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Sensex Trades Higher; HCL Technologies & SBI Top Gainers
Wed, 23 Oct 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks in the consumer durables sector, IT sector and automobile sector witnessing buying interest, while oil & gas stocks and realty stocks are trading in red.

The BSE Sensex is trading up by 201 points while the NSE Nifty is trading up by 53 points. The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.6%.

The rupee is trading at Rs 70.93 against the US$.

Market participants are tracking Aarti Drugs share price, Bajaj Auto share price, and Hero MotoCorp share price as these companies are set to announce their September quarter (Q2FY20) results later today.

In latest developments from the IPO space, Ujjivan Small Finance Bank has received market regulators go ahead to raise Rs 12 billion through an initial public offer (IPO).

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The bank, which had filed draft papers with the regulator in August, obtained its observations on October 16.

As per the draft papers, the bank is proposing to undertake IPO of equity shares of face value of Rs 10 each, comprising a fresh issue of shares aggregating up to Rs 120 billion.

Microfinance lender Ujjivan Financial Services is the holding company of the bank.

The proposed issue includes reservation of equity shares aggregating up to around Rs 1.2 billion for subscription by eligible shareholders of Ujjivan Financial.

The proceeds of the issue will be utilised towards augmenting the company's capital base to meet future requirements.

Ujjivan Financial Services had raised Rs 3 billion in February from investors, including HDFC Life and Sundaram MF, in a pre-IPO placement. The funding valued the company at around Rs 20 billion.

Ujjivan Small Finance Bank will join listed peers like AU Small Finance Bank after the IPO.

Speaking of IPOs, the year 2019 hasn't seen much activity in the IPO market. Since the start of the year, there have been just 13 IPOs on the BSE main board.

Even the ones that hit the primary markets were mostly small to mid-sized IPOs. And no mega IPOs.

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Very few companies come out with IPOs during bearish market conditions. So, when the IPO market is sluggish, you must take that as an indicator of market sentiment and liquidity conditions.

However, it is interesting to note that despite the tepid market conditions, most of the companies gave positive listing day gains.

In fact, if you had invested in each one of them and held them till now, your gains would have been even better.

The chart below shows the top five performing IPOs of 2019:

Top 5 Performing IPOs of 2019

As you can see in the chart, the best IPOs of 2019 have delivered fantastic returns. In fact, 10 of the 13 companies have delivered positive returns.

So, unlike bull markets wherein selling shareholders do their best to squeeze the highest price, bear markets often offer fantastic opportunities to spot great companies and get onboard early on.

Moving on to news from the IT sector, Infosys share price is in focus today. Shares of the company rebounded after falling over 4% in early trade today.

Yesterday, shares of Infosys saw a massive loss of 16.2% after a whistle-blowers' complaint spooked investors, erasing Rs 534.5 billion from its market valuation.

The stock of the company registered its biggest fall in over six years after a letter by anonymous employees surfaced, accusing Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of unethical practices for several quarters.

The letter accused CEO Salil Parekh and CFO Nilanjan Roy of 'wilful misstatement' and 'accounting irregularities' to make the company's performance look good.

The employees said they have email and voice recordings of these issues to prove their claim which they intend to submit during the course of investigation.

Reports state that the market regulator may probe any possibility of insider trading in the stock given the huge build-up in short positions.

The audit committee may also question former CFO and Deputy CFO with respect to the whistle-blowers' complaints.

In a statement to exchanges, Nilekani said that the committee began consultation with independent internal auditors EY and retained law firm Shardul Amarchand Mangaldas & Co to conduct an independent investigation.

How this development pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

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!

Read the latest Market Commentary

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Stock Market Updates

ASTER DM HEALTHCARE LTD Plunges by 6%; BSE HEALTHCARE Index Up 0.6% (Today's Market)

Nov 15, 2019 12:36 PM

ASTER DM HEALTHCARE LTD share price has plunged by 6% and its current market price is Rs 158. The BSE HEALTHCARE is up by 0.6%. The top gainers in the BSE HEALTHCARE Index are GLENMARK PHARMA (up 5.2%) and SUN PHARMA ADV. RES. (up 3.7%). The top losers are ASTER DM HEALTHCARE LTD (down 5.7%) and FORTIS HEALTHCARE (down 7.2%).

ICICI BANK at All Time High; BSE BANKEX Index Up 1.0% (Today's Market)

Nov 15, 2019 12:31 PM

ICICI BANK share price has hit an all time high at Rs 510 (up 1.1%). The BSE BANKEX Index is up by 1.0%. Among the top gainers in the BSE BANKEX Index today are ICICI BANK (up 1.1%) and KOTAK MAHINDRA BANK (up 0.7%). The top losers include INDUSIND BANK (down 0.4%) and AXIS BANK (down 0.5%).

Indian Indices Trade Higher; Bharti Airtel & SBI Top Gainers (Today's Market)

Nov 15, 2019 12:30 pm

Indian share markets are trading on a positive note with the BSE Sensex up by 227 points while NSE Nifty is trading higher by 62 points.

SBI Surges by 5%; BSE BANKEX Index Up 1.0% (Today's Market)

Nov 15, 2019 12:26 PM

SBI share price has surged by 5% and its current market price is Rs 322. The BSE BANKEX is up by 1.0%. The top gainers in the BSE BANKEX Index is SBI (up 5.1%). The top losers are INDUSIND BANK (down 0.3%) and AXIS BANK (down 0.5%).

AU SMALL FINANCE BANK Plunges by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Nov 15, 2019 11:56 AM

AU SMALL FINANCE BANK share price has plunged by 5% and its current market price is Rs 826. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index are SBI (up 4.3%) and BANK OF BARODA (up 1.6%). The top losers is AU SMALL FINANCE BANK (down 5.3%).

FORTIS HEALTHCARE Plunges by 11%; BSE 500 Index Up 0.4% (Today's Market)

Nov 15, 2019 10:59 AM

FORTIS HEALTHCARE share price has plunged by 11% and its current market price is Rs 161. The BSE 500 is up by 0.4%. The top gainers in the BSE 500 Index are CORPORATION BANK (up 17.2%) and CENTRAL BANK (up 9.8%). The top losers is FORTIS HEALTHCARE (down 10.9%).

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