China continued to be the centre of news in the week gone by. Weak factory data saw world markets, currencies and commodities under pressure. India too came under selling pressure and lost ground.
<img title="A trader works on the floor of the New York Stock Exchange (NYSE) as Dow Jones lost big. Pic/Getty Images/AFP" src="http://images.mid-day.com/images/images/2015/aug/NYSE.jpg" alt="A trader works on the floor of the New York Stock Exchange (NYSE) as Dow Jones lost big. Pic/Getty Images/AFP" /> A trader works on the floor of the New York Stock Exchange (NYSE) as Dow Jones lost big. Pic/Getty Images/AFP
Sensex lost 701.24 points or 2.50 per cent to close at 27,366.07 points. Nifty lost 218.60 points or 2.57 per cent to close at 8,299.95 points. BSE100, BSE200 and BSE500 lost 2.32 per cent, 2.305 per cent and 2.18 per cent.
Indices BSEMIDCAP lost 2.07 per cent and BSESMALLCAP lost 1.33 per cent. In sectoral indices, the top gainer was BSEHEALTHCARE up 2.11 per cent followed by BSECONDUR 1.39 per cent and BSEFMCG 1.10 per cent. The losers were led by BSEREALTY down 9 per cent followed by BSEMETAL 5.20 per cent, BSEOIL&amp;GAS 3.77 per cent and BSEBANKEX 3.73 per cent.
Gainers were led by Bank of Baroda up 8.21 per cent followed by Canara Bank 7.15 per cent and Sun Pharma 4.34 per cent. Losers were led by DLF down 15.46 per cent followed by Yes Bank 13.20 per cent, Vedanta 11.61 per cent, Cairn India 8.83 per cent and Axis Bank 8.00 per cent.
There were big losers and the so called defensive stocks from FMCG and pharmaceuticals saved the day partially. The Indian rupee continued to lose ground and lost Rs 0.82 or 1.26 per cent to close at Rs 65.82. Dow Jones was a big loser on Friday and closed the week with losses of 1,017.65 points or 5.82 per cent to end at 16,459.75 points.
The panel set up by the government to go into the issue of MAT (Minimum Alternate Tax) on FII&rsquo;s has ruled that there is no need to tax them with MAT. This is good news and clears then doubts in the mind of all concerned.
Greece Greek President Tsipiras has resigned and called for snap polls in the third week of September. The outcome of these polls is unknown and could again cause uncertainty over the bailout package signed in case he fails to return as President.
While the secondary market is under pressure the primary markets have turned super buoyant. There are as many as three IPO&rsquo;s opening and closing for subscription next week. The first IPO is from Navkar Corporation Limited which is tapping the markets with a fresh issue of Rs 510 crores and an offer for sale of Rs 90 crores, totalling Rs 600 crores.
The price band is Rs 147 to Rs 155 and PE is between 21.68 to 22.86 times based on March 2015 numbers. The issue opens today, August 24 and closes Wednesday, August 26. The second issue opening tomorrow, August 25 and closing on Thursday, August 27 is from Shree Pushkar Chemicals Limited &mdash; a price band of Rs 61 to 65.
The company is looking to raise Rs 65 crores and PE or Price Earnings ratio based on March 2015 numbers is 6.77 to 7.21. The interesting part of the company is that it is about achieving zero discharge or effluent even though it is in the chemical space.
The company has been able to integrate forward and backward and utilise the by-products and waste for making new commercial products. The third IPO is from Pennar Engineered Building Systems Limited which has a fresh issue of Rs 58 crores and an offer for sale of 55.16 lakhs shares in a price band of Rs 170 to Rs 178.
The combined issue would raise Rs 156 crores at the top end of the band. The company is into pre-fabricated or steel buildings which are earthquake resistant and time consuming. The PE multiple at which shares are being offered is 23.98 to 25.11 based on the March 2015 numbers.
Primary With three issues in just one week action in primary market is really building up. There are two more issues whose dates have been firmed up and would be opening in the following week.
Markets are currently weak and under pressure on global factors. The news on MAT and FII is heartening and could act as positive news flow for markets. It makes sense to be cautious and keep money ready to invest.
Arun Kejriwal is founder of the Mumbai-based advisory firm Kejriwal Research &amp; Investment Services Pvt Ltd. Readers are invited to read more about these and other issues on his website http://ak57.in
Disclaimer: No financial information whatsoever published anywhere in this newspaper should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is for educational and information purposes only and under no circumstances should be used for actual trading or making investment decisions. 
Readers must consult a qualified financial advisor prior to making any actual investment or trading decisions, based on information published here. Any reader taking decisions based on any information published here does so entirely at his or her risk.

The news on MAT and FII is heartening and could act as a huge positive

Hope floats

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