Stock Market LIVE: Sensex around 62,000; PSU Bank, IT gain; Metal sheds

Share Market LIVE Updates: Indices are now trading green with Sensex adding 100 points and crossing the 62,000 mark briefly, and Nifty gaining 30 points. Kotak Bank, Dr Reddy and Eicher Motors shine, while Hindalco and JSW Steel drag. Bikaji Food lists and Global Health debut at a premium price.

With encouraging inflation data, investors seem to have taken an optimistic viewpoint. However, markets will continue to keep an eye on the Russia-Ukraine war situation with unconfirmed reports stating that two Russian missiles had landed inside NATO-member Poland.

Amazon India likely to layoff few hundred employees:

Amazon could likely lay off a few hundred jobs from its unit, multiple people aware of the matter have told Economic Times. The exact number of cuts in India is not known, but cuts could also be higher than a few hundreds, they said. The headcount at Amazon India is estimated to be 100,000. These layoffs are part of the global plan to deal with slowing sales.

As per the report, layoffs in India could be across engineering and other departments. Employees in shared services, back-office, and retail operations are more likely under threat, multiple people aware of the matter have said.

BeatO raises USD 33 million from Lightrock India, HealthQuad, Flipkart and others

Digital solution provider for diabetic patients BeatO on Wednesday said it raised USD 33 million (around ₹269 crore) in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart and existing investors.

Founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, the startup claims to provide affordable, comprehensive and patient-centric digital solutions to people with diabetes, who have limited access to good quality and continuous care.

The fresh funds will be utilised to expand BeatO's diabetes care programmes pan-India, invest in strengthening the leadership team and to further invest in its product and technology, the startup said in a statement.

The company will also continue to build the evidence base for its care programmes, setting the standard of care globally for diabetes as it aims to serve over 10 million patients by 2025. 

Policybazaar shares marginally lower; CLSA initiates coverage

Shares of PB Fintech, popularly known as Policybazaar, traded marginally lower a day after its pre-IPO investor lock-in ended. Foreign brokerage CLSA has, meanwhile, initiated coverage on the stock.

The stock traded at 387.35, down 0.2% on the National Stock Exchange. The benchmark indices were also flat in early trade on Wednesday.

“PB Fintech, which operates online insurance and credit comparison portals Policybazaar and Paisabazaar, is one of India's leading direct-to-consumer insurance aggregators," CLSA said in its coverage note.

Shares of Global Health (Medanta) list at premium. Buy, sell or hold?

Shares of Global Health (Medanta) list at prShares of Medanta hospital chain operator Global Health made a decent debut on stock exchanges with shares rising to ₹401 as compared to issue price of ₹336. Global Health IPO was subscribed 9.58 times. The retail portion of this public issue was subscribed 0.88 times whereas its QIB portion got subscribed 28.64 times. The portion for non-institutional investors was subscribed 4.02 times.

The IPO comprised fresh issuance of shares worth up to ₹500 crore and an offer-for-sale of up to 5,07,61,000 equity shares. Ahead of the IPO, Global Health had mobilised ₹662 crore from anchor investors. Proceeds from the fresh issue will be used to pay debt and for general corporate purposes.

Bikaji Foods share price lists at 7% premium. Buy, sell or hold? 

Bikaji Foods shares have hit Dalal Street giving ‘fair return’ to its allottees. Bikaji Foods shares today opened on BSE at 321, delivering 7 per cent listing premium to the lucky allottees. After opening at 321, Bikaji shares surged further and made intraday high of 335 apiece.

Bikaji Foods IPO was subscribed whopping 26.67 times whereas its retail portion was subscribed 4.38 times. Its QIB portion got subscribed 80.63 times.

Rupee falls 66 paise to 81.57 against US dollar in early trade

Rupee falls 66 paise to 81.57 against US dollar in early tradeThe rupee depreciated 66 paise to 81.57 against the US dollar in early trade on Wednesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.41 against the dollar, then lost ground to quote at 81.57, registering a loss of 66 paise over its previous close.The rupee appreciated 37 paise to close at 80.91 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.17 per cent to 106.58. 

Ashika Stock Broking on today's market: Chances remain high of price consolidation

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a bullish candle on the daily charts with lower shadow, reflecting the emergence of buying interest amidst the past few days of range-bound movement. The sequence of higher high formation remains unabated without any signs of price exhaustion or topping out situation. 

Though chances remain high of price consolidation after a sharp rally of almost 1700 points in last one month. Nifty since the past few days of trading session has led the Index to breach past the falling trend line which confirms that the primary trend is up and is well placed to accelerate the upward momentum

The momentum indicator RSI (relative strength index) is presently at 68 slightly closer to overbought situation however present setup indicates that Nifty is on the path to challenge the all-time high of 18600 in coming sessions followed by 18900 in near term. During the day Nifty is likely to open on a flat note and lower levels of 18300 need to be utilized for initiating long position for an upside target of 18600.

 

Multibagger SME IPO declares preferential issue after rising 700% in one year

Shares of Knowledge Marine & Engineering Works Ltd are one of the multibagger IPOs that Indian stock market has produced in recent years. The public issue was launched in March 2021 at a fixed price band of 37 per equity share. The public issue had a par listing but the stock has given stellar return to the allottees in around one and half years as Knowledge Marine & Engineering Works share price today is 918, 881 per equity share higher from its price band. 

Fears of Contagion Darken the Crypto Sector Outlook

The crypto industry braced for more contagion from the fall of Sam Bankman-Fried’s FTX empire. The US and The Bahamas are talking about bringing him to America for questioning, people familiar with the matter said.

Bankman-Fried took to Twitter on Wednesday, telling his followers that “there was too much leverage -- more than I realized" in his business. That came a few hours after he posted that FTX US had enough money to repay customers.

The fallout from the crisis is threatening the future of crypto lenders like BlockFi Inc. and Voyager Digital Ltd. Digital-asset markets were steady in a break from recent turmoil, with Bitcoin hovering around $17,000.

Multibagger stock to consider bonus share after giving 150% YTD return

Multibagger stock to consider bonus share after giving 150% YTD return

Shares of Rama Steel Tubes Ltd are one of the multibagger stocks of Indian stock market. After stock split in 1:5 ratio in August 2022, the small-cap stock is soon going to consider issuance of bonus shares and reward its loyal long term positional investors. 

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