After opening the day in the red share markets in India witnessed choppy trading activity and are presently trading above the dotted line. Sectoral indices are trading on a mixed note, with stocks in the realty sector and stocks in the IT sector witnessing maximum buying interest. While stocks in the energy sector are leading the losses.

The BSE Sensex is trading up by 90 points (up 0.3%) and the NSE Nifty is trading up by 30 points (up 0.2%). Meanwhile, the BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 1.2%. The rupee is trading at 63.73 to the US$.

In the news from commodity markets, crude oil is witnessing continued buying interest today. Oil prices held near three-year highs, supported by a surprise drop in US production and lower crude inventories.

Over the last year, oil prices have been generally supported by a production cut led by the Organisation of Petroleum Exporting Countries (OPEC) and Russia, which started in January last year and is expected to go on through 2018.

Note that crude oil prices have been on a rising trend this year. However, this is not good news from India’s perspective.

Moving on to news from the IPO space. Apollo Micro Systems’ IPO which yesterday, was already oversubscribed by 2.1 times on the first day, and was subscribed by over 3 times at the time of writing.

The offer will be open till 12th January and the company intends to raise Rs 1.5 billion from its public offering.

Over last two decades, Apollo Micro Systems has developed an established brand name, acceptance and recall value in the defence ESDM sector.

It is an electronic, electro-mechanical, engineering designs, manufacturing and supplies company and designs, develops and sells high-performance, mission and time critical solutions to Defence, Space and Home Land Security for Ministry of Defence, government controlled public sector undertakings and private sectors.