Stock Market Live: Sensex turns flat, Nifty around 15,100; auto, metals drag; PSU Banks rally

EVENT HIGHLIGHTS:  IPOs in offing

Stock Market Live: The Indian equity benchmark indices Sensex and Nifty traded flat Friday amid selling in metals, auto, IT and financial stocks. Broader indices traded mixed. Gains were witnessed in PSU Banks and FMCG stocks.

Bharti Airtel, RIL shares gain on subscriber additions, Vodafone Idea falls

Shares of telecom operators such as Bharti Airtel, Reliance Industries, Vodafone Idea and MTNL were buzzing in early trade on Friday after the Telecom Regulatory Authority of India (TRAI) released its monthly subscriber data for December 2020 which showed the country’s telecom subscriber base dipped marginally to 1,173 million.

The dip in the subscriber base was mainly due to Vodafone Idea losing over 5.69 million mobile customers. It was followed by BSNL, which lost over 2,52,501 subscribers, and MTNL lost 6,442 customers. Bharti Airtel led the mobile segment with an addition of over 4 million new customers and Reliance Jio added 4,78,917 new customers. Shares of NIA, GIC jump 20% on reports of privatization; up 44% in 2 sessions

Shares of New India Assurance Company (NIA) and General Insurance Corporation of India (GIC) surged 20 percent each on Friday, extending gains from the previous session on reports of privatization. As per a media report, the government is mulling privatization of United India Insurance and General Insurance Corporation.

The New India Assurance Company rose 20 percent to hit its 52-week high of Rs 196.80 per share on the BSE, while the General Insurance Corporation also rallied 20 percent to Rs 205 apiece. Both stocks were also hit their respective 20 percent upper circuit in the previous session. GIC and NIA have advanced 44 percent each in just 2 sessions.

The markets have opened below 15,100 which is short-term support for the Nifty. We need to evaluate today’s closing price: for the markets to continue remaining bullish, we would need to close above 15,100. A break of this level on a closing basis would alert the bearish triggers of the market and it can drop to 14,800 and then 14,600. It would be better to evaluate the index on Monday with new weekly support and resistance levels.

IDFC First Bank gets board nod for Rs 3,000-cr fundraise

Private sector IDFC First Bank on Thursday said its board has okayed raising up to Rs 3,000 crore through various means. The lender said there are significant opportunities for growth based on the strong capabilities it has built as well as the strong outlook for economic recovery in India.

Gold slips to over seventh-month low as rising yields dent appeal

Gold prices fell to their lowest in more than seven months on Friday, on course for their worst week since the end of November, as rising US Treasury yields eroded the non-yielding bullion’s appeal. Spot gold fell 0.4 percent to $1,769.03 per ounce by 0250 GMT, having touched its lowest since July 2 at $1,759.29 earlier in the session. Prices have declined 3 percent so far this week. US gold futures slipped 0.6 percent to $1,765.30.

Sixteen initial public offers (IPOs) hit D-Street in CY2020, from which 15 were launched in the second half of the year. Come 2021, investors will get to see a string of IPOs, given the recovery in the market and companies looking to raise funds following a subdued year, marred by the pandemic. With the economy making a recovery post-pandemic, here is a look at some of the upcoming IPOs of 2021 that investors should keep an eye on.

Life Insurance Corporation of India

With Sebi easing minimum public offer norms, the path seems to be clear for an IPO by India’s largest institutional investor, whose public offer, as per some analysts, will be the biggest in India’s history. (Image: Reuters)

Lodha Group

The Mumbai-based Macrotech Developers, formerly known as Lodha Developers, on February 16, filed a draft red herring prospectus (DRHP) for its proposed Rs 2,500 crore IPO with capital market regulator SEBI, reports suggest.

PolicyBazaar

India’s largest insurance aggregator is set to launch a Rs 4,000-crore initial public offer (IPO). As per sources, the Gurugram-based company has invited proposals from at least eight investment banks for the proposed IPO.

Arohan Financial Services

The Kolkata-based microfinance lender has filed a draft red herring prospectus (DRHP) for its IPO with an issue size of around Rs 1,750-1,800 crore.

Seven Islands Shipping

The Mumbai-based company has filed papers with SEBI for a Rs 600 crore IPO.

Nykaa

The beauty startup is planning an, on a valuation of $3 billion, reports suggest. The startup founded by Falguni Nayar is conducting deliberations that could soon pay for a market sale. (Representational image: Reuters)

Kalyan Jewellers

The Kerala-based retail jewelry firm is all set to hit the market with a Rs 1,750-crore initial offering. The firm, backed by Warburg Pincus had received SEBI’s approval in October 2020.

Bajaj Energy

One of the largest thermal generating firms in the private sector, Bajaj Energy, whose operations are based in UP, is expected to launch an IPO of Rs 5,450 crore.

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