Market Bizzz

ICICI Securities reports that defensive sectors like FMCG, IT, and healthcare have seen their market-cap share drop to a 20% low since 2011, from 30% in 2020. Their profit pool share also plummeted to 16%, while valuations remain high at 32 times P/E. Meanwhile, cyclicals’ P/B ratios have surged significantly from 2020 bottoms.

Logistics firm Glottis is set to finalize its Rs 307 crore IPO allotment on Friday after receiving 2.12 times subscription. Despite strong investor interest across categories, the grey market premium of just Re 1 indicates muted listing-day gains are anticipated. Investors can check their allotment status from October 3.

WeWork India’s initial public offering opened for subscription on October 3. The Rs 3,000 crore offer will close on October 7. Shares are priced between Rs 615 and Rs 648. The company aims to list on October 10. WeWork India is a flexible workspace provider. It reported a profit turnaround in FY25. Analysts hold divided views on its valuation.

Chatterbox Technologies will debut on the BSE SME platform this Friday. Its initial public offering closed earlier this week. The company raised 42.86 crore rupees. The IPO received strong investor interest. Shares are trading at a premium in the grey market. Chatterbox operates an influencer marketing platform connecting brands with creators.

Goldman Sachs has secured significant gains, ranging from 50% to 155%, from its India portfolio companies over the past year. This impressive performance occurred despite Indian equities posting muted returns and facing FII selling. The global investment giant successfully identified high-performing stocks amidst market turbulence.

Asian tech shares rallied Thursday. Gold reached a new record high. The dollar lost ground. A weak US labor report bolstered bets for Federal Reserve rate cuts. This market sentiment lifted indexes despite a US government shutdown. Oil prices also gained. Traders expect easier policy ahead, influencing global finance.

Oil prices rose on Thursday, ending a three-day decline. Russian sanctions prospects supported the increase. OPEC+ supply next month capped gains. G7 nations plan pressure on Russia. The US will aid Ukraine with intelligence for strikes. A US government shutdown raised economic concerns. OPEC+ may boost output. US crude inventories increased last week.

Kuwait sold $11.25 billion in bonds. This was its first bond sale in eight years. The Gulf oil exporter offered a three-tranche bond. It attracted strong investor demand. Orders exceeded $23 billion. Pricing tightened due to this high interest. A three-year portion, a five-year tranche, and a ten-year portion were launched.

Brazil’s Treasury expects a larger debt stock this year, revising its forecast to 8.5-8.8 trillion reais. This increase reflects a strategy of frontloading bond sales, capitalizing on current favorable market conditions and strong demand. The move aims to preempt expected volatility around the 2026 general election and a significant bond maturity in 2027.

Indian government bond yields remain steady as markets await the Reserve Bank of India’s monetary policy decision today. While a majority anticipate unchanged rates, increasing calls for a 25-basis-point cut are emerging, with several large firms now expecting a reduction. Bond traders hope for dovish commentary hinting at future rate cuts.