n the overnight trade on Wall Street, the S&P 500 registered its biggest daily percentage gain since November 24 on MondayShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to open in the positive territory on Tuesday, following a post Budget rally. Nifty futures were trading 109.50 points or 0.76 per cent higher at 14468 on Singaporean Exchange in the early trade. On the Budget day, BSE Sensex zoomed 2,314 points or 5 per cent to close at 48,600.61. While Nifty 50 ended at 14,281, up 646 points or 4.74 per cent, posting the biggest Budget day gains since 1997. Asian stock markets were also seen trading higher in the early trade, with Japan’s Nikkei 225 gaining 0.2 per cent. The Topix index advanced 0.43 per cent. In the overnight trade on Wall Street, the S&P 500 registered its biggest daily percentage gain since November 24 on Monday. The Dow Jones Industrial Average rose 0.76 per cent, the S&P 500 gained 1.61 per cent, and the Nasdaq Composite added 2.55 per cent.
Sequoia Capital-backed Rs 1,170-crore Indigo Paints initial public offer (IPO), which received a robust response from investors across all investors, is set to debut on bourses on Tuesday. Indigo Paints is so far the most subscribed initial public offering (IPO) of 2021 after it garnered bids 117 times the issue. Indigo Paints shares were last seen trading with a premium of Rs 820 per share over its issue price in the grey market. Indigo Paints has grown at a 42% CAGR over the financial year 2010 to 2019 against a 12-13% CAGR recorded by top four players.
Highlights
A total of 69 companies including HDFC, Ajanta Pharma, Balrampur Chini Mills, Carborundum Universal, Dhampur Sugar Mills, Dixon Technologies, Escorts, IIFL Wealth Management, PI Industries, Tata Consumer Products, Vinati Organics and Wonderla Holidays are scheduled to announce their quarterly earnings on February 2.
Indigo Paints is the fifth largest decorative paints manufacturer in India. Indigo Paints has grown at a 42% CAGR over the financial year 2010 to 2019 against a 12-13% CAGR recorded by top four players. The decorative Paints industry is a Rs 40,300 crore industry, according to brokerage and research firm Motilal Oswal. The brokerage firm added that the industry is expected to grow at CAGR 13% between the Financial year 2019 and 2024. When compared to peers such as Asian Paints, Berger Paints, Nerolac, and Akzo, Indigo Paints displayed highest revenue CAGR over the fiscal years 2018-2020.
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Union Budget 2021: Dalal Street marked one of its most significant rallies today after the Finance Minister unveiled her Budget for the coming fiscal year. Sensex jumped a massive 2,314 while the broader Nifty galloped 4.74%. This was aided mainly by the Banking stocks where IndusInd Bank zoomed 15%, ICICI Bank soared 13%, and State Bank of India jumped 11%. The move comes after the Finance Minister announced the setting up of an Asset Reconstruction Company and further introducing a plan to recapitalise public sector banks
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Sensex and Nifty recovered almost half the losses they had suffered in the last six trading sessions after Nirmala Sitharaman unveiled her Union Budget. This was for the first time that a Budget speech by Nirmala Sitharaman has resulted in Bulls running the show on Dalal Street.
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