The market continued the uptrend from the previous week, with the Nifty 50 gaining around 1%. Investor confidence was boosted by renewed buying from foreign institutional investors (FIIs), an easing of geopolitical tensions with a proposed Israel-Hamas ceasefire, and signs of progress in a potential India-US trade deal. 

"Looking ahead, second-quarter earnings from major sectors like IT, banking, and FMCG will be a key focus for investors," said Vinod Nair, Head of Research at Geojit Investments. He added that global events and upcoming inflation data from India and China will also be important, as they could influence central bank policies and overall market direction.

Investors will also focus on the escalating trade war between the US and China. China's new rare earth export controls prompted Trump to impose an additional 100% tariff on Chinese imports, effective November 1. 

IPO activity is slowing down this week with only one mainboard launch, a change of pace after a flurry of offerings in recent weeks. Meanwhile, nine companies are set to make their stock market debut, following 22 new listings last week.

22 new listings last week; six from the mainboard

Last week’s new listings had a mixed performance, with several stocks giving up their initial gains.

Advance Agrolife had a strong debut, opening 14% higher and now trading 8.1% above its issue price. The agrochemical maker's IPO was heavily oversubscribed, with bids for 56.9X the shares offered.

Shares of non-banking financial company Tata Capital listed at a modest 1.2% premium and has held onto those gains, currently trading 1.2% higher.

Four of the six mainline IPOs trade below their issue price

Fabtech Technologies and WeWork Management both opened with minor gains of 0.5% and 0.3%, but have since slipped, now trading 0.5% and 5.5% below their issue prices, respectively.

Meanwhile, Om Freight Forwarders and Glottis had a tough start, listing at steep discounts of 39.6% and 34.9%. Both continue to trade significantly lower.

Among SME companies, Infinity Infoway was the standout performer, debuting at a 90% premium and now trading 129.3% above its issue price. Other strong debuts included Sodhani Capital (up 56.9%), Sheel Biotech (up 44.4%), and Suba Hotels (up 38.9%). 

DSM Fresh Foods, BAG Convergence, and Zelio EMobility also had positive debuts, listing at 20%, 16.1% and 13.9%, respectively. Sunsky Logistics, Munish Forge, and Valplast Technologies debuted at 10.3%, 9.4% and 5.6% premiums. These companies are all trading well above their issue prices.

However, some had a tougher start. VijayPD Ceutical’s shares made a flat debut at Rs 35. Meanwhile, Greenleaf Envirotech and Om Metallogic listed marginally lower by 0.8% and 1.2%, respectively. 

NSB BPO Solutions debuted at a 17.4% discount and is trading 21.6% below its issue price. Chiraharit and Dhillon Freight Carrier also had weak debuts; both listed at 20% discounts, and are now trading well below their issue prices. 

Muted week ahead: Midwest to open for subscription

The Indian primary market is set for a relatively subdued week, with only one mainboard IPO — Midwest, opening for subscription.

Midwest is a leading producer and exporter of natural stones, specialising in Black Galaxy Granite, a unique variety known for its sparkling golden flakes. The company is involved in every stage of the business, from exploration and mining to processing and distribution.

Net profit growth outpaces revenue growth for Midwest in FY25

Midwest plans to raise Rs 451 crore, with a price band of Rs 1,014-1,065 per share. The IPO will be open for subscription from October 15 to October 17, with the listing scheduled for October 24. The offering comprises a fresh issue worth Rs 250 crore and an offer for sale of Rs 201 crore.

It plans to use the IPO proceeds for capex for solar integration at select mines, Midwest Neostone’s Phase II quartz plant, and electric dump trucks, along with repayment of borrowings and general corporate purposes.

Eight new IPOs are scheduled for listing this week 

Global electronics giant LG Electronics is set to list on October 14, after its IPO saw massive demand, with bids for 54X the shares on offer, including strong interest from QIBs. The company is set to list on October 14. It manufactures and distributes home appliances and consumer electronics (excluding mobile phones).

Another mainline IPO, Anantam Highways InvIT, received bids for 5.6X the shares on offer. The infrastructure investment trust is set for listing on October 17.

LG Electronics draws strong HNI interest; others see modest subscription

Canara Bank subsidiaries Canara Robeco Asset Management and Canara HSBC Life Insurance received bids for 0.5X and 0.1X the shares on offer on day 2 and day 1, respectively. Canara Robeco is set for listing on October 16, and Canara HSBC Life will debut on October 17.

Pharmaceutical formulations company Rubicon Research was oversubscribed at 2.4X on day 2. The company is set for listing on October 16.

Four SMEs are also scheduled for listing this week:

Mittal Sections is set for listing on October 14. Its Rs 52.9 crore IPO received bids for 2.2X the shares on offer.

Sihora Industries was undersubscribed on day 1, receiving bids for 0.3X the shares on offer. The company is scheduled to list on October 17.

SK Minerals Additives will also list on October 17. It received bids for just 0.1X on day 1. Meanwhile, dyes and pigments maker Shlokka Dyes was subscribed for 0.6X the shares offered on day 8.