SGX Nifty was down in the red on Monday morning, hinting at a gap-down start for markets.
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets enter the first week of May on the back of a healthy 2% jump registered last week. S&P BSE Sensex now sits at 48,782 points while the 50-stock NSE Nifty sits at 14,631. SGX Nifty was down in the red on Monday morning, hinting at a gap-down start for markets. Global cues were muted after stock indices on Wall Street closed in red on Friday and most Asian peers trading with losses. Hang Seng, Shanghai Composite, Nikkei 225, KODAQ, and TOPIX all in the red. KOSPI was in the green.
PowerGrid Infrastructure Investment Trust (InvIT) has so far seen investors subscribe to 60% of the issue, as it now enters the final day of bidding. The first state-sponsored InvIT is looking to raise Rs 7,734 crore through an initial public offering (IPO) of its units. Institutional investors have subscribed 38% of the issue portion reserved for them. Meanwhile, other investors have bid for 88% of the portion reserved for them. 42.54 crore units of PowerGrid InvIT are on offer. Investors can bid for the issue in a bid for the issue in the price band of Rs 99-100 per unit. The minimum bid lot size stands at 1,100 units, translating to a minimum investment of Rs 1.1 lakh.
With the IT services pack turning in a good set of numbers and a rebound by consumer-oriented companies after the lockdowns of 2020, India Inc has put up a good show in the March quarter.
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The rejuvenation of upward momentum backed by improving market breadth makes us confident to believe the index would maintain the rhythm of price and time wise maturity of correction and eventually retest life-time high of 15400 in the month of May 2021. In the process, we expect index to hold the key support threshold of 14200. Therefore, any cool off towards 14600-14500 range would attract elevated buying demand.
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