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Nifty: Market Watch: Does market have enough liquidity to absorb mega IPOs? | The Economic Times Podcast

Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Sabari Saran and here are the top headlines at this hour.

Zomato IPO subscribed 40 times on final day
Paytm files DRHP for Rs 16,600 crore IPO issue
Mastercard ban to impact five Indian private banks
India to grow at 6.5-7 % from FY23, says chief economic adviser Krishnamurthy
India’s June oil imports lowest in 9 months

Let us take a quick glance at what happened on Dalal Street today.

Domestic equity markets ended the week on a flat note. As the market scaled new record highs, investors booked profits in IT and banking stocks, which offset the gains of pharma and metal players. BSE Sensex snapped the three-day winning streak to settle at 53,140, down 19 points. The Nifty50 was almost unchanged at 15,923. Broader markets outperformed, with BSE midcap and smallcap gaining up to half a per cent each. Fear gauge India VIX dipped 5 per cent, falling below the 12 level.

On the BSE, Bharti Airtel gained 3 per cent, whereas Ultratech Cement, Tata Steel and Power Grid jumped 2 per cent each. Reliance, ITC and Sun Pharma added a per cent each. HCL Tech led the losers, declining over 3 per cent, while Infosys and Bajaj Finserv shed 2 per cent. ICICI Bank, NTPC, IndusInd Bank and Tech Mahindra fell a per cent each. About 500 stocks hit upper circuit limits for the day and over 210 stocks tested their 52-week highs during the day.

We have Arijit Malakar from Ashika Stock Broking with us to share his views on the day’s action and the road ahead:

Welcome to the show, sir:

1. Markets could not sustain at higher levels. What led to profit booking in the second half of the session?
2. Amid Zomato’s success, Paytm has filed for India’s biggest IPO. Do you think this market has enough liquidity to absorb mega issues?

We also caught up with Nilesh Jain of Centrum Broking to decode the technical charts for you.

1. What do the weekly charts suggest about the Nifty50?
2. India VIX breached the 12 levels today. What does it suggest?

Asian markets ended mixed for the day. Major European markets were trading lower in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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