Tata Technologies IPO GMP

After the closure of Tata Technologies Ltd's initial public offering (IPO) subscription, attention now turns to the allotment and listing dates. Following the T+3 schedule, the likely Tata Technologies IPO allotment date is on Tuesday, November 28, 2023, and the listing date is anticipated to be Thursday, November 30, 2023. The Indian stock market is closed on Saturday, Sunday, and Monday (for Gurunanak Jayanti), contributing to this schedule.

The gray market has seen increased activity in response to the strong IPO booking status of Tata Technologies. Market observers report that Tata Technologies Ltd shares are trading at a premium of ₹402 per share. The Tata Technologies IPO gray market premium (GMP) today is ₹402, showing a ₹5 increase from Friday's GMP of ₹397. The gray market sentiment has improved after a robust response from investors. Notably, the Tata Technologies IPO GMP has risen from ₹340 to ₹402 in just four days, starting from ₹340 before the IPO date on November 21, 2023.

Despite the volatility on Dalal Street, the Tata Technologies IPO GMP has shown resilience. Market watchers suggest that further increases in GMP are possible if there is a trend reversal on Dalal Street when it reopens on Tuesday after the extended weekend.

During the three-day auction from November 22 to 24, 2023, the Tata Technologies IPO garnered substantial interest, with an overall subscription of 69.43 times. The retail portion was subscribed 16.50 times, the NII category received 62.11 applications, and the QIB segment received 203.41 applications.

Investors who have applied for the IPO can check their application status online by logging into the BSE website or the official registrar's website, Link Intime India Private Ltd. The BSE direct link for checking allotment status is https://www.ipogmp.org/ipo-allotment-live-ipo-allotment-check-ipo-allotment, and for Link Intime, investors can use the link https://www.ipogmp.org/ipo-allotment-live-ipo-allotment-check-ipo-allotment/. They need to enter their application details to view the Tata Technologies IPO allotment status.

Tata Technologies IPO GMP

US Indices end up sharply with tech after strong jobs, slower wage growth

On Friday, US stocks surged, with technology shares leading the way to a significant uptick in the market. Investors were analyzing a jobs report that indicated a broad increase in US hiring in September, along with slower wage growth.

The S&P 500 and Nasdaq experienced their most substantial daily percentage gains since late August, with the S&P 500 ending the week on a positive note, breaking a four-week losing streak.

The information technology sector saw the most significant gains among the S&P 500 sectors, followed by communication services.

Initially, stocks saw a dip in response to the jobs data, which revealed the most substantial increase in US employment in eight months for September. However, they began to rebound later in the morning.

Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, commented, "You have an economy that's slowing, but not faltering, and you have a Federal Reserve on the sidelines." He also noted that the S&P 500 appeared to bounce back after nearing its 200-day moving average, currently at around 4,208.

Market observers have been contemplating whether the Fed might halt interest rate hikes following a recent surge in long-term US Treasury yields, which reached 16-year highs on Friday.

The data for the day also indicated a moderation in wages, possibly because most of the jobs added last month were in lower-paying industries.

For the day, the Dow Jones Industrial Average increased by 288.01 points, or 0.87%, closing at 33,407.58, the S&P 500 gained 50.31 points, or 1.18%, reaching 4,308.5, and the Nasdaq Composite added 211.51 points, or 1.6%, closing at 13,431.34.

For the week, the S&P 500 recorded a 0.5% increase, while the Dow fell 0.3%, and the Nasdaq rose by 1.6%.

These recent gains follow significant losses in the stock market during September and for the entire third quarter.

Investors are now awaiting data on September consumer price inflation and producer price index readings, which are due next week. Additionally, they are eagerly anticipating the upcoming quarterly earnings season, with major banks like JPMorgan Chase (JPM.N) set to report next week.

Shares of Exxon Mobil were down 1.7% after reports suggested that the US oil producer was in advanced talks to acquire Pioneer Natural Resources, which, in turn, saw its stock surge by 10.4%.

Trading volume on US exchanges reached 10.58 billion shares, slightly below the 10.72 billion average over the last 20 trading days. Advancing issues surpassed declining ones on the NYSE by a ratio of 1.96-to-1, while on Nasdaq, advancers outnumbered decliners with a ratio of 1.73-to-1.

During the trading session, the S&P 500 marked six new 52-week highs and 52 new lows, while the Nasdaq Composite recorded 27 new highs and 260 new lows.

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Over 100 Small-Caps Record Impressive Gains as Broader Indices Reach New Highs

This week marked a notable performance in the Indian stock market, with both the BSE Sensex and Nifty50 indices displaying significant strength. The BSE Sensex surged by 0.77 percent, gaining 500.65 points to reach a closing level of 65,387.16. Simultaneously, the Nifty50 index also showed resilience, adding 0.87 percent and concluding the week at 19,435.30.

The positive momentum in the market was primarily driven by encouraging economic indicators. Strong GDP figures and robust manufacturing PMI data for the first quarter of the fiscal year provided a boost to investor confidence. These favorable economic signals helped the benchmark indices break a five-week losing streak, overshadowing concerns such as a weak monsoon, rising crude oil prices, and mixed global market trends.

What's noteworthy is that it wasn't just the large-cap indices that demonstrated resilience. The broader market segments outperformed expectations, with the BSE Mid-cap, BSE Small-cap, and BSE Large-cap indices recording gains of 2.3 percent, 3.8 percent, and 1 percent, respectively.

Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, commented on this week's market performance, emphasizing that "Indian equities posted healthy gains." Both the BSE-30 and the NSE-50, representing large indices, delivered weekly returns of close to 1 percent, showcasing the broad-based optimism in the market. Chouhan also noted that mid-cap and small-cap indices in India outperformed their large-cap counterparts, indicating a well-rounded market rally.

In terms of sectoral performance, the BSE Metals and BSE Realty indices took the spotlight, with weekly gains exceeding 5 percent. Additionally, sectors such as BSE Commodities, BSE Auto, BSE Capital Goods, and BSE Power posted robust weekly gains. However, the BSE FMCG index experienced a 0.5 percent decline during the week.

Chouhan added that "India's real GDP growth in Q1FY24 came in at 7.8 percent," further contributing to the positive sentiment in the market. He also highlighted that the market would closely monitor the impact of a weak monsoon in August and the rise in crude oil prices in the near term.

In terms of sector-wise performance, the BSE Metal index registered an impressive 6 percent jump, while the BSE Realty index surged by 5.7 percent. The BSE Telecom index climbed 4.5 percent, and both the BSE Power and Auto indices saw gains of 3.4 percent each. In contrast, the BSE FMCG index experienced a 0.5 percent decline.

The BSE Small-cap index emerged as a standout performer, surging by 3.8 percent. Several small-cap stocks made notable gains, including Railtel Corporation of India, India Pesticides, Optiemus Infracom, HLV, Take Solutions, RattanIndia Power, Atul Auto, Jai Balaji Industries, Gokaldas Exports, Cerebra Integrated Technologies, Pokarna, Uflex, Coffee Day Enterprises, Skipper, and Sharda Motor Industries, all recording gains ranging from 25 to 46 percent.

On the flip side, GNA Axles, Digispice Technologies, Kuantum Papers, Waaree Renewable Technologies, Newgen Software Technologies, and Electronics Mart India witnessed declines ranging from 10 to 46 percent.

Foreign institutional investors (FIIs) continued their selling trend for the sixth consecutive week, divesting equities worth Rs 4,311.58 crore. In contrast, domestic institutional investors (DIIs) exhibited a contrasting trend by purchasing equities worth Rs 9,570.03 crore. For the month of August, FIIs sold equities worth Rs 20,620.65 crore, while DIIs bought equities worth Rs 25,016.95 crore.

**Nifty50 Outlook**

Amol Athawale, Vice President - Technical Research at Kotak Securities, analyzed the daily and intraday charts of the Nifty and identified a double bottom formation, indicating a strong possibility of an upcoming rally. A long bullish candle on the daily charts further supported the case for a continued uptrend. Key support was expected at 19,350, while the index could potentially rally towards 19,575. However, a breach of support at 19,350 might expose the uptrend to potential declines towards 19,275-19,220.

For Bank Nifty traders, the crucial support level was identified at 44,200. A move above this support could lead to gains towards 44,700 and 45,000. Conversely, a breach of 44,200 could result in a retreat towards 43,900-43,700 levels.

Jatin Gedia, a Technical Research Analyst at Sharekhan by BNP Paribas, provided a technical perspective on the Nifty's performance. He noted a notable rebound from the 19,250 zone, where buying interest emerged. Daily and hourly momentum indicators signaled a positive crossover with divergence, indicating a bullish outlook in the short term. Additionally, on the weekly charts, the Nifty managed to close in positive territory after five consecutive weeks of decline, suggesting that it has reached a region where buying interest is evident.

In conclusion, the Indian stock market displayed remarkable strength during the week, fueled by positive economic data and robust sectoral performances. While there are potential challenges on the horizon, such as a weak monsoon and rising crude oil prices, the short-term outlook appears optimistic, with key support and resistance levels to monitor in the Nifty and Bank Nifty indices.

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Vishnu Prakash R Punglia IPO: Infrastructure Firm Sets August 24 Opening, Price Range at Rs 94-99 per Share

Infrastructure company Vishnu Prakash R Punglia is poised to launch its Initial Public Offering (IPO) on August 24, offering its equity shares in a price band of Rs 94-99 each. The public issue, consisting of 3.12 crore equity shares, is exclusively a fresh issue by the company.

The IPO also includes a reserved portion of 3 lakh equity shares for its employees, granting them shares at a discounted rate of Rs 9 per share from the final offer price. With plans to raise approximately Rs 308.88 crore through the public issue at the upper price band, the Rajasthan-based engineering, procurement, and construction company aims to channel these funds towards capital expenditure and working capital requirements.

The offering is set to conclude on August 28, while the anchor book will open for a single day on August 23. Prospective investors can bid for a minimum of 150 equity shares and in multiples of 150 shares thereafter. Qualified institutional buyers will have access to half of the issue size, while 15 percent is reserved for high-net-worth individuals (HNIs), and the remaining 35 percent is earmarked for retail investors.

Vishnu Prakash R Punglia, known for its experience in designing and constructing various infrastructure projects, is particularly focused on water supply projects (WSPs). The company has successfully executed over 75 WSPs to date, with 38 WSPs currently under execution. Boasting a strong clientele across different government departments, the company's robust order book includes over 85 projects completed and 51 ongoing projects spread across 9 States and 1 Union Territory.

While the fiscal year 2022-2023 witnessed the company doubling its net profit to Rs 90.64 crore, revenues from operations during the same period surged by 48.7 percent to Rs 1,168.4 crore. Notably, the company has managed to achieve a CAGR of 55.10 percent in its topline growth from FY21 to FY23. Despite the impressive performance, the company's debt has risen, reaching Rs 250.4 crore in FY23, compared to Rs 176.6 crore in FY22 and Rs 110.8 crore in FY21.

The IPO's merchant bankers include Choice Capital Advisors and Pantomath Capital Advisors, while Link Intime India will serve as the registrar.

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Market ends week with small gains; realty index climbs 4%, rupee appreciates

Indian equity market witnessed a rangebound movement to end almost flat in an eventful week ended June 2 amid better-than-expected GDP data, 31-month-high manufacturing PMI, higher GST collections, strong auto sales in May and closure of US debt ceiling discussions. In this week, the BSE Sensex gained 45.42 points to close at 62,547.11, and Nifty50 rose 34.75 points to end at 18,534.1.

The BSE Small-cap index surged 2.4 percent with Nucleus Software Exports, Force Motors, Centum Electronics, V2 Retail, Nureca, Brightcom Group, The Hi-Tech Gears and Kopran rising 26-40 percent, while losers included SEPC, Sunflag Iron and Steel Company, SVP Global Textiles, Sintex Plastics Technology, Campus Activewear, Technocraft Industries (India), Greaves Cotton and Precision Wires India.

BSE Mid-cap Index rose nearly 2 percent led by Power Finance Corporation, Nuvoco Vistas Corporation, 3M India, REC, Aurobindo Pharma and Apollo Hospitals Enterprises.The BSE Large-cap Index ended on a flat note. Gainers were ICICI Lombard General Insurance Company, FSN E-Commerce Ventures (Nykaa), HDFC Asset Management Company, Zomato and ICICI Prudential Life Insurance Company, while losers were Adani Total Gas, Adani Transmission, Vedanta, Oil and Natural Gas Corporation, Coal India and Adani Enterprises.

Foreign institutional investors (FIIs) were net buyers in equities this week as they bought equities worth Rs 6,519.73 crore, while domestic institutional investors (DIIs) sold equities worth Rs 1,043.1 crore.Among sectors, the Nifty Realty index gained nearly 4 percent, Media index added 3 percent and Healthcare index added 2.5 percent, however, Oil & Gas index shed 2.7 percent and Energy index fell nearly 2 percent.

In the BSE Sensex, Reliance Industries lost the most in terms of market cap, followed by ICICI Bank, Tata Consultancy Services and Infosys. On the other hand, Hindustan Unilever, Titan Company and Bharti Airtel added the most of their marketcap.During this week, the rupee gained 27 paise to end at 82.30 to a dollar on June 2 against its May 26 closing of 82.57.

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Top 10 Factors that affect the Stock Market on Monday

Bulls kept charging the markets throughout the truncated week that ended April 7, pushing the benchmark indices to sustain their rally. A host of reasons such as higher-than-expected PMI manufacturing data, monthly auto sales numbers, provisional Q4FY23 numbers from banks and NBFCs, FII inflow, and the RBI's surprise pause in interest rate hike with upward revision in growth forecast to 6.5 percent from 6.4 percent aided the surge.

The BSE Sensex climbed 841 points or 1.4 percent to 59,833, and the Nifty50 rose 239 points or 1.4 percent to 17,599, supported by banking and financial services, auto, pharma, and infrastructure stocks.

The broader markets also traded higher with the Nifty Midcap 100 and Smallcap 100 indices gaining 1 percent and 2 percent.

After yet another encouraging week, the momentum is expected to continue along with some volatility in the holiday-shortened week beginning April 10 with focus on corporate earnings, inflation data, global news flows, and FOMC minutes, experts said. 

1) Corporate Earnings

The corporate earnings season for the March FY23 quarter will be kicked off by index heavyweights Infosys on April 13, Tata Consultancy Services on April 12, and HDFC Bank on April 15.

2) CPI Inflation

The consumer price inflation, which measures the change in prices of a basket of goods and services, is likely to drop below the 6 percent mark in March on April 12, with moderation in food inflation, against 6.4 percent in the previous month, while core inflation is likely to be sticky around 5.9-6 percent.

3) US Inflation and FOMC Minutes

On the global front, investors will look for cues from US inflation numbers and FOMC minutes scheduled to be released on April 12. Overall, the inflation is expected to moderate further to around 5.3 percent in March against 6 percent in the previous month, while the core inflation is likely to be steady at around 5.5 percent, as per the forecast available on Trading Economics.

4) Global Economic Data Points

5) FII Flow

The consistent FII inflow due to the falling US dollar index and bond yields also aided the markets and experts believe the flow is expected to continue given the hope that Federal Reserve may consider a pause in interest rate hike cycle sooner than later.

6) Oil Prices

Crude oil prices reached to a month's high, with international benchmark Brent crude futures rising to over $85 a barrel, from $79.77 on a week-on-week basis and WTI crude climbing from $75.67 to $80.46 a barrel in the same period, after a surprise OPEC+ output cuts and more-than-expected draw in US oil stocks. But the gains were capped towards the end of week after the weak US economic data raised fears over demand outlook.

7) Technical View

The Nifty has formed bullish candlestick pattern on the weekly scale, with making higher top higher bottom for second consecutive week, and the momentum indicator RSI (relative strength index) giving a nice positive crossover. Also the index climbed back above the 50-week EMA (exponential moving average - 17,426), which is another positive sign.

8) F&O Cues

The weekly Option data indicated that the 17,600 is expected to be a crucial level for the next direction of Nifty50, where we have seen maximum Call as well as Put open interest. Further, the index may find strong resistance around 17,600-17,800 area, whereas 17,500 is expected to be near-term support followed by crucial support at 17,000 levels.

9) India VIX

The volatility cooled down considerably in the last couple of weeks, with the India VIX fell by 8.8 percent for the passing week to 11.79, the lowest weekly closing level since July 2021, from 12.93 levels last week.

10) Corporate Action

Schaeffler India, Britannia Industries, Varun Beverages, Visaka Industries, Edelweiss Financial Services, and Goodluck India will trade ex-dividend, while Emami will turn ex-buyback in the coming week.

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Nifty closes above 18,600 for the first time, next hurdle 18,700

The Nifty hit another high to close above 18,600 for the first time on November 29, extending the uptrend to the sixth consecutive session supported by positive global cues and buying in FMCG, metal and pharma stocks.

After opening flat at 18,552, which was also the day's low, the index traded higher for the rest of the day. It hit a new high of 18,678 and closed 55 points higher than the previous day at 18,618. The index has formed a bullish candle on the daily charts, making higher highs for the fifth straight session.

Momentum indicators the Relative Strength Index (RSI) trading above 60 and Moving Average Convergence and Divergence were trending upward on the daily and weekly charts, with MACD giving a positive crossover on the daily frame.

"The market is consistently holding higher high and higher low formation which is broadly positive. Hence the support has now shifted to 18,550 from 18,450," Shrikant Chouhan, Head of Equity Research ( Retail) at Kotak Securities said.
As long as the index trades above 18,550, the uptrend will continue. The market can move to 18,750-18,800, the expert said.

The broader market, however, saw profit booking, with the Nifty midcap 50, midcap 100 and smallcap 100 indices declining half a percent each. On the options front, the maximum Call open interest was at 19,000 strike followed by 20,000 strike, with Call writing at 18,800 strike then 18,700 strike. The maximum Put open interest was seen at 18,000 strike followed by 17,000 strike, with Put writing at 18,600 strike then 18,500 strike.

The data indicates that in near term, the Nifty may trade in range of 18,400 to 18,800. India VIX was up by 0.36 percent to 13.62 levels, but overall it has been cooling off for the last nine weeks and supporting the bulls.

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