Sensex Trades Flat; IndusInd Bank And Tata Steel Top Gainers

Share markets in India are presently trading on a flat note. The BSE Sensex is trading up by 41 points, while the NSE Nifty is trading up by 16 points.

The BSE Mid Cap index is trading up by 0.9%, while the BSE Small-Cap index is trading up by 0.8%.

Sectoral indices are trading mixed with stocks in the FMCG sector and energy sector witnessing selling pressure, while metal stocks and healthcare stocks are witnessing buying interest.

The rupee is currently trading at Rs 71.60 against the US$.

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In news from the banking sector, as per a leading financial daily, the initial public offer (IPO) of SBI Cards and Payment Services will be kept open for four days.

Currently, IPOs are open for subscription only for three days.

As per sources, the fourth day will be exclusively for retail investors, HNIs and shareholders and the bidding will be compulsory closed at 5 pm on the last day.

Last week, the markets regulator had cleared the IPO of SBI Cards after raising some doubts with its lead manager.

SBI, along with its nominees, currently holds 689.9 million equity shares, constituting 74% stake of the pre-offer issued, subscribed and paid-up equity share capital of the company.

SBI Cards offers a wide range of credit cards to individual and corporate clients including lifestyle, rewards, shopping, travel, fuel, banking partnership cards and corporate cards.

As of 30 September 2019, SBI Cards had a 18% share of the Indian credit card market, the second largest credit card issuer in India with 9.46 million credit cards.

HDFC Bank has the largest credit cards business in the country with 13.3 million cards issued, while ICICI Bank stood third with 7.9 million credit cards, according to data from the Reserve Bank of India.

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