Market: Sensex fell 400 points; Paytm down 23% after weak start
LIVE Market Updates: Bears tighten their grip on the markets as investors continue to sell boards. The BSE Sensex fell 393 points or 0.66 per cent to 59,614, while the Nifty 50 lost 17,750 points. In the day’s trading, the index touched a low of 59,481 and 17,720.
Among the broader markets, the BSE Midcap and Smallcap indices fell 2 per cent each.
The volatility index, India VIX, was up 3 per cent and the market breadth was heavily on the seller’s side. Over 2,200 stocks declined on the BSE, compared to a rise in only 800 stocks.
Paytm: What’s next for the stock?
Considering the aggressive pricing of the offer and the fact that One97 Communications, Paytm’s parent company, still remains a loss-making entity, most analysts had expected a sub-par listing. As an investment strategy, they advise investors who have suffered allocation book losses at current levels and invest in more promising counters. read more,
market at 10 am
<strong>live market updates</strong>Benchmark indices turned volatile, led by gains in private sector banks, auto and pharma stocks, led by PSU banks and FMCG stocks.
The BSE Sensex closed at 59,939, down nearly 70 points after touching a high of 60,177. Nifty 50, on the other hand, was testing the 17,850-mark. Among the broader markets, midcap and smallcap indices on BSE also reversed their gains and were down 0.49 per cent and 0.33 per cent, respectively.
However, new debutants on the exchanges displayed the opposite trend in listings. Shares of One97 Communications, or Paytm, opened at Rs 1,955 with a discount of 9 per cent on the BSE against the issue price of Rs 2,150 per share. Global brokerage analysts. Post-listing, the shares declined and hit a low of Rs 1,657, down 23 per cent against the issue price.Macquarie began coverage of One97 Communications with an “underperform” rating. It has a target of Rs 1,200, which suggests a potential decline of 44 per cent from the issue price of Rs 2,150.
<strong>Sapphire Foods</strong>Meanwhile, listed at Rs 1,350 on NSE at a premium of 14.4 per cent. Its issue price was Rs 1,180 per share. The shares extended gains and touched an all-time high of Rs 1,384, up 17.2 per cent over the issue price.
<strong>Live Market Updates:</strong> Frontline indices opened with gains on Dalal Street on Thursday amid gains in PSU Bank, FMCG and metal stocks.
The S&P BSE Sensex rallied 76 points, or 0.13 per cent, at 60,084 levels in opening deals, while the Nifty 50 was trading around 17,900 points. Among the broader markets, the BSE Smallcap index extended its outperformance by 0.32 per cent for the third day.
in individual shares, ITC It rose 1 per cent and was the top performer in the Sensex index, followed by SBI, Asian Paints, Power Grid and Titan Company. On the downside, Mahindra & Mahindra was the biggest laggard, falling 1.2 per cent.
shares of VedantaMeanwhile, Nifty slipped nearly 2 per cent on profit booking, with the company saying it has appointed a committee of directors to evaluate and recommend various options and options, including demergers, spin-offs or its aluminium, iron Includes strategic partnership. and steel, and oil and gas business.
In the broader market place, shares of zomato With a gain of over 2 per cent, it has completed the closure of its UK-arm, Zomato UK. Also, according to reports, the food-delivery firm is in talks to invest up to $500 million in Grofers.
<strong>Phoenix Mills</strong> Shares also rose 2 per cent after Canada Pension Plan Investment Board (CPPIB) completed the first tranche of investment of Rs 787 crore in the company's subsidiary.
Live Market Updates:
In the pre-open deal, the BSE Sensex closed at 59,969, down 39 points. Meanwhile, Nifty 50 fell 8 points to close at 17,890.
Britannia Industries, Asian Paints, Hindalco and Adani Ports are the top stocks in pre-open deals on Nifty.
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. However, today all eyes will be on the listing of Paytm and Sapphire Foods.
At 8:05 am, the SGX Nifty was down 7 points at 17,877.
<strong>primary market update</strong>
The IPO of Go Fashion (India) was subscribed 2.5 times at the end of the first day. Bids were received for 12.1 times the retail quota.
Meanwhile, the Rs 1,024 crore IPO of Tarson Products was subscribed 77.5 times when it closed on strong demand from institutions and HNIs.
US markets closed lower on Wednesday amid fears of a possible opening rate hike by the Federal Reserve. The Dow Jones declined 0.6 percent, while the Nasdaq and the S&P 500 lost 0.3 percent.
In Asia, the Nikkei and Hang Seng were down 0.5 per cent and 1 per cent, respectively, while the Shanghai Composite was up 0.4%. The Kospi and Straits Times slipped 0.5 per cent and 0.2 per cent, respectively. However, Taiwan gained 0.2 per cent.
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