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Sensex ends 277pts lower, Nifty 73pts; L&T, Bajaj twins slip; banks rebound
In the primary market, Venus Pipes & Tubes IPO was subscribed 2 times on Day 1 of the offer period; Delhivery IPO was off to a slow start.
The key benchmark indices ended lower for the fourth straight trading day as global cues remained subdued ahead of key macro-economic data. The US is slated to release its April inflation numbers later today.
Meanwhile, China's consumer price index (CPI) for April grew 0.4 per cent month-on-month compared to 0.6 per cent in March due to Covid-19 induced supply disruptions.
Back home, the BSE Sensex dropped to a low of 53,519, dragged by aggressive selling in IT, FMCG and select index heavyweights like Reliance, Tata Steel and Larsen & Toubro. The BSE 20-share index recovered partially led by gains in banking shares and eventually ended with a loss of 276 points at 54,088. In the process, the Sensex has declined 1,614 points in the last four trading sessions.
The NSE Nifty dipped below the 16,000-mark briefly in intra-day deals but finally ended with a minor loss of 73 points at 16,167.
Among the Sensex 30 stocks, NTPC, Larsen & Toubro, Bajaj Finserv and Bajaj Finance declined around 2 per cent each. PowerGrid Corporation, Maruti, Infosys and ITC were the other prominent losers.
On the other hand, Axis Bank gained over 2 per cent. IndusInd Bank, HDFC and Kotak Bank were the other notable gainers.
The broader markets too came off the day's low but eventually ended with notable losses. The BSE Midcap index was down 0.3 per cent, and the Smallcap index declined 2.2 per cent. The overall breadth was extremely negative, with more than three declining stocks for every advancing share on the BSE.
Primary Market Update
The Rs 5,235 crore Delhivery initial public offer (IPO) was subscribed up to 20 per cent at the end of Day 1 of the offer period.
The Delhivery IPO consists of a fresh issue of shares worth Rs 4,000 crore, and an offer-for-sale of Rs 1,235 crore. The price band of the issue is set at Rs 462-487 a share. Should you subscribe to Delhivery IPO? READ ABOUT IT HERE
Venus Pipes & Tubes which also opened for subscription today received a strong response from retail investors. The issue was subscribed up to 2 times, with demand from the retail segment up to 3.4 times of the alloted quota.
Meanwhile, Prudent Corporate Advisory Services was subscribed up to 52 per cent as of 03:30 PM on Day 2 of the offer period. The retail quota was almost fully subscribed.