Stove Kraft’s IPO fully subscribed. Retail Investors have subscribed the issue 7 times, even though QIBs and NIIs have so far stayed away.
Sensex is now down 450 points, slipping below 47,950. Nifty is holding above 14,100.
The Rs 1153.72-crore Home First Finance Company initial public offer, which saw 26.66 times subscription, is likely to finalise share allotment on Friday, 29 January 2021. The issue received bids for 41.64 crore shares against 1.56 crore shares on offer. The portion reserved for qualified institutional buyers (QIBs) was subscribed 52.53 times, non-institutional investors 39 times and retail investors 6.59 times.
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S&P BSE Sensex moved below 48,000 for the first time this year. The index shed over 300 points on Wednesday in the initial hour of trade. Nifty was below 14,200.
Reliance Industries Ltd’s (RIL) share price fell 2% on Wednesday morning once again to trade at a low of Rs 1,892 apiece. This is for the second consecutive trading session that Mukesh Ambani’s RIL is among the worst-performing stocks on Sensex. Going by analysts at multinational investment bank Macquarie, this may just be the beginning of the downfall for the oil-to-telecom conglomerate. In a recent report, Aditya Suresh and Abhinil Dahiwale of Macquarie cut their FY22-23 EPS estimates by 3% for RIL with a 12-month target price of Rs 1,350 per share.
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The Indian rupee is expected to open on a flat note and trade in a range of 72.80-73.15, following mixed Asian currency peers. The dollar was trapped on the back foot against riskier currencies ahead of today’s Fed policy -interest rate decision, in which Powell may continue to lay out a dovish forward guidance and also with pandemic recovery hopes getting a boost as IMF heightened its forecast for 2021 global growth. India leads the list with impressive projection of 11.5%. This could attract FII and FPI flows, but uncertainty ahead of India’s Budget and delay in US stimulus could affect the flow. Overall, volatility in USDINR pair is expected to make a comeback and see finding support near 72.80-72.90 zone.: Amit Pabari, managing director, CR Forex Advisors
We expect Nifty-50 to range between 14,000 and 15,000 till budget and any break-out or break-down from this range could be seen post budget. On the higher side, Nifty can go up another 5-7% at best on the back of a very good budget and an upward revision in earnings led by Q3 results.
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“14250 was a medium term support for the index which was pierced on Monday. This makes the Nifty vulnerable and we can go down to 13950 as a possible target. If we are unable to hold that level, we could fall further to 13600. On the upside, the resistance is at 14550-14600 and until we do not close above that zone, we will continue to remain in the grip of the bears,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Mukesh Ambani’s Reliance Industries’ shares fell 2% on Wednesday, nearing Rs 1,900 per share. This is for the second day running that RIL shares were among the worst performers on Sensex.
Sensex began the day’s trade in the red, down over 200 points as it moved below 48,100. Nifty gave up 14,200.
Sensex gained 37 points in pre-open session while Nifty 50 ended flat with a negative bias.
Nifty started Wednesday’s pre-open above 14,500 but soon slipped below 14,400. Sensex on the other hand, was up nearly 200 points after starting flat.
Sensex was trading flat with a positive bias during Wednesday’s pre-open session while Nifty was seen breaching 14,500.
From current levels, the short to medium-term trend still remains intact and the bulls continue their bullish command into the markets towards 15000-15300 levels. On the downside, immediate support is placed around 14000 levels. However, any violation of this support zone on a closing basis may cause short term correction towards 13800 levels. Major support zone on the long term chart is placed at 13500-13200 levels.
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Nifty futures were trading 44.50 points or 0.32 per cent up at 14,125.50 on Singaporean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Wednesday. In the previous session, Sensex fell 530.95 points or 1.09 per cent to 48,347.59 while the Nifty 50 index declined 133 points or 0.93 per cent to close at 14,238.90. Asian stocks were trading mixed in the early trade as the International Monetary Fund (IMF) raised the growth forecast for the global economy this year.
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S&P Global Ratings has assigned its ‘BBB-‘ long-term issue rating to Adani Ports and Special Economic Zone Ltd.’s proposed $500 million senior unsecured notes. “The issue rating is subject to our review of the final issuance documentation,” S&P Global said. “In our view, Adani Ports and Special Economic Zone’s leverage will increase temporarily, with a ratio of funds from operations (FFO) to debt reaching 10.6% in fiscal 2021 (year ending March 31, 2021). This will be driven by lower trade volumes at Adani Ports amid the COVID-19 pandemic and completion of the acquisition of Krishnapatnam Port Co,” they added.
“US equities were little changed overnight after waxing and waning all day on stimulus background noise,” said Stephen Innes, Chief Global Market Strategist at Axi. He added that stock markets may continue to struggle for near-term direction as COVID concerns continue to cast a pall over the proceedings, creating an unpleasant situation for both risk and healthcare concerns.
A total of 50 companies including Hindustan Unilever Ltd, Axis Bank, ICICI Prudential Life, Marico, United Spirits, Bank of Baroda, Canara Bank, Emami, Nalco, Quess Corp, PNB Housing, Nippon LIfe Asset Management and India Cements, among others are scheduled to announce their October- December quarter results on Wednesday.
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With the Covid-19 pandemic playing spoilsport, FY21 disinvestment revenues will likely be at a five-year low of around Rs 30,000-40,000 crore or 14-19% of the massive annual target of Rs 2.1 lakh crore. However, the government will set disinvestment receipts target at around Rs 2 lakh crore for FY22, as bulk of the deals planned for FY21 such as strategic sale of fuel retailer-cum-refiner BPCL and the initial public offering (IPO) of Life Insurance Corporation are seen materialising next fiscal, along with a clutch of other privatisation deals.
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What gives better returns over the long term — Sensex, or Gold? On the face of it, both seem to accrue equal gains over the years, notwithstanding the short-term fluctuations. Consider this: both gold price and Sensex were at nearly equal levels 21 years ago, and are trading at equal levels now. Back in the year 1999, gold prices averaged at Rs 4,234 per 10 grams, while the S&P BSE Sensex was at 4,141 points. And now, in the year 2021, gold prices have multiplied 12 times to Rs 49,659 per 10 gram (MCX February futures); on the other hand, well, the Sensex has also grown the same — 12 times to 49,625 points (at close on January 21).
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