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Shares seen choppy, Emaar MGF IPO watched

Shares seen choppy, Emaar MGF IPO watched
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First Published: Fri, Feb 01 2008. 09 45 AM IST
Updated: Fri, Feb 01 2008. 09 45 AM IST
Mumbai: Shares are seen volatile on Friday in the absence of strong cues from global markets, while investors are likely to watch new share offerings and listings.
Real estate developer Emaar MGF Land kicks off its initial share sale on Friday, a day after it lowered the indicated price band citing market volatility. It aims to raise up to $1.64 billion against $1.8 billion planned earlier.
The sale follows last month’s blockbuster $3 billion Reliance Power’s IPO, which was lapped up by investors in a minute, but subsequent market turmoil has heightened investor anxiety.
The focus will also be on financial services firm Future Capital Holdings Ltd that makes its market debut after raising about $125 million. The firm had priced its initial public offer at Rs765 a share.
Many Asian markets were trading higher on Friday as concerns eased about the outlook for the top bond insurers which have been hit by the U.S. subprime mortgage crisis, but Japanese and Chinese markets were down.
“There is still lack of conviction... the U.S. markets could again fall today,” said V.K. Sharma, head of research at Anagram Stock Broking, referring to disappointing results from Google Inc , which reported after market hours on Thursday.
“There is no clear cut view. Even if our markets open higher, they may not hold gains. People would wait for some time.”
The 30-share benchmark BSE index swung between losses and gains on Thursday before ending down 0.62% at 17,648.71, extending its run of losses to a fourth straight session, weighed down by the expiry of monthly derivatives contracts.
Nifty February contract ended at 5,083.60, a discount of 53.85 points to the 50-share NSE spot index, which ended at 5,137.45 points.
The BSE index, which is 16.8% away from its record high of 21,206.77 hit on Jan. 10, fell 13% in January, its worst monthly performance since May 2004, when it shed 15.8%.
Data showed foreign funds were net sellers of $151.6 million shares on Wednesday. They have pulled out about $4 billion in the last 11 trading sessions.
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First Published: Fri, Feb 01 2008. 09 45 AM IST
More Topics: Markets | Southasia | India | Emaar MGF | Shares |