Markets at 10 AM
LIVE market updates: Benchmark indices turned volatile as losses in the private bank, auto, and pharma stocks outweighed gains in PSU bank, and FMCG stocks.
After hitting a high of 60,177, the BSE Sensex index dropped around 70 points to quote at 59,939 levels. The Nifty50, on the other hand, was testing the 17,850-mark.In the broader markets, the MidCap and SmallCap indices on the BSE also reversed their gains and were down 0.49 per cent and 0.33 per cent, respectively.
The new debutants on the bourses, however, displayed contrasting trend at listing. Shares of One97 Communications, or Paytm, debuted at a 9 per cent discount at Rs 1,955 on the BSE relative to the issue price of Rs 2,150 per share. Analysts at global brokerage. Post listing, the shares extended declined and tumbled 23 per cent against issue price to hit a low of Rs 1,657.
Macquarie has initiated coverage of One 97 Communications with an “underperform” rating. It has a target of Rs 1,200, suggesting 44 per cent potential downside from the issue price of Rs 2,150.
Sapphire Foods, meanwhile, listed at 14.4 per cent premium at Rs 1,350 on the NSE. It’s issue price was Rs 1,180 per share. The shares extended gains and hit a high of Rs 1,384, up 17.2 per cent against issue price.
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Opening Bell
LIVE market updates: Frontline indices started higher on Dalal Street on Thursday amid gains in PSU Bank, FMCG, and metal stocks.
The S&P BSE Sensex added 76 points, or 0.13 per cent, to quote at 60,084 levels in early deals while the Nifty50 hovered around 17,900-mark. In the broader markets, the BSE SmallCap index extended its outperformance into third day, up 0.32 per cent.
Among individual stocks, ITC rose 1 per cent and was the top performer on the Sensex index, followed by SBI, Asian Paints, Power Grid, and Titan Company. On the downside, M&M was the biggest laggard, down 1.2 per cent.
Shares of Vedanta, meanwhile, slipped around 2 per cent on the Nifty on profit booking after the company said it has appointed a committee of directors to evaluate and recommend a range of options and alternatives, including demergers, spin-offs or strategic partnerships of its aluminium, iron & steel, and oil & gas businesses.
In the broader market space, shares of Zomato advanced over 2 per cent as it has completed closure of its UK-arm, Zomato UK. Further, according to reports, the food-delivery firm is in talks to invest as much as $500 million in Grofers.
Phoenix Mills shares also jumped 2 per cent after Canada Pension Plan Investment Board (CPPIB) completed its first tranche of investment worth Rs 787 crore in the company’s subsidiary.
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Pre-opening session
LIVE market updates:
The BSE Sensex fell 39 points in pre-open deals at 59,969 levels. The Nifty50, meanwhile, dipped 8 points at 17,890.
Britannia Industries, Asian Paints, Hindalco, and Adani Ports are the top stocks on the Nifty in pre-open deals.
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Updated at 8:15 AM
LIVE market updates: Amid lack of triggers, domestic equities are expected to trade sideways and track global cues for further moves. All eyes, however, will be on the listing of Paytm and Sapphire Foods today.
At 8:05 AM, SGX Nifty was at 17,877, down 7 points.
Primary Market Update
Go Fashion (India) IPO was subscribed 2.5 times at the end of Day 1. The retail quota received bids for 12.1 times.
Meanwhile, Tarsons Products’ Rs 1,024 crore IPO was subscribed 77.5 times at closure on strong demand from institutions and HNIs.
Global cues
The US markets ended lower on Wednesday amid fears of possible early rate hikes by the Federal Reserve. The Dow Jones declined 0.6 per cent, while the Nasdaq and the S&P 500 slipped 0.3 per cent, each.
In Asia, Nikkei and Hang Seng were down 0.5 per cent and 1 per cent, respectively, while Shanghai Composite was up 0.4 per cent. Kospi and Straits Times slipped 0.5 per cent and 0.2 per cent, respectively. Taiwan, however, was up 0.2 per cent.
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