Sensex Remains Flat; Coal India Leads the Gainers

Fri, 28 Oct 11:30 am

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After opening the day on a flat note, the <>Indian share markets have continued to trade near the dotted line. Sectoral indices are trading on a positive note with stocks in the metal sector and auto sector witnessing maximum buying interest.

The BSE Sensex is trading up 20 points (up 0.1%) and the NSE Nifty is trading up 15 points (up 0.2%). The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 66.85 to the US$.

The latest initial public offer (IPO) in town, PNB Housing Finance has received positive response as high net worth individuals (HNIs) and institutional investors bade aggressively for the allotment. The Rs 30 billion IPO of the company was subscribed nearly 30 times on the final day of the issue.

At the closing bell yesterday, the institutional quota was subscribed 86.2 times, the HNI quota was subscribed close to 68 times, while the retail quota was subscribed 1.2 times.

The IPO was the second largest public issue of shares this year in the domestic market.

As far as IPOs are concerned, listing gains and over subscription of the issues have caught the eye of market participants. With this euphoria, there are many more IPOs lined up in the coming days. This begs the question: What should be one's approach towards IPOs?

In our view, one should not get swayed away by the buoyancy surrounding IPOs. Instead, what one should look for in IPOs is the fundamentals of the business and the attractiveness of valuations.

Giving a doubtful IPO a miss can in no way reduce your chances to create long-term wealth. There are several big IPOs in the pipeline in the last few months of 2016. In case you wish to run them through a handy checklist, we have something for you. Download our Handbook of IPOs to be able to pick only the right ones for you.

In the global financial markets, data released this week showed that US orders for long lasting manufactured goods fell slightly in September.

Total durable goods orders, which include transportation items, dropped 0.1% last month. However, excluding the defense spending, durable goods orders rose by 0.7%.

Core capital goods orders, viewed as a key measure of business investment, slumped 1.2% during September. This was viewed as the largest drop since February.

Further, a separate report released during the week showed the number of Americans filing for unemployment benefits fell by 3,000 to 258,000 last week. The report pointed to a sustained labor market strength and firming economic growth.

The above reports led to volatility in US stocks markets as well as the dollar. Market participants are now turning their attention to Friday's data on US third quarter GDP data.

The above data has fuelled expectations of a US interest rate hike at the Fed's December meeting. The Fed minutes of the September 20-21 meeting have largely reinforced market expectations of a rate hike in December, after the US presidential election.

The Federal Reserve has two more policy meetings this year, one in early November and a second in mid-December. In their economic projections released last month, 14 of 17 Fed officials indicated they expected to raise rates before the end of this year.

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