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The retail portion of the issue was subscribed 2.33 times, while the issue was subscribed by 95% in the non-institutional investors’ category on the final day of bidding. Meanwhile, the qualified institutional buyers had subscribed by 2.71 times of the allotted portion.

The retail portion of the issue was subscribed by 4.7 times, while the issue was subscribed by 2.33 times in the non-institutional investors’ category on the second day of bidding. Meanwhile, the qualified institutional buyers had subscribed by 10% of the allotted portion.

Subscribe to enjoy similar stories. Let’s take stock of India’s external environment. Our pile of foreign exchange has dropped by nearly $80 billion or about 12% in five months.

Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul.

Subscribe to enjoy similar stories. By wielding the threat of imposing across-the-board tariffs against Canada, Mexico and China for no justifiable reason, US President Donald Trump demonstrated that he is a major risk for America and its trade partners. But how other countries respond to Trump’s reckless policies will ultimately determine how much damage the global economy will sustain.

Pankaj Pandey, Head Research, ICICIdirect.com, says a small rally was anticipated, but due to ongoing volatility, there isn't much confidence for a short-covering rally. It may take about a month to gain clarity on tariffs since Trump has paused new tariff actions. Also some tariffs may be imposed on the steel industry. Many of these issues are still developing. However, two sectors in commodities appeal to Pandey. First is cement, where the toughest times seem to be over. The second sector is steel, which is currently at a four-year low. This month, we might hear updates on safeguard duties, which could benefit some steel companies. In auto, while ICICIDirect likes Bajaj Auto, and Eicher and has upgraded Maruti to a buy, M&M is the top pick in this space. What is it looking like so far? We have made two weeks of recovery. Will it sustain? Pankaj Pandey: Overall, the volatility on the global front could persist for some period of time and which is why not much relief is expected on FPI selling. Domestically, earnings have been okay and not really great, but our sense is that in the first half, we have seen earnings of 5%. In the second half, ideally, it should be better at about 8-odd percent. So, full year, we could have about 7% growth.

Budget 2025-26, announced by Finance Minister Nirmala Sitharaman on February 1, 2025, introduced a host of measures aimed at supporting India Inc., with an emphasis on tax reforms, export promotion, and ease of doing business being paramount. A revision in MSME classification, steps to boost India’s share in global trade, and improving the regulatory landscape got notable mentions, among other key highlights.

Stocks that rallied over 10% included, Pasupati Spinning (14.30%), IVP Ltd(12.01%), Vama Industries(11.80%), Dhunseri Petrochem (10.39%) and Hexa Tradex(10.00%).

«In those days, when Sunil Gavaskar used to get out, the hopes on rest of the batsmen was very-very low. Today, barring India, most other countries in emerging market like Russia, China, Brazil, South Africa, have not delivered return to investors. Over 20-year period, emerging markets underperformed developed markets,» says Nilesh Shah, MD, Kotak AMC. Exactly a month ago, this market had a lot of event risk, budget, Trump and tariffs, then there was RBI, MPC, and then Delhi elections. Thankfully for us, we have come on the right side of all the individual events. So, if events were making markets nervous and if the events are behind us and we have been on the right side of the event, then do you think it is a matter of time markets will stabilise? Nilesh Shah: So, in our opinion, while there are certain events which are behind us, there are few things which will keep market on the volatile side. One, we are in a world which is increasingly becoming protectionist from globalised, with Trump administration launching newer and newer initiatives for America first, there will be concerns on geopolitical side.

The NSE Nifty index was trading 170.41 points down at 23389.55, while BSE Sensex was down 543.52 points at 77316.67 at the time of writing this report.

J B Chemicals & Pharmaceuticals Ltd.(up 0.34 per cent) were among the top gainers.

Domestic benchmark index NSE Nifty fell 173.91 points to 23386.05, while the BSE Sensex traded 557.08 points down at 77303.11.

Gowra Leasing(up 19.99%) were among the stocks that surged over 15%.

On the BSE, NGL Fine Chem(down 20.00 per cent), Super Tex Ind(down 19.95 per cent), Jainco Projects(down 19.23 per cent), Banco Products(down 18.20 per cent) and Excel Ind(down 16.58 per cent) were among the stocks that plunged over 5 per cent during the session.

Tasty Bite Eatables Ltd.(up 4.88%), Britannia Industries Ltd.(up 2.56%), JHS Svendgaard Laboratories Ltd.(up 2.50%), Hindustan Foods Ltd.(up 2.44%), Tata Consumer Products Ltd.(up 1.30%), Euro India Fresh Foods Ltd.(up 1.20%), Hindustan Unilever Ltd.(up 1.19%), Dabur India Ltd.(up 0.97%), Gopal Snacks Ltd.(up 0.70%) and Nestle India Ltd.(up 0.41%) were among the top gainers.

Ola Electric Mobility fell as much as 3.44% on Monday to a day’s low of Rs 67.61 on the BSE after reporting a widening of its losses YoY to Rs 564 crore for the third quarter ended December 2024. With today’s fall, the stock has tumbled by 6% in the last 2 trading sessions.

Wipro Ltd.(up 0.26 per cent) were among the top gainers.

Goldman Sachs remains optimistic about Mahindra & Mahindra (M&M), raising its target price and emphasizing strong demand in the SUV and tractor segments.

Subscribe to enjoy similar stories. Dear reader, Last week, I wrote about market trends being dependent on follow-up action from participants. The action was half-hearted as traded turnover fell over a cliff.

The recent market correction, especially in the mid cap/small cap segment, has certainly made select businesses worth adding to portfolios, says Chandraprakash Padiyar, Senior Fund Manager, Tata Asset Management. «We have deployed quite aggressively in our funds during the current correction – however the deployment has been in select businesses and not across the board,» he says.