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Samie Modak/Business Standard
Fundraising through initial public offerings (IPOs) slowed sharply in January, with six companies raising Rs 4,845 crore an 80 per cent drop from the Rs 25,439 crore raised by 15 firms in December.
Market participants attributed the decline to weakness in the secondary market, which has dampened investor sentiment.
While broader markets had remained relatively stable since September, smallcap stocks saw a sharp correction in January, prompting companies in the segment to put IPO plans on hold.
We may not see many IPOs in the near term, except possibly from the consumption sector, which has received a boost from the Union Budget, said a banker.
FPIs Backpedal As Market Gains Ground
The markets recent 3 per cent upmove has coincided with foreign portfolio investors (FPIs) reducing their short positions.
Market observers say FPIs have more than halved their short open interest (OI) positions from 350,000 contracts two weeks ago.
However, they entered the February series with a net short index futures OI of 173,000 contracts, compared to 155,000 at the start of the January expiry.
Experts say a continued market uptrend could force some FPIs to cover their shorts, further boosting the market.
From its seven-month low of 22,829, the Nifty has risen 653 points, or 2.78 per cent, to 23,482.
The index could test 23,750 in the near term, an expert said.