Shillong, July 2: The financial markets experienced a remarkable rally last week, reaching new all-time highs. The surge in market performance was largely attributed to the onset of the monsoon season in Maharashtra, including the financial capital, where consistent rainfall has been observed for the past 10 days.
The BSESENSEX soared by 1,739.19 points or 2.76%, closing at 64,718.56 points. Similarly, the NIFTY climbed by 523.55 points or 2.80%, ending at 19,189.05 points. The broader indices, such as BSE100, BSE200, and BSE500, also recorded substantial gains of 2.70%, 2.69%, and 2.59% respectively. BSEMIDCAP surged by 2.86%, while BSESMALLCAP rose by 1.91%. Throughout the week, the benchmark indices performed well on all four trading sessions, reaching intraday highs of 64,768.58 points on BSESENSEX and 19,201.70 points on NIFTY.
The Indian Rupee remained stable against the US Dollar at Rs 82.04. In the United States, the Dow Jones index also experienced a positive week, gaining 680.17 points or 2.02%, closing at 34,407.60 points.
Last week, two primary issues opened and closed for subscription. The first was IdeaForge Limited, which had its subscription period extended to Friday due to a change in holiday. The issue received an overwhelming response, with an overall subscription of 106.05 times. The second issue, from Cyient DLM Limited, garnered a subscription of 71.35 times. These successful subscription numbers indicate strong investor interest in these offerings.
Upcoming in the market is the IPO from Senco Gold Limited, which aims to raise Rs 270 crore through a fresh issue and Rs 135 crore through an offer for sale. The subscription for this IPO will open on July 4th and close on July 6th, with a price band of Rs 301-317. Senco Gold is a renowned player in the jewelry business, particularly in the Eastern region of India. With 136 showrooms, including both company-owned and franchise-operated, the company reported revenues of Rs 4,108 crore and a profit after tax of Rs 158.47 crore for the fiscal year ending in March 2023. The IPO price appears reasonable, offering potential for short to medium-term appreciation, considering market conditions and its peer set.