Sensex, Nifty Close at Record Highs; Banking and Metal Stocks Witness Buying

Thu, 9 Aug Closing

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Indian share markets continued their momentum during closing hours of trade and ended the day at their fresh record high levels. Gains were largely seen in the realty sector, metal sector and banking sector.

Both, the Sensex and Nifty, ended their day at record closing highs. At the closing bell, the BSE Sensex stood higher by 137 points (up 0.4%) and the NSE Nifty closed higher by 21 points (up 0.2%). The BSE Mid Cap index ended the day up by 0.6%, while the BSE Small Cap index ended the day up by 0.3%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 0.87% and the Nikkei was trading down by 0.20%. The Shanghai Composite stood higher by 1.81%.

European markets were also trading on a mixed note. The FTSE 100 was down by 0.57%. The DAX, was up by 0.35% while the CAC 40 was down by 0.11%.

The rupee was trading at 68.61 to the US$ at the time of writing.

In the news from the currency markets, the rupee was witnessing selling pressure against the US dollar today. While it opened higher against the US dollar today, it went on to witness volatility later on.

Note that the recent weakness in the rupee versus the US dollar indicates further trouble for stock markets ahead. As seen from the below chart, when the Sensex corrected to its multi-year lows in March 2009, the rupee had also weakened by 21% in the past 9 months. Similarly, when Sensex hit an all-time high in January 2018, the rupee had been gradually strengthening over the past year.

Change in the Rupee and Sensex in the Past 10 Years

As Girish Shetty wrote in a recent edition of The 5 Minute WrapUp...

• Post January, the rupee has been on a constant decline versus the dollar.
  
  Increase in US bond yields has made it attractive for foreign investors. This has resulted in capital outflows from the Indian market. Past history has shown that any further weakening of the rupee will adversely impact the market.
  
  But for investors, is it a matter of concern? If you have a horizon of 10 or more years, it shouldn't. As we can see from the chart, despite the rupee weakening by over 60% in the past decade, Sensex has also been up in the same period.

From the banking sector, ICICI Bank share price was in focus today as the lender sought to clear the news on the NPA front.

The private lender informed bourses that it has made full disclosures about its bad loans and non-performing assets (NPAs) in the annual report, investor presentations and analyst calls.

At the closing bell, ICICI Bank share price closed up by 4.6% on the BSE.

In the news from initial public offering (IPO) space, the IPO of CreditAccess Grameen was subscribed around 27% on its second day of bidding process so far.

The issue size of this IPO is about 26.8 million shares, which includes 11.8 million shares issued by the promoter CreditAccess Asia N.V. and a fresh offer of shares of up to Rs 6.3 billion.

The price brand for the IPO is in the range of Rs 418 to Rs 422 per share. This makes the CreditAccess Grameen IPO issue size between Rs 11.2 billion and Rs 11.3 billion.

CreditAccess Grameen, a leading microfinance institution in India, is focused on providing micro-loans, especially to the women customers in rural India. The lending products of the company address the financial needs of the customers throughout their lifecycle. This includes income generation, family welfare, home improvements, and loans for emergencies.

The customer segment they mainly focus on is women with an annual household income of Rs 160,000 or less in urban areas and Rs 100,000 or less in rural areas. The company provides loans primarily under the joint liability group (JLG) model.

To know more about the company, you can read our IPO analysis of CreditAccess Grameen Ltd (requires subscription).

Also, to know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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

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