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Foreign portfolio investors, which turned sellers in the domestic market early this month, remained so in the week gone by. So far in September, they have net sold Indian equities worth Rs 10,164 crore, according to NSDL data. In the cash market, FII sold shares to the tune of Rs 18,260 crore, so far this month.
Sai Silks Kala Mandir, an apparel company from Telangana is opening its IPO on September 20. The price band being offered here is Rs 210 to Rs 222 per share.
In the current week, IPOs of three companies including Ratnaveer Precision Engineering, Jupiter Life Line Hospitals, and EMS Ltd, will open for subscription.
"As we step into a new month, the market is brimming with various domestic and global macroeconomic indicators expected to sustain its momentum," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart. Technically, Nifty is trying to create a base around the 19,200 level, but it has to cross the 19,600 resistance level to resume its bullish momentum, Gour said, adding that above 19,600, one can expect a move towards the 19,650–19,700 zones. He sees the crucial support level at 19,191, followed by the next support at 18,888.
IPOs this week: Saroja Pharma Industries, Basilic Fly Studio, and Pramara Promotions.