At the opening bell on Wednesday, the Indian stock indexes were slightly higher. The overnight losses in the US global benchmark market probably restricted the upside. The Indian Sensex and Nifty indices were up about 0.1% and 0.7%, respectively, from their closing at 9:35 a.m. Sectoral index movement this morning was uneven, with Nifty Media leading the mover and Nifty Realty leading the loser.
Among the Nifty 50 stocks which are widely tracked, 33 advanced, 16 declined, and one steady. BPCL, Cipla, Dr Reddys, HDFC Life, and Power Grid Corporation of India were the top five gainers. Hindalco, Kotak Mahindra Bank, Adani Enterprises, ICICI Bank, and TCS were the top five laggards in early trade.
“Today the focus of the market will be on the opening of the four IPOs. A lot of money is likely to go into the high-quality Tata Technology IPO. Investors can continue to accumulate high-quality large-caps, particularly in banking and autos where the margin of safety is high,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Several initial public offerings (IPOs) will also be available for subscription on Indian stock exchanges this week. Shares of Fedbank Financial Services, Flair Writing Industries, Tata Technologies, Indian Renewable Energy Development Agency (IREDA), and Gandhar Oil Refinery are reportedly up for subscription.