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Sensex, Nifty end 7-day gaining streak; experts advise caution, suggest defensive bets

Sensex, Nifty witnessed a volatile trading session on Tuesday, ending in the red after having touched fresh all-time highs earlier in the day. S&P BSE Sensex finished 50 points or 0.08% lower at 61,716, while NSE Nifty 50 ended the day at 18,418. Broader markets fared worse than the benchmark indices. Bank nifty touched 40,000 but closed lower at 39,540. Nifty Realty index closed 4.76% lower and the Nifty PSU Bank index was 3.74% lower. Nifty IT closed with gains. Technical analysts believe investors should now wait and watch while avoiding hasty trading decisions.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“The Nifty failed to close above the 18600 level, instead there was a sharp fall from the day’s high. The support lies at 18200 and unless we do not break that on a closing basis, the overall trend continues to remain positive. The current scenario would be summarized as a wait and watch situation and hence hasty trading decisions should be avoided.”

Sachin Gupta, AVP, Research, Choice Broking –

On the technical front, the nifty index has formed a long bearish candle at the top of the trend, which indicates a further reversal in the counter. However, the index has taken immediate support at upper Bollinger Band formation on the daily chart. While on an hourly chart, the stochastic has also tested the oversold zone. At present, the Index has immediate support at the 18200 level while resistance comes at 18600 levels.

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Profit booking has been witnessed in today’s session since the start of the day. The index managed to close the day at 18419 with a loss of half percent and formed a bearish candle on the daily chart after forming a doji candle yesterday. Going forwards 18480-18530 will be a strong hurdle on the higher side until we don’t cross above mentioned resistance. We may not see a bullish move or we may see more drag down in the index towards the immediate support zone 18350-18250 zone.”

Gaurav Udani, CEO & Founder, ThincRedBlu Securities –

On daily charts Nifty has made a bearish pattern and charts are suggesting that the correction in Nifty may continue in the next few trading sessions. Nifty has support at 18350 and 18225 levels. Nifty will face resistance in the 18480 to 18530 range. Traders are suggested book profits and keep strict stop loss in the current markets.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The Indian market was showcasing strong resilience however the stretched rally booked some gains by the end of the trading day. Our advice is to transform personal equity portfolios into a balanced basket with high weightage on defensive stocks & sectors. The Indian market is expected to get more stocks & sector-specific as market parameters are extremely stretched. While moving to defensives, though near-term trend can be dull, one can give decent weightage to sectors like manufacturing, power, tourism, chemicals, renewables energy & products on a long-term basis.”

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Adani Wilmar, Nykaa, Star Health, and Allied Insurance, among 6 IPOs approved by SEBI

Rakesh Jhunjhunwala-owned Star Health Insurance, e-commerce brand Nykaa, and Adani Group’s FMCG unit Adani Wilmar are some of the companies to have received the green light from capital market’s regulator SEBI for their respective IPOs last week. Apart from the above-mentioned firms, Penna Cement Industries, Latent View Analytics, and Sigachi Industries too have received Sebi’s observations, clearing the way for them to raise funds through. In total, SEBI approved 6 IPO papers in the previous week while observations of 52 are yet to be issued by the market watchdog. SEBI’s observations are necessary for any company to proceed with its IPO.

Nykaa: The internet marketplace for cosmetics had filed for its IPO in August this year. Nykaa plans to raise Rs 525 crore through a fresh issue of equity shares, while promoters of the company are looking to sell 4.31 crore equity shares. Selling shareholders include promoters Sanjay Nayar Family Trust, and investors such as TPG Growth IV, Lighthouse India Fund III, Lighthouse India III Employee Trust, Yogesh Agencies & Investments Private Limited, JM Financial and Investment Consultancy Services, Sunil Kant Munjal, Harindarpal Singh Banga jointly with Indra Banga and others. Of the total issue, 75% will be reserved for Qualified Institutional Buyers.

Star Health and Allied Insurance: Big Bull Rakesh Jhunjhunwala-owned Star Health and Allied Insurance had filed draft papers with SEBI in July this year. The company is looking to raise more than Rs 2,000 crore through the IPO, which will include a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders and even some promoters of the company. The big bull owns 7.68 crore equity shares of Start Health and Allied Insurance, translating to a 14% stake. 75% of the issue will be reserved for Qualified Institutional Buyers.

Adani Wilmar: Adani Group’s FMCG brand is looking to raise a massive Rs 4,500 crore from the market through the IPO. Adani Wilmar, a joint venture between Adani Group and Singapore-based Wilmar, was formed in 1999. It sells cooking oils under the Fortune brand as well as various other food products like rice and sugar. The IPO will be entirely a fresh issue of shares with a reservation for Adani Enterprise shareholders.

Other IPOs that have been approved include Penna Cement Industries’ Rs 1,550 crore IPO. Along with this, Latent View Analytic’s Rs 600 crore IPO and public issue of Sigachi Industries has been approved by the market regulator.

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SJS Enterprises, Mobikwik, Skanray Tech get Sebi nod for IPOs

The Securities and Exchange Board of India (Sebi) has given its approval for the initial share sales of three companies, including SJS Enterprises and One Mobikwik Systems Ltd. Medical equipment maker Skanray Technologies Ltd has also received the nod from the watchdog for its initial public offering (IPO).

The three companies have been issued observations by the watchdog, according to the update on the processing status of draft offer documents as on October 8. An observation letter is mandatory for an initial share sale. In Sebi parlance, the issuance of observations implies its go-ahead for the IPO.

One Mobikwik Systems Ltd is a leading mobile wallet (MobiKwik Wallet) and Buy Now Pay Later (BNPL) player in India. The company, which filed the Draft Red Herring Prospectus (DRHP) for the IPO in July, plans to offer shares aggregating to Rs 1,900 crore. This will comprise raising Rs 1,500 crore through fresh issue of shares and Rs 400 crore-worth stocks will be offloaded through the Offer-for-Sale (OFS) route by existing shareholders.

SJS Enterprises plans to garner Rs 800 crore through the initial share sale. It will be an OFS of Rs 688 crore by Evergraph Holdings Pte Ltd and Rs 112 crore by KA Joseph. The firm, a leading player in the Indian decorative aesthetics industry, had filed the preliminary papers in July.

Skanray Technologies had filed DRHP in June. Its IPO will comprise fresh issue of equity shares, aggregating up to Rs 400 crore, and OFS of up to 14,106,347 equity shares by promoters and existing shareholders. In 2021, there has been a flurry of activities in the IPO space, with many companies tapping the primary market to raise funds.

India saw companies mopping up a whopping USD 9.7 billion through 72 IPOs in the first nine months of this year. The amount raised is also the highest for the nine-month period in two decades, according to an EY report.

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Aditya Birla Capital Sun Life IPO: Check share allotment status, grey market premium; stock listing on Oct 11

Aditya Birla Capital Sun Life AMC’s Rs 2,768.26-crore IPO, which was subscribed 5.25 times, will finalise the share allotment on Wednesday, 6 October 2021. The shares were seen trading weak in the primary market on Monday. In the grey market, Aditya Birla Capital Sun Life AMC shares were trading at Rs 2 discount over the IPO price of Rs 712 per share, according to the people who deal in unlisted shares of the companies. The initiation of refunds or unblocking of funds from ASBA accounts will take place on 7 October 2021. While the equity shares will be credited to depository accounts on 8 October 2021.

The equity shares are scheduled to make their stock market debut on 11 October 2021. The IPO investors can check the IPO allotment status via BSE and the registrar’s websites. The registrar to the issue is KFin Technologies Pvt Ltd, a SEBI-registered entity, responsible for the IPO allotment and refund processing. Analysts say that as expected, Aditya Birla Sun Life AMC got moderate response owing to the issue being priced on the higher side leaving little room for short term subscribers. “The listing may not be fanciful and the IPO should list somewhere around the issue price. Although, the prospect of the industry looks very promising considering the increasing financial literacy in India. However, there are different options available in the sector too,” Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares, told Financial Express Online.

How to check Aditya Birla Capital Sun Life AMC share allotment status via KFin Tech Private Ltd website
Investors can check the allotment status on KFin Technologies website under the IPO Status section (https://ris.kfintech.com/ipostatus/) when it gets declared. After that, select the IPO and enter either your application number or DPID/Client ID or PAN. In the case of the application number box, select application type and enter the application number. If the DPID/Client ID box is chosen, select the depository from the drop-down menu, enter DPIP, Client ID. If the PAN option box was chosen, enter the permanent account number. In the last step, enter the given captcha and click submit. This will show the number of shares that have been applied and allotted to the investor.

Check Aditya Birla Capital Sun Life AMC share allotment status via BSE website
The allotment status in Aditya Birla Capital and Sun Life AMC can also be checked via the BSE website (https://www.bseindia.com/investors/appli_check.aspx). From this link, select the issue type as ‘equity’, and ‘Aditya Birla Capital Sun Life AMC’ as the issue type from the drop-down list, when it gets declared. Enter application number and PAN (permanent account number). In the last step, click on the search tab to view the status details.

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