Nifty 50, Sensex Outlook: How Will Indian Stock Market Trade On July 21?

The Indian stock market benchmark bourses, Sensex, and Nifty 50, are expected to open slightly lower even when there are positive cues from Asian markets, which rose in early trade as artificial-intelligence led sell-off lost steam. 

Analysts also expect traders to buy Indian stocks on every dip, similar to movement seen on Monday. Technical analysts expect the sentiment to remain bullish as far as the Nifty 50 holds 24000 points.

The trends on Gift Nifty also signalled a subdued opening for the Indian benchmark indices. The Gift Nifty was trading around 24,147 level, a discount of nearly 112 points from the Nifty futures’ last close.

In yesterday's trading session, the Indian stock market ended lower, with the benchmark Nifty 50 closing below 24,300 level.

The Sensex dropped 0.57%, to close at 77,708.52, while the Nifty 50 settled 0.39%, lower at 24,238.50.

Also Read: No Proposal to Abolish Equity LTCG Tax: Govt Clarifies in Parliament

IPO's In Focus

Shares of Alpine Texworld will be listed on the bourses. The issue price has been set at Rs 105 per share. The company's public issue closed Thursday, with bids placed for 16.88 million shares against 12 million shares on offer. 

SBI Funds Management, the asset management subsidiary of State Bank of India, will be listed on the bourses. The issue price has been set at Rs 574 per share, the upper end of its price band. The company's initial public offering ended Thursday and was subscribed over 42 times with bids placed for 5.19 billion shares against 124.56 million shares on offer.

Jindal Supreme (India) has received the Securities and Exchange Board of India's approval for its initial public offering of 13.43 million shares. The issue comprises a fresh issue of 10.74 million equity shares and an offer for sale of 2.69 million equity shares.

Yogiji Digi on Monday filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering comprising a fresh issue of shares worth Rs 2.70 billion and an offer for sale of 7.17 million shares. Each equity share has a face value of Rs 10.

XtraNet Technologies has trimmed its fresh issue size to shares worth up to Rs 1.70 billion from Rs 1.90 billion earlier, according to its red herring prospectus. Its initial public offer will open Thursday and close Jul. 27. Anchor investors can place bids on Wednesday.