The Indian stock market witnessed a mixed opening today, with the Sensex and Nifty trading flat. Investors are cautious ahead of the Reserve Bank of India’s (RBI) monetary policy meeting, scheduled for later this week.
Bajaj Auto’s Q2 numbers disappointed the street, with the company reporting a 20% decline in net profit. The stock fell 2.5% in early trade, weighing on the auto sector.
Meanwhile, oil prices continued their downward trend, with Brent crude falling below $90 per barrel. This decline is expected to ease inflationary pressures and boost economic growth.
In IPO news, Hyundai Motor India’s initial public offering (IPO) entered its second day, with the issue subscribed 18% so far. The company aims to raise ₹2,780 crore through the IPO, which has been priced in the range of ₹165-175 per share.
Market experts remain optimistic about the IPO’s prospects, citing Hyundai Motor India’s strong market presence and growth potential. The Grey Market Premium (GMP) for the IPO stands at ₹20-25 per share, indicating a positive market sentiment.
In other news, the Indian rupee strengthened against the US dollar, trading at 82.50. The currency market is expected to remain volatile ahead of the RBI’s policy meeting.
Investors are also keeping a close eye on global markets, where concerns over inflation and interest rates continue to weigh on sentiment.
Hyundai Motor India’s IPO is the largest in the Indian automotive sector, with the company aiming to raise ₹2,780 crore. The issue has been subscribed 18% so far, with the retail portion subscribed 22%.
The company’s financial performance has been impressive, with revenue growing 15% in FY2022. Hyundai Motor India’s market share stands at 17.1%, making it the second-largest passenger vehicle manufacturer in India.
The Indian stock market is expected to remain volatile ahead of the RBI’s policy meeting. Investors will closely watch the central bank’s decision on interest rates and its outlook on inflation.
The decline in oil prices is expected to boost economic growth and ease inflationary pressures. However, concerns over global economic growth and interest rates continue to weigh on market sentiment.
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