The domestic stock market is likely to continue its record-breaking journey with expectations of a robust response to the two public issues hitting the market today, strengthening the already upbeat investor sentiment.
To raise about Rs 1,000 crore each, two companies – real estate developer Parsvnath and infrastructure provider Lanco Infratech – have launched initial public offerings (IPOs) today.
Analysts expect the underlying expectations of a strong investor response to both the issues to further boost market sentiments, which are already riding high on the back of impressive second-quarter corporate results and resumption of a record-breaking rally that has seen the benchmark Sensex crossing the 13,100 level.
The Sensex – the market barometer – gained 223.98 points last week to settle at an all-time high of 13130.79.
The Parsvnath issue will also open the doors to foreign institutional investors (FIIs) in the real estate IPO segment, and analysts are anticipating impressive response from overseas investors.
The real estate sector has assumed a growing importance with the liberalisation of the economy. The robust demand scenario is driven by factors such as government policies, rising disposable incomes and exponential growth in certain industries like retail, IT/ITeS, entertainment and tourism, domestic brokerage firm Sharekhan said in a report.
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