In this edition of Market Minutes, we delve into the key market happenings, including Tata Technologies’ IPO performance on Day 2, IndiGo’s tax demand order, the impact of crude oil price movements, and other notable events.
Tata Technologies IPO Day 2
Tata Technologies’ IPO witnessed a subdued response on Day 2, with shares listing at a discount of 0.5% to the issue price. The stock’s performance was attributed to concerns over the company’s valuation and the broader market sentiment.
IndiGo Tax Demand Order
IndiGo received a tax demand order of ₹91.4 crore from the Indian tax authorities for the financial year 2021-22. The airline has challenged the order and expressed confidence in resolving the matter amicably.
Crude Oil Price Movements
Crude oil prices edged lower this week amid concerns over global demand and the possibility of further interest rate hikes by major central banks. The benchmark Brent crude price traded below $90 per barrel.
Other Market Events
In addition to the aforementioned developments, here’s a roundup of other notable market events:
- The Sensex and Nifty indices closed marginally lower this week, weighed down by profit-booking in select stocks.
- Foreign institutional investors (FIIs) remained net sellers in the Indian equity market this week.
- The Indian rupee depreciated against the US dollar, trading above 82.50 per dollar.
Voice of the Day
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, shared her insights on the current market scenario and advised investors to focus on long-term investment strategies. She emphasized the importance of diversification and risk management in portfolio construction.
Conclusion
The Indian market witnessed a mixed bag of developments this week, with Tata Technologies’ IPO performance, IndiGo’s tax demand order, and crude oil price movements impacting investor sentiment. Investors are advised to remain cautious and make informed decisions based on their risk appetite and investment horizon.