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The worst sectoral index was BSE Bankex which lost 2,478.13 points, or 7.34 per cent, to close at 31.303.39 points. While the entire sector was under pressure, the smaller private banks bore the brunt of the selling. RBL Bank, YES Bank and Indus Ind Bank lost considerable ground. The BFSI sector too contributed to the downfall of the market.RBI cut repo rates by 25 basis points to 5.15 per cent on expected lines at its monetary policy meeting where all members unanimously voted for the rate cut. The current repo rate is at a nine-year low.Response to the Follow-on fund offer from Bharat-22 was excellent. The base offer of Rs 2,000 crore received support for roughly Rs 24,000 crore. The government has decided to allot a total of Rs 5,742 crore in the scheme. They would give shares worth Rs 4,368 crore and the fund manager would buy shares worth Rs 1,374 crore from the market in the above scheme. These shares would have already been bought in the course of the last few days. As a result of this exercise, the discount would reduce from 3 per cent to roughly 2.28 per cent. The shares which would have been bought are of ITC, REC, Engineers India, National Aluminium and Indian Oil Corporation.The offer for sale from IRCTC (Indian Railway Catering and Tourism Corporation Limited) was a phenomenal success. The company was looking to raise Rs 645 crore from the sale of 2.016 crore shares in a price band of Rs 315-320. It was oversubscribed 111.95 times and garnered support for Rs 72,222 crore. The issue was subscribed 108.79 times by QIBs, 354.52 times by HNIs, 14.94 times by Retail investors and 5.82 times by employees. The issue received 14.64 lakh applications which considering the change in bidding where the same is done through UPI is indeed commendable. This clearly shows whatever be the state of the market, there is appetite for primary issues at a price.The second issue from Vishwaraj Sugar Industries Limited was subscribed 1.12 times. The QIB portion was subscribed 1 time, HNI portion was subscribed 1.76 times and retail portion was undersubscribed 0.64 times. The company had tapped the capital markets with a combined offer which consisted of a fresh issue of 30 lakh shares and an offer for sale of 70 lakh shares in a price band of Rs 55-60.Results for the quarter July to September 2019 would kick of in this week with TCS announcing them on Thursday, the 10th of October, and Infosys on Friday, the 11th of October. There would be a market holiday on Tuesday on account of Dussehra. The week would see high volatility and take cues from global developments particularly the long-drawn China US trade war which seems never ending. Any positive drivers from quarterly results would be most welcome as the market is starved of positive news. Trade cautiously as markets after a very sharp fall last week are set for some recovery in the week ahead.(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)( With inputs from IANS )

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