spinning IPOs and avoid the disasters in the coming year and beyond.

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

What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Sensex & Nifty Open Marginally Lower; Bank Stocks Lead the Losses". Click here!


Views on News

Top 5 Recent IPO Developments You Should Know (Views On News)

May 12, 2021

So far in 2021, IPOs in India have raised nearly US$ 3 bn, the best start to the year since 2018.

How Did Mindtree Perform in Q4FY21? (Company Info)

Apr 20, 2021

Here's the rundown on the company's latest quarterly results.

Is Intraday Trading For You? (Fast Profits Daily)

May 13, 2021

Do you think you have what it takes to be an intraday trader? Find out in this video.

Beware! Not Every EV Stock Will Be a Tesla (Profit Hunter)

May 13, 2021

Analyse the business models of EV stocks before investing in them.

Are Value Funds Ready to Shine? (Outside View)

May 12, 2021

PersonalFN explains whether the recovery in value funds sustain after generating superior performance in the last one year.

More Views on News

Most Popular

The Next Smallcap Winners (Profit Hunter)

Apr 30, 2021

Price is the only due diligence one might require to buy this business.

Time to Buy Smallcaps? (Fast Profits Daily)

Apr 30, 2021

In this video, I'll show you why I favour smallcaps over the Nifty.

Are the Stock Markets Deaf to Covid Agony? (Profit Hunter)

May 6, 2021

Why are markets discounting the economic impact of Covid?

My Secret to Find Breakthrough Stocks (Fast Profits Daily)

May 7, 2021

I've used this trading technique for many years with great success. I'm sharing it with you today.


India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms


May 12, 2021 (Close)