Sensex, Nifty near the high point of the day; PSU bank stocks edge higher

The key equity barometers were currently trading near the day's high in mid-morning trade. The Nifty traded above the 18,400 level. PSU bank stocks rose for second day in a row.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 125.85 points or 0.20% to 61,998.84. The Nifty 50 index added 24.95 points or 0.14% to 18,428.35.

In the broader market, the S&P BSE Mid-Cap index shed 0.14% while the S&P BSE Small-Cap index added 0.17%.

The market breadth was positive. On the BSE, 1,704 shares rose, and 1,601 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.27% to 3,798.45. The index has advanced 1.61% in two sessions.

Union Bank of India (up 5.55%), UCO Bank (up 3.44%), Bank of Maharashtra (up 2.41%), Indian Overseas Bank (up 1.76%) and Punjab National Bank (up 1.71%) were the top gainers.

Among the other gainers were Central Bank of India (up 1.32%), Bank of India (up 1.14%), Indian Bank (up 0.79%), Bank of Baroda (up 0.77%) and State Bank of India (up 0.04%).

Primary Market:

The initial public offer (IPO) of Keystone Realtors received bids for 40.09 lakh shares as against 86.47 lakh shares on offer, according to stock exchange data 11:21 IST on Wednesday (16 November 2022). The issue was subscribed 0.46 times.

The issue opened for bidding on Monday (14 November 2022) and it will close on Wednesday (16 November 2022). The price band of the IPO is fixed at Rs 514-541 per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof. The issue comprises of a fresh issue of up to Rs 560 crore and an offer for sale of up to Rs 75 crore.

New Listing:

Shares of Bikaji Foods International were currently trading at Rs 329.65 on the BSE, a premium of 9.88% as against the issue price of Rs 300.

The scrip was listed at Rs 321.15, representing a premium of 7.05% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 335 and a low of Rs 314. Over 10.01 lakh shares of the company have changed hands in the counter.

The IPO of Bikaji Foods International was subscribed 26.67 times. The issue opened for bidding on 3 November 2022 and it closed on 7 November 2022. The price band of the IPO was fixed at Rs 285-300 per share.

Shares of Global Health were currently trading at Rs 413.95 on the BSE, a premium of 23.20% as against the issue price of Rs 336.

The scrip was listed at Rs 398.15, representing a premium of 18.50% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 417 and a low of Rs 391.05. Over 13.44 lakh shares of the company have changed hands in the counter.

The IPO of Global Health (Medanta) was subscribed 9.58 times. The issue opened for bidding on 3 November 2022 and it closed on 7 November 2022. The price band of the IPO was fixed at Rs 319 to 336 per share.

Global Markets:

Asian stocks traded lower on Wednesday as world leaders gathered in Bali, Indonesia for a second day of the Group of 20 summit.

Meanwhile, two people were reportedly killed after a Russian-made missile fell inside Poland, the country's foreign ministry said early Wednesday. The ministry said Russia was carrying out a lengthy attack on Ukrainian infrastructure when the missile struck the village of Przewod, killing two Polish citizens.

U.S. equities were higher at the close on Tuesday, as gains in the Technology, Consumer Services and Oil & Gas sectors propelled shares higher.

U.S. producer price inflation fell to its lowest in over a year in October. The producer price index rose 0.2% in October. On a year-over-year basis, PPI rose 8% compared to an 8.4% increase in September.

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