Shares hit fresh intraday low; Manyavar IPO subscribed 18%
Published on Feb 07, 2022 14:29
The domestic equity barometers declined further and hit fresh intraday low in mid-afternoon trade. The Nifty slipped below the 17,200 mark. IT stocks declined across the board.
At 14:25 IST, the barometer index, the S&P BSE Sensex, dropped 1075.71 points or 1.83% to 57,569.11. The Nifty 50 index fell 325.40 points or 1.86% to 17,190.90.
In the broader market, the S&P BSE Mid-Cap index lost 0.96% while the S&P BSE Small-Cap index fell 0.50%.
Sellers outpaced buyers. On the BSE, 1,434 shares rose and 2,030 shares fell. A total of 143 shares were unchanged.
The initial public offer (IPO) of Vedant Fashions (Manyavar) received bids for 44,62,874 shares as against 2,54,55,388 shares on offer, according to stock exchange data at 14:12 IST on Monday (7 February 2022). The issue was subscribed 18%.
The issue opened for bidding on 4 January 2022 and it will close on 8 February 2022. The price band of the IPO is fixed at Rs 824-866. An investor can bid for a minimum of 17 equity shares and in multiples thereof.
The Nifty IT index fell 1.57% to 34,528.40. The index had advanced 0.07% to end at 35,080.10 on Friday.
Larsen & Toubro Infotech (down 2.36%), Wipro (down 2.16%), Infosys (down 2.22%), L&T Technology Services (down 2.12%), MindTree (down 1.64%), TCS (down 1.16%), HCL Tech (down 1.06%), Mphasis (down 1.01%) and Coforge (down 0.64%) declined.
Numbers to Track:
The yield on 10-year benchmark federal paper was currently trading flat at 6.879%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.669, compared with its close of 74.642 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement added 0.34% to Rs 48,086.
In the commodities market, Brent crude for April 2022 settlement shed 59 cents or 0.63% at $92.68 a barrel.
Shares in Europe and Asia were mixed on Monday as investors continued to consider last week`s jobs data from the U.S. and central bank decisions in Europe.
Last week, investors in the region digested the latest decision from the European Central Bank, which kept interest rates unchanged in spite of record inflation levels across the euro zone. The Bank of England, meanwhile, hiked rates in its reportedly first back-to-back interest rate rise since 2004.
Stunningly strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve.
US employers added a burst of 467,000 jobs in January despite a wave of omicron inflections that sickened millions of workers, kept many consumers at home and left businesses from restaurants to manufacturers short-staffed. The Labor Department`s report on Friday also showed the unemployment rate ticked up from 3.9% to 4%. Estimated job growth for December was also revised much higher, from 199,000 to 510,000.
Investors continued to monitor the situation around Ukraine, with White House national security adviser Jake Sullivan reportedly warning Sunday that a Russian invasion could be imminent.
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