Nifty PSU Bank index gained nearly 0.5% in morning trade after the Reserve Bank of India announced steps to speed up NPA resolution process by identifying 12 accounts that can be immediately taken up under the Insolvency and Bankruptcy Code (IBC). At 10 AM, the S&P BSE Sensex is trading at 31103 down 0.3 points, while NSE Nifty is trading at 9591 down 15 points. A total of 65 stocks registered a fresh 52-week high in trade today, while 24 stocks touched a new 52-week low on the NSE. There are 659 advances, 864 declines and 423 unchanged stocks on NSE reflecting a bullish floating in the market. The BSE Mid cap Index is trading down 0.6% at 14705, while BSE Small cap Index is trading down 0.1% at 15497. Some buying activity is seen in Oil & Gas, Power and Realty and Bankex, Auto, Telecom and Finance showing weakness on BSE. Reliance, Dr Reddy, Power Grid, TCS, Hero MotoCorp, ICICI Bank are among the gainers, whereas Hindalco, Vedantat, Wipro, Tata Steel, YES Bank are losing on the NSE.
Tejas Networks Limited proposes to open on Wednesday, June 14, 2017, an initial public offering of equity shares of face value of Rs 10 each for cash, comprising of a fresh issue of equity shares aggregating up to Rs 4,500 million and an offer for sale of up to 12,711,605 equity shares by Selling Shareholders. The bid or offer will close on Friday, June 16, 2017.
The price band for the offer is fixed from Rs 250 to Rs 257 per equity share. Bids can be made for a minimum of 55 Equity Shares and in multiples of 55 equity shares thereafter. The Book Running Lead Managers (BRLMs) to the offer are Axis Capital Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited and Nomura Financial Advisory and Securities (India) Private Limited. The company may, in consultation with the BRLMs, consider participation by Anchor Investors in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended (SEBI ICDR Regulations). The Anchor Investor Bid/ offer Period shall be one Working Day prior to the Bid/Offer Opening Date; i.e., Tuesday, June 13, 2017. The Equity Shares offered through the RHP are proposed to be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
At 9:15 AM, the BSE Sensex opened higher by 44 points at 31147, while the Nifty50 opened higher by 15 points at 9621 mark.Dr Reddy’s is the top Nifty gainer and Tata Power is the top Nifty loser in the morning hours. There are 827 advances, 590 declines and 513 unchanged stocks on NSE reflecting some positive bias floating in the market. The level of 9,700 is likely to act as a strong barrier for the Nifty50. If it holds above the level of 9,700, a rally is likely up to the level of 9,730. On the downside, the support for Nifty50 index is placed in the region of 9,620-9,630. Nifty50 index has immediate support placed around the level of 9,580 and if it holds below this level, further corrections up to the level of 9,550 is likely. On the upside, the level of 9,640-9,650 is likely to act as a resistance for the Nifty50, if it holds above the level of 9,640-9,650, it may scale up to the level of 9,700. The rupee opened flat at 64.34 per US dollar. On Wednesday, the rupee closed at 64.34 against the American dollar, up 0.16% from its Monday’s close of 64.44. The US stocks moved to the upside early in the session and remained firm throughout the trading session on Tuesday. The Dow and the S&P 500 both closed at record levels. The Nasdaq Composite Index surged 45 points to close at 6,220. The Dow Jones Industrial Average climbed 93 points to end at 21,328. The S&P 500 rose 11 points to close at 2,440. Asian stocks were trading mixed in early trading on Wednesday. Japan’s Nikkei 225 has been trading with gains of 62 points; Hong Kong’s Hang Seng has lost 53 points, while China’s Shanghai Composite has shed 11 points.
Indian equity markets are likely to open flat on Wednesday, tracking mixed trading across Asian markets. The SGX Nifty, which was trading with marginal loss of 4 points at 9,612, indicated that domestic bourses may open flat at the opening bell. Nifty50 index has immediate support placed around the level of 9,580 and if it holds below this level, further corrections up to the level of 9,550 is likely. On the upside, the level of 9,640-9,650 is likely to act as a resistance for the Nifty50, if it holds above the level of 9,640-9,650, it may scale up to the level of 9,700. Back home, Indian market opened flat, but soon after opening, it scaled higher. However, it failed to sustain at the higher levels and it erased earlier gains to end flat on Tuesday. IT and auto stocks were laggards. On the other hand, support came in for Power Grid, Lupin, NTPC and HDFC. The US stocks moved to the upside early in the session and remained firm throughout the trading session on Tuesday. The Dow and the S&P 500 both closed at record levels. The Nasdaq Composite Index surged 45 points to close at 6,220. The Dow Jones Industrial Average climbed 93 points to end at 21,328. The S&P 500 rose 11 points to close at 2,440. Asian stocks were trading mixed in early trading on Wednesday. Japan’s Nikkei 225 has been trading with gains of 62 points; Hong Kong’s Hang Seng has lost 53 points, while China’s Shanghai Composite has shed 11 points.
