Sensex Opens Over 100 Points Up; Realty and Automobiles Stocks Lead

Thu, 12 Dec 09:30 am

   Previous Close   

   Pre-Open   

   12:30 pm   

   Closing   

Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is flat while the Hang Seng is up 1.3%. The Nikkei 225 is trading up by 0.2%. Wall Street's main stock indices ended modestly higher on Wednesday after the US Federal Reserve held interest rates steady and signaled that borrowing costs are likely to remain unchanged indefinitely.

Back home, India share markets opened higher. The BSE Sensex is trading up by 109 points while the NSE Nifty is trading up by 36 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.4% and 0.2% respectively.

Barring telecom stocks, all sectoral indices have opened the day in green with realty and automobiles stocks witnessing buying interest.

The rupee is currently trading at 70.70 against the US$.

In the news from the banking sector. The Union cabinet on Wednesday moved to prevent frivolous bankruptcy filings and shield potential bidders from the crimes of previous managements, besides liberalizing a budget initiative to boost liquidity for non-bank lenders.

Financial creditors such as homebuyers and bondholders represented by an authorized representative will now have to meet an additional threshold, which is yet to be specified to take a company to bankruptcy courts.

The large number of such creditors and the existing low threshold of Rs 1 lakh exposure had made many corporate debtors vulnerable to bankruptcy cases even for the slightest delays.

The change is expected to deter creditors, who have aggressively used IBC as a loan recovery tool.

The second major change is to ring-fence a company undergoing bankruptcy proceedings so that a successful bidder bringing in the much-needed investment to turn it around is protected from criminal proceedings against offences committed by the previous management and promoters.

The amendments will make IBC prevail over other laws including the Prevention of Money Laundering Act.

The move will help in the rescue of bankrupt Bhushan Power and Steel Ltd (BPSL) by the second-largest private steelmaker in the country, JSW Steel Ltd, a transaction which has got complicated due to a probe by the Enforcement Directorate and the attachment of BSPL's assets.

The government also cleared tweaking the partial credit guarantee scheme in what may improve liquidity for non-banking financial companies (NBFCs) and housing finance companies.

The revised scheme will make NBFCs that show signs of stress and have slipped into a class called special mention account in the one year leading up to August 2018 eligible for the credit guarantee scheme.

The scheme, announced in the July budget, seeks to enable cash-strapped NBFCs to raise money from banks for on-lending to the priority sector, which includes small and medium businesses and the farm sector.

According to the latest announcement, NBFCs with lower rating or "investment rating" but with good quality loans will be included in the partial credit guarantee scheme.

How this pans out going forward remains to be seen.

Moving on to the news from the IPO space. After a massive 166 times subscription to its initial public offering (IPO), all eyes are now on the listing of Ujjivan Small Finance Bank scheduled today.

Strong response to the Rs 7.5-billion public issue suggests a stellar opening.

Speaking of IPOs, 2019 has seen some of the most mindbogglingly profitable IPOs.

The top six IPOs of the year have given high double-digit and triple-digit returns so far - IRCTC (180%), IndiaMART InterMESH (121%), Affle India (105%), Neogen Chemicals (73%) and Polycab India (72%).

In a recent edition of The 5 Minute WrapUp, Ankit Shah shares how IPOs offer insights into the mood of the stock markets.

He picked the six most successful IPOs of the year and checked the retail investor enthusiasm for them.

Obviously, all these IPOs were oversubscribed across investor categories. But the level of retail investor enthusiasm differed widely, depending on the overall market sentiments. This can be seen in the chart below:

Are Retail Investors Back in the IPO Game?

Here's what Ankit wrote about it...

• Clearly, IRCTC witnessed the highest number of bids for the retail category. Factoring in the discount of Rs 10 per share for the retail category, the total bids were worth a whopping Rs 3,242 crore. Over five times the entire IPO size!
  
  Polycab India and the recent IPO of CSB Bank also received a strong thumbs-up from retail investors.

Does this hint that retail investors are coming back to the markets? Could we witness of flurry of IPOs in the coming months?

Ankit is keeping a close watch and going to pick all the profitable IPOs for his readers at Insider.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers