Sensex Ends Day in Green; Bank Stocks Top Gainers

Fri, 3 Nov Closing

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After opening the day flat, share markets in India witnessed volatile trading activity throughout the day but managed to end the day on a strong note. Gains were seen across most sectors with stocks in the banking sector and stocks in the capital goods sector, leading the gains.

At the closing bell, the BSE Sensex stood higher by 112 points (up 0.3%) and the NSE Nifty closed up by 29 points (up 0.3%). The BSE Mid Cap index ended the day flat, while the BSE Small Cap index ended the day up by 0.5%.

Asian stock markets finished in green. As of the most recent closing prices, the Hang Seng was flat and the Shanghai Composite was up by 0.3%. The Nikkei 225 was up by 0.5%. European markets too were trading in green. The FTSE was 100 up by 0.3%. The DAX was higher by 0.3% while the CAC 40 was up by 0.1%.

The rupee was trading at Rs 64.59 against the US$ in the afternoon session. Oil prices were trading at US$ 54.85 at the time of writing.

In the news from the telecom sector, Bharti Airtel share price witnessed buying interest today after about 185 million equity shares of the company changed hands in a block deal.

The development comes after Bharti Telecom, the promoter firm of Bharti Airtel, last week said that it will acquire additional up to 184.7 million shares or 4.6% at market price in the telecom major on or after November 3.

As per the news, Bharti Telecom acquired 184,710,183 equity shares of Bharti Airtel from another promoter firm of the company - Indian Continent Investment Limited (ICIL). As per the regulatory filing, the transfer was done at price of Rs 417.35 per share derived with weighted average market price of 60 days trading period.

With the above transaction, Bharti Telecom's stake in Bharti Airtel has increased to 50.1% from 45.48% earlier.

As you may know by now, our team has been working on a project to track the smartest minds in value investing and has compiled a special report on them, called The Superinvestors of India.

Click here to get a free copy.

Now, because of insights from these interactions, Kunal has his eyes glued on insider activity and bulk and block deals. As he writes...'The three approaches - tracking superinvestor shareholdings, catching these moves early through bulk and block deal disclosures, and keeping tabs on changes in promoter holdings - have unveiled some critical smart money secrets...'

In other news, the IPO of Khadim India Ltd got subscribed 34% so far on its second day of subscription offer.

As per the NSE data, the IPO received bids for around 17.2 lakh shares against 50.7 lakh shared offered by the company.

Incorporated in 1981, Khadim India Limited is Kolkata based second largest footwear retailer in India. The company operates exclusive retail stores under the 'Khadims' brand with major presence in East India.

The company operates through two business verticals: retail and distribution.

The company's retail business operates through its exclusive retail stores catering to middle and upper middle-income consumers in large cities. The company here has over 853 'Khadims' branded exclusive retail stores. Out of this, 168 are company owned and operated outlets (COO) and the remaining are franchisee operated stores (which are further categorized as exclusive branded outlets (EBO), branded outlets (BO) and franchisee run and managed outlets (FRM)). The retail business constitutes over 70% of the company's net revenue. Over 85% of products sold through the company's retail stores are manufactured by outsourced vendors.

Coming to the distribution business, the company here operates through a wide network of distributors catering to lower and middle-income consumers. The company has a network of 377 distributors in this segment who distribute the company's products to multi-brand-outlets (MBOs) across India. The distribution business constituted over 27% of the company's net revenue. A large portion of products sold through distributors are manufactured by the company at its two owned manufacturing facilities and through two outsourced contract manufacturing facilities.

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. However, is it worth investing in IPOs?

If past record is anything to go by, barring a few names that have quality, most IPO companies fail to live up to the hype. Also, the BSE IPO index has underperformed the Sensex over the past decade, as can be seen from the chart below:

BSE IPO Index vis-a-vis Sensex

So, an investor blindly following the IPO hype might have done better following the Sensex.

But does that mean that we should completely ignore IPOs? Here's a snip from a recent issue of The 5 Minute WrapUp answering the same...

• While it's necessary to be cautious on IPOs, you don't need to completely ignore them either.
  
  For every Reliance Power - like issue, there have been issues like Maruti, TCS, and Jubilant Foodworks Ltd (with returns over 4,000%, 1,000% and 500% respectively) that have made investors rich.
  
  The percentage of such issues, unfortunately, is very low (Check this IPO performance snapshot). The odds are stacked against a retail investor.
  
  A careful evaluation of each IPO on its merits - its fundamentals, and most importantly, valuations - is the only way to spot future multi-baggers.

To learn how to navigate the treacherous world of IPOs, do read our special report on finding money-spinning IPOs.

And here's a note from Profit Hunter:

The Nifty 50 Index traded another week on a strong note. On Monday, it opened the session higher and continued to trade up to close positive. The index witnessed some selling pressure the next day, but the bears couldn't hold it down. On Wednesday, the index gapped up 55 points to hit a new lifetime high after India received a boost from World Bank for ease of doing business. Finally, on Friday, the index continued to trade positive and ended the weekly session at its life high - up 1.30%.

The index formed a hanging man candlestick pattern on the daily chart, which is a short term reversal pattern. A negative open and close in the next trading session will validate the pattern. This could mean a short term correction on cards.

From the low of 9,688 to today's close 10,452, the index has rallied one-sided in the past one month - up 7.90%.

Will the hanging man pattern bring in correction for the Indian markets or will the index continue with its steady momentum? Let's wait and watch...

Nifty 50 Index Ends at Life High

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

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Indian Share Market Update: Top Gainers and Losers