Street Signs: Nifty claws towards 26,500, IPO ticker tape parade, and more

Nifty claws towards 26,500: Will it hold?

 

The Nifty 50 index closed at 25,910 on Friday, posting a 1.6 per cent gain for the week. Analysts say the trend remains firmly upward, with further gains likely in the near term. “A sustained move above the 25,600–25,700 zone could push Nifty towards 26,000–26,200,” said Nagaraj Shetti, senior technical research analyst at HDFC Securities. Nilesh Jain, head of technical and derivatives research at Centrum Broking, noted that the index bounced strongly after testing the 21-day moving average near 25,750, which now serves as immediate support. “Clearing 26,000 could trigger short covering, opening the path to 26,200 and potentially 26,500,” he added. 

Unlisted Catch-22: Pay high, list low 

Despite strong market debuts by Pine Labs and Groww, investors who bought shares in the unlisted market are feeling short-changed. Pine Labs, which listed on Friday, closed 14 per cent above its issue price, while Billionbrains Garage Ventures — the parent of online brokerage Groww — jumped nearly 30 per cent on its Wednesday debut. Yet both companies priced their initial public offerings (IPOs) well below prevailing unlisted valuations. Groww, for instance, was trading around ₹130 in the unlisted market just three months ago but set its issue price at ₹100. Pine Labs’ IPO valuation was roughly 50 per cent below its last unlisted trade. “People are losing faith in the value of the unlisted market. Why buy if the company lists at a much lower price? Deals are still happening, but at a slower pace,” said an unlisted market broker. 

IPO ticker tape parade: ₹1.5 trillion & climbing 

With total fundraising in 2025 already exceeding ₹1.5 trillion, the market is within striking distance of last year’s record of ₹1.59 trillion. Setting a new high will likely depend on at least one major initial public offering (IPO) before year-end. One candidate is ICICI Prudential Asset Management Company’s ₹10,000 crore IPO. The asset manager is awaiting regulatory approval, but sources indicate the go-ahead could come soon, paving the way for a possible December 2025 launch.