Lok Sabha Election Results 2024: The counting has begun for the Lok Sabha election results 2024 and all eyes are on the stock market how it reacts to two possible scenarios – BJP-led NDA winning comfortably as exit polls predicted or the INDIA bloc staging an upset like UPA did in 2004.

In the previous session, all frontline-indices, including Sensex and Nifty, zoomed to fresh peaks and registered their best intraday gains in the post pandemic years. On Monday, the market participants were buoyed by most exit polls showing Narendra Modi’s BJP winning over 350 seats and the National Democratic Alliance (NDA) managing to grab between 360 and 400 odd seats.

But what if the exit polls prediction goes wrong and INDIA bloc allies manage to get majority or 295 seats as they are claiming. In this case, the stock market, which has already factored in BJP’s massive win, may tumble like nine pins.

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Allied Blenders IPO, a book-built issue, comprises both a fresh issue as well as an offer for sale. 

Issue Size

The company will be raising a total of Rs 1,500 crore. Out of this, the company will use Rs 1,000 crore by offering 35.6 million shares, while promoters and other shareholders will dump their 17.8 million shares to collect Rs 500 crore.

Bidding Date

The company will open the subscription to investors for bidding on June 25 and close it on June 27. 

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Price Band

The home-based foreign liquor distiller kept the price band in a range of Rs 267 …

Indian equity indices closed on a flat note on Monday. The Nifty 50 closed 3.30 points or 0.01% lower, than its previous close, at 24,320.55. Similarly, the BSE Sensex closed 36.22 points or 0.05% lower, than the previous close, at 79,960.38. Divi’s Laboratories, Titan, BPCL, Shriram Finance, and Adani Ports were the major losers in the Nifty 50 on Monday.

Sectoral Index

Bank Nifty fell 234.55 points or 0.45% to end the session at 52,425.80. Outperforming the overall market, Nifty Midcap 100 fell 201.25 points or 0.35% closing the day’s trading at 56,888.20. In the broader markets, smallcap and midcap stocks closed in the red. 

Sectoral draggers

Among the sectoral indices, Nifty PSU Banks and Consumer Durables weighed on the markets. However, the Nifty FMCG bucked the trend.  

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Rising global crude oil prices are a cause of concern and anxiety for India, said oil secretary Pankaj Jain on Wednesday. 

“Whenever prices go up, it does cause anxiety, cause concern. Does it stop at $90 per barrel? That’s the matter of anxiety,” Jain said. 

The secretary’s comments come on the backdrop of oil prices having risen to $89 per barrel on Wednesday due to rising geopolitical tensions in the Middle East and between Russia and Ukraine.

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In order to streamline business operations for Foreign Portfolio Investors (FPIs), the Securities and Exchange Board of India (SEBI) on Friday gave its approval to a series of proposals to ease regulatory requirements. These measures, designed to enhance efficiency and flexibility for FPIs, encompass exemptions in disclosure requirements, relaxed timelines for documentation, and provisions for dealing with securities post-expiry of registration.

Additional Disclosure Requirements Exempted for Certain FPIs

One significant decision by the SEBI Board involves exempting additional disclosure requirements for FPIs holding more than 50% of their India equity Assets Under Management (AUM) in a single corporate group. This exemption applies specifically if the concentrated holdings of these FPIs are in a listed company with no identified promoter, provided certain conditions are met.

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