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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Highest ever monthly sales drive Maruti Suzuki to fresh all-time highs

Maruti Suzuki, a leading automobile company, has witnessed an impressive surge in its stock price, climbing nearly 9% over the past week. On September 1, the company's shares reached a fresh all-time high, touching Rs 10,397.95, following the announcement of its highest-ever monthly sales figures for August.

In August, Maruti Suzuki achieved a total sales figure of 1.89 lakh units, marking a remarkable 14.5% increase compared to the same month in the previous year. This figure also exceeded Nomura's estimate of 1.85 lakh units.

The company's domestic sales demonstrated a similar growth trend, rising by 14.5% month-on-month to reach 1.64 lakh units, compared to 1.43 lakh units in the same period the previous year. Concurrently, exports also exhibited a robust performance, surging by 15% year-on-year to reach 24,614 units in August, compared to 21,481 units during the same month in the previous fiscal year.

Additionally, Maruti Suzuki's decision to consider a stock split, in response to requests from its shareholders, has boosted investor sentiment. The company has also announced ambitious plans to invest Rs 45,000 crore (approximately $5.4 billion) with the aim of doubling its annual production capacity to 4 million vehicles by 2031.

The positive outlook for Maruti Suzuki is further supported by its pursuit of a substantial market share in the Special Utility Vehicle segment, which is expected to enhance profitability in the latter half of the current fiscal year.

Market analysts have reacted positively to these developments, with global brokerage firm JP Morgan placing Maruti Suzuki on its positive catalyst watch. Furthermore, analysts foresee optimistic scenarios, including sustained market share growth and improved profit margins, even amid rising discounts and inventory levels. JP Morgan's report suggests the potential for Maruti Suzuki's stock to outperform the broader market.

Maruti Suzuki's shares closed with a 3.27% gain at Rs 10,331.25 on the National Stock Exchange, accompanied by strong trading volumes, with 13 lakh shares changing hands, compared to the one-month daily traded average of 5 lakh shares.

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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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Nifty at 20,000 by December? This Elliot Wave analyst believes so

After a disconnect earlier in the year, Indian markets have started aligning with global markets and are expected to move up, founder of Indiacharts, a financial services firm, Rohit Srivastava has said, adding he expects the Nifty to hit 20,000 by December end."The US and European markets started to recover from January but Indian markets were disconnected due to the Adani-Hindenburg fiasco. That is now behind us and markets are starting to move up," Srivastava told Moneycontrol on June 2.

He was referring to a report by American short-seller Hindenburg Research in late January that accused the Adani group of stock manipulation and other irregularities. The Indian conglomerate denied the charges but the report triggered a rout in group companies' shares, which have since stabilized. aThe benchmark Nifty50 has recovered more than 9 percent from the March lows to 18,534 now. The Sensex has gained close to 8.5 percent during the period.

"In March, we also had the highest-ever short position build-up by foreign institutional investors. Most of those positions have been covered now. So my sense is that markets bottomed out in March," Srivastava, who specialises in  Elliot Wave analysis, said.Nifty earnings per share (EPS) for the March quarter came in at Rs 233, 5-6 percent higher than the street's estimates. It was up 14 percent sequentially and 13 percent year-on-year.

Banking & financial services, autos and metals space performed better than expected, while the rest of the sectors were broadly in line."Be it economic growth or earnings growth, we have done better than most parts of the world," said Srivastava. India's Q4 GDP surprised on the upside at 6.1 percent against an estimate of 5 percent. As India aligns with markets globally, the Nifty could hit 20,000 by December-end and the Nifty Bank scale the coveted 50,000 mark, he said.

"It was a one-and-a-half-year-long consolidation phase, which I would call a clean-up phase. From March onwards, we are seeing pretty strong breath. So this should be a continued bull run for the rest of 2023," he said. On June 2, Indian equity benchmarks closed in the green, with the Sensex up 118 points at 62,547 and the Nifty gaining 46 points to close at 18,534.

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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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