Goodwill  Investor Education Initiative:  GoodWill  Eagle’s Eyes!

Goodwill  Investor Education Initiative:  GoodWill  Eagle’s Eyes!


Stock Market LIVE: The Indian market is likely to open higher on Monday on positive global cues after Democrat Joe Biden defeated Donald Trump in the presidential elections. Sustained foreign capital inflow into the domestic market may also lift sentiment. At 7:00 am, the SGX Nifty was trading 184.00 points or 1.50 percent higher at 12,449.50, indicating a positive start for the Sensex and Nifty50.

Indian equity benchmark indices opened at a record high on Monday on strong global cues after the US presidential election outcome and sustained foreign capital inflow into the domestic market.

Market Update | Sensex and Nifty cross earlier highs hit on January 20. Pharma, IT and Reliance Industries have been top contributors to market since last life high. Here is a more granular look:

Technical View | As expected on Friday, the trend of the Nifty continues to remain strong with a fierce upside momentum. After crossing the hurdle of 11900, there has been no looking back. Strong support lies at 12100 and if the Nifty crosses 12500 which is the weekly resistance level, we can expect it to climb towards 12650,

At 9:15 am, the Sensex opened 0.91 percent, or 380.91 points, higher at 42,273.97, while the Nifty50 index opened at 12,399.40, up 135.85 points, or 1.11 percent. Gains in banking heavyweights lifted Bank Nifty more than 1,5 percent higher.

Blue Star | The company has won order worth Rs 128 crore from Wistron Infocomm, a manufacturer of iPhone for Apple.

Broader markets also participated in the rally with Nifty Smallcap100 and Nifty Midcap100 indices up 0.70 percent each.

All the sectors traded in the green led by Nifty Private Bank, Nifty IT, Nifty Pharma and Nifty Financial Services.

Divi’s Laboratories, ICICI Bank, HCL Technologies, IndusInd Bank and Infosys were the Nifty50 top gainers, while ITC and Coal India were the only ones to trade in the red.

Monday’s top brokerage calls: ITC, Cipla and more: Among brokerages, Jefferies and Morgan Stanley have raised the target price on Cipla. On ITC, Jefferies said that its valuation appears to be compelling at current levels.

Gland Pharma:IPO:   Key things to know about India’s largest pharma IPO

Fosun Singapore and Shanghai Fosun Pharma-promoted Gland Pharma is set to launch its initial public offer (IPO) worth over Rs 6,400 crore on November 9. The company has fixed the price band for its offer at Rs 1,490-1,500 per share.

At the higher price band, Gland Pharma aims to raise Rs 6,479.54 crore via public issue. The issue, closing on November 11, will open for a day for anchor investors on November 6.

The IPO consists of a fresh issue of Rs 1,250 crore and an offer for sale of 3,48,63,635 equity shares by the promoter and other selling shareholders.

The offer for sale comprises of 1,93,68,686 shares by promoter Fosun Pharma Industrial Pte, and 1,00,47,435 equity shares by Gland Celsus Bio Chemicals, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 by Nilay Discretionary Trust.

Our view: Joe Biden and Kamala Harris combine will prove to be advantageous for India from the point of view of more H1B visas and Immigration facilities for the Indian diasporas. There will be more peace and agreements on Trade and commerce. I.T companies, Export segments, Pharma companies are bound to reap substantial benefits. The markets are bound to be positively impacted in tyhe coming weeks barring a technical correction.

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