Street Signs: Nifty climbs the first rung of mkt ladder, money on the move

Banking stocks lift Nifty above key level; over ₹30,000 crore of IPOs line up as investors track brokerages and valuations

Nifty climbs the first rung of mkt ladder

 

Banking stocks lifted the benchmark Nifty last week, with the index rising 1 per cent to close at 24,894, nudging the near-term market tone into mildly positive territory. Technical experts observed that the Nifty’s close above its 100-day exponential moving average indicates underlying strength, although resistance remains near the 25,000–25,150 range. “The index holds firm above 24,600, with sentiment positive as long as this base sustains,” said Ponmudi R, founder and chief executive officer of Enrich Money. Vatsal Bhuva, a technical analyst at LKP Securities, pointed out that strong ‘put writing’ (an options trading strategy) at 24,800 suggests solid support, while heavy call open interest at 25,000 limits the upside. Analysts expect the Nifty to trade in a mildly bullish band of 24,750–25,100 in the coming sessions

 

Money on the move: ₹30,000 cr in sight

 

The initial public offering (IPO) market is gearing up for a busy spell, with three companies aiming to mobilise over ₹30,000 crore. This follows a hectic September that saw 25 IPOs hit the market, raising concerns of investor fatigue. The grey market reflects this sentiment: Tata Capital and WeWork India shares are trading at premiums below 5 per cent, while LG Electronics India’s stock is about 15 per cent above its price band. “It’s uncommon for large IPOs to spark the grey market. Even as several companies have adjusted valuations, premiums remain subdued. Institutional investor interest, however, appears strong, as evident from the solid response to Tata Capital’s anchor book,” said an investment banker.

 

When giants shuffle, portfolios hold breath

 

Last week, Nithin Kamath, founder and chief executive officer of Zerodha — India’s largest brokerage — sounded a cautionary note: “From around October last year, several risks I had flagged began to materialise, affecting both revenues and profits. In the latest quarter (June 2025), brokerage revenues are down nearly 40 per cent from the same period last year.” His comments come as rival Billionbrains Garage Ventures (Groww), the largest brokerage by active clients, prepares for its initial public offering. The Tiger Global-backed firm has reportedly trimmed both the issue size and its valuation expectations. Market participants say attention will focus on the valuation at which Groww lists, with estimates ranging between $7 billion and $9 billion.