Stocks

Metals, Financials drag Sensex by 323 points; Nifty holds above 11,500 level

PTI | Updated on September 17, 2020 Published on September 17, 2020

Domestic equity benchmark Sensex dropped over 323 points on Thursday mainly led by losses in Financials, Capital Goods, Banking and Metal stocks amid weak Asian markets. Asian stocks fell after the US Federal Reserve highlighted the uncertainty surrounding economic recovery.

Asian stock markets tumbled 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.

Market benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all retreated.

The 30-share BSE index fell 323.00 points or 0.82 per cent to 38,979.85; while the NSE Nifty declined 85.30 points or 0.74 per cent to 11,519.25.

Bajaj Finserv was the top laggard in the Sensex pack, shedding over 2 per cent, followed by PowerGrid, L&T, ICICI Bank, TCS, Tata Steel, Kotak Bank, Axis Bank and L&T.

On the other hand, HCL Tech, Infosys, Maruti and ONGC and Infosys were  among the gainers.

Meanwhile, exchange data showed that foreign institutional investors bought equities worth Rs 264.66 crore on a net basis on Wednesday.

Happy listing for Happiest Minds Tech

Shares of IT services firm Happiest Minds Technologies, which made its market debut today on the stock exchanges, rallied to a high of Rs 395 intraday before settling at Rs 371 on the BSE, gaining Rs 205, or 123%, over its offer price of Rs 165-166 per share. Volume traded in the counter were to the extent of 109.73 lakh shares today.

On the NSE, the stock climbed to Rs 371, after having touched an intraday high of Rs 394. Total volumes traded in the counter on its debut were to the tune of 5.19 crores shares on the NSE today.

The IT firm last week concluded its initial public offering that saw an overwhelming response.

The Rs 702-crore IPO of Happiest Minds Technologies, promoted by Ashok Soota, was subscribed a whopping 151 times, as it saw a massive response from all category of investors.

The price band for the offer, which closed for subscription last Wednesday, was fixed at Rs 165-166 per equity share.

 

 

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Published on September 17, 2020
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