SGX Nifty was trading over half a per cent lower, indicating a negative opening for BSE Sensex and Nifty on Wednesday.
Analysts say the market could continue with its positive momentum given optimism over Covid-19 vaccines rollout, quicker economic recovery and hopes for further US fiscal stimulus. Image: Reuters
SGX Nifty was trading over half a per cent lower, indicating a negative opening for BSE Sensex and Nifty on Wednesday. So far in February, headline indices have gained over 12 per cent on Budget optimism and buoyant global markets. Analysts say the market could continue with its positive momentum given optimism over Covid-19 vaccines rollout, quicker economic recovery and hopes for further US fiscal stimulus. “The market has fallen to the lowest level of the previous day but due to the unusual strength in the market, it has turned into a buying opportunity for short-term traders,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Nureca, RailTel IPOs: The Rs 100-crore IPO of Nureca Ltd was subscribed 15 times on the second of the bidding process. The issue will close for a subscription today. The equity shares of Nureca are proposed to be listed on BSE and NSE. While the Rs 820-crore initial public offering (IPO) of RailTel Corporation of India (RailTel) was subscribed 2.6 times on the first day of the bidding process. The price band of the issue was fixed at Rs 93-94 per share with a face value of Rs 10.
Adani Ports and SEZ: The company said that it has completed the acquisition of Dighi Port for Rs 705 crore and would invest over Rs 10,000 crore in developing it as an alternate gateway to JNPT.
Future Retail Ltd: The Securities Appellate Tribunal (SAT) has stayed the order passed Sebi, that had put a one-year ban on Future Retail Chairperson Kishore Biyani and some other promoters from the securities market. SAT has also directed the Future Group promoters to deposit a sum of Rs 11 crore as an interim measure.
Nestle India: The company reported a 2.25 per cent rise in net profit to Rs 483.31 crore for the fourth quarter ended December. The company, which follows the January-December financial year, had posted a profit of Rs 472.64 crore in the same period a year ago.
Tech Mahindra: IBM and Tech Mahindra on Tuesday said they are deepening their collaboration, especially in areas like 5G, hybrid cloud, automation and cybersecurity, as the two tech giants work towards building a billion dollar ecosystem over the next three years.
Results today: A total of eight BSE-listed companies including Pasupati Spinning, Sanghvi Forging and Engineering, SR Industries, Uniply Decor and Uniply Industries, among others will announce their quarterly earnings on February 17.