By Ruchir SankhlaThe Nifty 50 closed higher on May 4 after early state election trends supported broad-based buying. Realty, healthcare and FMCG stocks led the gains, with Godrej Properties rising after reporting a 70% YoY jump in Q4 net profit. However, Kotak Mahindra Bank limited the upside, falling despite a rise in quarterly earnings as margin pressure weighed on sentiment.
Internationally, sentiment remained fragile as the US launched a naval operation to escort stranded commercial ships out of the Strait of Hormuz, and Iran said it had attacked a US Navy warship. The US Central Command, however, denied any damage or attack. Following the reported attack, oil prices rose, with Brent crude above $110 per barrel. Conflicting accounts and concerns over shipping disruptions are weighing on market sentiment.
On the domestic front, a silver lining emerged as Goods and Services Tax (GST) collections for April 2026 surged to a record high of Rs 2.4 lakh crore, an 8.7% YoY increase, pointing to strong economic activity. Further support came from the HSBC India Manufacturing PMI, which rose to 54.7 in April (up from 53.9 in March), driven by a surge in export orders.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said election results may have a short-term sentimental impact, but broader market direction will depend on global factors. He added, "The real market trend will be guided by crude oil prices, which will be decided by the news in West Asia."
IPO activity is robust this week, with four new issues opening and two companies set to list, following the successful listing of two companies last week.
One InvIT and one SME firm debuted last week
Citius TransNet Investment Trust, an infrastructure investment trust (InvIT), made a steady debut on April 29. The Rs 1,105 crore issue listed at a 4.6% premium to its issue price of Rs 100. The IPO saw a total subscription of 20.4X, with qualified-institutional-buyers (QIBs) leading the interest. While the InvIT structure appealed to those seeking long-term yields, some caution remains regarding its history of net losses and a negative net worth. The stock is currently trading 5% above its issue price.
Citius TransNet holds its listing gains
In the SME Segment, Adisoft Technologies, a Pune-based industrial automation provider, delivered a strong performance on its April 30 debut. The Rs 74.1 crore IPO was subscribed 72.1X and listed at a 19.2% premium over its issue price of Rs 172. Investors were encouraged by the company's robust revenue growth and its specialised focus on robotic work cells and automated assembly lines for the automotive sector. The stock saw further buying interest post-listing and is currently trading 31.4% above its issue price.
Two IPOs line up for listing this week
OnEMI Technology Solutions, the parent company of digital lending platform Kissht and credit app Ring, opened its Rs 925.9 crore IPO for subscription on April 30 and will close on May 5. The issue consists of a fresh issue of ~5 crore shares and an offer for sale (OFS) of 44 lakh shares at a price band of Rs 162 to Rs 171. As of today, May 4, the issue has seen moderate traction with an overall subscription of 0.5X. The company aims to strengthen the capital base of its subsidiary to support future lending growth. The company will list on May 8.
Strong QIB bidding lifts OnEMI Technology subscription
In the SME segment, Amba Auto Sales and Services, a Bengaluru-based dealer for Bajaj Auto and LG Electronics, closed its Rs 65.1 crore IPO on April 29. The offering, a fresh issue of 48.2 lakh shares at a price band of Rs 130-135, saw an overall subscription of 1.2X. While retail participation was lower at 0.8X, high net worth individuals (HNIs) subscribed 5X. The company plans to use the capital to fund the expansion and renovation of showrooms, meet working capital requirements, and for general corporate purposes. The shares will list on May 5.
IPO pipeline sees four new launches this week
Bagmane Prime Office REIT, a Blackstone-backed trust focused on Bengaluru’s office market, will open its Rs 3,405 crore IPO for subscription from May 5 to May 7. The price band is set at Rs 95–100 per unit. The issue comprises a fresh issue of 23.9 crore shares and an offer for sale (OFS) of 10.2 crore shares. The portfolio includes 6 premium business parks in Bengaluru with a strong 98.8% occupancy as of December 2025. The trust plans to use the proceeds to acquire the "Luxor" asset and a majority stake in Bagmane Rio. The units will list on May 15.
Bagmane REIT sees profit rise faster than revenue
The SME segment is set to see three fresh IPO openings.
Value 360 Communications, a PR and digital marketing firm, will open its Rs 41.7 crore IPO for subscription from May 4 to May 6. The price band is set at Rs 95–98 per share. The issue includes a fresh issue of 38.3 lakh shares and an OFS of 4.2 lakh shares. The company plans to use the funds for working capital and upgrading its content technology. The stock will list on May 11.
Recode Studios, the Ludhiana-based cosmetics brand that gained fame on Shark Tank India, will launch its Rs 44.6 crore IPO from May 5 to May 7. The price band is set at Rs 150–158 per share. The issue includes a fresh issue of 25 lakh shares and an OFS of 3 lakh shares. The company aims to expand its offline store network through company-owned and franchise-owned models, and grow its skincare and wellness product range. The stock will list on May 12.
Simca Advertising, a Mumbai-based outdoor advertising (OOH) specialist, will open its Rs 58 crore IPO for subscription from May 8 to May 12. The price band is set at Rs 174–183 per share. The issue is entirely a fresh issue of 31.7 lakh shares. The company plans to use the proceeds to pivot toward "Digital Out-of-Home" (DOOH) advertising by installing large-scale LED screens in premium locations. The stock will list on May 15.
