Markets Expected to Open Sober Today, Tatva Chintan Might Double on Listing

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Markets Expected to Open Sober Today, Tatva Chintan Might Double on Listing
Credit: © Reuters.

By Aditya Raghunath -- Early cues indicate that Nifty 50 and the BSE Sensex 30 will have a sober opening in the markets today. Nifty 50 Futures in Singapore are trading up 0.34% which indicates a gap up opening.

All eyes will be on specialty chemicals company Tatva Chintan Pharma which is scheduled to make its debut today. The grey market premium for this stock has consistently been over 100% and it is expected to list strongly and maybe even double from its issue price of Rs 1,083. The company’s Rs 500-crore issue was subscribed 180.36 times, the second-highest IPO subscription in 2021.

Foreign institutional investors (FIIs) continue to remain sellers of Indian equities. In July so far, they have net sold Rs 18,478.82 crore.

Asian markets are positive with Nikkei 225 up 0.36%, Shanghai Composite up 0.91% while KOSPI 50 is down less than 0.1%.

US futures are all trading lower after the US Federal Reserve didn’t give any indication of when they will start tapering down their asset-buying program. The Dow Jones Industrial Average fell 0.36% yesterday. As of this report, Dow Jones 30 Futures are down less than 0.1%, S&P 500 Futures are down 0.18% while NASDAQ Composite futures are down 0.33%.

Crude oil is still holding strong over $72 levels as inventories in the US continue to remain low.

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  • Rangaraj Va @Rangaraj Va
    Correct the heading TATVA Chintan not  TATA chintan
    Like 4

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