Weak Finish to the Week; Realty & Metal Stocks Fall the Most

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Indian share markets witnessed intense selling pressure in the afternoon session and finished deep in red as economic data failed to boost market sentiments amid weak European markets.

At the closing bell, the BSE Sensex closed lower by 316 points and the NSE Nifty finished lower by 105 points. The S&P BSE Mid Cap finished down by 1% while S&P BSE Small Cap finished down by 1.2%. Losses were largely seen in metal sector, realty sector and energy sector.

Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.41% and the Shanghai Composite rose 0.01%. The Hang Seng lost 0.35%. European markets are lower today. The DAX is down 1.06% while the CAC 40 is down 0.96%. The FTSE 100 is off 0.22%.

Rupee was trading at Rs 64.43 against the US$ in the afternoon session. Oil prices were trading at US$ 57.72 at the time of writing.

In news from the automobile sector, Ashok Leyland share price surged 2.2% in today's trade after the company reported a jump of 51% in November sales to 14,460 units, as against 9,574 units sold in the same month of last year.

The company reported a rise of 54% in its medium and heavy commercial vehicle (M&HCV) products segment to 10,641 units in November 2017, as compared to 6,928 units in November 2016.

The light commercial vehicle (LCV) segment of the company registered sales of 3,819 units in November, a jump of 44%, as compared to 2,646 units sold in November 2016.

Meanwhile, Maruti Suzuki India Ltd a 14.3% year-on-year rise in domestic sales to 144,297 units for the month of November.

Having surpassed Mahindra and Mahindra Ltd as India's largest utility vehicle maker in July, Maruti posted a 34% rise over the year ago in this segment to clock 23,072 units. The S-Cross and Vitara Brezza have found favour with consumers as compact SUVs.

Maruti Suzuki share price finished the day up by 0.1%.

Moving on to the news from the economy. In a positive surprise, India's manufacturing sector growth touched a thirteen-month high in November, driven by an accelerated increase in new orders, purchasing activity and output. It indicated a robust improvement in manufacturing business conditions.

The seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) - a composite single-figure indicator of manufacturing performance - climbed to 52.6 in November from 50.3 in October. A reading above 50 in terms of manufacturing performance indicates expansion.

In the month of November, the amount of new work received by manufacturers grew at fastest rate since October 2016, however capital goods market group could not catch this growth rate. Besides, new export business also rose for the first time in three months, but at marginal rate. As per survey report, a combination of higher order book volumes and a decrease in GST rates, has led to greater production.

Rising input costs, which grew at the fastest pace since April, remained the biggest concern for the manufacturers as increasing raw material prices including that for chemicals, steel and petroleum products, added upward pressure on output prices. However, the report found that intensive competitive conditions restricted the firms to fully pass on higher cost burdens to customers, resulting in marginal output charge inflation.

In news from IPO segment, Housing Development Finance Corporation (HDFC) has approved to offer a part of its shareholding in HDFC Asset Management Company (HDFC AMC), a subsidiary of the company, through Offer for Sale in the initial public offer (IPO) of HDFC AMC subject to market conditions as well as receipt of various applicable approvals.

The Indian asset management industry has seen strong business flows with increasing awareness of mutual fund products. The improving penetration levels of mutual fund products provide an interesting opportunity to channelize investments more productively.

HDFC share price finished down by 0.9% on the exchange.

Meanwhile, 2017 will undoubtedly be considered as the year of IPOs. The IPO activity is headed for a record. They have garnered more than Rs 650 billion, surpassing the previous record of Rs 375 billion in 2010. This year, the demand has exceeded expectations.

IPOs Underperform Broad Market Indices

What if one had invested in all the IPOs? How have the IPOs performed in 2017? And, have they outperformed the indices?

According to an article in Business Standard, an investor who bet on the 33 IPOs of 2017 (on a weighted average basis) has seen the value of investment rise by 17%. However, compared to broad market indices, the underperformance is a bitter disappointment.

Interestingly, if you take the Avenue Supermarts (D-mart) and HDFC Life out of the equation from the IPOs above, the gains drop to a meager 6%. Compared to this, the Sensex has gained 27%, while the small-cap index surged more than 50%.

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