Market Live: Sensex off day's high, Nifty below 10,200; IEX lists with 9% discount

Moneycontrol News

10:19 am Market Check: Equity benchmarks erased some gains in morning, trading off day's high on selling pressure in HDFC Group stocks and Axis Bank. However, Reliance Industries, ITC and ICICI Bank continued to support the market.

The Sensex was up 40.94 points at 32,430.90 and the Nifty gained 20.20 points at 10,166.70.

10:09 am Buzzing: Bharti Airtel share price continued its rally and hit a fresh 52-week high, rising 2.04 percent to Rs 483.50.

The stock has been on buyers' radar, especially after its acquired consumer telecom business from Tata Teleservices. It surged 23 percent in October so far.

10:00 am Listing: Indian Energy Exchange opened sharply lower at Rs 1,500, falling 9 percent against issue of Rs 1,650 per share.

9:55 am Buzzing: Bhushan Steel share price rallied as much as 20 percent in morning after a media report indicated that the global steel giant ArcelorMittal showed interest to buy the company.

9:45 am Pre-opening: Indian Energy Exchange settled at Rs 1,350 per share in pre-opening trade on the National Stock Exchange, down 18.2 percent compared with issue price of Rs 1,650.

9:42 am Market Update: Equity benchmarks extended gains in morning, with the Sensex rising 150.86 points to 32,540.82.

The 50-share NSE Nifty reclaimed 10,200 level, rising 58 points to 10,204.50, supported by Reliance Industries, ICICI Bank and FMCG stocks.

About 1,195 shares advanced against 666 declining shares on the BSE.

9:37 am Listing: Indian Energy Exchange will make its debut on exchanges today. The issue price is fixed at Rs 1,650 per share, the higher end of price band.

The Rs 1,001 crore initial public offer has received good response from investors, with the issue getting oversubscribed 2.28 times.

It was the first IPO by a power exchange in the country.

The reserved category of qualified institutional buyers was oversubscribed 2.56 times, non-institutional investors 85 percent and retail investors 2.61 times.

9:29 am Asia trade: Asian stocks were mostly higher as the dollar spiked to more than three-month highs against the yen following a snap election in Japan on Sunday.

Japanese Prime Minister Shinzo Abe's ruling coalition secured a two-thirds "super majority" after winning 312 out of 465 seats available at Sunday's election, Reuters said, citing local media. Abe's solid win at the polls points to a continuation of fiscal and hyper-easy monetary policies under his Abenomics program.

The Nikkei 225 surged 0.93 percent.

9:22 am FII View: Christopher Wood of CLSA said Greed & Fear remains a long-term bull on India, as reflected in the nearly three times overweight in the relative-return portfolio and the 54 percent weighting in the Asia ex-Japan long only portfolio.

But Greed & Fear has to admit that there is the potential for some short-term vulnerability, and at least relative underperformance, he added.

It is certainly evident what has been driving the stock market so far this year, with the Sensex up 22 percent year to date. That is accelerating flows into local equity mutual funds, Wood said.

The lack of an investment cycle, and the related lack of loan growth, are directly linked to the ongoing asset quality problem in the Indian banking system which remains the main unfinished business of the first Narendra Modi administration, he feels.

9:15 am Market Check: Equity benchmarks started off the week on a positive note Monday, with the Nifty reclaiming 10,150 level on short covering after over a percent loss seen in previous week. The market opened after a long weekend.

The 30-share BSE Sensex was up 80.01 points at 32,469.97 and the 50-share NSE Nifty gained 30.30 points at 10,176.80.

Hero Motocorp, Bharti Airtel, Dr Reddy's Labs, Infosys, HUL, Cipla, TCS and Reliance Industries gained 1-2 percent.

Bajaj Auto, Axis Bank, HDFC, Indiabulls Real, UPL and HPCL were under pressure in early trade.

Nifty Midcap was up 0.2 percent on positive market breadth.

Bhushan Steel, Uttam Galva, Monnet Ispat, Visa Steel, 63 Moons, Dwarikesh Sugar, Puravankara Projects, Radico Khaitan and Gati rallied 2-10 percent.

Sintex Industries, Canara Bank, Andhra Bank and Titan Company were down 1 percent.

The Indian rupee has opened at 65.07 a dollar, falling 5 paise compared with previous close of 65.02 a dollar.