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Sensex Trades Marginally Higher; ITC & Reliance Top Gainers
Thu, 24 Jan 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading marginally higher. Sectoral indices are trading mixed with stocks in the energy sector and realty sector witnessing maximum buying interest while telecom stocks and capital goods stocks are witnessing selling pressure.

The BSE Sensex is trading up by 60 points (up 0.2%), while the NSE Nifty is trading up by 11 points (up 0.1%). The BSE Mid Cap index is trading down by 0.2% while the BSE Small Cap index is trading down by 0.3%.

The rupee is trading at Rs 71.27 against the US$.

The rupee strengthened 14 paise to 71.19 against the dollar at the interbank forex market today on increased selling of the American currency by exporters and banks.

Dollar's weakness against other currencies overseas amid fears of a slowing global economy and US government's record-long shutdown and early gains in domestic equity markets supported the rupee.

On Wednesday, the rupee had snapped its three-day losing streak and settled higher by 11 paise at 71.33 against the US dollar.

Market participants are tracking Yes bank, Ultratech cement, Mphasis, Pfizer, PVR as they announce their December ended quarter results today.

You can also read our analysis of some recently released Q3FY19 results: Infosys, TCS, Trident, HDFC bank, NIIT Technologies, Asian Paints, TVS Motor, Havells.

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In the news from the auto sector, M&M share price is witnessing selling pressure today on concerns of lower volume growth of farm division.

Shares of the company were trading at their lowest levels since December 2017.

So far this month, the auto company has underperformed the market by falling 15% after reporting disappointing sales numbers of farm equipment sector for December 2018 due to tight liquidity and low buying sentiment.

The company said that it has sold 17,404 units of tractors in December, down 6% as compared to 18,488 units sold in the same month last year.

The company's total sales on the automotive business front remained flat with 39,755 units sold in December buoyed by strong performance in exports. It had sold 39,200 units sold in the same month of the previous year.

M&M share price is presently trading down by 0.5%.

Speaking of the auto sector, note that one out of every three household in India is a buyer of their products. They own some of the cult brands in Indian automobile space.

They have formidable R&D teams. They have been through several economic cycles over decades. Few have even visited near-bankruptcy in the past and come out successful.

Yet, some of the biggest passenger car, commercial vehicle, and two-wheeler companies in India have seen a huge dent in valuations in recent times. This is evident in the chart below:

Bluechip Auto Are Stocks Way Off Their Valuation Peaks

Tanushree Banerjee, Co-head of Research at Equitymaster believes, this could be the opportunity long term investors were waiting for.

Moving on to the news from the IPO space, the issue of Xelpmoc Design was subscribed 45% on the first day of the bidding process.

The issue received total bids for over 9,28,000 shares against the total issue size of 20,40,322 shares as of 5:30 pm on January 23.

The price band has been set at Rs 62-66 per share with face value of Rs 10. The IPO is open for subscription till January 25.

The company provides professional and technical consulting services, offering technology services and end-to-end technology solutions and support.

Its clients range from entrepreneurs and start-up enterprises to established companies, engaged in e-commerce, transportation and logistics, recruitment, financial services, social networking, and various other industries.

The Company proposes to utilize the net proceeds of the issue for the purchase of IT hardware and network equipment's for development centers in Kolkata and Hyderabad, purchase of fit outs for new development centers in Kolkata and Hyderabad, funding the working capital requirements of the company, and general corporate purposes.

In 2018, the markets regulator approved 71 IPO proposals as compared to 46 in 2017.

Speaking of IPO's, according to an article in The Economic Times, Indian stock exchanges ranked second globally in terms of IPOs, raising US$ 5.52 billion from 161 offerings till November this year. The US ranked first, raising US$ 60 billion from 261 IPOs.

Here's an excerpt from the article:

  • According to the report, the drop in IPOs could be attributed to reasons such as significant corrections in the stock markets in mid-cap and small-cap stocks.

    Further, the amount of volatility has increased due to uncertainties around global growth compounded by the ongoing US-China trade wars.

    In addition, there are a number of macroeconomic factors which are contributing uncertainties such as liquidity crises among non-bank lenders in India triggered by defaults done by a leading infrastructure finance company IL&FS and currency volatility (depreciation of the rupee), the report added.

With so many IPOs set to hit the markets, we at Equitymaster 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.

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Stock Market Updates

SADBHAV ENGINEERING Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.6% (Today's Market)

Oct 23, 2020 03:16 PM

SADBHAV ENGINEERING share price is trading up by 5% and its current market price is Rs 51. The BSE CAPITAL GOODS is up by 0.6%. The top gainers in the BSE CAPITAL GOODS Index is SADBHAV ENGINEERING (up 5.1%). The top losers are LAKSHMI MACHINE and BHARAT ELECTRONICS (down 0.8%).

OBEROI REALTY Share Price Down by 5%; BSE REALTY Index Down 0.9% (Today's Market)

Oct 23, 2020 03:16 PM

OBEROI REALTY share price is trading down by 5% and its current market price is Rs 482. The BSE REALTY is down by 0.9%. The top gainers in the BSE REALTY Index are MAHINDRA LIFESPACE (up 1.6%) and GODREJ PROPERTIES (up 0.7%). The top losers is OBEROI REALTY (down 5.3%).

GRINDWELL NORTON Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.8% (Today's Market)

Oct 23, 2020 03:06 PM

GRINDWELL NORTON share price is trading up by 5% and its current market price is Rs 570. The BSE CAPITAL GOODS is up by 0.8%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 5.2%). The top losers are BHARAT ELECTRONICS (down 0.3%) and THERMAX (down 0.4%).

APL APOLLO TUBES at All Time High; BSE CAPITAL GOODS Index Up 0.9% (Today's Market)

Oct 23, 2020 02:26 PM

APL APOLLO TUBES share price has hit an all time high at Rs 3,045 (up 2.5%). The BSE CAPITAL GOODS Index is up by 0.9%. Among the top gainers in the BSE CAPITAL GOODS Index today are APL APOLLO TUBES (up 2.5%) and HONEYWELL AUTOMATION (up 0.3%). The top losers include BHARAT ELECTRONICS (down 0.3%) and THERMAX (down 0.5%).

CENTRAL BANK Share Price Up by 7%; BSE BANKEX Index Down 0.1% (Today's Market)

Oct 23, 2020 02:24 PM

CENTRAL BANK share price is trading up by 7% and its current market price is Rs 11. The BSE BANKEX is down by 0.1%. The top gainers in the BSE BANKEX Index is CENTRAL BANK (up 6.8%). The top losers are SBI (down 0.2%) and FEDERAL BANK (down 0.4%).

Sensex Trades 120 Points Higher; Dow Futures Down by 47 Points (Today's Market)

Oct 23, 2020 12:30 pm

BSE Sensex is trading up by 120 points, while the NSE Nifty is trading up by 53 points.

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Oct 23, 2020 03:36 PM

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