Market Watch: Should investors subscribe to 4 IPOs hitting Street this week?
Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Sabari Saran and here are the top headlines at this hour.
HDFC Q1 profit falls 2% YoY to Rs 3,001 cr
Fincare SFB gets Sebi’s go ahead for Rs 1,330 cr IPO
Kumar Mangalam Birla offers to give up his stake in Vodafone Idea
PM Modi launches digital payment solution e-RUPI
EPFO invests Rs 7,715 cr in equity in June quarter
Let us take a quick glance at what happened on Dalal Street today.
Bulls made a comeback in domestic equity markets in the new month as benchmark indices gained, thanks to positive global cues. Auto stocks were in demand after strong sale numbers in July, whereas buying in IT stocks supported the sentiments. Financials, metals and private lenders remained under pressure. BSE Sensex gained over 360 points to close merely 50 points below 53,000-mark. Nifty50 surged over 120 points to settle at 15,885. BSE midcap and smallcap index outperformed, gaining over a per cent each. Fear gauge India VIX remained unchanged.
On BSE Sensex, Titan led the gainers, jumping over 3 per cent. M&M, Reliance, Axis Bank and TCS surged 2 per cent each. Maruti, Infosys, ITC, HCL Tech HDFC, L&T and SBI added up to a per cent each. On the contrary, Tata Steel tanked 2 per cent. Bajaj Finserv and Bajaj Finance shed over half a per cent each. NTPC, Dr Reddy, HDFC Bank and ICICI Bank also declined. Over 600 stocks hit upper circuit limits for the day and 240 stocks tested their 52-week highs during the day.
We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show, sir:
1. What made the market rally on Monday?
2. We are set to see four new IPOs this week. What would be your advice to investors?
We also caught up with Nirav Chheda of Nirmal Bang Securities to decode the technical charts for you.
1. Nifty50 hovered around 15,900 levels today. What do the technical charts suggest about it?
2. Nifty Bank has underperformed broader markets. Where is it headed?
Asian markets ended higher for the day. Major European markets were trading with gains in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
The post Market Watch: Should investors subscribe to 4 IPOs hitting Street this week? first appeared on WorthStocks - Share Market Tips.
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