Benchmarks pare gains; PSU banks in demand

The domestic equity barometers came off the day's high in morning trade. The Nifty was trading below the 16,850 mark. PSU banks stocks advanced.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 220.6 points or 0.39% to 56,539.61. The Nifty 50 index added 60.50 points or 0.36% to 16,831.35.

In the broader market, the S&P BSE Mid-Cap index surged 0.69% while the S&P BSE Small-Cap index added 1.02%.

Buyers outnumbered sellers. On the BSE, 2299 shares rose and 723 shares fell. A total of 136 shares were unchanged.

New Listing:

Shares of Metro Brands were currently trading at Rs 470.15 on the BSE, a discount of 5.97% as against the issue price of Rs 500. The scrip was listed at Rs 436, representing a discount of 12.80% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 474.90 and a low of Rs 426.10. Over 2.64 lakh shares of the company have changed hands in the counter till now.

The IPO of Metro Brands was subscribed 3.64 times. The issue opened for bidding on 10 December 2021 and it closed on 14 December 2021. The price band of the IPO was fixed at Rs 485-500.

Buzzing Index:

The Nifty PSU bank index rose 3.02% to 2,538.45, buoyed by gains in Canara Bank (up 4.73%), Bank Of Baroda (up 3.23%), Indian Bank (up 2.93%) and Punjab National Bank (up 2.44%).

Concurrently, Union Bank of India (up 2.36%), SBI (up 2.19%), Bank of India (up 2.07%), Bank of Maharashtra (up 1.58%), UCO Bank (up 1.57%) and Punjab & Sind Bank (up 1.26%) advanced.

Stocks in Spotlight:

IndiaMART InterMESH rose 1.05% to Rs 6577.05. The company has indirectly through its wholly owned subsidiary, Tradezeal Online, agreed to acquire 4,784 compulsorily convertible series A preference shares and 100 equity shares aggregating to 26.01% of Edgewise Technologies, on fully diluted basis.

IRB Infrastructure Developers rose 1.18% to Rs 210.85. The company said that Chittoor Thachur Highway, wholly-owned subsidiary of the company, has now executed concession agreement with National Highways Authority of India (NHAI).

Powered by Capital Market - Live News