Benchmarks near day`s high; bank stocks in demand

The domestic equity benchmarks were currently trading near the day`s high in morning trade. The Nifty marched towards the 17,350 mark. Bank stocks advanced for the second consecutive session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 414.6 points or 0.72% to 58,208.92. The Nifty 50 index added 135.25 points or 0.79% to 17,339.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.81% while the S&P BSE Small-Cap index gained 0.84%.

The market breadth was strong. On the BSE, 2393 shares rose and 732 shares fell. A total of 113 shares were unchanged.

New Listing:

Shares of CMS Info Systems were currently trading at Rs 236 on the BSE, a premium of 9.26% as against the issue price of Rs 216.

The scrip was listed at Rs 218.50, representing a premium of 1.16% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 236.45 and a low of Rs 215. Over 10.48 lakh shares of the company have changed hands in the counter till now.

The IPO of CMS Info Systems was subscribed 1.95 times. The issue opened for bidding on 21 December 2021 and closed on 23 December 2021. The price band of the IPO was fixed at Rs 205-216 per share.

Buzzing Index:

The Nifty Bank index rose 1.21% to 35,486.45. The index has added 1.26% in two sessions.

Kotak Mahindra Bank (up 2.03%), Axis Bank (up 2.01%), SBI (up 1.57%), ICICI Bank (up 1.10%), HDFC Bank (up 1.09%), Bandhan Bank (up 0.86%), Federal Bank (up 0.85%) and Punjab National Bank (up 0.25%) advanced while RBL Bank (down 1.57%) declined.

Stocks in Spotlight:

Time Technoplast rose 3.60% to Rs 76.25 after the company said it has received a single order of Rs 80 crore for Type-IV Composite Cylinder based CNG Cascade from renowned public sector gas distribution company.

Jindal Poly Films was up 0.07% to Rs 1054.55. The company on Thursday announced the appointment of Devendra Singh Rawat as new chief financial officer of the company with effect from 30 December 2021.

PB Fintech advanced 3.03% to Rs 956. The board of PB Fintech, which owns Policy Bazaar, has approved investment of up to Rs 700 crore in one or more tranches in subsidiary Policybazaar Insurance Brokers during FY22 and FY23, and up to Rs 299.99 crore in subsidiary Paisabazaar Marketing and Consulting. The investments are aimed at strengthening the financial health of the subsidiaries to meet their general operating expenses and enhancing brand awareness, office presence and strategic initiatives.

Separately, Paisabazaar.com announced that it has strengthened its partnership with Axis Bank by launching a pre-qualified program for unsecured loans on its platform.

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