A close below 12087 can resume the weakness in the index with targets placed around 11900 levels.

After registering a positive opening today, market benchmarks failed to hold the gains as investors stayed on the sidelines awaiting the Union Budget.

Most sectoral indices closed the day in the red, with BSE Realty, Power, Metal, Auto and Utilities falling over a percent each.

The rupee slipped 3 paise to close at 71.11 against the US dollar on January 20, tracking a steady rise in crude oil prices and weakness in domestic equities.

Sentiment also took a hit after the December-quarter earnings of some heavyweight companies failed to meet the expectations of Dalal Street.

Experts are of the view that the December quarter earnings and Budget are the main triggers that will steer the mood of the market in the near-term.

The Nifty Midcap Index gains for the 8th straight day to post the longest gaining streak in 18 months.

The broader market outperformed as the SP BSE Small-cap index rose over 1 percent while the SP BSE Mid-cap index closed with gains of 0.6 percent.

Amongst the broader markets, BSE Midcap and Smallcap continued to outperform and ended with gains of 0.7-0.8%.

The broader market outperformed as the SP BSE Smallcap index gained 0.95 percent while the SP BSE Midcap index closed with gains of 0.87 percent higher.

If the correction in the next couple of days drags down the index into the bullish gap zone of 12132 –12044 levels then that shall be considered as an opportunity to create fresh longs.

The rally was broad-based as the BSE Midcap (up 1.51 percent) and Smallcap (up 1.55 percent) indices rose in sync with the benchmarks.

In the near term, markets may continue to remain volatile owing to US-Iran tensions.

Experts suggest a sell-on-the-rise strategy, as the upside seems capped with stability in crude prices and currency providing temporary relief to investors.

The market capitalisation of BSE-listed companies stood at Rs 153.86 lakh crore, down nearly Rs 3 lakh crore from Friday’s close of Rs 156.87 lakh crore, data showed.

The funds raised through FPO would be utilised for funding its working capital requirements as well as repayment of existing debt.

The company in its BSE filing on January 19 said the meeting of the board of directors of the company is scheduled on January 22 to consider and approve price band for FPO.

Promoters will reduced their stake by selling shares through an offer for sale and intend to use the IPO proceeds towards repayment of outstanding bonds issued by Express Infra Projects

SBI, LIC, Punjab National Bank and Bank of Baroda each hold 18.5 percent stake in the UTI AMC. The remaining stake is held by US company T Rowe Price.

Hem Securities has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 17, 2019

Geojit has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 17, 2019

Choice Equity Broking has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 18, 2019

Anand Rathi has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 17, 2019

Choice Broking feels on valuation front, based on the higher price band, Prince Pipes is demanding a P/E multiple of 23.5x (to its restated FY19 EPS of Rs 7.6), which is at a marginal discount to peer average of 25.7x.

The business channel learnt from sources that SBI, LIC and BoB may sell maximum 1.05 crore shares each while Punjab National Bank and T Rowe Price may sold 38 lakh shares each through the issue.

Sources told Moneycontrol that the company aims to raise around Rs 700 crore through the share sale.

The leading polymer pipes and fittings manufacturer has already garnered Rs 150 crore from anchor investors on December 17, ahead of its initial public offering.

SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance etc participated in the anchor investor bidding.

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The issue consists of fresh issue of Rs 250 crore and offer for sale of Rs 250 crore.

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However, the pace of growth in folio numbers dropped in 2019 as compared to preceding three years. Industry experts attributed the trend to decline in investors account in debt oriented schemes as they were spooked by credit events in fixed income market.

The gradual shift of household savings away from physical to financial assets and the increasing share of MFs in part explain the stellar AUM growth

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