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Sensex Finishes on a Weak Note; Realty & Metal Stocks Lead the Losses
Wed, 13 Dec Closing | Karan Janani, TM Team

After trading on a firm note, Indian share markets witnessed selling pressure in the afternoon session and finished well below the dotted line after disappointing economic data forced investors to tighten their exposure.

At the closing bell, the BSE Sensex closed lower by 175 points and the NSE Nifty finished lower by 47 points. The S&P BSE Mid Cap finished down by 0.9% while S&P BSE Small Cap finished down by 0.8%. Losses were largely seen in realty sector, metal sector and capital goods sector.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.49% and the Shanghai Composite rose 0.68%. The Nikkei 225 lost 0.47%. European markets are mixed. The FTSE 100 is higher by 0.04%, while the DAX is leading the CAC 40 lower. They are down 0.20% and 0.10% respectively.

Rupee was trading at Rs 64.45 against the US$ in the afternoon session. Oil prices were trading at US$ 57.61 at the time of writing.

In news from automobile sector, Ashok Leyland share price finished the day in green after it was reported that the company is planning to invest Rs 4 billion over the next two years in developing new products, including left-hand-driving trucks.

The company is working on left-hand-driving commercial vehicles to tap the potential export markets in Gulf countries and Africa.

The new products are also targeted for export markets. Currently, the company exports five per cent of its total volumes. The vehicles are primarily exported to Russia and Ukraine.

In another development, Ashok Leyland has reportedly inaugurated its West African headquarters in Abidjan. The inauguration of this facility is a big step towards offering specialised after-sales solutions to its customers in Ivory Coast and crafting trust for its brand.

Moreover, the company has also rolled out four left-hand drive models that include the Captain range of tippers, Boss range of trucks and two bus ranges - Hawk and Mitr.

Automobile stocks finished the day in red with Tata Motors share price and TVS motors share price leading the losses.

In news from the economy, an international development finance institution, the Asian Development Bank (ADB) has scaled down its current fiscal year gross domestic product (GDP) growth forecast for India to 6.7% from prior estimate of 7% citing tepid economic growth in the first half, demonetisation and transitory challenges of GST.

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However, it expects GDP to pick up in remaining two quarters of FY18 with the implementation of the government's structural reform measures like bank recapitalization and easement in compliance of GST.

In its latest outlook report, ADB noted that even if the economy reversed from 5 consecutive quarters of deceleration in the second quarter of fiscal year 2017, the rebound in the economy was weaker than expected due to rising crude oil prices, soft private investment growth, and weather-related risks to agriculture.

Asian Paints share price surged 2% in morning trade before finishing down by 0.1% after it was reported that the company has acquired 100% stake in Reno Chemicals Pharmaceuticals and Cosmetics (Reno), having its Registered Office at Santacruz East, Near Asian Paints, Mumbai.

The company has acquired 4,950 equity shares of the face value of Rs 100 for an amount of Rs 1.59 billion.

This step has been taken by the company with an objective of using the land and building of Reno to meet its growing infrastructure requirements.

Moving on to news from IPO segment. As per an article in The Livemint, Reliance Industries Ltd (RIL) chairman Mukesh Ambani is weighing an initial public offering (IPO) of mobile operator Reliance Jio Infocomm Ltd.

As per the reports, Mukesh Ambani is holding internal discussions about preparing to list Reliance Jio as soon as late 2018 or early 2019.

Reliance Jio, which hasn't made a profit since its official launch last year, is targeting to improve its financial performance before any share sale. Reliance Jio reported a net loss of Rs 2.71 billion (US$42 million) in the quarter ended 30 September, though the business made a profit before interest and taxes over the period.

Even as IPO activity in India is headed for a record year, investments by anchor investors have hit historic levels in 2017.

According to an article in Business Line, these investors pumped in over Rs 158 billion in companies that got listed on bourses this year, which is almost double of the nearly Rs 79 billion these marquee investors had invested in 2016.

Anchor investors are institutional investors who are offered shares in an IPO a day before the issue opens. They 'anchor' the IPO by subscribing to shares at a fixed price, creating a significant impact on pricing of IPOs.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

However, 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.

Below chart clearly shows the underperformance of IPOs.

IPOs Underperform Broad Market Indices

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%.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

And here's a note from Profit Hunter:

Hero Moto Corp is trading at an interesting point on the chart. Let's have a look.

The last time we reviewed the stock, it charted a multiple break-out. It broke below the rising trendline connected from the November 2016 low and a head-and-shoulder pattern. As a result, the stock plunged more than 7% from the break-out level.

Today, it started the session on a positive note, but it slipped lower as the overall market witnessed selling pressure. And due to this, the stock has now broke below the longer-term rising trendline connected from April 2013 low.

So does this indicate that the stock will continue the down move? Let's wait and watch.

Hero Moto Gives Multiple Break-Outs
Hero Moto Gives Multiple Break-Outs 

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