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Market wrap: Sensex ends choppy day 145 pts down, Nifty holds 17,300

Vedant Fashions makes decent debut, lists at 8% premium; Vijay Kedia-owned stock hits 10% upper circuit on order win; IDBI Bank gains 3% as govt set to begin investor outreach from Feb 25

Topics
MARKET WRAP | stock markets | BSE Sensex

BS Web Team  |  New Delhi 

Top headlines

· Sensex ends choppy day 145 pts down, Nifty holds 17,300

· Vedant Fashions makes decent debut; lists at 8% premium over issue price
· Vijay Kedia-owned stock hits 10% upper circuit on order win
· gains 3% as govt set to begin investor outreach from Feb 25
· Firstsource Solutions hits 9-month low; tanks 44% from 52-week high

Equity ended an extremely volatile day on a subdued note as investors monitored the situation between Russia and Ukraine. Although reports suggested that Russian military vehicles were leaving the annexed Crimea, Western officials and the Ukrainian President urged caution in taking Russia's claims at face value.

In view of this, the BSE benchmark Sensex oscillated 789 points intra-day before closing at 57,997, down 145 points or 0.25%. The also gyrated 233 points and eventually ended at 17,322, down 30 points or 0.17%.

On the bourses, Bharti Airtel, M&M, HDFC, Kotak Bank, Nestle India, and Dr Reddy's Labs were the only Sensex gainers. On the Nifty, Divis Labs, ONGC, Adani Ports, HDFC Life, and IOC were the among the gainers.

On the downside, ICICI Bank, SBI, NTPC, Ultratech Cement, Tata Steel, UPL and Tata Motors were the top laggards.

The BSE MidCap and the BSE SmallCap indices ended mixed, with the former dipping 0.03% and the latter advancing 0.42%.

Among sectoral indices, the Nifty Realty, Pharma, Consumer Durables and Oil & Gas indices ended in the green, adding between 0.5% and 1%. On the downside, the Nifty PSB index slipped 1.2%. The Nifty Metal, IT, Bank and Auto indices also closed lower by up to 0.6%.

Among individual counters, Vedant Fashions, the owner of the brand, made a decent stock market debut, with its shares getting listed at Rs 936, an 8% premium over its issue price of Rs 866 on the BSE. The stock closed flat against its opening price, remaining 8% above the issue price. The company’s IPO had received a lukewarm response, with the issue being subscribed only three times.

This apart, ace investor Vijay Kedia’s portfolio stock Innovators Facade Systems was locked in the 10% upper circuit on the BSE after the company announced an order win worth over Rs 70 crore. The company was awarded this order for Design, Supply, Fabrication and Installation of Facade Work from Lodha Group. As of December 2021, Kedia held a 10.66% stake in the company.

Private lender also gained 3% on the that the government would start virtual roadshows with investors for the bank's strategic disinvestment from February 25, as the Centre and LIC looked to sell their stake to a private buyer. The roadshows will be managed by KPMG and Link Legal, which are the intermediaries appointed by the government.

Lastly, on the flip side, Firstsource Solutions continued to feel the pressure, hitting an over nine-month low on the BSE, down over 4%. The stock has corrected 44% from its 52-week high and 19% in the past two weeks after the company lowered its FY22 revenue growth guidance.

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First Published: Wed, February 16 2022. 17:18 IST
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