Nifty trades above 17,500; Paras Defence makes bumper listing

Indices come off day's low in morning trade. The Nifty was trading above the 17,500 mark. Realty, banks and financial shares were under pressure.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was at 58,780.15, down 346.21 points or 0.59%. The Nifty 50 index traded 99.4 points or 0.56% lower at 17,518.75.

In the broader market, the S&P BSE Mid-Cap index was down 0.06% while the S&P BSE Small-Cap index rose 0.24%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1496 shares rose and 1361 shares fell. A total of 165 shares were unchanged.

Economy:

The government's fiscal deficit stood at Rs 4.68 lakh crore or 31.1% of the budget estimates at the end of August, as per data released by the Controller General of Accounts (CGA) on Thursday.

Net tax receipts were Rs 6.45 lakh crore while total expenditure was Rs 12.77 lakh crore, the data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 233,713,190 with 4,782,640 deaths. India reported 275,224 active cases of COVID-19 infection and 448,339 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

New Listing:

Shares of Paras Defence and Space Technologies were currently trading at Rs 498.75 apiece at 10:10 IST on the BSE, at a premium of 185% as compared with the issue price of Rs 175 per share. The stock was listed at a price of Rs 475 per share, at a premium of 171.43% to the issue price. It had hit a low of Rs 456 and is currently locked in 5% upper circuit. On the BSE, over 6.15 lakh shares of the company were traded in the counter so far. The initial public offer (IPO) of Paras Defence and Space Technologies received bids for 217.26 crore shares as against 71.40 lakh shares on offer on Friday (24 September 2021). The issue was subscribed 304.26 times. The issue opened for bidding on Tuesday (21 September 2021) and closed on Thursday (23 September 2021). The price band of the IPO was fixed at Rs 165-175 per share.

Buzzing Index:

The Nifty Bank index slipped 355 points or 0.95% to 37,069.25. The index has lost 2.89% in four days.

IDFC First Bank (down 1.68%), ICICI Bank (down 1.42%), HDFC Bank (down 1.29%), RBL Bank (down 1.26%), Federal Bank (up 1.19%) and Punjab National Bank (down 1.12%) were top losers in banking space.

F&O Entry:

Eight stocks edged higher after entering the futures & options (F&O) segment on the NSE starting today, 1 October 2021.

Delta Corp (up 3.76%), Dalmia Bharat (up 1.85%), JK Cement (up 1.16%), Abbott India (up 0.93%), India Cements (up 0.93%), Crompton Greaves Consumer Electricals (up 0.79%), Oberoi Realty (up 0.07%) and Persistent Systems (up 0.6%) advanced.

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