Investors are grappling with the risk that the US Federal Reserve will taper asset purchases and hike interest rates more quickly than expected to fight price pressures. Traders are also waiting to see if President Joe Biden picks incumbent Jerome Powell or Lael Brainard as the Fed chair nominee
Stocks to Watch
Shares of ITC, Asian Paints, BPCL, Vedanta, Apollo, among others, will be in focus today.
One 97 Communications, which owns Paytm, will likely list on exchanges today. KFC operator Sapphire Foods is also expected make its stock exchange debut today.
LIC listing on track by March quarter, says DIPAM’s Pandey
The Union government is planning the initial public offering (IPO) of Life Insurance Corp. of India (LIC) Ltd in the March quarter, a top government official said.
“We are working very hard for the LIC IPO,” said Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management (DIPAM). “This is one large financial institution which had remained so far away from the market. In terms of the capital market, it will be a very big event in the last quarter of FY22. That’s what we are working for,” Pandey said at the CII Global Economic Policy Summit.
DIPAM has appointed 10 merchant bankers, including Goldman Sachs (India) Securities, Citigroup Global Markets India and Nomura Financial Advisory and Securities India, to manage the IPO of the country’s largest life insurer. Actuarial firm Milliman Advisors LLP India is already assessing the embedded value of LIC ahead of the IPO.
Paytm parent One97 Communications to debut stock exchanges on 18 November
Most marker experts expect Paytm to have a ‘tepid’ debut today.
If the market opens in positive, then there can be at par listing, however, in the case of negative market sentiment, the issue may open at discount as well, as per them.
The ₹18,300-crore initial public offering (IPO) of One97 Communications, the largest ever in the history of India’s capital markets, was subscribed 1.89 times during 8-10 November.
The portion reserved for qualified institutional investors was subscribed 2.79 times and that of non-institutional investors saw 24% subscription, while the retail investors’ portion was subscribed 1.66 times.
Nifty view: Nagaraj Shetti, technical research analyst at HDFC Securities
The short term trend of Nifty is down and the bears have started to participate actively in the market. The next important support for bulls at NSE Nifty is around 17,750 and a move below this area is likely to open sharp weakness in the near term. Minor upside bounce in Nifty…
Read More: SGX Nifty hints at muted start for Indian indices