{"id":164307,"date":"2024-10-30T03:55:17","date_gmt":"2024-10-30T03:55:17","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/30\/stock-market-buzz-with-3-flop-listings-in-october-ipo-frenzy-may-be-cooling-times-of-india\/"},"modified":"2024-10-30T03:55:17","modified_gmt":"2024-10-30T03:55:17","slug":"stock-market-buzz-with-3-flop-listings-in-october-ipo-frenzy-may-be-cooling-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/30\/stock-market-buzz-with-3-flop-listings-in-october-ipo-frenzy-may-be-cooling-times-of-india\/","title":{"rendered":"Stock market buzz: With 3 flop listings in October, IPO frenzy may be cooling – Times of India"},"content":{"rendered":"
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The weakness in India\u2019s stock market is masked by the resilience of its benchmark indexes to the relentless selling by foreign investors.<\/span><\/div>\n<\/section>\n<\/div><\/div>\n

Traders will continue to watch key technical levels on the Nifty index after Tuesday\u2019s dramatic intra-day recovery. Nifty futures point to a lukewarm start this morning, and weakness in Asian markets may also weigh on sentiment. Volumes could be low with the Hindu festival of Diwali around the corner. There could be sharp reactions to earnings, with Larsen & Toubro and Tata Power among the key announcements today.
Ola Electric<\/span> falls below <\/span>IPO<\/a> price<\/span>
Shares of India\u2019s biggest e-scooter maker Ola Electric fell below their IPO price, as the company struggles with market share losses and rising consumer complaints. This has not been a good month for investors in mainboard offerings, with three out of the four listings \u2014 Hyundai Motor India, Garuda Construction and Deepak Builders \u2014 trading below their issue prices. They don\u2019t ring a bell at the top, goes a market saying. But a string of flops could be a good indicator that the IPO frenzy may have peaked for now.
Festive cheer for two-wheelers<\/span>
Shares of two-wheeler majors TVS Motor, Bajaj Auto and Hero MotoCorp have had a miserable October so far, falling between 14% and 20%. Bajaj Auto warned of weak demand during the festive season, but the situation on the ground appears to be slightly better. According to Yes Securities, two-wheeler sales are expected to be much better than car sales mainly due to a recovery in demand from first-time buyers in both rural and urban markets. The broker sees October retail two-wheeler sales rising 20% over last year.
Mid-cap bulls can bank on November<\/span>
October has been bruising for investors in mid-cap stocks, but November may hold promise. The Nifty Midcap 100 index has risen in November during eight out of the past 10 years, with an average gain of about 3%, according to JM Financial. The mid-cap gauge has also outperformed the Nifty 50<\/a> index in seven out of the past 10 instances. With mid-cap stocks down nearly 7% this month and the fundamental picture looking bleak, investors could turn to history for some encouragement.
Analysts actions:<\/span>
Wipro raised to add at Axis Capital Limited; PT 600 rupees
Indraprastha Gas raised to hold at Antique Stock Broking
Marico raised to buy at Avendus Spark; PT 735 rupees
And, finally..<\/span>
The weakness in India\u2019s stock market is masked by the resilience of its benchmark indexes to the relentless selling by foreign investors. While the Nifty 50 index has fallen nearly 7% from its record high in late September, the selloff in the broader market is deeper. Of the 500 components of the Nifty 500 index \u2014 which account for more than 95% of the nation\u2019s market capitalization \u2014 only 55% are trading above their 200-day moving average, the lowest in more than a year. With most corporate earnings falling short of estimates, chances are more stocks could slip below this crucial support level. <\/div>\n<\/div>\n