Stock Market Update: Trading in the country’s stock markets started on a brisk note today. National Stock Exchange’s index Nifty (NSE-Nifty) opened with a rise of 60.25 points at 21,715, while Bombay Stock Exchange’s Sensex (BSE-Sensex) opened 222.24 points higher at 72,262.67. Both large cap and small cap were seen contributing to the rise in share market. When Nifty 50 reached above 21,700 points for the first time, Sensex was around 72,300 points.
Azad Engineering’s IPO listed at 37% premium
Azad Engineering IPO was listed today with a premium. Shares of Azad Engineering, backed by cricketer Sachin Tendulkar, were listed on the NSE at Rs 720, 37.40 per cent higher than the issue price of Rs 524. This share was listed at Rs 710 on BSE.
These stocks led the rally
During early trading, only 4 out of 30 Sensex stocks were seen in the red, while all the other stocks were showing an upward trend. Hero MotoCorp, Mahindra & Mahindra, Nestle India, SBI Life Insurance and NTPC were prominent among the rising stocks on Nifty 50 during early trading.
Buying was seen in the indices of most sectors except media and realty. Particularly, considerable interest from buyers was seen in the shares of public sector banks. Bank Nifty index opened at around 48,479 with a rise of about 197 points or 0.41 percent, which is its highest level till date.
Bullish trend in government banks
After the board of South Indian Bank approved the proposal to raise Rs 1,750 crore through share issue, the shares of this bank saw a rise of about 3 percent. Shares of Canara Bank also increased by about 3 percent. It was seen up by 3 percent, which is being attributed to the news of IPO of the bank’s mutual fund unit.
According to the provisional data available with the National Stock Exchange, on Wednesday, December 27, 2023, foreign institutional investors (FIIs) made net purchases of Rs 2926.1 crore, while domestic institutional investors (DIIs) made net sales of Rs 192 crore.