The Nikkei rose more than 2%, while the Hang Seng gained 0.6%. The Shanghai Composite is up 0.4%.
In US stock markets, Wall Street indices fell more than 1% on Monday as investors worried about the Omicron Covid-19 variant potentially bucking the economic rebound.
A significant blow to President Joe Biden’s social-spending bill added to the pressure.
The Dow Jones lost 1.2% and the Nasdaq Composite lost 1.3% to close at 14,981.
Back home after the SGX Nifty trend, Indian stock markets have opened on a strong note.
After two days, the benchmark indices today wound up and started tracking positive global cues.
Shares of Software as a Service (SaaS) Company – MapmyIndia listed on stock exchanges today. 10.4 billion IPO was open for subscription between December 9-13 in the price band in the range of 1,000-1,033 per share.
BSE Sensex is trading up 677 points. Meanwhile, NSE Nifty is trading with a gain of 203 points.
Tata Steel and HCL Tech are among the top gainers today.
On the other hand, Axis Bank is the biggest loser today.
BSE Mid Cap Index and BSE Small Cap Index are trading with gains of 1.2% and 1.5% respectively.
All sectoral indices are trading in the green with metal sector and IT sector stocks being the biggest buy.
Shares of Minda Industries and Apar Industries today hit a 52-week high.
Rupee is trading at 75.72 against US Dollar.
Gold prices are trading with a fall of 0.1% 48,176 per 10 grams.
Meanwhile, silver prices are trading at 61,307 per kg.
Crude oil prices edged higher today, though investors were concerned about the rapid spread of the Omicron coronavirus pandemic globally, prompting countries to consider more restrictions, potentially denting fuel demand was done.
In news from the banking sector, Axis Bank is one of the top buzzing stocks today.
Axis Bank has emerged as the frontrunner to buy Citi’s consumer business in India, beating rivals Kotak Mahindra Bank and IndusInd Bank.
According to a leading financial daily, Axis Bank and Citi have signed an exclusivity agreement to hold bilateral talks as the Wall Street bank has already informed others of its decision.
Citi expects about US$2 billion from the sale as the US bank under CEO Jane Fraser looks to exit consumer banking in 13 countries, including India.
The final valuation will be tied to a number of variables including deposit volume, clients, partners, asset volume and liabilities, once all regulatory approvals are passed from one franchisee to another and range from US$500 million to US$2 billion. Maybe.
Businesses include credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs 4,000 people in the consumer banking business.
Overall, Citibank’s Indian arm of advances and deposits had a market share of 0.6% and 1.1%, respectively.
Reportedly, even though Kotak Mahindra Bank was more aggressive initially, their tough negotiations on transition service charges among others proved to be a deal breaker.
According to market experts, Axis Bank is looking to strengthen its high-end credit card and mortgage business through acquisitions.
The private lender is also looking at inorganic opportunities such as microfinance. Negotiations were on with Kedara Capital to acquire Spandana Spurthi, but the deal failed.
It remains to be seen how the above developments pan out.
Shares of Axis Bank are currently trading with a decline of 0.3%.
Coming to the current stock market scenario, amidst the ongoing volatility, take a look at the two charts below, in the order they are placed:
Near term volatility in Sensex which is offset by long term gains
see full image
https://www.eqimg.com/profit-hunter/images/2021/01202021-chart-equitymaster.gif
The year-on-year change in the Sensex was not predictable, but one who kept investing, increased every lakh by almost 14 times.
Market timing can be suicidal as valuations and volatility put the markets in see-saw mode.
As an individual investor, you need to stick to stocks with high conviction and invest consistently to seemagic of compounding,
Because 2022 can be extremely profitable over time, provided you reset your portfolio with the right kind of safe assets andsafe stock,
Keeping abreast of the latest developments in the IPO sector, Pharmaceutical ingredients supplier Supriya Lifesciences’ 7 billion initial public offering (IPO) was subscribed 71.47 times on the last day of bidding on Monday.
The issue received bids for 1,038.3 million shares against 14.5 million equity shares on offer.
The non-institutional investor category was subscribed 161.22 times, while the portion set aside for eligible institutional investors was subscribed 31.83 times. Retail investors bid for 56 times the shares reserved for them.
The public issue of Supriya Lifescience included a recent issue of 2 BN and an offer for sale (OFS) The 5 billion new issuance money will be used for working capital requirements and repayment of loans.
Last week, the company raised By allocating 11.5 million shares from 3.2 billion anchor investors 274 per share.
Anchor investors include Nippon Life, Kuber India Fund, Malabar India Fund, Abacus, Reliance General Insurance and BNP Paribas.
Supriya LifeScience is a manufacturer and supplier of Active Pharmaceutical Ingredients (APIs) used in medicines, with a strong focus on Research and Development (R&D).
Presently, Supriya Lifesciences has a gray market premium 100 in unlisted markets.
How this IPO performs on the day of listing remains to be seen.
This article is syndicated from Equitymaster.com
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