Sensex Trades in Red; Bank Stocks Top Losers

Thu, 30 Nov 11:30 am

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After opening the day in red, share markets in India have continued the downtrend and are presently trading in red. Sectoral indices are trading on a negative note, with stocks in the banking sector and stocks in the PSU sector leading the losses.

The BSE Sensex is trading down by 270 points (down 0.8%) and the NSE Nifty is trading down by 80 points (down 0.8%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading down by 0.1%. The rupee is trading at 64.42 to the US$.

In news from global cryptocurrencies. Bitcoin's stellar rise has been hitting the headlines recently. Bitcoin went up by 121% in 2016 making it the best performing asset class of that year. After such a phenomenal rise, one would think it would run out of steam; but instead, bitcoin has continued to surge unabated and is up by a whopping 960% since the beginning of this year.

Bitcoin saw a massive, sudden spike just after it broke through the closely watched milestone of US$ 10,000 per bitcoin. The cryptocurrency traded at an all-time high of US$ 11,377, according to industry site CoinDesk.

Bitcoin Continues Stellar Rise

The price however, dropped drastically to US$ 9,200 from the all-time high after many users found themselves locked out of two of the biggest cryptocurrency exchanges in the US. This underlines the volatility in bitcoin and other cryptocurrencies.

Bitcoin and cryptocurrencies are a curious bunch. They have no central bank backing and have not yet been regulated. Yet they seem to have found favour among a large number of people, with demand for them growing every day. There are over 800 cryptocurrencies in existence today, with new ones being added to the list every day.

While the world of digital currencies is intriguing, it can get very confusing for the layman. Our very own, Ankit Shah, Research Analyst, has taken upon himself to study cryptocurrencies and help our readers understand them.

Here's Ankit in a recent edition of Equitymaster Insider:

• I've been studying and tracking bitcoin for a while, and though I still understand very little about it, I believe that it is a revolutionary technology that could transform a range of businesses and money itself. It would be naive to dismiss it as a passing fad.
  
  I want my readers to be on top of the biggest megatrends in the global economy. So, you can expect to hear about bitcoin whenever there is an important update or insight.

Ankit has also released a premium guide for Equitymaster Insider subscribers, titled Bitcoin 101 which contains everything you need to know about bitcoins and other digital currencies.

If you haven't been receiving Ankit's insights, get on the Insider's list now.

Moving on to news from the IPO space. Future Group's logistics arm, Future Supply Chain has come out with its initial public offering (IPO).

Kishore Biyani-led Future Group, today said the promoters and PE investor Griffin will together sell 24.4% to raise up to Rs 6.5 billion through the initial public offer that hits the market on December 6.

The company has fixed a price band of Rs 655-660 for the issue which will offer up to 9.7 million equity shares with a face value of Rs 10 each, and an offer-for-sale of up to 7.8 million shares or 20% equity by Griffin Partners. That apart, the promoters, Future Enterprises, will dilute up to 1.9 million shares constituting 4.4% of equity, bringing the total offer up to 24.4% of the post-offer paid up equity share capital.

Most of the proceeds from the issue will go to the Griffin Partners while the rest to the promoter group. Griffin Partners held 40% in the company and it will offload 20% of this stake through the IPO, post which the PE will continue to hold 15.1%.

As of September, the company runs contract logistics operations through 42 distribution centres, covering around 3.8 million sqft warehouse space and also operates 2 distribution centres for customers, covering 0.4 million sqft warehouse space. The company offers third party logistics to both Future Group and non-group companies, with revenues from both companies being equal.

Future Supply Chain's IPO hits the markets on 6 December 2017 and will remain open till 8 December.

But do the company's fundamentals justify the price it is asking for in the primary market? We will shortly release an IPO note, with our recommendation for the Future Supply Chain IPO, you can access it here.

With multiple offerings lined up, it becomes difficult to evaluate and pick out the best opportunity, if any exists. Not all IPOs will have fortunes like the D-Mart IPO, as the IPO game is inherently rigged against the retail investor.

We don't need to back all the IPOs to get rich. But a few good IPOs could certainly become the multibagger in your portfolio in a few years.

We have come out with a special report titled, How to Get Rich with IPOs. It is a comprehensive report that aims to cut through all the hoopla surrounding IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

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