EQUITY BENCHMARKS HIT FRESH INTRADAY HIGH; AUTO SHARES IN DEMAND

The domestic equity benchmarks extended their early gains and hit fresh intraday high in morning trade. The Nifty continued to hold above the 19,900 level. Auto stocks managed to edge higher for third day in a row.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 330.39 points or 0.50% to 66,929.30. The Nifty 50 index advanced 110.50 points or 0.56% to 19,930.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.88% while the S&P BSE Small-Cap index added 0.77%.

The market breadth was strong. On the BSE, 2,243 shares rose and 1,213 shares fell. A total of 204 shares were unchanged.

Prime Minister Narendra Modi, in his role as the host of the G20 Summit, concluded the two-day event. Indian Prime Minister Narendra Modi and U.S. President Joe Biden pledged to deepen the partnership between both countries in their second bilateral meeting in less than six months.

New Listing:

Shares of Rishabh Instruments were currently trading at Rs 460.25 on the BSE, representing a premium of 4.37% as compared with the issue price of Rs 441.

The scrip was listed at Rs 460, exhibiting a premium of 4.31% to the issue price.

So far, the stock has hit a high of 469.65 and a low of 432.25. On the BSE, over 3.49 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Rishabh Instruments was subscribed 31.65 times. The issue opened for bidding on 30 August 2023 and it closed on 1 September 2023. The price band of the IPO was fixed at Rs 418-441 per share.

Shares of Ratnaveer Precision Engineering were currently trading at Rs 129.15 on the BSE, representing a premium of 31.79% as compared with the issue price of Rs 98.

The scrip was listed at Rs 128, exhibiting a premium of 30.61% to the issue price.

So far, the stock has hit a high of 134 and a low of 123. On the BSE, over 9.20 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Ratnaveer Precision Engineering was subscribed 93.99 times. The issue opened for bidding on 4 September 2023 and it closed on 6 September 2023. The price band of the IPO was fixed at Rs 93-98 per share.

Buzzing Index:

The Nifty Auto rose 0.97% to 16,258.45. The index has added 2.12% in three sessions.

Tube Investments of India (up 5.6%), Maruti Suzuki India (up 1.14%), Tata Motors (up 1%), Samvardhana Motherson International (up 0.7%) and Hero MotoCorp (up 0.61%) were the top gainers.

Among the other gainers were Balkrishna Industries (up 0.52%), Ashok Leyland (up 0.49%), MRF (up 0.38%), Mahindra & Mahindra (up 0.3%) and TVS Motor Company (up 0.3%).

On the other hand, Bosch (down 0.51%), Bharat Forge (down 0.34%) and Sona BLW Precision Forgings (down 0.24%) moved lower.

Stocks in Spotlight:

IRB Infrastructure Developers rallied 3.17%. The company`s gross toll collection jumped 24% to Rs 417 crore in August 2023 as compared with Rs 336 crore in August 2022.

Gateway Distriparks fell 1.21%. The company announced that its chief financial officer (CFO), Sandeep Kumar Shaw has tendered his resignation, effective from the close of business hours on 28 November 2023.

Powered by Capital Market - Live News