Heranba Industries shares made a stellar listing on the stock exchanges today, unscathed by the mildly weak market sentiment. Shares of the company began trading at Rs 900 per share, up 43.54% from the IPO price of Rs 627 apiece. On listing, Heranba Industries was commanding a market capitalisation of Rs 3,600 crore. Global markets were jittery on Friday as bond yields in the United States rose again. The IPO of the company was oversubscribed 82 times with retail investors bidding for 11.84 times their portion, Non-Institutional Investors (NII) bid for a whopping 271 times and Qualified Institutional Buyers (QIB) subscribed their portion 67 times.
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This morning we have again opened with a gap down but this has not disturbed the current uptrend. The index has a good support at 14700 levels and as long as that holds, we are in positive territory. These falls can be strategically utilized to go long on the markets. The Nifty is facing resistance around the 15200-15300 levels. Once it gets past that, the next target should be 15500.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
S&P BSE Sensex fell 400 points or 0.77 per cent to 50,454 dragged by sell-off in index-heavyweights such as Housing Development Finance Corporation (HDFC), State Bank of India, ONGC, RIL.
Broader market outperformed equity benchmarks in today’s trade. S&P BSE MidCap index was trading flat to negative at 20,971, while S&P BSE SmallCap index gained over half a per cent or 114 points to trade at 21,367
Barring Nifty Media index, all the sectoral indices were trading lower. Nifty Bank index was top sectoral loser, down 1.45 per cent, followed by Nifty Financial Services.
Stocks of ONGC, NTPC, Maruti Suzuki, Tech Mahindra, HCL Tech, Titan Company were top BSE Sensex gainers.
HDFC Bank, ICICI Bank, Housing Development Finance Corporation, Axis Bank, State Bank of India, Bajaj Finance were among major contributors to Sensex’ fall
BSE Sensex was trading over 400 points or 0.82 per cent down at 50,430, while the broader Nifty 50 index slipped below the crucial 15,000, falling 116 points or 0.77 per cent.
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The highly valued Nasdaq appears to be in a short- phase of reversion to mean, having declined 10% from record highs. The US 10-year yield has again spiked to 1.575% giving further ammunition to bond bears. Back home, both FIIs & DIIs turned sellers yesterday impacting market sentiments. The steady rise in dollar index also is not good news for FII inflows. Inspite of all these the texture of the market remains ‘ buy on dips’ since the ‘growth & earnings recovery story’ is intact and ample liquidity is available waiting to be invested. The comments of the Fed chief Jerome Powel before the FOMC Meet will be keenly watched by the market. The outperformance of mid-small-caps is likely to continue.: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nestle India, HDFC Bank, Bajaj Finance, UltraTech Cement, IndusInd Bank, Reliance Industries Ltd (RIL), Kotak Mahindra Bank were among top BSE Sensex draggers in pre-open
COMEX gold trades about 0.6% lower near $1690/oz and has tested the lowest level since June 2020. Gold remains pressurized by firmness in the US dollar on the back of higher bond yields, optimism about the US economy and safe haven buying. Also weighing on gold price is continuing ETF outflows. However, supporting price is progress on US stimulus and loose monetary policy stance of major central banks. Gold may remain under pressure unless US bond yields correct or we see concrete measures on US stimulus.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
COMEX gold trades about 0.6% lower near $1690/oz and has tested the lowest level since June 2020. Gold remains pressurized by firmness in the US dollar on the back of higher bond yields, optimism about the US economy and safe haven buying. Also weighing on gold price is continuing ETF outflows. However, supporting price is progress on US stimulus and loose monetary policy stance of major central banks. Gold may remain under pressure unless US bond yields correct or we see concrete measures on US stimulus.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
BSE Sensex was trading over 200 points down at 50,635, while the broader Nifty 50 index slipped below the crucial 15,100 in pre-open on Friday.
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Gujarat State Petroleum (GUJS) has a 54% stake in Gujarat Gas (GUJGA), which amounts to a market capitalization of Rs 197b, much higher than GUJS’ m-cap at Rs 156b. Major concerns for the above anomaly have been expected decline in tariffs of GUJS due to over-utilization of the High Pressure grid, and concerns over the usage of cash.
Motilal Oswal
Tughlakabad (TKD) seeing limited volume loss, despite the 10-12% realisation hike effective 6 Dec 2020. Our interactions with competitors suggest no material volume inflow from TKD, in-line with management’s 3Q commentary. TKD hike implies 5% YoY realisation rise in FY22E vs our earlier 3% expectation. We raise our FY22E-25E realisation CAGR to 4% vs 2% and EPS by 18-19%. Privatisation and lower LLF are additional upside. Buy.
Jefferies
Nifty futures were trading 161 points or 1.07 per cent down at 14,910 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Friday. In the previous session, headline indices ended over one per cent lower on the back of rising US bond yields. In the absence of any fresh domestic trigger, markets will continue to take cues from global peers for further direction.
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The Rs 597-crore initial public offering of MTAR Technologies was subscribed 10.27 times on Thursday, the second day of the bidding process, on huge support from retail investors. The IPO has received bids for 7.45 crore equity shares against an offer size of 72.6 lakh equity stocks, translating into a subscription of 10.27 times, data available on the exchanges showed.
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To facilitate development of the bullion market in India, International Financial Services Centres Authority (IFSCA) on Thursday issued enabling framework for banking units in IFSC. The enabling framework will help generate interest in trading and hedging activities, and serve as a precursor to International Bullion Exchange (IBE), IFSCA said in a statement.
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Domestic equity markets moved lower on Thursday as global markets slipped on rising bond yields. Sensex now sits just below 51,000 while the nifty 50 is holding just above 15,000. On Friday morning, SGX Nifty was again deep down in red, falling 180 points, during the early hours of trade, hinting at another day of negative moves on Dalal Street. Equity markets in the United States closed deep in red and Asian peers were seen mirroring the move on Friday morning.
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In overnight trade on Wall Street, major US stock indices declined amid a rout in tech stocks and Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The tech-heavy Nasdaq Composite dropped 2.1 per cent. While the S&P 500 and the Dow Jones Industrial both fell more than a per cent.
Asian peers were trading in the deep sea of red primarily due to the sell-off in technology stocks and surge in bond yields overseas. Stocks in China declined in morning trade, with the Shanghai composite shedding 1.03 per cent. Japan’s Nikkei 225 slipped 1.76 per cent while the Topix index shed 0.96 per cent. South Korea’s Kospi fell 1.48 per cent.
Nifty futures were trading 157.50 points or 1.05 per cent down at 14,913.50 on Singaporean Exchange.
