The Week Ahead: IPOs, Corporate Action, GST Data, FOMC Minutes And More
During the week, the primary markets will be focused on the four mainboard issues and public offerings brought out by 10 small and medium-sized firms.
The Indian equity markets will be influenced by multiple domestic developments, release of HSBC Manufacturing Purchasing Manager's Index and key global indicators like UK's general elections in the upcoming week, starting July 1, 2024.
On July 2, chiefs of the Federal Reserve, the European Central Bank, and Brazilian central bank are set to speak at an ECB forum.
IPOs & Key Levels To Watch
During the week, the primary markets will be focused on the four mainboard issues and public offerings brought out by 10 small and medium-sized firms. The key offerings of Emcure Pharmaceuticals Ltd. and Bansal Wire Industries Ltd. will be available for subscription.
Markets have another 2–3% upside, with the next resistance level for Nifty at around 24,336 in the short-term, according to Jai Bala, founder and chief market technician at Cashthechaos.
Nifty Bank faces long-term resistance between 55,000 and 56,000, Bala said. "We might see a push towards 54,000 for the Nifty Bank index, despite today's decline. The long-term trendline from 2010 indicates resistance at 54,000 to 56,000, suggesting some upside but warranting extreme caution."
Domestic Cues
The Goods and Services Tax collection data for the month of June will be released by the Finance Ministry on the first trading day of the week.
S&P Global will declare the HSBC Manufacturing Purchasing Manager's Index along with HSBC services and composite PMI for the month of June.
On July 5, Bajaj Auto will launch a compressed natural gas-powered motorcycle. The event would be attended by the Minister for Road Transport and Highways Nitin Gadkari.
Global Cues
In the coming week, United Kingdom will conduct its general elections. According to Bloomberg's UK poll of polls, Conservative Party dropped to 20% as of June 26.
Federal Reserve System's Chair Jerome Powell, European Central Bank's President Christine Lagarde and Brazilian central bank chief Roberto Campos Neto will speak at the ECB forum in Portugal.
US will announce its monthly auto industry sales data. It will also release its job openings and light vehicle sales statistics.
Later during the week, US Federal Open Market Committee will release the minutes of June's policy meeting.
Primary Market Action
With four mainboard and 10 SME public issues set to open for bids next week, the primary markets will remain in focus during the week. The IPOs from Emcure Pharmaceuticals Ltd. and Bansal Wire Industries Ltd. will open for subscriptions on the mainboard space.
Ambey Laboratories Ltd. and Nephro Care India Ltd. are among those receiving bids in the SME segment during the week.
Shares of Vraj Iron and Steel Ltd., as well as that of Allied Blenders and Distillers will list on the exchanges on July 3 and July 2, respectively.
Corporate Action Ahead
Geojit Financial Services Ltd., Lloyds Enterprises Ltd., Bajaj Consumer Care Ltd, Oil India Ltd., Tata Power Co. Ltd., and Apollo Tyres Ltd. will be the big names that have record dates for their interim or final dividends in the coming week.
