Thanks to positive global cues, Indian stock markets are expected to open with modest gains on Tuesday. However, the market is likely to move in a narrow range in the early part of the day, said analysts. The SGX Nifty futures are at 15,002 points, a gain of about 0.25 per cent, over Monday’s close.

Foreign portfolio investors have turned cautious on the back of firm US bond yields. The Federal Open Market Committee is due to meet on March 16 and 17. FPIs will take investment calls after the outcome of the key FOMC meet.

Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking, said: “Nifty registered its all-time high a month ago and since then our market is going through a corrective phase. Trading in this corrective phase has been difficult as the market has witnessed volatile moves on both the sides of trade. As of now, there are no signs to the end of this corrective phase and hence, we could continue to see such volatility in the near term.”

Asian equities are trading with moderate gains despite US stocks hitting a record overnight. Benchmark indices in Japan, South Korea and Australia edged higher.

Stocks to watch

Tata Communications: The stake-sale by the Centre in Tata Communications through an offer-for-sale opens today at a floor price of ₹1,161 a share. The OFS opens for non-retail investors on Tuesday and for retail investors on Wednesday. The Centre plans to sell 2.85 crore shares through the OFS, which has a green shoe option to sell additional 1.7446 crore shares.

IPO corner

Anupam Rasayan: Today is the last day for the ₹760-crore initial public offering (IPO) of Anupam Rasayan India. The issue has been subscribed 3.64 times so far. The public offering received bids for 6.60 times issue size in the retail segment followed by 1.39 times issue size in the non-institutional category and 0.37 times issue size in qualified institutional buyers (QIB).

Craftsman Automation: The IPO has been subscribed 0.55 per cent. The price band of the IPO, which closes on Thursday, is ₹1,488 - ₹1,490. The company plans to raise ₹823.70 crore through the issue, which consists of a fresh issue of ₹150 crore, and the remaining will be an OFS. The issue will close on Wednesday.

Laxmi Organic Industries: The IPO of Laxmi Organic Industries was subscribed 2.28 times on Monday, the first day of bidding. Investors have put in bids for 7.42 crore equity shares against the offer size of 3.25 crore shares. The portion reserved for retail investors was subscribed 4.34 times and that of non-institutional investors 49 per cent, while the portion set aside for QIBs has seen subscription of just 1 per cent. The price band has been fixed at ₹129-130 per share. Ahead of the issue, the company had already raised ₹180 crore from anchor investors at the top end of the price band.

Kalyan Jewellers: The IPO opens for subscription on Tuesday. The ₹1,175-crore issue comprises a fresh issue of ₹800 crore and an OFS aggregating up to ₹375 crore by selling shareholders TS Kalyanaraman Highdell Investment, a Warbug Pincus arm. Bids can be made for a minimum of 172 shares. The price band is ₹86-87.

Kalyan Jewellers India has allotted 4.04 crore shares to 15 anchor investors and raised ₹351.89 crore ahead of the IPO at the upper price band of ₹87 a share. The investors include the Government of Singapore, Sundaram Mutual Fund, Calypso Global Investment, Monetary Authority of Singapore, Segantii India Mauritius, Kuber India Fund, Moon Capital Trading Pte, Edelweiss Alternative Investment, Sundaram India Midcap Fund, HDFC Life Insurance, Baroda Large and MidCap Fund, BNP Paribas, Cohesion MK Best Ideas and Sundaram Balanced Advantage Fund.

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