Global cues were mixed on Wednesday morning.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Profit booking on Dalal Street forced domestic markets to close in the red on Tuesday. S&P BSE Sensex reached a fresh all-time high of 53,129 but failed to sustain and closed in the red. NSE Nifty 50 index ended 15,818, down nearly 100 points from the intra-day highs. Entering the third trading session of the week, SGX Nifty was down in the red, hinting at a continuation of the downward trend. Global cues were also mixed as Wall Street indices ended in either direction while Asian stock markets were largely in the red.
Today initial public offerings (IPO) of Clen Science and Technology and GR Infraprojects will open for subscription. Collectively both the IPOs plan to raise Rs 2,509 crore, on the higher end of the price band. 35% of both IPOs have been reserved for retail investors. Being purely an offer for sale (OFS), both Clean Science and GR Infraprojects will not receive any funds from the public issue. Clean Science and Technology, a manufacturer of specialty chemicals has raised Rs 464 crore from anchor investors. On the other hand, GR Infraprojects managed to raise Rs 283 crore from anchor investors ahead of the IPO.
Highlights
"US Markets closed mixed yet again with the NASDAQ and S&P 500 closing flat while Dow Jones and Russell Index closed lower. This has dragged Asia lower this morning with the SGX Nifty suggesting a lower opening. Private Banks outperformed yesterday while auto stocks played spoilsport. Nifty Put writers were on the back foot while Call writing was witnessed at 15,900. Bank Nifty witnessed heavy addition in 35,500 Puts. Nifty meeds a macro reason for this big breakout to happen. Support at 15,740 and 15,690. Bank Nifty remains strong," said Rahul Sharma, Director & Head of Research, JM Financial.
SGX Nifty was down in the red on Wednesday morning, signalling a weak start for domestic markets. SGX Nifty was down 70 points during the early hours of trade.
"We are of the view that the bulls are still in total control but the intraday chart indicating traders may prefer to take a cautious stance near the 15925 resistance level. Technically, the short-term structure of the market is still on the bullish side . However, on the daily chart, Nifty has formed Gravestone Doji candlestick kind of pattern which indicates short-term weakness. In the near future, 15870 should be the key level to watch out for, below the same correction wave likely to continue up to 15775-15720. On the flip side, if the market succeeds to trade above 15870 we can expect the continuation of the uptrend wave till 15925-15965," said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.
GR Infraprojects’ Rs 963-crore IPO will open for subscription on Wednesday, July 7, 2021, in a price band of Rs 828-837 per share of face value of Rs 5, each. The public issue will be entirely an offer-for-sale (OFS) of up to 1.15 crore equity shares by existing promoters and shareholders. In the grey market on Monday, GR Infraprojects shares were trading at a premium of Rs 355 over the IPO price. The shares were trading at Rs 1,192 apiece, implying a premium of 42 per cent over the IPO price, according to the people who deal in shares of unlisted companies. Equity shares are proposed to be listed on BSE and NSE.
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Clean Science and Technology’s Rs 1,546 crore initial public offering (IPO) opens for subscription on July 7. Investors can bid for the IPO in the price band of Rs 880-900 per equity share of face value Rs 1. Clean Sciences’ issue is entirely an offer for sale (OFS) by existing investors, including promoters of the company and does not involve a fresh issue. Post IPO, promoter and promoter group shareholding will drop to 78.51% from 94.65%. On the other hand, public shareholding in the firm will increase to 21.49% from the current 5.35%. The subscription window for Investors will remain open from today till the end of the week.
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