The benchmark Sensex is 2.4 per cent shy of a new lifetime high but the market capitalisation (m-cap) of all companies listed on the BSE is already in the record books. At Thursday's (August 18) closing price, the total m-cap of 4,776 firms on the BSE stood at Rs 280.5 trillion, surpassing the previous high of Rs 280 trillion on January 17. This, even if the Nifty Midcap 100 is currently 5.4 per cent below its lifetime high, while the Nifty Smallcap 100 index is down over 20 per cent.
Trading volumes for the equities cash segment remained soft, even as the benchmark indices rallied nearly 9 per cent in July. Meanwhile, volumes in the futures and options (F&O) market dipped marginally, but continued to hover at record levels. In July, the average daily turnover (ADTV) for the cash segment was Rs 46,602 crore, up 4.5 per cent month-on-month (MoM), but 26 per cent lower than the preceding 12-month average.
A new generation of investors has taken to stock trading on mobile phones with a renewed zeal, driven mainly by social changes after the Covid-19 pandemic breakout. The proportion of the cash market turnover ascribed to mobile phones has jumped from 5.3 per cent in June 2019 to 18.7 per cent in June this year, reveals BSE data. The share of mobile trading on the National Stock Exchange (NSE) for June this year stood at 19.5 per cent.
Investors have scaled back their allocation to equities as pessimism has reached "dire" levels due to cloudy economic outlook, according to the latest Bank of America (BofA) monthly global fund manager survey that covered nearly 300 money managers with combined assets of $800 billion. The survey showed that the expectations for global growth and profits are at all-time lows and cash levels are at highest since the 9/11 attacks. Interest rate hikes by central banks, the unwinding of an easy monetary regime, disruptions in global supply chains, and fears of recession have heightened market volatility since the beginning of the year.
Equity mutual funds (MFs) deployed maximum in shares of Reliance Industries (RIL) in June at Rs 2,177 crore, followed by Maruti Suzuki (Rs 2,045 crore) and Bharti Airtel (Rs 1,310 crore). Shares of both RIL and Bharti Airtel have been turbulent this month. On July 1, shares of RIL crashed over 7 per cent, following the government imposing windfall taxes on domestic crude oil production and fuel exports.
Initial public offerings (IPOs) have attracted droves of retail investors to the stock market in CY22. But these applicants have lost money on 40 per cent of the fresh issues this year - a trend that may impact sentiment towards maiden share sales during the remaining part of the year. Of the 14 companies that have listed this year, five have closed below their issue price.
'A soft landing of the Indian economy would be a long-term positive for the equity markets.'
LIC's $2.7-billion initial public offering (IPO) shall be the fifth-biggest globally in CY22. South Korean EV battery maker LG Energy Solution holds the record for the year's largest IPO at $10.8 billion, while Chinese mobile communications provider China Mobile IPO, which raised $8.6 billion, comes second. Dubai Electricity and Water Authority's (DEWA's) $6.1-billion IPO in March is currently the third biggest public offering for the year, followed by China National Offshore Oil Corporation's (CNOOC's) IPO; the firm had raised $5.1 billion by issuing shares in Mainland China after delisting from the American bourses.
'A patient visits for any other treatment, but a routine Covid test finds him to be positive.' 'Not only are they, but their whole family is also coming out to be positive.'
The number of draft red herring prospectuses (DRHPs) filed with the markets regulator - Securities and Exchange Board of India (Sebi) - jumped nearly fivefold to 145 in 2021-22 (FY22), compared with just 30 in the preceding financial year (2020-21, or FY21). This was on account of companies rushing to take advantage of a favourable market sentiment towards initial public offerings (IPOs), triggered by an influx of new investors, surge in the secondary market, and encouraging performance of newly listed stocks. In fact, DRHPs filed in FY22 was 4x the previous 10-year average and the highest since 2007-08, according to primary market tracker PRIME Database.
Experts say companies wanting to launch IPOs will have to scale back their expectations given the fall in valuations.
'We now understand things that we have to correct.'
Once stability returns to the secondary market, companies that have obtained approval from Sebi will start tapping the market.
'Earning expectations remain strong.'
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Year 2021 was another great year for fund-raising through equities. A total of Rs 1.8 trillion was raised through initial public offerings (IPOs), qualified institutional placements (QIPs), and rights issues, against the Rs 1.7 trillion raised in the previous year. Funds raised through IPOs quadrupled, while those from rights issues and QIPs reduced.
The expected interest rate hike in the US and the resultant volatility in the domestic secondary market could play a dampener to the over Rs 2-trillion initial public offering (IPO) pipeline in 2022. IPOs in 2022 look promising, with as many as 35 companies holding the Securities and Exchange Board of India's approval to raise roughly Rs 50,000 crore. Another 33 companies are waiting for the regulator's nod to raise around Rs 60,000 crore next year.
Bharat Biotech is targeting to manufacture one billion doses of its intra-nasal vaccine in 2022 which is under clinical trials now.
'Antibodies remain in the blood for at least seven to nine months.'
After dropping to a low of Rs 1,298 apiece, the stock finished at Rs 1,380, its lowest level since November 22, the second day of listing.
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