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"India’s corporate profits are sub Rs 10 lakh crore if you add them all up. If you add up the listed universe, it is substantially lower. In fact, it used to be Rs 5 lakh crore a year back and now may be a little bit more than that. The next 5 or 10 years are going to make this multifold both because new companies will list and also because of financialisation and GST coming into play and changing things."

The S&P BSE Sensex fell more than 800 points while the Nifty50 closed below 18,500 levels on Thursday.

Promoters held 46.86 per cent stake in the company as of 30-Jun-2022, while FIIs owned 10.1 per cent, DIIs 14.69 per cent.

Hardly any analyst ETMarkets spoke to sees Nifty slipping below the 18,000 mark in the next one year. The most optimistic of bulls are expecting the index to even zoom past the 20,000 mark. Global brokerage BofA Securities has built a base case Nifty target of 19,500 while Morgan Stanley sees the Sensex at 68,500 in 2023.

“Whenever PSUs come out with OFS, that puts pressure on the stock price and often the stock does not perform for some time. That could be a trend now and this year especially given that many of the PSU companies have done so well and a lot of retail investors have gotten into many of these stocks and the capacity to buy afresh might be less.”

Siti owes a group of nine lenders a total of Rs 850 crore. Earlier this year IndusInd Bank and Housing Development Finance Corp Ltd (HDFC) had filed similar petitions to recover their dues. Axis Bank has the maximum exposure of Rs 200 crore among lenders. IDBI has a Rs 115 crore exposure.

The market found support this week from International Energy Agency projections of Chinese oil demand recovering next year after a 2022 contraction to 400,000 barrels per day (bpd). The agency raised its 2023 oil demand growth estimate to 1.7 million bpd.

The Bank of England raised its key interest rate on Thursday as well and indicated more hikes were likely. However, investors bet that the BoE might be getting close to the end of its increases in borrowing costs.

Technically, after a breakout above Rs 155, positive momentum intensified. The promising price-volume breakout formation indicates a continuation of the uptrend in the near term. We are of the view that the uptrend texture is likely to continue and 195-205 would be the next resistance zone for the bulls.

The original deadline for submission of final bids was December 15. A court-appointed resolution professional has selected 13 entities as potential bidders for Future Retail on November 20 after they submitted expressions of interest (EoIs), with none of the interested parties drawing objections from any quarter.