Sensex Trade Lower, Nifty Around 17,200

Sensex Updates: The Sensex was down 64.03 points or 0.11% at 57620.79, and the Nifty was down 13.90 points or 0.08% at 17231.80. About 1578 shares have advanced, 1491 shares declined, and 114 shares are unchanged.

Sensex Trade Lower, Nifty Around 17,200

Sensex Updates: The follow-on public offer of FMCG company Ruchi Soya Industries has seen a subscription of 6 percent as investors have put in bids for 26.49 lakh equity shares against offer size of 4.89 crore equity shares, on March 24, the first day of bidding. The offer size has been reduced from 6.6 crore equity shares, to 4.89 crore equity shares now as the company already mopped up Rs 1,290 crore from anchor investors on March 23.

The price band for the offer has been fixed at Rs 615-650 per share. Qualified institutional buyers and non-institutional investors are yet to start the subscription to the offer. At higher price band of Rs 650, Ruchi Soya is demanding an TTM EV/S multiple of 1x, which is in-line to its only listed peer i.e. Adani Wilmar Ltd. The edible oil business is likely to have a secular growth trend, but there is a huge untapped market for its Food & FMCG business segment. Thus, we assign a “SUBSCRIBE” rating for the issue.

The temporary calm in the markets was again disrupted by the noise of the sanctions and higher oil prices above USD 120/bl. Sharp rally in commodities was fuelled by the worries of the supply shortages in oil markets due to the damage of the Kazakhstan CPC pipeline besides the expectations of aggressive sanctions on Russian oil and gas after Joe Biden meets EU representatives and NATO allies later today.

Sensex Trade Lower, Nifty Around 17,200

Risk-off sentiments globally weighed on equities adding to the inflation concerns. DXY gained slightly near 98.70 while Euro, GBP and other currencies lost ground. Today, USDINR to trade in the range between 76.25 -76.70. The risk of the higher commodity prices, growing geopolitical rivalry and the central bank’s way out of inflation will drive the markets in short to medium term.

Overall, along with the risky global cues, weaker domestic fundamentals related to the widening of the trade deficit, FII outflows, hawkish Fed will likely weigh on the Indian rupee going ahead. We expect that the breaking of 76.70 levels in the USDINR pair will take it to its recent high near 77 before moving towards 77.50-78.00 levels in the medium term.

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Sensex Trade Lower, Nifty Around 17,200 via @marketinvestor
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