The Indian equity market is expected to open higher on Monday, the first trading day of the week, with Gift Nifty trading higher in morning trade.
At around 7:30 a.m., Gift Nifty was trading around 24,355, up 69 points, or approximately 0.28%. The indication suggests that the Nifty and Sensex could open higher. The market’s subsequent direction will depend on global cues, investor activity and developments involving key companies.
According to market experts, if the Nifty sustains above Friday’s high of 24,284, the pullback could continue towards the 24,400 level in the coming sessions. If the index fails to move above the higher levels, the market could remain in consolidation in the 24,000–24,250 range for some time. Investors will track several stocks on Monday following corporate and regulatory developments involving the companies.
Meesho shares may see activity following reports that Y Combinator could sell up to around 1.05% of its stake in the company through a block deal. The potential transaction is estimated at around Rs 957.5 crore.
Lenskart Solutions will also remain in focus. An entity associated with SoftBank Vision Fund could sell around 2.6% of its stake in the company through a block deal. The potential transaction is estimated at around $300 million.
Bank of Baroda has completed the issuance of $400 million of additional senior unsecured Reg-S fixed-rate notes. The notes have an original tenor of five years.
Pharmaceutical stocks will also remain in focus following regulatory developments. The US Food and Drug Administration (US FDA) inspected Caplin Point Laboratories’ manufacturing facility at Gummidipundi.
Following an inspection of Natco Pharma’s FDF manufacturing plant in Visakhapatnam, the US FDA issued a Form 483 with four observations. The observations were primarily related to procedures.
Four observations were also reported following an inspection of Choksi Laboratories’ central laboratory in Indore. AuroPeptides, a facility associated with Aurobindo Pharma, also underwent a routine inspection in Telangana.
NTPC Renewable Energy, a subsidiary of NTPC Green Energy, was successful in SECI’s e-reverse auction. The project relates to large-scale renewable energy-based peak power supply in India.
Craftsman Automation has approved a proposal to establish a new company in Germany. ICICI Bank has reduced its stake in Shree Renuka Sugars in multiple tranches.
Zee Entertainment Enterprises has issued convertible warrants on a preferential basis to Sunbright Mauritius, a promoter group company, providing the company with immediate funds.
