Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies. The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.
Top gainers in the Sensex pack included Maruti, Bajaj Finance, Vedanta, HDFC twins, HUL, Kotak Bank and ICICI bank, which surged up to 3.36 per cent.
Face Rs 1,000-cr minimum alternate tax demand
MF investors may not be able to support markets fall if selling intensifies
Finance Minister Nirmala Sitharaman on Friday announced a slew of measures to boost economic growth and address distress in various sectors
As if wanting to be an antidote to the coronavirus pandemic, the Indian stock market adorned carnival robes in 2021 with a tsunami of liquidity unleashed by global central banks coupled with supportive domestic policies and the world's largest vaccination drive sparking off a world-beating rally on Dalal Street, despite bouts of uneasiness over fizzy valuations. While the wider economy shuttled between recovery and relapse, dictated by multiple mutations of the virus, equity market benchmarks appeared headed in just one direction -- skywards. The dizzying upward journey has added a whopping Rs 72 lakh crore during 2021 to investors' wealth, measured as the cumulative value of all listed shares in the country, taking it to nearly Rs 260 lakh crore.
The provision provided for tax at a concessional rate.
Gold, forex assets, IT sector, pharma. Devangshu Datta explains why each of these is a good hedge against market shocks at this time.
Top gainers in the Sensex pack included HCL Tech, Tata Motors, M&M, Bajaj Auto, RIL, Hero MotoCorp, Yes Bank, Maruti, HDFC Bank and Bajaj Finance, which surged up to 6.43 per cent.
While the market may remain volatile this year, analysts expect equities to deliver positive returns by outperforming inflation and government bonds, supported by the fiscal stimulus in the US.
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
'It is unlikely that foreign portfolio investors (FPIs) might increase their India allocation, given the overweight status for most FPIs.' 'Given the commentary from the Republican Party, an anti-imports approach means money will not flow out of the US.'
The dollar-rupee rate could move in the opposite direction if dollar policy rates rise and the FPIs sell in December, says Devangshu Datta.
The Reserve Bank said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route.
Sun Pharma was the top loser in the Sensex pack, shedding 2.37 per cent, followed by HCL Tech, Reliance Industries, IndusInd Bank and L&T.
In the Sensex pack, gainers included HCL Tech, SBI, ITC, Bharti Airtel, Sun Pharma, Yes Bank, Axis Bank, TCS, Asian Paints, ICICI Bank, TCS, Bajaj Finance and Infosys, jumping up to 3.84 per cent.
Going ahead, experts say, the fundraising trend in the primary market will depend on how the secondary market performs against the backdrop of the outcome of general elections and global cues.
It is welcome that the government tried to make its intentions clear last week - especially as risk concerns return to global markets.
Between August and September Finance Minister Nirmala Sitharaman toured the length and breadth of India meeting traders, experts and entrepreneurs to gauge the pulse of the nation, reports Ruchika Chitravanshi.
Citing the impact of the second wave of the pandemic over the economy and consumer sentiment, Swiss brokerage Credit Suisse has lowered its nominal GDP growth forecast by 150-300 bps to 13-14 per cent, but expects a stronger recovery in the second half as it sees the lockdowns having limited impact on tax collections. Last month, Neelkanth Mishra, the co-head of equity strategy for Credit Suisse Asia Pacific, and India equity strategist, had told PTI that he expected the real GDP to fall to 8.5-9 per cent in FY22 due to the more severe pandemic attack. The virus case load has crossed the 25-million mark, death toll from the same is nearing 2.9 lakh mark, which is one of the highest in the world as the test positivity rate has been around 15 per cent for long.
'It won't help being complacent about the momentum and valuations of equities that currently exist.'
As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
The 50-share Nifty scaled a high of 10,227.30 intra-day but succumbed to profit-booking to finish at 10,155.25
This flight of capital began in early August due to risk-aversion created first by rising geopolitical tensions due to North Korean aggression and second by the US Fed's decision to shrink its balance sheet
The broad-based NSE Nifty, after shuttling between 10,296.70 and 10,211.90, finally ended 15.80 points, or 0.15 per cent down at 10,226.85.
Infrastructure, power, capital goods, PSU, healthcare, banking, oil and gas and metal stocks nosedived
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
Sebi's new FPI regulation has helped attract new capital pool, up registrations.
Highlights of the announcements made by Finance Minister Nirmala Sitharaman on the reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment.
Sale of dollars directly by the RBI can help but only temporarily for a day or two before it will be back to a volatile market.
Sun Pharma stole the show in the Sensex pack, spurting 3.91 per cent, followed by M&M at 2.87 per cent.
'It could tempt investors to pick stocks that are not fundamentally sound.'
'Quality of management, corporate governance, allocation of capital, full disclosures should form the basis to decide investing in a particular stock.'
Technology stocks rallied, with the IT index up 2.45 per cent as TCS, Infosys, Wipro and HCL Technologies spurted following favourable rupee movement.
Selling took hold at the start of October futures and options series in the derivatives segment as investors were concerned over the surging crude oil prices and escalating trade tensions between the US and China
The hectic buying by domestic institutions, as also by some top-shot brokers in their proprietary accounts, was in sharp contrast to heavy selling of stocks by foreign portfolio investors
The NSE Nifty, after hitting a high of 10,758.55, closed at 10,717.80, up just 2.30 points, or 0.02 per cent.
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
The V-shaped rebound has been aided by a gush of liquidity flooding the global financial system, thanks to balance sheet expansion.
Foreign investors are pumping funds into debt in order to take advantage of higher yields
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