Indian markets are expected to open in a range on Wednesday but volatility could increase during the day ahead of futures and options (F&O) monthly expiry on the NSE. The SGX Nifty at 14,823 (800 am) indicates a flat opening with a downward bias. The Nifty March futures on Wednesday closed at 14,832.90.

However, according to analysts, as monthly F&O expiry on the NSE is on Thursday, the market is set to witness higher volatility due to rollover of open interest positions. Rising Covid-19 figures and uncertainty in global markets due to fluctuating US yields continue to keep traders on edge, they added.

Most Asian markets such as Japan, Korea, Hong Kong, China, Taiwan and the Philippines were down between 0.3 per cent and 2 per cent but the Australian benchmark trade 0.5 per cent higher. Overnight US market too ended about 1 per cent lower.

Global cues were weak as Chinese markets were down due to a new round of sanctions. The US and others, including the EU, sanctioned Chinese officials over human rights abuses in Xinjiang, and Beijing hit back with punitive measures against European lawmakers, diplomats, institutes and families, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, said: “We must accept the fact that although the index is trapped in a range, some of the individual stocks are doing extremely well. One can stick to a stock-centric approach but also it’s better not to over-leverage positions, especially overnight.”

As far as sectoral movers are concerned, banking outperformed today convincingly after yesterday’s weak performance. Still it is important to note that the undertone remains slightly on the bearish side for the banking space, he said.

Stocks to watch

Rail Vikas Nigam Ltd: The offer-for-sale by the Government in Rail Vikas Nigam opens today for non-retail investors and on Friday for retail investors at a floor price of ₹27.50. The Centre plans to sell 31.27 crore shares (20.85 crore shares base issue and 10.42 crore shares green shoe option) through the OFS.

Rossari Biotech’s board ha approved issuance of 30.12 lakh shares on preferential basis at ₹996 a share to SBI Mutual Fund, Ramesh Siyani, Arpit Kbandelwal, Malabar Select Fund, Malabar India Fund, Malabar Value Fund and India Acom Fund. Through the issue, the company has raised nearly ₹300 crore.

India Glycols has informed the exchanges that India Ratings & Research has placed its Long-term Issuer Ratings of ‘A-’ on Rating Watch Positive (RWP) on account of a likely improvement in the company’s financial profile and liquidity post divestment of its bio-ethylene oxide derivatives business. The RWP indicates that the ratings may be affirmed or upgraded upon resolution. India Ratings will resolve the watch on completion of the divestment and receipt of further clarity on the post-divestment profile.

Vascon Engineers has emerged as the lowest bidder for two projects of Uttar Pradesh Public Works Department. While the first project is for establishing a new medical college at Bijnor at a cost of ₹246.09 crore, the second is for building a new medical college at Kaushambi for ₹269.54 crore.

Bank of Maharashtra has successfully raised ₹100 crore through private placement of Tier II bonds. The maturity of these bonds will be March 23, 2031. The bank said the bonds will be listed on the wholesale debt market segment of the BSE.

Advait Infratech’s board has approved setting up of a new manufacturing plant for capital goods used in power transmission lines. The board also approved the investment for setting up the manufacturing plant, and the outlay of the project for ₹2 crore, the company said in its BSE filing. The start of production is expected from June 2021, it further added.

IPO corner

The ₹453-crore initial public offering of Barbeque-Nation Hospitality will open for subscription today and close on Friday. The IPO is a fresh issuance of shares of ₹5 face value, totalling up to ₹180 crore and an OFS of up to 54.57 lakh shares by the selling shareholders. The price band of the issue is ₹498-500.

Barbeque-Nation Hospitality Ltd (BNHL), a casual-dining restaurant chain, has raised ₹202 crore from 15 anchor investors ahead of the IPO. The company has allocated 40.58 lakh shares at ₹500 a share, the company informed the bourses.

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