Sensex was down more than 600 points at 11:30 AM while the 50-stock NSE Nifty was holding just above 14,800.
Heranba Industries’ Rs 625-crore initial public offering (IPO) will open for subscription on Tuesday, February 23, 2021. While the subscription for anchor investors has opened today. Ahead of the public issue, Heranba Industries shares were seen quoting a grey market premium of Rs 105 or 24 per cent over the IPO price of Rs 627 apiece.
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Asian shares were mixed on Monday as hopes for a recovery from the coronavirus pandemic with the global rollout of vaccines were countered by worries about inflation and continuing economic damage. Benchmarks rose in Hong Kong and Japan but fell in South Korea and Australia. Investors remain focused on the future of global economies badly hit by COVID-19 and when and whether there will be enough stimulus to fix it.
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Warren Buffett has added three new companies to his portfolio during the last three months of the previous year. Filings made by Berkshire Hathaway with the US capital markets regulator Securities and Exchange Commission (SEC) reveals these fresh bets. Apart from this, the ace investor was seen trimming his stake in iPhone manufacturer Apple along with some big banking names. Often called The Oracle of Omaha, Warren Buffett’s investments are followed closely by investors across the globe.
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“15100-15150 was short-term support that the index broke last week. We saw a quick slide of almost 200 points thereafter. Our next support is at 14800 and this would be medium-term support for the markets. If we need to continue the bull streak, we should not break this level. If we do, the Nifty could slide to 14400,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
While uncertainty remains in major economies, FPI’s are diverting towards emerging markets thereby remaining buyers in Indian markets with Rs. 24,965 crore invested so far in February. Whether they continue their buying spree will be determined on the domestic growth outlook and vaccine roll-out. So far the USDINR has remained above its strong base at 72.50 levels, until then buyers can look to hedge near 72.50-72.70 levels and one can look to sell above 72.80 levels in the near term.: Amit Pabari, managing director, CR Forex Advisors
The 819-crore RailTel Corporation of India Limited’s initial public offering (IPO), which was subscribed 42.39 times, will finalise the basis of the allotment of the IPO on February 23, 2021. The public issue received overwhelming response from investors across all categories with qualified institutional buyers (QIBs) subscribing their portion 65.14 times. Non-institutional investors subscribed their reserved portion 73.25 times and retail individual investors (RIIs) 16.78 times.
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“As the last week of trading in February begins, there are some negative signals & news. The rise in the US 10-year bond yield to 1.36% reflects the markets’ concern about a potential rise in inflation. The ultra-easy monetary policy along with the $1.9 trillion fiscal stimulus proposed by the Biden administration may trigger inflation, which has been conspicuous by its absence for long. Back home, the escalation in Covid cases in Maharashtra is emerging as a cause of concern. These concerns have impacted FPI flows to the market which, though positive, appears to be slowing down. Clear trends on these concerns have to be watched,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Benchmark indices were dancing between gains and losses, minutes after the opening bell.
Sensex and Nifty began trading on Monday with marginal gains, while broader markets outperformed them. India VIX was up 3%.
After having started the pre-open session with gains, Sensex and Nifty pared gains and slipped into the red.
Sensex and Nifty were trading with gains during the pre-open session on Monday morning. Nifty regained 15,000 but Sensex was still below 51,000.
Nifty futures were trading 18 points or 0.12 per cent down at 14,976.50 on Singaporean Exchange in early trade on Monday. Market participants will closely watch rising bond yields, fresh spike in COVID-19 cases, GDP data, oil prices, rupee movement and other global cues. In the previous week, headline indices fell 1.2 per cent. On Friday, the domestic reason for the sharpest drop was the sudden jump in the 10 years GSec prices from 6.02 to 6.13. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said that the strategy should be to buy strong and heavyweight companies between 14850/50500 and 14750/50200 levels with a stop loss at 14600/49750.
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Commodity prices traded volatile during the week passed by with bullion prices ended lower while crude oil halted recent rally falling back to below $60 per barrel. Base metals traded strong with Copper soaring to nine years high on supply deficit and higher demand optimism.
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Headline indices BSE Sensex and Nifty 50 were likely to start the week on a flat to positive note, following a 1.2 per cent fall last week. Nifty futures were seen trading just 12.50 points up at 15,007 on Singaporean Exchange in early trade on Monday. A spike in coronavirus cases in some Indian states and rising bond yields dampened investor sentiment. This week GDP data is scheduled to be released.
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Nifty Futures were now down in red. SGX Nifty was trading with marginal gains but will less than an hour to go before the opening bell, it was seen trading more than 30 points lower.
Headline indices BSE Sensex and Nifty 50 were likely to start the week on a flat to positive note, following a 1.2 per cent fall last week. Nifty futures were seen trading just 12.50 points up at 15,007 on Singaporean Exchange in early trade on Monday. A spike in coronavirus cases in some Indian states and rising bond yields dampened investor sentiment. This week GDP data is scheduled to be released. According to an analyst, the short term trend of Nifty continues to be weak. “The late hour upside recovery of Friday could signal a possibility of a minor upside bounce in the coming session. However, a decisive move below 14950 could result more weakness down to 14700-14500 levels in the near term. Immediate resistance is placed at 15115,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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“We’re seeing a healthy correction in the markets however position management becomes difficult during such phases. A decisive break below 14,800 may result in further slide in Nifty. On the downside, the 14,450-14,650 zone would act as a cushion. Considering the scenario, we advise limiting naked leveraged positions and keeping extra caution in the selection of stocks,” said Ajit Mishra, VP – Research, Religare Broking.
Equity markets went in for a correction last week, after having soared more than 11% since the Union Budget. S&P BSE Sensex erased 654 points or 1.27% and the 50-stock NSE Nifty slipped 181 points to close just below the crucial 15,000 mark. Many analysts on Dalal Street had warned of such a correction and had been advising investors to remain cautious. But, where do the benchmark indices move from here? Will they resume their upward march or are the bears ready to pounce?
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As the government and the Reserve Bank of India (RBI) gear up for a review of a medium-term inflation targeting framework in March, many economists have cautioned against a dilution of the extant target, especially given the elevated fiscal deficit projections until FY26. Some even pitched for having a closer look at core inflation while continuing to target the headline retail inflation in the 4 (+/-2)% band.
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SGX Nifty was up 12 points on Monday morning, hinting at a flat to positive start for domestic equity markets.
The production-linked incentive schemes (PLIs), while catalysing exports and domestic manufacturing, are also designed to enrich the government exchequer. The two PLI schemes for mobile phones and telecom equipment alone will result in net gains of around Rs 65,000 crore to the government over the next five years, just on account of incremental GST receipts more than offsetting the estimated Central Budget outlays.
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