The market in the coming week will first react to June auto sales numbers announced over the weekend and further updates related to HDFC-HDFC Bank merger effective from July 1.
Indian markets ended the week in the red, with the Nifty50 dropping 0.85%. Experts suggest that the futures market will provide cues for Monday s opening, with impacts from US markets over the previous week to be taken into account. Major global events next week include a Policy Panel Discussion led by Chair Jerome Powell at the European Central Bank Forum on Central Banking 2023. Technical data shows that any future corrections should be seen as a buying opportunity while, on a corporate level, technology IPOs and buybacks are also worth tracking.
Three SME IPOs - Greenchef Appliances, Essen Specialty Films, and Magson Retail and Distribution - were launched on Friday. The IPOs of Greenchef Appliances and Essen Specialty Films were subscribed 9% and 36% respectively on day one. Magson Retail and Distribution s IPO was subscribed just 6% on the first day. Meanwhile, Veefin Solutions IPO was subscribed 64% on day two. The companies plan to use the proceeds from the IPOs for capital expenditure, working capital requirements, and general corporate purposes, among others. These four IPOs are currently open for subscription in India.