Indian stock market started with a surge on Monday. Nifty opened above 24,700 and Sensex at 80,588. FII selling continues, while several issues including Glottis, Fabtech, and Om Freight are in discussion in the IPO market.
Stock Market Today: India's stock market made a positive start on Monday. Caution was observed among investors before the commencement of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting. Additionally, both Sensex and Nifty opened in the green in the initial session, but some volatile trading was seen shortly after.
Sensex and Nifty Movements
The 30-share BSE Sensex opened at 80,588, rising over 100 points. Strength in heavyweight stocks like Eternal, Reliance, and Infosys supported the index. However, the initial gains did not last long. At 9:20 AM, the Sensex was trading at 80,465.88, with a marginal gain of 39.42 points, or 0.05%.
Similarly, NSE's Nifty-50 also opened bly at 24,728. But its momentum decreased somewhat in early trading. At 9:20 AM, Nifty was trading at 24,680, up by 25.55 points, or 0.10%.
Impact of Global Markets
As for foreign markets, investors are awaiting several major data releases this week. The UK's money supply data, Euro Area economic sentiment, and results of Japan's JGB purchase program are expected soon. The Reserve Bank of Australia is also commencing its two-day policy meeting.
Asian markets showed a mixed trend on Monday. Australia's S&P/ASX 200 index rose by 0.43%. South Korea's Kospi index strengthened by 1.05%. Meanwhile, Japan's Nikkei 225 index fell by 0.68%.
US markets closed higher on Friday. US inflation data was largely in line with expectations, providing relief to investors. The S&P 500 index closed up by 0.59%. The Nasdaq Composite rose by 0.44%, and the Dow Jones by 0.65%.
FII and DII Strategy
Selling by Foreign Institutional Investors (FIIs) continues in the Indian market. On Friday, FIIs sold shares worth Rs 5,564.75 crore. In contrast, Domestic Institutional Investors (DIIs) bought shares worth Rs 5,599.84 crore. This indicates the strength of domestic investors, who are balancing the pressure from foreign selling.
Buzz in the IPO Market
On Monday, the IPO market is also bustling. Three new public issues – Glottis IPO, Fabtech Technologies IPO, and Om Freight Forwarders IPO – are being launched.
Additionally, the allotment for Jain Resource Recycling IPO, BMW Ventures IPO, and Epack Prefab Technologies IPO may be decided today. Meanwhile, shares of Ganesh Consumer Products IPO and Atlanta Electricals IPO will be listed on the stock market today.
Today is the second subscription day for Pace Digitek IPO, while it is the last day for Jinkushal Industries IPO and Trualt Bioenergy IPO.
The SME (Small and Medium-sized Enterprises) IPO segment will also see activity. Six new issues will open on Monday, including Chiraharit, Dhillon Freight Carrier, Suba Hotels, Om Metallogic, Vijaypd Ceutical, and Sodhani Capital. Meanwhile, today is the final subscription day for Telge Projects, Earkart, Gujarat Peanut & Agri Products, and Chatterbox Technologies IPO.
Investors' Focus on Tata Capital IPO
Tata Capital's major IPO is among the biggest news in the market. The company has finalized all details for its Rs 15,511 crore issue. The price band has been set at Rs 310 to Rs 326 per share.
This IPO will be open for subscription from October 6 to October 8. Investors will receive one lot of 46 shares. Of this, 50% will be reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and at least 35% for retail investors. Additionally, 1.2 million shares have been separately reserved for employees.
Previous Trading Session's Status
On Friday, September 26, the Indian stock market closed with a significant decline. The BSE Sensex fell by 733 points, or 0.90%, to 80,426. Meanwhile, the NSE Nifty 50 index closed down by 236 points, or 0.95%, at 24,654.
On a weekly basis, the market also showed weakness. The Sensex fell by 2,199.77 points, or 2.66%, and the Nifty dropped by 672.35 points, or 2.65%.
