Sensex Down Over 290 Points; Metal Stocks Witness Losses

Fri, 22 Sep 11:30 am

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After opening the day in the red, Indian share markets continued to witness selling pressure on the back of North Korea tensions. Sectoral indices are trading on a negative note with stocks from the realty sector and the metal sector witnessing maximum selling pressure.

The BSE Sensex is trading down 290 points (down 0.9%) and the NSE Nifty is trading down 120 points (down 1.1%). Meanwhile, the BSE Mid Cap index is trading down by 1.5%, while the BSE Small Cap index is trading down by 1.6%. The rupee is trading at 64.95 to the US$.

In the news from IPO space, the Rs 84 billion initial public offering of SBI Life Insurance Company got fully subscribed today, as per latest data.

SBI Life Insurance Company Limited is one of the leading life insurance companies in India. The company is a joint venture between India's largest bank State Bank of India (SBI) and the leading global insurance company BNP Paribas Cardif. SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%.

Today is the last day of subscription for the IPO.

Is the IPO worth considering? Does the company have strong fundamentals? What about valuations and growth potential? Equitymaster Insider Ankit Shah has the answers.

To know more, get on the Insider list now.

Apart from the above, Prataap Snacks, which sells its products under the brand name 'Yellow Diamond', is also coming out with an initial public offer (IPO) today to raise around Rs 4.8 billion.

Of this, Rs 2.8 billion will be offer for sale while the remaining Rs 2 billion will be used for repayment of debt, capacity expansions and marketing and branding activities.

Is the company leaving enough money on the table for investors? We recently released our IPO note for the above IPO. You can access the same in our IPO section.

Speaking of IPOs, 2017 is set to be a record year for initial public offerings, as can be seen from the chart below. One shall note that five insurance company offerings are expected to raise a whopping Rs 400 billion collectively by the end of the year. These five offerings themselves are set to make 2017 the biggest IPO year ever - even bigger than 2010, when 64 companies raised a collective Rs 375 billion through their IPOs.

2017 Set to be Record Year for IPOs

To know which IPOs to subscribe to, you can download our FREE report - How to Get Rich with IPOs. This report will show you how to safely profit from the 2017 IPO rush.

In the news from commodity space, crude oil is witnessing volatility today ahead of the OPEC meeting which is to be held today.

As per the news, OPEC and non-OPEC nations are meeting today to discuss a possible extension of oil supply cuts to support prices. They are also said to consider monitoring exports to assess compliance.

One shall note that the OPEC and non-OPEC producers including Russia have agreed to reduce crude oil output by about 1.8 million barrels per day (bpd) until March in order to reduce global oil inventories and support prices.

The group is now in talks to extend the above expiry in March.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency, and commodity markets.

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

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