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A panel of top ministers from the OPEC+ producer group meets on Oct. 2 to review the market, with no policy changes expected. OPEC+, comprising the Organizations of the Petroleum Exporting Countries (OPEC) plus allies including Russia, is scheduled to raise output by 180,000 barrels per day (bpd) in December.

Highway Infrastructure Ltd (HIL) filed for an IPO, including a fresh issue of Rs 105 crore and an OFS of Rs 310 crore. HIL is engaged in tollway collection, infrastructure development, and real estate. Jaro Institute of Technology Management and Research also filed for an IPO, with a fresh issue of Rs 170 crore and an OFS of Rs 400 crore by promoter Sanjay Namdeo Salunkhe. Jaro Education plans to use proceeds for marketing, debt repayment, and general corporate purposes.

Garuda Construction and Engineering IPO will open for subscription on October 8. The issue includes a fresh equity sale worth Rs 173 crore and an OFS of Rs 90 crore, closing on October 10. The company has set a price band of Rs 92-95 per share, allowing investors to bid for 157 shares in one lot.

Vipul Organics shares surged 20% after announcing a rights issue. The company plans to raise up to Rs 25 crore through the issue, which is priced at a 79.3% discount to the previous closing price. The funds will be used for capacity expansion at its Sayakha facility.

George Thomas, Equity Fund Manager at Quantum AMC, expects IT spending to improve, benefiting large-cap IT names. He also forecasts larger private banks to perform better due to better underwriting and improved liquidity. Thomas notes that while most sectors are fully valued, financials offer some room for growth. Expectations of market support from domestic funds remain positive.

Midwest is seeking to raise Rs 650 crore through an IPO, with a mix of fresh shares and an offer-for-sale by promoters. Rs 250 crore will come from fresh shares, and Rs 400 crore from promoters. Proceeds will be used for capital expenditure, buying electric trucks, integrating solar energy, debt repayment, and general corporate purposes.

We should also keep an eye on the commodity space, particularly minerals and metals that India imports. Price fluctuations in these areas could affect our import bill. While China is currently on holiday, it will be crucial to see how much of the stimulus measures materialize once they return, as this will influence market sentiment and optimism for both China and the broader region.

Ajax Engineering has filed draft papers for an IPO with Sebi. The IPO is solely an offer-for-sale of 2.28 crore equity shares by promoters and an investor. Kedaara Capital will sell 74.37 lakh shares. The company will not receive any proceeds from the IPO. Ajax Engineering is a leading concrete equipment manufacturer based in Bengaluru.

But overall, I feel that at lower level, they will find support and bounce back and resume their uptrend. So, as of now, the strategy for the day should be to concentrate on the sectors and stocks which are actually resilient in this market.

A total of 4,787 shares changed hands on the counter till 01:33PM (IST)