Asian shares are trading on a positive note today. The Nikkei 225 is up 0.5%, while the Hang Seng is up 0.9%. The Shanghai Composite is trading up by 1.5%.
Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 253 points (up 0.8%) while the NSE Nifty is trading up by 83 points (up 0.8%). The BSE Mid Cap index is trading up by 1%, while the BSE Small Cap index has opened the day up by 0.9%.
Sectoral indices have opened the day on a positive note with realty stocks and oil & gas stocks witnessing maximum buying interest.
The rupee is trading at 73.25 to the US dollar.
Market participants will be tracking Wipro share price, Bajaj Auto share price, IDFC Bank share price, InterGlobe Aviation share price, Jubilant Foodworks share price, and Indiabulls Real Estate share price as these are among the companies set to announce their quarterly results today.
In the news from the IPO space, Affle India and Dodla dairy have received market regulators go-ahead to float their initial share-sale offerings.
Affle India’s IPO comprises a fresh issue of shares worth Rs 0.9 billion, while Dodla dairy’s IPO comprises a fresh issue of shares worth Rs 1.5 billion.
With this, the total number of companies getting market regulators approval has reached 64 so far this year.
With so many IPOs set to hit the markets, we believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs. If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.
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Moving on to the news from commodity markets, crude oil is witnessing selling pressure today. Oil prices extended their fall from the previous day, when crude slumped as much as 5%, after Saudi Arabia said it would make up for supply disruptions from US sanctions that are targeting Iran’s petroleum exports from next month.
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