Markets Today: Primary market buzzing with action. What to track?

The ongoing corporate result season is expected to keep the secondary markets volatile today.
 
Around 150 companies, including Bajaj Finserv, CarTrade Tech, DLF, InterGlobe Aviation, JK Tyre, Marico, NTPC, Tata Power, SBI Card, and Westlife Development are slated to report their September quarter results on Thursday.
 
That apart, the much-awaited Rs 5,320-crore IPO of Nykaa will open for subscription in a price band of Rs 1,085 to Rs 1,125 per share.
 
While most analysts recommend subscribing to the issue from a long-term perspective, they do caution against the valuation and online segment that the company operates in.
 
Further, investors will also keenly follow news flow around two other IPO-bound companies. The first is Policybazaar. SoftBank has said it will sell around 20 per cent of its total stake in the fintech company during its share sale.
 
The IPO, which will open on November 1, consists of a fresh issue of Rs 3,750 crore, along with an offer for sale of Rs 1959.72 crore by existing promoters and shareholders.
 
The company said it would use around Rs 1,500 crore of the net proceeds to fund marketing initiatives over the next three years.
 
Further, it intends to use Rs 375 crore to expand the consumer base, including offline presence; Rs 600 crore for strategic acquisitions and investments; and Rs 375 crore for expanding presence outside India.
 
Meanwhile, another IPO-bound company, Paytm, has raised its IPO size to Rs 18,300 crore from the earlier Rs 16,600 crore.
 
Separately, Swiss Re will buy a 23 per cent stake on a fully diluted basis in Paytm’s associate firm Paytm Insuretech Private Ltd for about Rs 920 crore.
 
Coming back to the secondary market, and the likely action today…
 
On the global front, while Bank of Japan’s interest rate decision will be keenly watched by investors, fund flow activity by FIIs, and crude oil prices are other factors that are likely to impact sentiment. The monthly expiry of futures & options contracts for the October series is also likely to weigh in.
 
Yesterday, fag-end selling had dragged the benchmark BSE Sensex 207 points lower than previous close to 61,143, while the Nifty50 had settled at 18,210, down 57 points.