Mankind Pharma shines on listing day, Mahanagar gas hits 52 week high, Zomato dips

Indian Markets:

• The domestic equity market ended Tuesday’s trading session with minimal change, lacking any significant upward or downward movement.
• The Nifty 50 index started the day on a positive note, opening above 18,300 and reaching a peak of 18,344.20 during mid-morning trade. However, the index faced a decline later in the day due to profit booking activities.
• Investors are currently closely monitoring the forthcoming US inflation figures, scheduled to be released on May 10, 2023. These figures hold significant importance as there is a concern that if the US inflation rate remains above 5%, it could influence the Federal Reserve to adopt a more hawkish stance.
• Despite the uncertainty surrounding the US inflation figures, the domestic equity market has been bolstered by foreign institutional investors.
• In terms of sector performance, the IT, auto, and pharma sectors experienced positive growth and closed on a high note. On the other hand, shares in PSU banks and realty witnessed a dip in their value.

Global Markets:

• Global stock markets fell on Tuesday, with both European and Asian markets declining.
• The Dow Jones index futures were currently down 133 points, indicating a weak opening in the US stocks today.
• In China, imports dropped 7.9% in April, while exports grew by 8.5%, although at a slower pace than in March. Although Chinas economy had grown more than expected in Q1 2023, manufacturing is still struggling to recover from the effects of the pandemic.
• On Monday, US stocks took a breather following previous sessions rally, as investors shifted their attention to a key inflation reading later in the week. 

Stocks in Spotlight:

• Mankind Pharma, a pharmaceutical company, showcased an impressive performance on its listing day, defying the prevailing volatility in the broader equity markets. The stock made a remarkable debut on the NSE, opening with a significant gain of over 20 percent at Rs 1,300. This exceeded both the predictions of analysts and the premium observed in the grey market, highlighting the strong investor interest and confidence in the company’s prospects.
• Zomato experienced a 6 percent decline in its share price due to the potential competition posed by the Indian government’s ONDC (Open Network for Digital Commerce) initiative. ONDC facilitates direct sales of food by restaurants to consumers, bypassing the involvement of third-party platforms like Zomato. This development has raised concerns about the impact it may have on Zomato’s market position and profitability. 
• Mahanagar Gas Ltd (MGL) witnessed a surge in investor interest and a significant rise in its stock price, driven by robust quarterly earnings. The stock experienced an intraday jump of 7 percent on May 9, reaching a new 52-week high. This impressive performance can be attributed to the company’s strong financial results, which exceeded market expectations. 

News from the IPO world?

• IPO activity to pick up pace in 2nd half of 2023
• IPO bound OYO become profitable
• Survival Technologies get Sebi’s nod for Rs.1,000 crore IPO

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Sectoral Performance

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