Halfway into the calendar year and the stock markets show no signs of slowing down.
The year 2017 has been favourable for the Indian stock markets with the Sensex up almost 18 per cent in the first six months. Coming back from the impact of demonetisation that impacted the last 50 days of 2016, the New Year has seen the markets factor in all the impact of the note ban move in a positive manner. The union budget, which was announced a month earlier than usual and although it did not have anything outstanding, it also did not have anything alarming to cause concern for the stock markets to react in a volatile manner.
Buoyed by the Bull Run, the primary markets are also cashing on the opportunity to tap the stock markets with several IPOs hitting the market. So far this year, over ₹11,000 crore has been raised by new issues—the average deal size of the IPOs being ₹906 crore. Incidentally, several IPOs are from companies in the financial services, such as the BSE, CDSL and more recently Au Small Finance Bank. This is a repeat of how financial sector companies raised monies from the markets even in 2016. Some of the IPOs have been from retail consumption-driven companies, such as Avenue Supermarts, the owner of DMart super market chain and Shankara Building Materials, a retail home equipment provider.
Several join the party
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