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Markets show signs of flat opening; IPO to be in buzz!

Karan DSIJ
/ Categories: Mindshare, Pre Morning
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Markets show signs of flat opening; IPO to be in buzz!

Indian market began the week with a bang as Nifty reclaimed its important psychological mark of 11,200 and India VIX slipped below 20 mark. However, after rallying nearly 435 points from Thursday’s low, the bulls seem to be taking a breather this morning as SGX Nifty indicates a flat start. SGX Nifty is up by just a point, trading at 11,248 level. The zone of 11,236-11,302 is an area of resistance for the bulls.

The primary market would be buzzing as three IPOs hit the D-Street today namely, UTI AMC, Mazagon Dock Shipbuilders, and Likhitha Infra.

Asian indices lacked clear direction during the early trade on Tuesday as the market participants seem cautious ahead of the US Presidential debate, which is scheduled to take place later today. China’s Shanghai Composite has surged 0.73 per cent, while Hong Kong’s Hang Seng and Japan’s Nikkei were down by 0.13 and 0.22 per cent, respectively.  

What better way to start off a new week since, after a gap-up opening, Indian markets extended their gains and ended the day near the day’s high? Bank Nifty led from the front after Supreme Court defers verdict on interest waiver to October 5. Multiplex stocks were also in the limelight after West Bengal allows cinema halls to reopen from October 1 with certain restrictions. At the end of the day, Nifty closed above 11,200 mark and Sensex settled at 37,982. The broader indices outperformed the frontline gauge with Nifty Mid-cap and Nifty Small-cap jumping 2.99 and 3.58 per cent, respectively. Buying interest was witnessed across the board with Nifty Media, Nifty Private Bank, Nifty PSU Bank, and Nifty Bank being the top gainers.

US stocks were in a jubilant mood on Monday as they extended their rally on the back of optimism that the fiscal relief logjam could soon end as Nancy Pelosi (Speaker of the US House of Representatives) said a new package is still possible. The tech-laden Nasdaq outperformed its counterpart as it gained 1.9 per cent whereas, Dow and S&P 500 rose 1.5 and 1.6 per cent, respectively. Meanwhile, European markets too ended on a firm note, led by the financial stocks.

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