After opening the day marginally lower, the Indian share markets witnessed losses and went on to trade in the red. Sectoral indices are trading on a negative note with stocks from the realty sector and the consumer durables sectorwitnessing maximum selling pressure.
The BSE Sensex is trading down 148 points (down 0.5%) and the NSE Nifty is trading down 69 points (down 0.7%). Meanwhile, the BSE Mid Cap index is trading down by 1.2%, while the BSE Small Cap index is trading down 1%. The rupee is trading at 64.37 to the US$.
In the news from the initial public offer (IPO) space… The IPO of Ahmedabad-based PSP Projects has been subscribed 13% on the second day of the bidding process today.
Retail demand came good with nearly half of the quota limit for retail individual investors (RIIs) seeing subscription.
The price band for the issue is set at Rs 205-210 per share.
Apart from the above, The IPO of IRB InvIT got listed at Rs 103.25 on Indian bourses today.
This was the first infrastructure investment trust to get listed and had been oversubscribed 8.57 times. The IPO was sold in the price band of Rs 100-102.
Speaking of IPOs, a dozen of IPOs are lined up in the upcoming months. And given the recent buoyancy surrounding IPOs, market participants are looking forward to most of the upcoming issues. The buoyancy in the IPO space can be seen from the huge retail participation in some of the recent IPOs.
Huge Retail Participation in IPOs
But no matter what picture the present trend paints, one should look at the fundamentals of the business and the attractiveness of valuations in each and every IPO.
In case you wish to run IPOs through a handy checklist, you can download our Handbook of IPOs.
Moving on to the news from the commodity markets… Precious metals gold and silver are witnessing buying interest today.
Most of the gains are seen on the back of the political turmoil in the United States and tempered expectations for an aggressive string of interest rate hikes by the US Fed.
