Bears were at the receiving end on Tuesday when we had a huge rally and forced bears to cover their shorts. The net outcome was a massive 521 points gain on that day. The remaining days of trading saw some of these gains being surrendered for the week to end at 28,077.18 points, a gain of 403.58 points or 1.46%. NIFTY was up 109.65 points or 1.28% at 8,693.05 points. Action in the midcap and smallcap space continues unabated and is ahead of the benchmark indices.

Shares of Endurance Technologies Limited listed on Wednesday and had a stellar debut gaining 37% of day one. The shares which were issued at Rs 472 closed at Rs 623.40, a gain of Rs 151.40 or 32.08%.

The government sold 9 cr shares of NBCC at the floor price of Rs 246.50 on Thursday and Friday. This way they have been able to raise Rs 2,200 crs and inch up to their divestment target.

The week ahead sees expiry of October series futures. The series is up with gains of the last week as the same was flat prior to it. With just about 1% up, things could go either way and I believe that there is a downward bias with result season not throwing up to many pleasant surprises.

There are two IPO’s opening this week. The first is from PNB Housing Finance Limited looking to raise Rs 3,000 crs in a price band of Rs 750-775. The issue opens on Tuesday the 25th of October and closes on Thursday the 27th of October. The second issue is from Varun Beverages where there is a simultaneous offer for sale of 1 cr shares and fresh issue of 1.5 cr shares. The price band is Rs 440-445. The issue opens on Wednesday the 26th of October and closes on Friday the 28th of October.

Markets are looking under pressure and the momentum has broken. Stay cautious and use rallies to reduce exposure.