Stock Market Live: Sensex, Nifty Record High L&T, Ultratech Shine; Titan, Airtel Slip Nifty 50, Sensex Today: What to Expect from Indian Stock Market in July 29 Trade

Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking gains in global peers amid positive sentiment.

Trends on Gift Nifty also suggest a gap-up opening for the Indian benchmark index. Gift Nifty was trading around the 25,060 level, a premium of around 145 points from the previous close of Nifty futures.

On Friday, benchmark Indian stock market indices ended with strong gains, snapping their five-day losing streak and registering their best session in seven weeks on heavy value-buying at lower levels.

The Sensex rose 1,292.92 points or 1.62% to close at 81,332.72, while the Nifty 50 gained 428.75 points or 1.76% to close at an all-time high of 24,834.85.

The Nifty 50 has formed a long bull candlestick on the daily chart which has taken out the downward correction of the last five sessions in a day.

This is a positive sign and indicates a decisive upside reversal in the market after this downward correction. Immediate supports such as the 10/20-day EMA (Exponential Moving Average) have recently been regained after breaking below them. This moving average has been supporting the Nifty for the past 5-6 weeks. Positive chart patterns like high tops and bottoms on the daily chart are intact and the Nifty has recently confirmed new high bottom formations, said Nagaraj Shetty, senior technical research analyst at HDFC Securities.

He believes that the short-term trend of Nifty has turned positive and the next upside level is around 25,000 - 25,100 in the near term.

Here's what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Forecast

The Nifty 50 index saw an excellent bounce back on July 26 and closed the day with a strong gain of 428 points above the 24,800 level.

“The Nifty has experienced a downward consolidation breakout on the daily chart, indicating rising optimism. Consistently trading above the very short-term moving average, 21 EMA, strengthened the index bulls to take the Nifty to new highs amid weakness in global markets. A fairly large green candle after several bearish candles clearly signals a bullish trend ahead,” said Rupak De, senior technical analyst at LKP Securities.

He believes that as long as it remains above 24,500, the trend may remain positive and the index may move towards the higher end of 25,250.

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Ceigall India IPO GMP:

Seagull India's gray market premium (GMP) in the unlisted share market on July 29, 2024 was Rs. is 140. According to this IPOWatch, per share Rs. A 35 percent listing at the upper end of the 401's price band indicates a profit. community.

Ceigall India IPO Lot Size

Investors can bid for a minimum of 37 equity shares and in multiples thereafter.

Of the overall IPO size, not more than 50 per cent of the net offer shall be available for allocation to Qualified Institutional Buyers (QIBs), not less than 15 per cent of the net offer shall be available for allocation to non-institutional investors. NIIs), and not less than 35 percent of the net offer will be available for allotment to retail individual investors.

Ceigall India IPO Valuation:

According to reports, Ceigall India IPO shares will command a post-offer price-to-earnings (P/E) multiple of 22.91x against a pre-offer P/E of 20.67x.

Apart from that, its post-IPO earnings per share (EPS) per share is Rs. 17.5 per share which is Rs. was 19.4.

Remember, the pre-IPO EPS is calculated based on the pre-issue shareholding provided in the RHP (at the time of filing) and the latest earnings (as mentioned in the RHP). Similarly, the post-issue EPS is calculated based on expected post-issue shareholding and annualized earnings at the end of March, 2024 (available in RHP).

Seagull India Financials:

As per the company's RHP, Seagull India's revenue from operations at the end of FY23 stood at Rs. 2,068.17 crore, up 46.48 percent at the end of FY24 to Rs. 3,029.35 crores. Seagal India said this was due to increase in income from sale of goods and materials along with increase in income from construction contracts and loan income on financial assets on amortization expense.

Apart from that, Seagull India's net profit in FY23 was Rs. 167.27 crore in FY24 to Rs. 304.31 crores.

Ceigall India IPO Objective:

Seagull India will use the proceeds from the fresh issue to purchase equipment worth Rs. 99.79 crore to the extent of; For full or partial repayment/prepayment of certain borrowings taken by the Company and its Subsidiaries, CIPPL will provide Rs. 413.4 crore; and other general corporate purposes.

About Seagull India

Ceigall India is a construction company based in Ludhiana. Established in 2002, Seagull India's core business operations are broadly segmented into EPC projects and Hybrid Annuity Model (HAM) projects. Their projects are spread across more than 10 states in India. On June 30, 2024, Seagull India's order book stood at Rs. 9,470.84 crores.

Seagull India has completed more than 34 projects including 16 EPC, one HAM, five O&M and 12 item rate projects in road and highway sector. Besides, it has 18 ongoing projects, including 13 EPC projects and five HAM projects including elevated corridors, bridges, flyovers, rail over-bridges, tunnels, expressways, runways, metro projects and multi-lane highways.