Today’s Market News :
Global markets are suggesting Positive signals, so our Indian markets are likely to start with a Gap Up opening today.
* Wall Street strategists predict a potential rally in US stocks following the upcoming presidential election, with historical patterns suggesting a favorable market response post-election.
* The S&P 500 Index has gained 21% this year, and analysts from Morgan Stanley and JPMorgan Chase anticipate further increases once a victor is declared, with projections for the index to reach 6,100.
* Market performance in the week leading up to the election is crucial, as a weak market historically leads to better performance in the following month, indicating a bullish sentiment for equities.
* Swiggy’s IPO opens for subscription today, aiming to raise around Rs 11,300 crore at a lower valuation of $11.3 billion compared to its earlier target of $15 billion.
* The IPO includes a fresh equity sale of Rs 4,499 crore and an offer for sale of 17,50,87,963 equity shares, with a price band set at Rs 371-390 per share.
* Analysts have mixed views on the IPO, advising caution due to Swiggy’s ongoing losses, while some suggest a long-term investment perspective based on growth potential in the food delivery sector.
* Acme Solar Holdings is launching its IPO today, aiming to raise Rs 2,900 crore with a price band of Rs 275-289 per share, closing on November 8.
* Analysts are optimistic about Acme’s growth potential due to its strong project pipeline and focus on renewable energy, with a GMP of Rs 10 indicating a 3% premium over the issue price.
* The company reported impressive financial growth, with a revenue increase to Rs 470.84 crore and a profit after tax of Rs 419.56 crore for FY24, positioning it well in the renewable energy sector.
