Sensex Drops 200 Points; Yes Bank & Tata Steel Fall 4%

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

Sectoral indices are trading mixed with stocks in the telecom sectormetal sector and energy sector witnessing selling pressure, while consumer durable stocks and IT stocks are witnessing buying interest.

The BSE Sensex is trading down by 183 points (down 0.4%), while the NSE Nifty is trading down by 65 points (down 0.5%). The BSE Mid Cap index is trading down by 0.8%, while the BSE Small Cap index is trading down by 0.6%.

The rupee is currently trading at Rs 71.59 against the US$.

In news from the mining sector, shares of NMDC declined over 3.5% in early trade today after the company reported weak iron ore production in November.

The company's production for the month was down 10.6% at 2.94 MT against 3.29 MT.

The company's sales remained flat at 2.79 MT, YoY.

NMDC share price is presently trading down by 1.1%.

In latest developments from the IPO space, domestic institutions have issued commercial papers worth more than Rs 325 billion to fund IPOs of Ujjivan Small Finance Bank and CSB Bank.

As per an article in The Economic Times, IIFL, Infina Finance, Aditya Birla Finance, JM Financial and Sharekhan BNP Paribas are among the institutions that have issued commercial papers, mostly for a 14-day period offering 7.5-8% yield, specifically to fund these IPOs.

Here's an excerpt from the article:

  • Out of the 15 IPOs so far this year, only three - Affle India, IRCTC and CSB Bank - were financed by the NBFCs, but this would be the highest amount raised this year. In 2018 only three of the 24 IPO saw demand for IPO finance.

Ujjivan Small Finance Bank's Rs 7.5 billion initial public offering, which opened for subscription on Monday, could see a good response because of the funding.

The issue was subscribed 1.7 times on day one, buoyed by strong participation from retail investors. The retail investor portion was subscribed nearly 9 times.

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