There is an intense battle going on in the Indian stock market between the bulls and bears this week. The Indian stock markets are witnessing extreme volatility. After yesterday’s positive move, the nifty was down 284 points (1.16%) today to close at 24,199. It’s all-time high 26277 was made on September 27.
Hindalco ( down 8.49%), TRENT (down 6.47%), Shriram Finance (down 3.66%) were the top losers while Apollo Hospitals (up 6.55%), SBI (up 0.56%) and HDFC LIFE (up 0.42%) were the top gainers.
The Sensex fell 836 points (1.04%) to close at 79,541. Yesterday’s rise, which was primarily attributed to Donald Trump’s victory, seems to have fizzled out.
The broader markets were also negative. Nifty Midcap100 fell 0.43% and Nifty Smallcap100 fell 0.75%.
According to technical experts, 24000 can act as immediate support, followed by 23800. On the upside, 24500 is resistance. Market is expected to remain weak until proven otherwise and investors and traders are advised to remain cautious.
Meanwhile, on day 2 so far, Swiggy’s IPO has been subscribed 0.35 times. The retail quota has been subscribed 0.84x. As per sources, Swiggy’s Grey Market Premium (GMP) is currently at 1%. Many experts have recommended investors to avoid applying as the market is weak and it’s quite possible that the IPO might list at a discount. The company is yet to turn profitable.
Swiggy aims to raise ₹11,327.43 crore from this initial offer, which will consist of a mix of fresh shares and OFS. Swiggy’s IPO closes tomorrow on November 8 and it remains to be seen if it be fully subscribed in all categories. It will list on November 13.
Disclaimer: Article only for educational purpose. Please consult your financial advisor before taking any financial decision
