Indian Indices Witness Selling; Sensex Down 235 Points

Share markets in India are presently trading on a negative note.

Sectoral indices are trading on a mixed note with stocks in the IT sector, telecom sector, and capital goods sector witnessing maximum selling pressure, while power stocks are witnessing buying interest.

The BSE Sensex is trading down by 235 points, while the NSE Nifty is trading down by 67 points.

The BSE MidCap index is trading down by 0.6% and the BSE SmallCap index is trading down by 0.2%.

The rupee is trading at 71.84 against the US$.

In the news from the engineering sector, RITES share price is in focus today. The stock of the company witnessed selling pressure after government said it was going to sell 2.5 crore shares in the company.

The President of India, acting through and represented by the Ministry of Railways, Government of India, a promoter of RITES, proposed to sell up to 2,50,00,000 equity shares.

This represents 10% of the total issued and paid-up equity share capital of the company.

The government said it will sell these shares on November 22 for non-retail investors only and on November 25 for retail investors and for non-retail investors.

The government has an option to additionally sell up to 1,25,00,000 equity shares-representing 5%-in the event of oversubscription.

The floor price for the offer for sale is Rs 293.5 per share.

As per BSE shareholding for the quarter ended September 2019, the promoter holding stood at 87.4% in the company.

In the news from the IPO space, CSB Bank's IPO has hit the markets today. As per the news, the bank, in consultation with Axis Capital Ltd. and llFL Securities Ltd., have finalized allocation of 94,54,080 equity shares in aggregate, to anchor investors at a price of Rs 195 per equity share (including share premium of Rs 185 per equity share).

The IPO of Kerala-based private sector lender is available at a price band of Rs 193-195 apiece.

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Disclaimer: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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