After witnessing volatile trades during the day, Indian share markets ended their session on a negative note. Losses were largely seen in the oil & gas sector, power sector and capital goods sector, while IT stocks ended the day marginally higher.
At the closing bell, the BSE Sensex stood lower by 273 points (down 0.8%) and the NSE Nifty closed lower by 98 points (down 0.9%). The BSE Mid Cap index ended the day down by 1.5%, while the BSE Small Cap index ended the day down by 2%.
Asian stock markets finished on a negative note. Losses were seen on the back of growing concerns about the economic outlook amid a trade dispute with the United States. As of the most recent closing prices, the Hang Seng was down by 1.9% and the Shanghai Composite was down by 1.1%. The Nikkei 225 was down by 0.2%.
Meanwhile, European markets were trading on a positive note. The FTSE 100 was up by 0.22%. The DAX, was up by 0.23% while the CAC 40 was up by 0.18%
The rupee was trading at 68.56 to the US$ at the time of writing.
In the news from IPO space, the initial public offer (IPO) of Varroc Engineering Limited was subscribed around 54% by 3 pm today, as per the NSE data. The issue got 76.9 lakh bids against a total of 1.41 crore bids.
The price band for the issue has been fixed at Rs 965-967 per share and the auto parts manufacturer aims to raise over Rs 19.5 bn through its IPO, which is a pure offer for sale (OFS), with no fresh issue of capital.
Reportedly, the introduction of the new Indian accounting standards (IndAS) as one of the reasons why IPO-bound companies have not approached the market so far, this quarter. Note that the market is gearing up for a burst of IPO activity, with at least 12 companies planning to raise more than Rs 170 bn over the next two months, after a quiet start to the June quarter.
All companies, including unlisted ones, having net-worth of between Rs 2.5 bn to Rs 5 bn have to prepare their financial accounts for the year ended 31 March, 2018 as per the IndAS accounting standards. Companies with net-worth of Rs 5 bn or more had to implement the new standard a year earlier.
