BENCHMARK INDICES AT THE HIGH POINT OF THE DAY; IT SHARES DECLINE

The benchmarks indices edge higher and currently traded at the day`s high in morning trade. The Nifty scaled above the 21,400 mark. IT shares witnessed across the board selling.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 220.05 points or 0.31% to 71,327.01. The Nifty 50 index added 86.05 points or 0.4% to 21,435.45.

In the broader market, the S&P BSE Mid-Cap index gained 0.88% and the S&P BSE Small-Cap index rose 0.41%.

The market breadth remained strong. On the BSE, 2,381 shares rose, and 1,208 shares fell. A total of 184 shares were unchanged.

New Listing:

Shares of Muthoot Microfin were currently trading at Rs 273.45, representing a discount of 6.19% as compared with the issue price of Rs 291. The scrip was listed at Rs 278, exhibiting a discount of 4.47% to the issue price.

So far, the stock has hit a high of 280.80 and a low of 265.30. On the BSE, over 3.92 lakh shares of the company were traded in the counter so far.

The IPO Muthoot Microfin was subscribed 11.52 times. The issue opened for bidding on Monday (18 December 2023) and it closed on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277 to 291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

Shares of Suraj Estate Developers were currently trading at Rs 348.10, representing a discount of 3.31% as compared with the issue price of Rs 360. The scrip was listed at Rs 343.80, exhibiting a discount of 4.5% to the issue price.

So far, the stock has hit a high of 354.35 and a low of 323.95. On the BSE, over 1.90 lakh shares of the company were traded in the counter so far.

The IPO of Suraj Estate Developers was subscribed 15.65 times. The issue opened for bidding on 18 December 2023 and it closed on 20 December 2023. The price band of the IPO was fixed at Rs 340-360 per share.

Shares of Motisons Jewellers were currently trading at Rs 101, representing a premium of 83.64% as compared with the issue price of Rs 55. The scrip was listed at Rs 103.90, exhibiting a premium of 88.91% to the issue price.

So far, the stock has hit a high of 109.09 and a low of 99.65. On the BSE, over 18.48 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Motisons Jewellers was subscribed 159.61 times. The issue opened for bidding on 18 December 2023 and it closed on 20 December 2023. The price band of the IPO was fixed at Rs 52-55 per share.

Buzzing Index:

The Nifty IT index fell 0.65% to 35,406.95. The index had advanced _ % in the past two sessions.

Mphasis (down 1.26%), Wipro (down 1.02%), HCL Technologies (down 0.89%) and Tech Mahindra (down 0.73%) were the top losers.

Among the other losers were Persistent Systems (down 0.6%) and Tata Consultancy Services (down 0.39%).

On the other hand, LTIMindtree (up 0.47%), Coforge (up 0.31%) and L&T Technology Services (up 0.16%) moved up.

Infosys slipped 1.49%. According to the IT firm�s exchange filing, a global company has elected to terminate the memorandum of understanding with Infosys, and the parties will not be pursuing the master agreement. Infosys was supposed to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platforms & AI solutions. The total client target spend over 15 years was estimated at $1.5 billion. Infosys had announced that it was signing the MoU in September 2023.

Stocks in Spotlight:

LT Foods rose 1.72%. The Court of Madhya Pradesh has issued a decree in favor of DAAWAT Foods, a material subsidiary of LT Foods, in connection to a commercial suit stemming from a fire incident at its plant location in Mandideep, Madhya Pradesh on 7 June 2014.

Talbros Automotive Components (TACL) advanced 0.98%. TACL announced that its board has approved the divestment of its entire 40% stake in its joint venture company, Nippon Leakless Talbros.

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