Market likely to open flat

KS Badri Narayanan Chennai | Updated on February 16, 2021

Stocks which are like to witness action today: Tech Mahindra, Wipro, SIS, Titan, Poly Medicure, Geojit Financial

The SGX Nifty, which currently rules at 15,350 at Singapore Stock Exchange, indicates a flat opening for the market with positive bias. The Nifty50 futures on Monday closed at 15,332.

Asia-Pacific markets maintained their momentum with Japan, Korea and Thailand gaining over one per cent while Australia's benchmark is ruling 0.35 per cent higher.

On Monday, the BSE Sensex rose 609.83 points or 1.18 per cent to 52,154.13, while the Nifty50 jumped 151.40 points or 1 per cent to 15,314.70. The BSE Sensex crossed the 52,000-mark for the first time, as foreign portfolio investors continue to pour money into Indian stock markets.

Meanwhile, Credit Suisse upgrades Indian market to Overweight. According to CLSA, India looks much better positioned cyclically and relative to the pandemic. EPS momentum in India is among the region's strongest, it further added.

The US markets were closed on Monday.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "Going ahead, the market could continue with its positive momentum given optimism over Covid-19 vaccines rollout, quicker economic recovery and hopes for further US fiscal stimulus. With earnings season largely over and no major event ahead, global cues will largely dictate the short-term market trend."

Stocks to watch

Tech Mahindra & Wipro: Both these companies have entered into a five-year strategic partnership with Telefónica Germany/O2, a leading provider of mobile telecommunications, broadband and landline in Germany.

SIS Ltd: The board of directors on Monday approved a proposal for buyback of fully paid-up equity shares of the company worth Rs 100 crore from all shareholders as on record date, which will be decided subsequently, on a proportionate basis, through the "tender offer" route. The board approved a price of Rs 550 a share to buyback 18.18 lakh shares.

Titan India's subsidiary CataLane has incorporated 'StudioC Inc' as a wholly-owned subsidiary by acquiring 100 per cent stake in StudioC Inc for $150,000.

Poly Medicure has opened its QIP for subscription on February 15 and fixed the floor price at Rs 550.79 a share.

Geojit Financial Services has joined hands with US-based Lotusdew to launch small, midcap stock basket using AI as part of its Smartfolios platform.

Result Calendar

Advent Computer Services, GM Polyplast, Nestle India, R Systems International, Schaeffler India and Varun Beverages, will announce their quarterly results.

IPO Corner

RailTel Corporation: The initial public offering for a subscription today at a price band of ₹ 93–94 a share. The IPO closes on February 18.

Nureca: The Rs 100-crore initial public offering of Nureca, the solution provider of home healthcare products in India, has been subscribed 5.73 times on Day 1 of the issue. The IPO will close on Wednesday, February 17. The price band of the issue is Rs 396-400.

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Published on February 16, 2021
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