Sensex Slips 180 Points; Yes Bank & SBI Top Losers

Share markets in India have erased early gains and are presently trading on a negative note.

Barring telecom sector, all sectoral indices are trading in red with stocks in the realty sectorautomobile sector and power sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 133 points (down 0.3%), while the NSE Nifty is trading down by 43 points (down 0.3%). 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 71.31 against the US$.

In news from the IPO space, Saudi Arabia's state oil company Aramco launched its initial stock offering on Thursday, raising US$ 25.6 billion.

The sum raised by the oil giant surpasses the US$ 25 billion garnered by the Chinese online trading group Alibaba in 2014 when it entered Wall Street.

Saudi Aramco is now the world's most valuable listed firm with market valuation of US$ 1.7 trillion, overtaking Apple (US$ 1.2 trillion), Microsoft and Alibaba (US$ 1.1 trillion).

Sources said that Aramco is expected to begin trading December 12 on the Tadawul exchange in Riyadh at 32 riyals, or US$ 8.53.

The IPO still falls short of the towering US$ 2 trillion valuations long sought by Crown Prince Mohammed bin Salman.

Earlier, sources told Reuters that Aramco may also exercise a 15% "greenshoe" option, allowing it to increase the size of the deal to a maximum of US$ 29.4 billion.

Aramco's market debut is intended to help diversify Saudi Arabia's economy away from its overwhelming reliance on petroleum.

Note that Saudi Aramco's much-heralded and oft-delayed initial public offering is going ahead, albeit in a scaled-down version of the original plan by Saudi Crown Prince Mohammed bin Salman.

There'll be no grand opening on the London or New York stock exchanges. The sale is restricted to the Saudi bourse and won't even by marketed to most international money managers.

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