You are here: Home » Markets » News
Business Standard

Market Ahead, September 29: All you need to know before the opening bell

In the primary market, three IPOs will hit the street today

Market Ahead | Markets | ICRA

BS Web Team  |  New Delhi 

After rallying more than 1.5 per cent on Monday, the Indian are likely to open on a flat note today amid mixed cues from their Asian peers. The main Wall Street indices posted strong gains overnight as bargain hunters helped recovery. Dow Jones rose 1.5 per cent, the S&P 500 gained 1.6 per cent, and the Nasdaq was up 1.87 per cent.

In Asia, Australian ASX 200 index rose 0.3 per cent and Korea's Kospi gained 0.9 per cent early Tuesday, while Japan’s Nikkei slipped 0.6 per cent. Investors will remain cautious ahead of the first US presidential debate set to take place later today.

Back home, India yesterday saw 82,727 new Covid-19 cases, taking the total caseload past 61 lakh-mark. The death toll, meanwhile, stands at 96,351.

Defence stocks will be in focus today after the government yesterday unveiled a new Defence Acquisition Procedure with a focus on significantly boosting indigenous production. Under the new policy, the offset guidelines have also been revised facilitating preference to defence majors offering to manufacture products in India over relevant components.

The stocks also might trade actively today after reports emerged saying that the Group is in talks with potential investors about taking stakes in a new digital platform in order to modernize its consumer businesses.

Apart from these, market participants will continue to track the Rupee's trajectory, oil price movement, and stock-specific developments.

In the primary market, three will hit the street today. The price band for the IPO of state-owned defence firm Mazagon Dock Shipbuilders has been fixed at Rs 135-145 per share and the bid size is 103 equity shares and multiples of 103 shares thereafter. Nearly all brokerages have given a thumbs up to the issue, citing its healthy order book and long-term visibility of topline growth among other things.

As for UTI AMC, analysts say it looks attractive given the over 30 per cent discount to listed players, yet investors shouldn't expect significant gains in the near-term. is offering 3.8 crore of its shares in the price band of Rs 552 -554. Meanwhile, Likhitha Infra the price band is Rs 117-Rs 120 per share.

And now, a quick look at other top

The management of BPCL yesterday said that 2 per cent of its treasury stock will be transferred to a separate trust, while the remaining 7.33 per cent is likely to be sold in a bulk deal.

Rating agency has revised its forecast for the contraction in the GDP to 11 per cent from its earlier assessment of 9.5 per cent for 2020-21, with fresh Covid-19 infections remaining elevated at the end of the second quarter of the year. However, retained its earlier forecast of fall in GDP at 12.4 per cent in the second quarter.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 29 2020. 07:43 IST