Sensex Nears All Time High; Metal & Auto Stocks Rise

Mon, 18 Dec 01:30 pm

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Indian share markets continue to trade on a strong note after plummeting 850 points in opening trade as the BJP headed for a victory in Gujarat to retain its nearly two-decade stranglehold over power, and also stayed on course to oust the Congress in Himachal Pradesh. Sensex inched closer to the all-time intra-day high of all-time high 33,865.95.

The BSE Sensex is trading higher by 290 points and the NSE Nifty is trading higher by 93 points. Meanwhile, the BSE Mid Cap index is trading up by 1.4% & the BSE Small Cap index is up by 0.9%. Gains are largely seen in metal stocks, auto stocks and pharma stocks. The rupee is trading at 64.09 to the US$.

In news from IPO segment, ICICI Securities, a subsidiary of private sector lender ICICI Bank, has filed draft red herring prospectus (DRHP) with the market regulator to raise an estimated Rs 30-40 billion through an Initial Public Offering (IPO).

The public offer will comprise sale of 64,428,280 equity shares, amounting to 20 percent stake, by ICICI Bank.

The company intends to use a portion of the net proceeds to achieve the benefit of listing the equity shares on the stock exchanges.

Reportedly, ICICI Bank will be diluting its stake in ICICI Securities. ICICI bank share price was trading up by 2.3% on the BSE.

In another development, Future Supply Chain solutions share price was trading up by 3.8% from its issue price of Rs 664 per share.

The offering, which was open for subscription between December 6 and December 8, was subscribed 7.56 times. The issue price was fixed at Rs 664 per share i.e. at upper end of price band of Rs 660 - 664 apiece.

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.

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%.

Moving on to news from software sector. As per a leading financial daily, Wipro has entered into a partnership with Headspin, a San Francisco-based powerful, easy-to-use mobile experience platform, to offer next-generation mobility quality engineering and testing solutions on global mobile networks.

Wipro Ventures, the strategic investment arm of Wipro that is focused on investing in early- to mid-stage startups, made an investment in Headspin in October 2017.

This partnership will leverage Headspin's network of 22,000 mobile devices deployed in carrier networks across 150 locations and Wipro's industry quality assurance capabilities to bring significant value to customers.

Wipro share price was trading up by 0.6% at the time of writing.

In news from the economy, Reserve Bank of India (RBI) Governor Urjit Patel has said that with growth picking up in the second quarter of the current financial year, the economic slowdown may have bottomed out.

He stated that the recent growth numbers may have disappointed some in the first quarter of this fiscal year, but the second quarter has recorded an uptick and the slowdown may well be bottoming out.

The RBI governor in a speech at a conference said, while structural changes, such as the introduction of the Goods and Services Tax (GST), may result in temporary disruptions, they were "efficiency augmenting" in the medium to long term. He said the current account deficit "remains within sustainable levels", and other indicators of external viability also reflected a healthy improvement.

He further said that to add one more important reform to the list, there has been substantial liberalisation of Foreign Direct Investment (FDI) policy, embraced by FDI investors with record inflows to India. He added that domestic financial markets have shown resilience and stability in spite of escalation of global geopolitical uncertainty and heightened volatility in financial markets.

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