Latest Stock Market News

The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.

Mohit Ralhan says: Investors should focus on the steps the government takes to incentivize global manufacturers to set up shop in India and keep an eye on any incentives the FM rolls out to attract such flows. Spotting beneficiaries of such a move could lead to substantial wealth generation. India, with its strong macroeconomic fundamentals and political stability, has emerged as a preferred destination for global investors.

Epack Durables IPO opens for subscription today, with a price band of Rs 218-230 per share. The issue includes a fresh equity issue of Rs 400 crore and an offer for sale (OFS) of 1.04 crore shares. Through the IPO, the company plans to raise around Rs 640 crore. The company is the second-largest room air conditioner original design manufacturer (ODM) in India. Its current product portfolio comprises room air conditioners, small domestic appliances, and components. The fresh proceeds will be used to fund capital expansion plans and repay outstanding debt.

The market correction is not confined to HDFC Bank only but is influenced by global markets and outflows across emerging markets. We should let the market stabilize for a few days. Midcap cement companies, Phillips Carbon Black, India-focused IT companies, MapMyIndia, Naukri, are potential buys. The best of the operating profit margins for crude beneficiaries like paints, tyres, OMCs may be behind them. A mini crude correction may present buying opportunities.

Euphoria Infotech India IPO opens today. The IPO closes on January 23, with a price band of Rs 96-100 per share. The company is offering 960,000 shares, and the shares were commanding a premium of Rs 40 in the grey market. The basis of allotment will be finalised on January 24, and the stock will be listed on January 29 on the BSE SME platform. The net proceeds from the IPO will be used for working capital and general corporate purposes.

From the Sensex pack, Tech Mahindra and Wipro were the top gainers, rising 3% and 2%, respectively, NTPC, Infosys, Axis Bank and HCL Tech also opened higher, while only IndusInd Bank opened in the red.

Sandeep Tandon says: “We have been very bullish on PSUs for the last three years. Even in January 2023; a lot of people remember that we have exposure in Adani Group. That was 6%. But what hurt us in that period, the casualty happened in the PSU. We had 25-28% exposure in PSU. We were ahead of the curve. So we have a very large exposure.”