Benchmarks hit fresh intraday low; IT stocks decline

The key equity indices extended losses and hit fresh intraday low in morning trade. The Nifty was trading below the 17,750 mark. IT shares corrected after rising in the past four sessions.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 414.33 points or 0.69% to 59,594. The Nifty 50 index lost 156.80 points or 0.88% to 17,741.85.

In the broader market, the S&P BSE Mid-Cap index shed 1.45% while the S&P BSE Small-Cap index declined 1.50%.

The market breadth was weak. On the BSE, 927 shares rose and 2053 shares fell. A total of 147 shares were unchanged.

New Listing:

Shares of Sapphire Foods India were currently trading at Rs 1,290.90 at 10:16 IST on the BSE, a premium of 9.4% as compared to the issue price of Rs 1180.

The scrip was listed at Rs 1311, a premium of 11.1% to the issue price. So far, the scrip has hit a high of 1,383.60 and a low of 1,282.85 in the trading session. Over 2.31 lakh shares of the company changed hands in the counter on the BSE.

The initial public offer (IPO) of Sapphire Foods India received bids for 6,39,45,000 shares as against 96,63,468 shares on offer. The issue was subscribed 6.62 times.

Shares of One 97 Communications (Paytm) were currently trading at Rs 1702.15 at 10:16 IST on the BSE, a discount of 20.83% compared with the IPO price of Rs 2150.

The scrip was listed at Rs 1955, a discount of 9.07% to the issue price. So far, the scrip has hit a high of 1961.05 and a low of 1681 in the trading session. Over 4.01 lakh shares of the company changed hands in the counter on the BSE.

The IPO of Paytm was subscribed 1.89 times. The issue opened for bidding on 8 November and it closed on 10 November. The price band of the IPO was fixed at Rs 2080 to Rs 2150 per share.

Buzzing Index:

The Nifty IT index fell 1.77% to 36,012.75, amid some bit of profit booking. The index had advanced 3.03% in the past four sessions.

Larsen & Toubro Infotech (down 3.54%), HCL Tech (down 3.21%), Coforge (down 3.08%), MindTree (down 2.39%), L&T Technology Services (down 2.38%), Tech Mahindra (down 2.10%), TCS (down 1.93%), Mphasis (down 1.48%), Wipro (down 1.47%) and Infosys (down 1%) declined.

Stocks in Spotlight:

GMR Infrastructure shed 0.38% to Rs 39.60. The company's subsidiary, GMR Airports (GAL) was declared as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia (Medan Airport).

Artson Engineering was locked in an upper circuit of 5% at Rs 81.25. The company informed that it has bagged a Rs 8.6 crore order from Tata Projects for construction of Tanks at their ONGC Kakinada site.

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