The Nifty 50 fell sharply on Monday, declining 2.6%, as rising geopolitical tensions weighed on market sentiment. The drop follows an ultimatum from US President Donald Trump, who threatened Iran with strikes on its power plants if it fails to reopen the Strait of Hormuz within 48 hours. In response, Iran has said it will target key infrastructure across the Middle East.

This escalation has pushed Brent crude prices close to $113 per barrel, raising concerns over a potential global supply disruption. The Indian rupee also weakened further, hitting a fresh record low against the US dollar.

Global markets are also reacting to the US Federal Reserve’s recent policy decision to keep interest rates unchanged at 3.5–3.75%. Federal Reserve Chair Jerome Powell signalled a cautious stance, indicating that rate cuts may be delayed as inflation risks remain elevated.

On the domestic front, investors will track the HSBC Flash Purchasing Managers’ Index (PMI) data for manufacturing, services, and composite sectors, which will provide early signals on business activity. Markets will also see a shortened trading week, with exchanges closed on Thursday, March 26, for Shri Ram Navami.

Ajit Mishra, SVP, Research, Religare Broking, said, "This week is expected to be data sensitive amid ongoing global uncertainties. Developments in the West Asia conflict and movements in crude oil prices will continue to act as key external drivers and are likely to dictate the near-term market trend.”

Activity continues in the IPO market this week, with nine issues opening and three companies set to debut.

Strong debut for SME Apsis Aerocom, while mainboard listings remain weak

Innovision, a provider of manpower and infrastructure support services, made a struggling debut on March 23 (today). After extending its bidding window and lowering its price band due to weak initial demand, the Rs 305.8 crore IPO was subscribed 3.3X. The stock listed at a 9.9% discount to its revised issue price of Rs 519 and remains under pressure, currently trading 27.9% below its issue price as the market reacts to high valuations.

Rajputana Stainless, a manufacturer of stainless-steel products, made a flat debut on March 19. After a slight delay in the listing process due to regulatory interventions regarding promotional materials, the Rs 255 crore IPO listed at par with its issue price of Rs 122 per share. Amidst a broader market sell-off, the stock struggled to find momentum and is currently trading nearly 9.9% below its issue price.
 

Innovision and Rajputana Stainless stay under pressure post listing 

In the SME segment, Apsis Aerocom, a precision engineering firm, delivered a strong debut on March 18. The Rs 35.8 crore IPO saw massive investor interest with a subscription of 120.2X and listed at a premium of 39.1% over its issue price of Rs 110. Buoyed by strong demand in the defence sector, the stock has continued its rally and is currently trading about 69% above its issue price.

Upcoming listings: Three IPOs set for market debut

GSP Crop Science, an agrochemical manufacturer, concluded its Rs 400 crore IPO on March 18. The issue saw a moderate overall subscription of 1.6X, with the strongest interest coming from high-net-worth individuals. The offering comprised a fresh issue of 75 lakh shares and an offer for sale of 50 lakh shares, with the company planning to utilise the fresh proceeds for the repayment of existing borrowings and general corporate purposes. The stock is scheduled to list on March 24.

Raajmarg Infra Investment Trust, an NHAI-sponsored InvIT, closed its Rs 6,000 crore IPO on March 13. The IPO received a strong response, particularly from institutional buyers, resulting in an overall subscription of 13.7X. The entire issue consisted of a fresh sale of units to fund the acquisition of five operational toll road assets from NHAI and to manage project-level debt. The units are set to list on March 24.

Raajmarg Infra sees strong demand; GSP Crop soft

In the SME segment, Novus Loyalty, a technology provider for loyalty and reward programs, closed its Rs 60.1 crore IPO on March 20. The issue was subscribed 1.5X, supported by steady interest across retail and institutional categories. The capital raised includes a fresh issue component of Rs 48.2 crore, earmarked for upgrading its technology platform with AI/ML capabilities and expanding its global marketing efforts. The company will list on March 25.

Four mainboard and five SME IPOs line up in the market

Central Mine Planning & Design Institute (CMPDI), the consultancy arm of Coal India, opened its Rs 1,842.1 crore IPO on March 20 and will close on March 24. The price band is set at Rs 163–172 per share. The issue is entirely an offer for sale (OFS) of 10.7 crore shares by its parent company, Coal India. The stock will list on March 30.

Sai Parenterals, a manufacturer of injectable formulations, will open its Rs 408.8 crore IPO from March 24 to March 27. The price band is set at Rs 372–392. The issue includes a fresh issue of 72.7 lakh shares and an offer for sale of 31.6 lakh shares. The stock is scheduled to list on April 2.

Powerica, an integrated power solutions provider, will open its Rs 1,100 crore IPO from March 24 to March 27. The price band is set at Rs 375–395. The offering comprises a fresh issue of 1.8 crore shares and an offer for sale of 1 crore shares. The stock is scheduled to list on April 2. The company intends to use the funds to repay existing borrowings.

Amir Chand Jagdish Kumar (Exports), the Haryana-based owner of the "Aeroplane" rice brand, will open its Rs 440 crore IPO from March 24 to March 27. The price band is fixed at Rs 201–212. The issue is entirely a fresh issue of 2.1 crore shares. The stock will list on April 2. Proceeds will be utilised for working capital requirements and general corporate purposes.

Amir Chand leads profit growth; Powerica declines

The SME segment sees five companies opening their issues.

Speciality Medicines, a pharmaceutical distributor focused on high-cost therapies, opened its Rs 29.1 crore IPO on March 20 and will close on March 24. The price band is fixed at Rs 117–124. The issue consists entirely of a fresh issue of 24 lakh shares. The stock will list on March 30. The company plans to use the proceeds to set up a new R&D facility and meet working capital needs.

Tipco Engineering India, a Haryana-based manufacturer of industrial machinery, opened its Rs 60.6 crore IPO on March 23 and will close on March 25. The price band is set at Rs 84–89 per share. The issue is a mix of a fresh issue of 54.5 lakh shares and an offer for sale of 13.6 lakh shares by the promoter, Ritesh Sharma. The stock is scheduled to list on April 1. The company intends to utilise approximately Rs 30 crore of the proceeds to repay existing borrowings, with the remainder allocated for working capital and general corporate purposes.

Highness Microelectronics, a provider of rugged display and digital imaging solutions, will open its Rs 21.7 crore IPO from March 24 to March 27. The price band is fixed at Rs 114–120. The issue is a mix of a fresh issue and an offer for sale. The stock will list on April 2. The company plans to use the proceeds to repay debt and fund working capital.

Vivid Electromech, a manufacturer of electrical equipment, will open its Rs 131 crore IPO from March 25 to March 30. The price band is set at Rs 528–555. The issue is a mix of a fresh issue and an offer for sale. The stock is scheduled to list on April 6. 

Emiac Technologies, a Jaipur-based digital marketing and AI solutions firm, is scheduled to open its Rs 31.8 crore IPO for subscription from March 27 to April 8. The price band is set at Rs 93-98. The issue comprises a fresh offering of 32 lakh shares. The stock is set to list on April 13. The proceeds will be used for cloud infrastructure and marketing activities.