Domestic equity market benchmarks BSE Sensex and Nifty 50 were looking to open in the negative territory on Wednesday.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were looking to open in the negative territory on Wednesday, after ending over half a per cent higher in the previous session. On Tuesday, Nifty rose 78.35 points (0.53 per cent) to close at 14,814.75 while the Sensex climbed 280.15 points (0.56 per cent) to close at 50,051.44. The market may remain volatile in the near term given weak global cues, high bond yields, rising commodity prices and risk of increase in inflation. Moreover, the second wave of COVID-19 continues to worry the market and it may continue with its roller-coaster ride, said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Stocks in focus today:
Anupam Rasayan: Anupam Rsayan India Ltd (ARIL) stocks will make their stock market debut on Wednesday. The Rs 760-crore IPO was subscribed over 44 times and was sold in the price band of Rs 553-555 per share. Analysts suggest booking listing gains.
Reliance Industries Ltd: Saudi Aramco remains in discussion with RIL for a potential deal to buy a 20 per cent stake in its oil-to-chemical (O2C) unit, Morgan Stanley said on Monday citing the Saudi firm’s analyst call post announcing 2020 earnings.
IDBI Bank: IDBI Bank on Tuesday said it is seeking approval for rupee bond borrowings worth Rs 8,000 crore for the next fiscal. A meeting of the board of directors will take place later this week.
ONGC: Government-dictated price for natural gas produced by companies such as ONGC is likely to inch up marginally to USD 1.82 next week while the same for difficult fields like one operated by Reliance-BP may fall below USD 4, PTI cited sources as saying.
Rail Vikas Nigam: The government on Tuesday said it will dilute 15 per cent stake in Rail Vikas Nigam Ltd via an offer for sale to raise nearly Rs 750 crore. The issue will open on Wednesday for non-retail investors, and on Thursday for retail investors.
Bharti Airtel: Airtel Africa announced the signing of agreements to sell its telecommunications tower companies in Madagascar and Malawi to Helios Towers plc. The group’s tower portfolios in these two markets together
comprise 1,229 towers which form part of the group’s wireless telecommunications infrastructure network.
Hero MotoCorp: The company has informed to increase the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021. “The price hike has been necessitated to partially offset the impact of increased commodity costs,” it said in a BSE press release.