Global cues were mixed, with NASDAQ, Dow Jones and the S&P 500 having zoomed ahead while Asian peers trading mixed.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets ended in the green for the third day straight on Thursday. S&P BSE descended from highs but managed to end 84 points higher while the Nifty 50 index added 56 points but closed just below 14,900. On Friday morning, SGX Nifty was trading flat hinting at a muted opening for equity markets. Global cues were mixed, with NASDAQ, Dow Jones and the S&P 500 having zoomed ahead while Asian peers trading mixed. Shanghai Composite, Hang Seng and KOSPI were in the red, while TOPIX, Nikkei 225, and KOSDAQ soared higher.
The initial public offering of Macrotech Developers ended the second day of subscription with investors bidding for just 35% of the issue. Of this Qualified Institutional Buyers (QIB) were the most active bidders, subscribing 65% of their portion. Non-Institutional Investors (NII) have so far bid for just 19% of their quota while retail investor bids are at 25%. Employees of Macrotech Developers have subscribed 10% of the portion reserved for them. The firm, formerly known as Lodha Developers is looking to raise Rs 2,500 crore from the market. Shares are priced at Rs 483-486 apiece. Today will be the last day to bid for the IPO.
Highlights
"The short term trend of Nifty is still positive, but the market seems to have has started to show lack of strength to witness upside breakout of 14,900. If Nifty fails to move/sustain above 14,950 in the next 1-2 session, then one may expect the beginning of another round of downward correction from the highs. Immediate support is placed at 14,780," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a flat start on Friday, as suggested by trends on SGX Nifty. Nifty futures were trading 13.50 points or 0.09 per cent down at 14932.50 on Singaporean Exchange. In the previous session, the 30-share Sensex gained 84 points while Nifty added 56 points. According to analysts, Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile.
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"Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile. A lot of stock-specific action is likely to be witnessed due to this. We expect Q4 to be another strong quarter, aided by a deflated base of 4QFY20 and healthy demand recovery for the large part of 4QFY21 – as attested by high-frequency indicators. Performance is expected to be healthy despite headwinds of commodity cost inflation in various sectors. However, concerns over the fast-spreading 2nd wave of Covid in India continues to remain," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
All through the year, the markets were not too much enthused by government policies as the series of announcements made under Atmanirbhar Bharat campaign drew an indifferent response. The same was with the Union Budget. Therefore, there seems to be more faith put in the private sector and animal spirits than the policies of the government.
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Finance minister Nirmala Sitharaman has pitched for an extension of the Debt Service Suspension Initiative (DSSI) by six months through December 2021 to continue support to vulnerable economies in the wake of the Covid-19 crisis.
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Today is the final day to bid for the IPO of Macrotech Developers. So dar the issue has been subscribed 35% with QIBs bidding share being the largest.