S&P BSE Sensex now sits at 46,444 while the Nifty 60 was just above 13,600.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets continued scaling higher on Wednesday morning as they looked to recoup losses suffered during Monday’s sharp sell-off. S&P BSE Sensex now sits at 46,444 while the Nifty 60 was just above 13,600. All sectoral indices were seen inching higher while broader markets continued to outperform benchmarks. On Thursday morning, the last trading session of the week, global cues were positive. Dow Jones and S&P 500 closed with gains yesterday and Asian peers were trading in the green on Thursday morning. Shanghai Composite and Hang Seng along with Japanese stock markets and South Korean equity indices were all seen gaining.
Mrs Bectors Food Specialities shares will debut on the bourses today. The 541-crore public issue is the most subscribe IPO of 2020 so far with investors bidding for the issue 197.38 times where Non-Institutional Investors subscribed their portion a massive 620.85 times. Mrs Bectors Food Specialities will list after the strong debut of Burger King which was the stock surge over 100% on the listing day itself. The firm has a strong presence in North India with a large market share and continues to expand.
Highlights
Markets have corrected sharply in the last one week. A sharp bounce back in the last two sessions has however curbed the losses. Broad market indices like the BSE Mid Cap and Small Cap indices too have bounced back from close to their 50-day SMAs indicating a possibility that the short term correction is over and markets are ready to resume their intermediate uptrend.
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Markets on Wednesday were driven up by the strong rally in the information technology (IT) stocks, thanks to the surge in the prices of IT services companies like Infosys and Wipro. The Nifty IT index rose 2.36%, which is higher than the 1% gain in the 50-share benchmark. Market experts continue to remain positive on the sector on account of a multi-year growth cycle awaiting the sector.
"Market witnessed a sharp correction in the first half of the week. Nifty50 which was trading around the 13750 mark witnessed a steep correction to test 13150 odd levels. We Expect volatility to remain high in the near term for the next few weeks. Buy on dips would be the suggested strategy. Value is seen around the 12800-13000 mark while on the higher side 13800-14000 is expected to act as supply zone. Staggered buying and disciplined trading is the best strategy in volatile markets," said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
Mrs Bectors Food Specialities shares are scheduled to make a stock market debut today. The Rs 540-crore IPO was subscribed a whopping 197.38 times, becoming the most subscribed issue of 2020 so far. The company is the largest supplier of buns in India to QSR chains such as Burger King, McDonald’s, KFC, Carl’s Jr, Pizza Hut and Dominos Pizza. It sells its premium bakery products under ‘English Oven’. Mrs Bectors Food came up with its public issue following the successful listing of Burger King India which was listed with a 92 per cent premium to its issue price of Rs 60. In the grey market today, Mrs Bectors Food Specialities shares were seen trading at Rs 503 apiece, implying a premium of Rs 215 or 75 per cent over the IPO price of Rs 288 apiece.
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