Besides being reasonably valued, the Indian Bank IPO has many triggers.
Top losers in the Sensex pack included ICICI Bank, Tata Steel, Vedanta, HDFC IndusInd Bank, Tata Motors, RIL and ONGC -- falling up to 4.45 per cent.
The 30-share BSE Sensex surged a whopping 2% or 467 points at 20,882 levels while the broader Nifty index ended at 6,189 levels up over 2% or 143 points from its previous close.
Buying in index heavyweights along with surge in banking counters lead the surge.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
The Sensex, Nifty and Bank Nifty roared to all-time closing highs, led by a buying frenzy in index heavyweight RIL and bolstered by a runaway rally in the banking stocks.
The biggest gainers in the Sensex pack were Sun Pharma, Bajaj Finance, Vedanta, Yes Bank, ICICI Bank, HDFC, Tata Motors, HCL Tech, IndusInd Bank and Axis Bank, rising up to 2.98 per cent.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
Losers included Bharti Airtel, SBI, Wipro, Vedanta, Maruti Suzuki, ICICI Bank, Axis Bank and Reliance Industries, falling up to 2.18 per cent.
Late selling in blue-chips like Reliance Industries, ITC, Infosys, TCS and Bharti Airtel dragged down the index from the record level to close flat.
ITC was the biggest gainer in the Sensex pack, rallying 3.14 per cent. Maruti Suzuki, Axis Bank, Hero MotoCorp, Vedanta, Asian Paints, M&M, HUL, Bajaj Auto and PowerGrid were among the other top gainers, rising up to 2.13 per cent.
Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services, tells Puneet Wadhwa that with Moody's upgrading India's sovereign rating and earnings growth coming back, the country will remain a hot destination for foreign investors.
The benchmark S&P BSE Sensex fell for the third day and closed 56.57 points lower at 19,748.19, dragged down by metal, realty and bank stocks ahead of the RBI's policy review next week.
At present there are 1,756 FIIs registered in the country. It takes a maximum of three weeks for an FII to register with Securities and Exchange Board of India.
Banking stocks felt the heat due to worries that the lending rate cuts will hit their bottom line
Even as concerns over PSU Banks' asset quality and growth rates remain, there are few that offer a favourable risk-reward equation.
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
While Vedanta was the biggest gainer in the Sensex pack rallying 4.67 per cent, others included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent.
Bankruptcy Code will consolidate existing laws related to liquidation and sick industries
Securities and Exchange Board of India has launched a full-fledged probe into the trading in Global Trust Bank stock, including alleged insider-trading prior to it being placed under moratorium and announcement of merger.\n\n\n\n
Sentiment got a leg-up after the Lok Sabha on Thursday gave its approval for Rs 80,000 crore recapitalisation bonds for strengthening public sector banks, traders said.
As the Indian banking sector is slowly discovering the growth potential of the retail segment, investors need to carefully evaluate the strategies of banks for the retail segment.
Appreciating rupee against the dollar and fresh buying by domestic institutional investors added to the momentum
In absolute terms, the year closed with the market capitalisation of all BSE-listed companies rising by Rs 45.5 lakh crore to Rs 152 lakh crore, or an increase of 42.8 per cent, compared to the closing value on December 30, 2016, says Pavan Burugula.
Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher. PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent.
The Indian economy is at the cusp of an investment cycle and banks will play a pivotal role in realising the objective of an 8% GDP growth.
Natco Pharma, Wockhardt and Marksans have rallied between 50 and 70 per cent in the year till date.
Investor interest in banks and real estate companies dipped and these stocks witnessed correction post the policy announcements.
This loan growth has been largely driven by the top 10 corporate groups.
For the 50-share NSE Nifty, the close came in at 10,739.35, higher by 47.05 points, or 0.44 per cent
About 1,556 shares have advanced, 1,211 shares declined, and 182 shares are unchanged.
Decorated lights decked up buildings and earthen lamps dotted houses as people across the country celebrated Diwali.
Worst quarter in a decade, fund crunch, Fitch downgrade and messy NPAs. . . he has had little to cheer about
At 12:25 PM, the barometer index, the S&P BSE Sensex was down 358 points or 1.3% at 26,368.
The broader NSE Nifty cracked below the key 10,400-mark to touch a low of 10,336.30, before finally ending 15.95 points, or 0.15 per cent, down at 10,410.90.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
Shares of L&T Technology Services, an arm of engineering giant Larsen and Toubro, made a decent debut on the bourses
Combining affordable IT with native Indian ingenuity and entrepreneurship F C Kohli believed would enable Indian small businesses match anyone and thrive.
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