SGX Nifty tanks: Rainbow Children’s listing, Prudent IPO, Q4 results, bulk deals, Nifty-Bank Nifty outlook

BSE Sensex and Nifty 50 were looking to start trading in a negative zone on Tuesday, as suggested by trends on SGX Nifty in early trade

Nifty, sensex, SGX Nifty
Analysts say a couple of domestic and global factors have led to 10% correction in Nifty over last one month. Image: Reuters

BSE Sensex and Nifty 50 were looking to start trading in a negative zone on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 145 points or 0.9 per cent down at Singaporean Exchange. In the previous session, S&P BSE Sensex slumped 364.91 points or 0.67% lower at 54,470 while the NSE Nifty 50 fell 109 points or 0.67% to settle at 16,301. Analysts say a couple of domestic and global factors have led to 10% correction in Nifty over last one month. “The weakness is likely to persist till the concerns over inflation, rising interest rate, and prolonged Russia-Ukraine war subsides,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Rainbow Children’s Medicare listing: Rainbow Children’s Medicare IPO will to list on stock exchanges on 10 May 2022. The IPO shares were sold at a price range of Rs 516-542 per share. The Rs 1581-crore IPO got 12.43 times subscription during the bidding process.

Prudent Corporate Advisory Services: Prudent Corporate Advisory Services on May 9 garnered Rs 159.43 crore from 24 anchor investors ahead of the launch of its initial public offering. The offer will open for subscription on May 10.

Q4 results today: Asian Paints, Cipla, Vodafone Idea, Gujarat Gas will be in focus. Asian Paints, Cipla, Vodafone Idea, Gujarat Gas, Ajanta Pharma, Cera Sanitaryware, Chalet Hotels, Chemplast Sanmar, Dishman Carbogen Amcis, Elantas Beck India, Electrosteel Castings, Kansai Nerolac Paints, Max Financial Services, Mahanagar Gas, MRF, Polycab India, Neuland Laboratories, Orient Electric, Reliance Capital, R Systems International, Shemaroo Entertainment, Tajgvk Hotels & Resorts, TD Power Systems, Torrent Power, Venky’s (India), and Welspun India will release quarterly earnings on May 10.

Bulk deals: Motilal Oswal Mutual Fund has acquired a 1.57 percent equity stake in Campus Activewear via open market transactions on the debut day. Motilal Oswal MF has bought 48 lakh equity shares through three transactions as per the NSE bulk deals data.

Nifty 50 outlook: Analysts say that the underlying short-term trend of Nifty continues to be negative and still there is no confirmation of any bottom reversal as of now. “As long as the market clearly shows sustainable upside in the next 1-2 sessions, the chances of upside bounce is unlikely. Any upside bounce from here could be short lived and that could be a sell on rise opportunity. The near term downside target for the Nifty remains at 15700 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Nifty Bank outlook: “The Bank Nifty index yesterday filled the previous gap of 34000 and needs to sustain above this level for a relief rally. The immediate resistance on the upside stands at the 34600-34800 zone and a break above this will lead to short covering towards the levels of 35500. The index, however, if breaks the level of 34000 will witness further downside towards the levels of 32500” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said

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