Benchmarks trade with decent gains; auto stocks rise for third day

The key equity indices came off the early highs in morning trade. The Nifty managed to hold above the 17,000 mark. Auto stocks advanced for the third consecutive session.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 306.65 points or 0.54% to 57,237.21. The Nifty 50 index added 88.80 points or 0.52% to 17,044.25.

In the broader market, the S&P BSE Mid-Cap index surged 0.68% while the S&P BSE Small-Cap index added 0.66%.

Buyers outnumbered sellers. On the BSE, 2163 shares rose and 878 shares fell. A total of 124 shares were unchanged.

While concerns loom over rising Covid cases, the market appeared to be somewhat convinced that it would not lead to another lockdown, thus shrugging off prevalent fears.

New Listing:

Shares of Medplus Health Services were currently trading at Rs 1072.10 on the BSE, a premium of 34.69% as against the issue price of Rs 796.

The scrip was listed at Rs 1015, representing a premium of 27.51% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 1119.95 and a low of Rs 1015. Over 8.59 lakh shares of the company have changed hands in the counter till now.

The IPO of Medplus Health Services was subscribed 52.59 times. The issue opened for bidding on 13 December 2021 and it closed on 15 December 2021. The price band of the IPO was fixed at Rs 780-796.

Buzzing Index:

The Nifty Auto index rose 0.98% to 10,757. The index has added 3.38% in three sessions.

Mahindra & Mahindra (up 1.77%), Ashok Leyland (up 1.45%), Bajaj Auto (up 1.43%), Hero MotoCorp (up 1.33%), Bharat Forge (up 1.19%), Tata Motors (up 0.91%), Maruti Suzuki (up 0.51%), TVS Motor Company (up 0.49%) Eicher Motors (up 0.16%) advanced.

Stocks in Spotlight:

PSP Projects jumped 4.71% to Rs 472.20. The company informed that Gujarat Pollution Control Board on 21 December 2021 granted a Consent to Establish (NOC) for setting up of industrial plant for manufacturing of precast. The company has started manufacturing activities. The NOC is valid upto 3 November 2028.

HFCL added 1.83% to Rs 77.95. The company received a purchase order of Rs 119.14 crore from one of the network and engineering service provider, for supplying optical fibre cables (OFC). The domestic order is expected to be completed within a period of nine months.

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