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Sensex Opens Flat; Realty & Bank Stocks Lose
Tue, 25 Sep 09:30 am | Rini Mehta, TM Team

Asian stock markets opened in red today after a new round of US-China trade tariffs kicked in. Meanwhile, the S&P 500 and the Dow closed lower on Monday as market participants awaited a widely-expected interest rate hike by the Federal Reserve. While oil prices jumped after top producers including Russia ruled out boosting crude output.

Back home, India share markets opened flat. The BSE Sensex is trading down by 50 points while the NSE Nifty is trading down by 30 points. The BSE Mid Cap index and BSE Small Cap index opened the day down by 0.4% & 0.7% respectively.

Barring healthcare stocks, capital goods stocks and energy stocks, all sectoral indices have opened the day in red with bank stocks and realty stocks witnessing maximum selling pressure.

The rupee is trading at Rs 72.98 against the US$.

In the news from the economy. As per an article in a leading financial daily, the Reserve Bank will conduct open market operations (OMO) on Thursday to purchase government bonds to infuse liquidity of Rs 100 billion.

Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of government securities under OMO.

The purchase will happen through multi-security auction using the multiple price method, the reports noted.

As part of the OMOs, the RBI will purchase government securities maturing in 2020 bearing interest rate of 7.8%, 2022 (8.2%), 2025 (7.72%), 2027 (6.79%) and 2031 (6.68%).

The RBI said it has the right to decide on the quantum of purchase of individual securities and can also accept offers for less than Rs100 billion.

Note that, OMOs are the tools which can be used to either inject or drain liquidity from the system. It is employed to adjust rupee liquidity conditions in the market on a durable basis.

The RBI and capital markets regulator on Sunday said they were closely monitoring activities in the financial markets and ready to take appropriate actions, if required, following a sharp meltdown on Friday in equity and debt markets.

The stock market is on the roil for past week on the back of debt defaults by diversified IL&FS group.

There are also worries about NBFCs even though the country's largest lender SBI assured lending support to the NBFC sector.

Several NBFC stocks came crashing down on Friday, Dewan Housing Finance Corporation Ltd. being the leader of the pack. Nearly Rs 81.3 billion worth of the company's market cap got wiped out in a single session.

Housing finance companies came under sudden heavy selling pressure as interest rates on their debt spiked.

Housing Finance Stocks Take a Beating

There are concerns that the defaults by IL&FS could cause a contagion in the Indian financial sector.

In our latest edition of the stock market podcast, Apurva Sheth, our lead Chartist and Editor of the premium newsletter, Profit Hunter Pro joins us to share his technical view on the massive stock market crash that we witnessed on Friday. He also talks about the stocks that could create value in such times. Listen in... visit SoundCloudiTunes or Stitcher.

Moving on to the news from IPO space. Aavas Financiers Ltd's initial public offering (IPO) to raise up to Rs 17.3 billion opens today, amid the mayhem in the non-banking finance companies (NBFCs) space.

Aavas, earlier known as AU Housing Finance, was the mortgage lending business of Jaipur-based small finance bank AU Small Finance Bank Ltd. In February 2016, Partners Group and Kedaara Capital had acquired it for Rs 9-10 billion.

Aavas has fixed its price band at Rs 818-821, aiming to raise up to Rs 17.3 billion at the upper end of the price band.

Speaking of IPOs, the stock market is gearing up for a burst of IPO activity.

According to EY India IPO Readlines survey report, globally, Indian exchanges recorded the highest IPO activity as the country saw 90 IPO launches that raised US$ 3.9 billion in the first half of this year.

Meanwhile the amount raised by SME IPOs in 2017 stood at Rs 17.9 billion. This is more than three times the amount raised in 2016. The number of SME IPOs launched also doubled from 66 to 132.

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

And 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

HCL TECHNOLOGIES at All Time High; BSE IT Index Down 0.1% (Today's Market)

Apr 25, 2019 09:24 AM

HCL TECHNOLOGIES share price has hit an all time high at Rs 1,146 (up 0.4%). The BSE IT Index is down by 0.1%. Among the top gainers in the BSE IT Index today are HCL TECHNOLOGIES (up 0.4%) and ORACLE FINANCIAL (up 0.8%). The top losers include BIRLASOFT (down 0.2%) and MINDTREE (down 0.2%).

BATA INDIA at All Time High; BSE FMCG Index Up 0.1% (Today's Market)

Apr 25, 2019 09:24 AM

BATA INDIA share price has hit an all time high at Rs 1,470 (down 0.1%). The BSE FMCG Index is up by 0.1%. Among the top gainers in the BSE FMCG Index today are BATA INDIA (down 0.4%) and NESTLE (up 0.4%). The top losers include CCL PRODUCTS (down 0.1%) and KRBL (down 0.2%).

INDO COUNT Plunges by 6%; BSE 500 Index Up 0.1% (Today's Market)

Apr 25, 2019 09:20 AM

INDO COUNT share price has plunged by 6% and its current market price is Rs 44. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are FDC LTD. (up 4.3%) and AEGIS LOGISTICS (up 4.0%). The top losers is INDO COUNT (down 5.5%)..

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Apr 25, 2019 09:29 AM