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Indices off day's low; Happiest Mind makes bumper listing

Capital Market 

Benchmarks came off from day's low and traded with small losses in morning trade. The Nifty reclaimed 11,550 level after slipping below that level. At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 137 points or 0.35% at 39,165.28. The Nifty 50 index was down 36.95 points or 0.32% at 11,567.75.

Global shares were negative after the US Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans.

The broader market came under profit booking after three days of gains. The S&P BSE Mid-Cap index was off 0.02% while the S&P BSE Small-Cap index was down 0.03%.

The market breadth was negative. On the BSE, 1009 shares rose and 1113 shares fell. A total of 140 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 29,763,811 with 9,39,456 deaths. India reported 10,09,976 active cases of COVID-19 infection and 83,198 deaths while 40,25,079 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

New Listing:

Shares of Happiest Minds Technologies were trading at Rs 365.80 at 10:14 IST on BSE, a premium of 120.36% over the initial public offer (IPO) price of Rs 166.

The stock debuted at Rs 351, a premium of 111.45% to IPO price. So far the stock hit a high of Rs 395 and low of Rs 351. On BSE, 43.79 lakh shares were traded on the counter while on NSE, 243.57 lakh shares were traded so far.

The IPO of Happiest Minds Technologies received bids for 351.18 crore shares as against 2.32 crore shares on offer.

The issue was subscribed 150.98 times. The issue was open between 7th and 9th September 2020. The price band for the IPO was set at Rs 165-166 per share.

Buzzing Index:

The Nifty IT index gained 0.51% to 19,870.25, bucking weak market sentiment. The index has jumped 8.8% in six days.

Mphasis (up 3.27%), HCL Tech (up 2.33%), Larsen & Toubro Infotech (up 1.94%), Coforge (up 1.17%), Tech Mahindra (up 1.14%) and Infosys (up 0.41%) advanced.

Stocks in Spotlight:

Deepak Nitrite fell 0.5%. CRISIL revised its outlook on Deepak Nitrite (DNL)'s bank facilities worth Rs 750 crore to 'positive' from 'stable' while reaffirming the rating at 'CRISIL AA-'. The short term rating has been reaffirmed at 'CRISIL A1+'. The rating revision follows the DNL group's improved business profile, supported by better product diversity through ramp up of its phenol and isopropyl alcohol (IPA) business, as well as sustained growth in performance of its key business segments- basic chemical (BC) and fine and specialty chemical (FSC). Further, its operating profitability has also registered healthy improvement to approximately 25% in fiscal 2020, and is expected to sustain at over 20% over the medium term.

JMC Projects (India) gained 3.48% to Rs 55 after the EPC company bagged multiple orders of about Rs 1342 crore. JMC Projects (India) in a filing made before market hours today announced it has won a Rs 725 crore order from East Asia for infrastructure project. The company also bagged water supply projects in Odisha totalling Rs 471 crore and building project in North India of Rs 146 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 17 2020. 10:26 IST