Benchmark indices turn green; IT shares advance
Published on May 11, 2023 10:30
The domestic equity barometers managed to pare all losses and traded with some gains in morning trade. The Nifty traded above the 18,300 level. IT shares witnessed across the board buying.
At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 51.5 points or 0.08% to 61,991.70. The Nifty 50 index added 9.15 points or 0.05% to 18,324.25.
In the broader market, the S&P BSE Mid-Cap index gained 0.50% while the S&P BSE Small-Cap index advanced 0.74%.
The market breadth was strong. On the BSE, 2122 shares rose and 994 shares fell. A total of 164 shares were unchanged.
On the political front, the Congress party is reportedly likely to get a majority of the seats in Karnataka, predicted various exit polls. The majority mark in the 224-seat Karnataka assembly stands at 113 seats. The results of the election will be declared on May 13.
Shares of De Neers Tools were trading at Rs 180.5 on the NSE, a premium of 78.71% compared with the issue price of Rs 101.
The scrip was listed at Rs 190, at a premium of 88.12% to the issue price. The scrip hit a high of Rs 190 and a low of Rs 180.50. About 7.86 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of De Neers Tools was subscribed 15 times. The issue opened for bidding on 28 April 2023 and it closed on 3 May 2023. The IPO price band was issued at Rs 95-101 per share.
Shares of Innokaiz India were trading at Rs 155.61 on the BSE, a premium of 99.50% compared with the issue price of Rs 78.
The scrip was listed at Rs 148.2, at a premium of 90.00% to the issue price. The scrip hit a high of Rs 155.61 and a low of Rs 148.20. About 8.24 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of Innokaiz India was subscribed 88.43 times. The issue opened for bidding on 28 April 2023 and it closed on 3 May 2023. The price band of the IPO was at Rs 76-78 per share.
Quarterly Earnings Today:
Asian Paints (up 0.50%), Eicher Motors (down 0.29%), Deepak Nitrite (down 0.46%), Balrampur Chini Mills (up 0.86%), Dr Lal Pathlabs (up 0.48%), Siemens (up 1.32%), Aditya Birla Capital (up 0.18%), Alkyl Amines Chemicals (up 0.85%), Gillette India (up 0.29%) and Gujarat State Petronet (up 4.50%) are some of the companies that will announce their quarterly earnings today.
The Nifty IT index rose 0.48% to 28,227.75. The index had declined 0.12% to end at 28,091.75 yesterday.
LTI Mindtree (up 1.27%), L&T Technology Services (up 1.11%), Tech Mahindra (up 0.74%), Coforge (up 0.72%) and Mphasis (up 0.62%) were the top gainers.
Among the other gainers were HCL Technologies (up 0.53%), Wipro (up 0.43%), Persistent Systems (up 0.43%), Infosys (up 0.34%) and Tata Consultancy Services (up 0.24%).
Stocks in Spotlight:
Adani Enterprises rose 3.25%. The meeting of the board of directors of the company is scheduled on 13 May 2023 to consider and approve fund raising by way of issuance equity shares or any other eligible securities through permissible modes.
KPI Green Energy gained 2.87%. The company received a new order of 35 MW capacity Solar Power Plant under Captive Power Producer (CPP) Segment, in lieu of the previous order of 33 MW capacity Solar Power Plant.
RattanIndia Enterprises shed 0.28%. The company has received board approval for raising of funds up to Rs 1000 crore through the issue of securities, either by way of qualified institutions placement (QIP) or any other permissible mode of fundraising.
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