Daily News Analysis 1) Indian Benchmark Indices end margin | Motilal Oswal - Official📈💸
Daily News Analysis
1) Indian Benchmark Indices end marginally low-
After pedalling to a good start to the week on Monday, Indian Benchmark Indices on Tuesday, ended marginally low, owing to global sentiments and volatility. The BSE SENSEX index tumbled over 700 points, but gained momentum towards the end of the day to end 104 points lower at 61,702.29. Similarly, the NIFTY 50 Index also saw volatility during the day, wherein it lost over 200 points to eventually climb back and settle at 18,385.30, losing 0,19% through the day. Amongst the sectoral indices, NIFTY Auto displayed lackluster performance losing over 99 points to become the worst performing sector of the day. On the other hand, Nifty IT bounced back from its lows to gain 56 points, to become the best performing sector for the day.
2) Jefferies pull out Zomato out of their "Model India Portfolio"- The Jefferies Group - an American Investment Banking company, restructured their Model Indian Portfolio - leaving behind Zomato from the list. The investment banker's equity strategy team removed the foodtech company from their portfolio because they wanted to add weight to the metals sector, with China reopening and the expectation of peaking of interest rates in the US. After exiting Zomato, the company has added Tata Steel and Hindalco to its portfolio. Zomato closed 1.61% higher at 63.15 on NSE today.
3) IPO Corner-
The Secondary market is all set to get hit by new IPOs worth Rs 2000 crores until December 2022. The ongoing IPO for KFin Technologies and Elin Electronics have so far received decent bids. In its second day of bidding, KFin Technologies ltd was bought 66%, with the QIB portion booked fully. Elin Electronics Ltd on its first day of the issue saw 19% subscription. The grey market premium for KFIN Technologies ltd is trading at a premium of Rs 3 per share, whereas the GMP for Elin Electronics is currently trading at a premium of Rs 48 per share. However, the GMP is not to be considered as the sole fundamental for subscribing to the issues.
