The previous week saw the markets make new highs on the first two days of the week followed by yet another new high on the last day of the week. The BESENSEX closed at 26,419.55 points while the NIFTY closed at 7,913.20 points. The current week has August futures expiring and the current Nifty is higher than the July series close by 191 points, implying the bulls are comfortable.
The feeling that post Modi Sarkar “Acche Din Aayenge” may not have happened for everyone but have certainly happened for the company Snowman Logistics Limited which is tapping the capital markets with its IPO between Tuesday the 26th of August and Thursday the 28th of August. The issue is for 4.2 cr shares in a price band of Rs 44-47 and the company would raise between Rs 185-197 crs.
The anchor book is open today for QIB investors and what is not so good for retail investors is that the retail bucket is a mere 10%. A mere 42 lac shares or 14,000 applications of 300 shares each are enough to fill the retail portion one time. More on the issue tomorrow but suffice to say that the prospects look good for this cold chain integrated player going forward.
Expiry and global cues to drive the market with some economic data at month end like trade deficit will be key drivers. However the key level of 8K on the NIFTYT will be seen this week for sure. Correction if any will happen only after the target is achieved.