Street Signs: Nifty's 26k hurdle, grey mkt gives Groww, Studds a polite nod

The Nifty struggles to hold above 26,000 amid profit-taking, while Lenskart's ambitious IPO valuation divides investors. Grey market signals modest optimism for Groww and Studds

26K: The mountain Nifty can’t quite climb  The Nifty has repeatedly tested the 26,000 mark but has struggled to stay above it. Over the past seven sessions, the index crossed this level intraday five times, closing above it only once — before slipping back below the next day. Technical analysts said the index continues to face resistance around 26,100, where selling pressure tends to emerge. “A decisive close above this level on strong volumes will be crucial to unlocking the next leg higher and potentially taking the index to new all-time highs,” said Ponmudi R, chief executive officer of Enrich Money. Nilesh Jain, head — technical analyst at Centrum Broking, said the Nifty ended its four-week winning run, forming a small-bodied bearish candle with a long upper shadow — indicating profit-taking at higher levels. “A sustained move above 26,000, where major call writers are active, could clear the way for the next leg of the rally,” he added.

 

₹70K crore vision test: Is Lenskart seeing straight? 

Lenskart’s ₹7,280 crore initial public offering (IPO) has sparked heated debate over its lofty valuation, with many investors taking to social media to air their doubts. The company is eyeing a valuation of nearly ₹70,000 crore — over 200 times its 2024-25 profits and 10 times sales. Sceptics point to its brief profit-making record, while supporters see a growth story backed by strong brand recall and the steady rise of organised retail. Despite divided opinions, the IPO opened on a strong note: the anchor book was oversubscribed 15 times, and the issue was fully subscribed on Day One, including the retail portion. The grey market premium is hovering around 20 per cent. Market watchers say the Lenskart IPO is shaping up as a litmus test for richly priced offerings in the domestic market.

 

Grey mkt gives Groww, Studds a polite nod 

The grey market premiums (GMPs) for the other two initial public offerings (IPOs) closing this week remain in the low double digits. Shares of Billionbrains Garage Ventures, the parent of Groww, are trading about 17 per cent higher in the grey market. The country’s largest investment platform is targeting a valuation of around $7 billion (₹61,736 crore) in its IPO — below the $9-10 billion range cited in its draft papers. The offer comes at a tough time for domestic brokers amid tighter regulations, though the company says its multiproduct approach has made it more resilient than peers. Helmet maker Studds Accessories’ shares are trading at a GMP of roughly 12 per cent. The company is seeking a valuation of ₹2,300 crore in its IPO.