The stock market recorded a slight increase on Tuesday. The BSE Sensex closed at 49,751.41 with a marginal gain of 7.09 points. During the morning index trading also touched the day’s highest level of 50,327.31. The index closed down 1,145 points at 49,744.32 on 22 February.
Shrikant Chouhan, executive vice president (equity technical research) at Kotak Securities, said that if the market’s leading index Nifty breaks the 14,630 and Sensex 49,600 levels, the decline will continue. The Nifty may slip to 14,530 and the Sensex to 49,300. Investors would be advised to buy in the midst of a fall.
Investors shopped heavily in the metal and realty sector. As a result, the Nifty Metal index closed up 3.89% and the Realty Index up 2.70%, while banking stocks continued to sell. ONGC shares closed the day with the highest gain of 5.64% in the Sensex. Kotak Bank shares have closed down by 3.77%.
54% shares gain on the exchange
The exchange-traded 3,081 shares, with 1,681 shares gaining and 1,239 declining. The total market cap of the listed companies has increased to Rs 201.52 lakh crore. It was Rs 200.26 lakh crore yesterday. The NSE Nifty has also closed at 14,707.80, up 32.10 points. Foreign institutional investors (FIIs) sold shares worth Rs 893.25 crore and domestic institutional investors (DIIs) sold shares worth Rs 919.88 crore, according to NSE provisional data.
Heranba Industries IPO subscribed 65%
The IPO of agrochemical company Heranba Industries has opened on 23 February. 65% subscribed on day one. The share of retail investors subscribed 1.28 times. The company received bids for 45.33 lakh shares, while 69.81 lakh shares have been issued. This public issue will close on 25 February.
The company wants to raise Rs 625 crore through an IPO. The proceeds from the issue will be used for general corporate operations. Its price band has been fixed at Rs 626-627 per share. The company raised Rs 187.5 crore from anchor investors on February 22, for which it also issued 29.90 lakh shares.
Japan, Hong Kong stock markets boom
The global market also fluctuates on Tuesday. Japan’s Nikkei index gained 138 points to close at 30,156. Similarly, Hong Kong’s Hang Seng closed up 366 points at 30,686 and Australia’s All Ordinaries index closed up 49 points at 7,110. At the same time, China’s Shanghai Composite and Korea’s Kospi Index closed flat. Earlier European markets closed on Monday with a slight decline, while the US Nasdaq index was down 2.46% to close at 13,533.
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