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MARKETS: Indices eye choppy day; Nazara Tech, Suryoday SFB IPOs open today

LIVE market updates: SGX Nifty was ruling 17 points higher at 14,988 levels at 7:20 AM.

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MARKET LIVE | US Federal Reserve | IPOs

SI Reporter  | New Delhi 

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EVENT HIGHLIGHTS

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LIVE stock market updates: Markets may remain volatile on Wednesday as investors gauge the strength of the economic recovery. On Tuesday, India reported nearly 29,000 new cases, taking the tally to 11.43 million. Against this backdrop, investors are likely to track Prime Minister Narendra Modi's meeting with chief ministers, scheduled later today, to discuss the situation.
On the global front, the US Federal Reserve is slated to announce its policy decision later in the day where the central bank may forecast that the US economy will grow at the fastest rate in decades in 2021.

IPO Watch
Rakesh Jhunjhunwala-backed Nazara Technologies is all set to hit the primary market with its Rs 583-crore IPO today. Given that Nazara is well placed in the online gaming space due to its leadership position and diversified offerings, analysts suggest investors subscribe to the issue. 

Moreover, the three-day IPO by Suryoday Small Finance Bank (SFB) is also slated to open on Wednesday. Analysts covering the IPO share mixed views and are split between high valuations and good return ratios. 

Among the active issues, the three-day offer by Kalyan Jewellers was subscribed 60 per cent at the end of the first day of bidding process on Tuesday, while that of Laxmi Organics and Craftsman Automation were subscribed 6.05 times and 1.26 times on the second day. The IPO of Anupam Rasayan, meanwhile, was subscribed 31 times on the final day of bidding.

Global cues
The S&P 500 and Dow Jones retreated late in the session on Tuesday as yields on longer-maturity US Treasury bonds fluctuated. The Dow Jones Industrial Average fell 0.39 per cent, while the S&P 500 lost 0.16 per cent. The Nasdaq Composite, however, edged up 0.09 per cent.

Mirroring the trend, Australia's S&P/ASX 200 index lost 0.64 per cent in early trading, Japan's Nikkei 225 fell 0.03 per cent, while Hong Kong’s Hang Seng index was down 0.12 per cent.

(With inputs from Reuters)

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