After trading flat for most of the day, benchmark indices slumped on Tuesday after US Futures opened deep in the red. Weak global cues from elsewhere also dampened the market mood. All sectors saw selling. Metals, realty and IT names were especially under pressure. Volatility also rose ahead of the press conference by the Finance Minister today. Investors were left poorer by Rs 3.71 lakh crore as the total market cap of BSE-listed firms, which reflects investor wealth, slipped to Rs 276.30 lakh crore.
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We may see a further decline in the Nifty index and the 17,950-18,050 zone would act as a support. Volatility usually remains high during the corrective phase and earnings season is further adding to the choppiness. Keeping in mind the scenario, it’s prudent to maintain a few shorts also. The focus should be on earnings and global markets for cues.
– Ajit Mishra, VP – Research, Religare Broking
Kotak Investment Advisors’ pre-IPO fund mobilises Rs 2,000 crore
Kotak Investment Advisors on Tuesday SAID it has successfully closed its maiden Kotak pre-IPO Opportunities Fund, raising Rs 2,000 crore. The fund will invest in a range of India-focused late-stage new-age businesses with a strong moat of technology, according to a statement. The Kotak Pre-IPO Opportunities Fund has already made investments worth Rs 653 crore in five deals and has another Rs 405 crore worth deals in various stages of evaluation and execution.
Nifty started the day on a positive note but failed to carry the momentum throughout the session. On the higher end price found resistance at 18350 which resulted in a sharp fall towards 18080. On the daily chart Nifty has formed a bearish engulfing pattern. A bearish harmonic pattern is also visible on the daily chart of Nifty. Momentum oscillator RSI (14) has entered in a bearish crossover. On the higher end resistance is visible at 18350-18400; whereas on the lower end support is visible at 18000/17850.
– Rupak De, Senior Technical Analyst at LKP Securities
How to navigate this market?
— Rahul Sharma – co-owner, Equity 99
Raymond to redevelop residential project in Mumbai’s western sub-urban district
‘Ten X Realty Limited’, the step-down wholly owned subsidiary of Raymond, has today signed a binding term sheet for joint redevelopment of residential project in the western sub-urban district of Mumbai. The project is estimated to have, in aggregate, revenue potential of around Rs 2,000 crore over a period of next 5 years. This is in line with the Company’s growth plan to expand its Realty horizons beyond Thane.
Following a weak lead from the global markets, domestic indices witnessed a highly volatile trade ahead of the press conference by the Finance Minister today. Surge in oil prices and…
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