Sensex Closes To Record Highs; SBI Rallies 28%

Indian share markets rose to record highs as public-sector banks soared after the cabinet unveiled a Rs 2.11 trillion recapitalization plan, while construction stocks rallied after the government approved an Rs 6.92 trillion investment plan. State Bank of India was the top percentage gainer in the NSE Nifty, surging as much as 27% to its highest since January 2015.

At the closing bell, the BSE Sensex closed higher by 435 points and the NSE Nifty finished up by 88 points. The S&P BSE Mid Cap finished up by 0.4% while S&P BSE Small Cap finished down by 0.2%. Gains were largely seen in PSU stocks, bank stocks and capital goods’ stocks.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.53% and the Shanghai Composite rose 0.26%. The Nikkei 225 lost 0.45%. European markets are mixed today. The CAC 40 is up 0.29% while the DAX gains 0.04%. The FTSE 100 is off 0.21%.

Rupee was trading at Rs 65.14 against the US$ in the afternoon session. Oil prices were trading at US$ 52.33 at the time of writing.

In the news from IPO space, the initial public offering (IPO) of Reliance Nippon Life Asset Management got fully subscribed today.

Reliance Nippon Life Asset Management Ltd an asset management company having market share of over 11.4% in mutual funds offerings in India. The company is ranked the 2nd most profitable asset management company in India. The company is promoted by Reliance Capital Limited, which is an RBI registered non-banking finance company and is a part of Reliance Group led by Mr. Anil D. Ambani.

The company manages 55 open-ended mutual fund schemes including 16 ETFs and 174 closed ended schemes and has a network of 171 branches and over 58,000 distributors including banks, financial institutions, national distributors and independent financial advisors as of 30 June 2017.

Is the company leaving enough money on the table for investors? We recently released our IPO note for the above IPO. You can access the same in our IPO section.