The markets did nothing last week and cracked on Friday. The BSESENSEX lost 0.75% while NIFTY lost 0.61%. The US President was sworn in on Friday and his punch line was buy American, hire American. How this would affect the globe would be visible in the coming months but China on its exports and India on IT would need to keep a watch.

January series futures would expire on Wednesday the 25th of January with Thursday being a holiday on account of Republic Day. The current value is higher than December expiry by 245 points or 3.03%. It’s an advantage for Bulls currently but they will have to be on their guard.

The follow on fund offer from the CPSE-ETF received excellent response and is oversubscribed. Retail investors who have a preference in the issue saw about 2.58 lakh applicants subscribing to about Rs 2,300 crs. The total subscription is in the region of 13,450 crs against the offer size of Rs 6,000 crs. The balance of allotment would be made to pension funds and it appears that in this issue there would be no allotment to either HNI’s or QIB’s.

BSE Limited completed its allocation to anchor investors from its offer for sale of 1.54 cr shares in a price band of Rs 805-806. The company would collect Rs 1,243 crs from the offer for sale from selling shareholders. 25 anchor investors comprising of 38 entities have been allotted 46.28 lakh shares at Rs 806. The highest allocation of 8.68 lakh shares or 18.77% has been made to Smallcap World Fund. The issue is expected to be oversubscribed a number of times.

Markets would go nowhere and one should sit out and wait for opportunities.