Nifty drops below 17,000 mark

Equity indices extended fall in morning trade amid fresh selling pressure in index pivotals. The Nifty slipped below the crucial 17,000 mark. Barring the IT index, all sectoral indices on the NSE were in the red.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 402.94 points or 0.7% to 56,912.34. The Nifty 50 index fell 130.55 points or 0.76% to 16,942.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.99% while the S&P BSE Small-Cap index declined 0.63%.

Sellers outpaced buyers. On the BSE, 1219 shares rose and 1809 shares fell. A total of 114 shares were unchanged.

New Listing:

Shares of Data Patterns (India) were currently trading at Rs 808, at a premium of 38.12% as compared to the issue price of Rs 585 per share. The scrip was listed at Rs 864, representing a premium of 47.69% to the issue price. So far, the scrip has hit a high of 864 and a low of 781. Over 4.75 lakh shares of the company had changed hands in the counter till now. The initial public offer (IPO) of Data Patterns (India) received bids for 84,89,85,725 shares as against 70,97,285 shares on offer. The issue was subscribed 119.62 times.

Buzzing Index:

The Nifty IT index gained 0.61% to 37,589.10, rising for fourth consecutive trading session. The IT index added 4.66% in four days.

HCL Technologies (up 2.24%), Mphasis (up 1.59%), Coforge (up 1.31%), L&T infotech (up 0.98%), Tech Mahindra (up 0.79%) and L&T Technology Services (up 0.42%) were top gainers in IT segment.

Stocks in Spotlight:

Lupin fell 0.5%. The drug company intimated that it has secured a tentative approval from the US-based drug regulator, United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA), azilsartan medoxomil tablets.

Surya Roshni rose 1.8% after the company won an order of Rs 124.35 crore (excluding GST) from IHB for the supply of API 5L Grade 3LPE coated pipes for LPG pipeline project from Kandla (Gujarat) to Gorakhpur (UP).

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