- Sensex vaults 767 pts, Nifty ends above 18,100
- Nykaa enters the club of top-50 most valued companies
- Paytm fixes issue price of Rs 2,150 ahead of market debut
- Goldman Sachs downgrades Indian equities
- Fino Payments Bank makes a tepid debut
The benchmark indices snapped their 3-day losing streak and added over 1 per cent each, with strong gains for IT shares and select index heavyweights like HDFC, Reliance Industries, Bajaj twins and Bharti Airtel.
The bounce-back rally came even as Goldman Sachs downgraded Indian equities to "market weight". While the brokerage believes the cyclical recovery and longer-term digital development themes remain attractive, the stocks appear well-priced for now, with risk-reward turning less favourable.
The broader markets, however, underperformed the benchmarks with the BSE Midcap ending 0.6 per cent up and the Smallcap index adding 0.3 per cent.
Among individual stocks, Fino Payments Bank made a weak market debut. Its shares listed at Rs 544.35, or a 6 per cent discount to its issue price of Rs 577 per share on the National Stock Exchange. After listing, the shares tanked as much as 12 per cent, but recouped most of their losses to close 5.5 per cent down from the issue price, at Rs 545 per share.
On the other hand, shares of InterGlobe Aviation surged over 8 per cent to hit a fresh record high of Rs 2,326 on the BSE in intra-day trade after nearly 1 per cent of total equity of the aviation company changed hands on the counter. The stock, however, pared some of its gains and closed 7 per cent higher.
That apart, Nykaa entered the list of the country’s top-50 most valued companies in terms of market captialisation after its stock price more than doubled to Rs 2,410, against its issue price of Rs 1,125.
Vodafone Idea’s shares also ended 4.6 per cent higher as the telco reported narrowing its consolidated loss in the September quarter to Rs 7,144.6 crore.
Sectorally, the BSE IT index surged 2 per cent. Telecom, realty and power indices were up around 1.5 per cent each.
Now, let's look at the primary market developments. The three-day issue of Latent View Analytics has been subscribed 326 times so far, with the NII portion commanding a mammoth subscription of over 850 times.
Separately, digital payments and financial services firm Paytm has fixed an offer price of Rs 2,150 a share for its initial public offering. The shares of Paytm are expected to list on the bourses on November 18.