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Sensex soars 1,345pts, Nifty tops 16,250; LIC ends 8% down at Rs 875 on BSE

CLOSING BELL: Shares of Life Insurance Corporation of India (LIC) listed at Rs 867.20 on the BSE, a 8.6 per cent discount when compared with its issue price of Rs 949 per share

SI Reporter New Delhi
BSE, stock market, bull
Photo: Bloomberg

2 min read Last Updated : May 17 2022 | 4:06 PM IST

Key Events

4:06 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty rebounded smartly after a brief consolidation on the daily timeframe. Besides, the momentum indicator RSI has come out from the oversold zone. The trend for the short term looks a bit positive after today's rally. On the higher end, it may move towards 16400/16600 over the short term. On the lower end, the Nifty has a support at 16000.

4:03 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

After a long gap, the market has witnessed a strong resilience supported by heavyweights and broader markets. The market was trading at oversold territory and was inspired by optimism in the Asian markets led by Chinese technology stocks, in hopes of easing regulatory crackdown and declining covid cases. The much-watched LIC’s IPO showed a subdued listing. However, we believe that LIC is a decent investment opportunity in the short to medium-term; considering its deep discount valuation, strong market presence, improvement in future profitability due to the changes in surplus distribution norms and strong sector growth outlook.

4:00 PM

Market view: S Ranganathan, Head of Research at LKP Securities

A ferocious up-move from the Metal Index lifted Reliance together with other sectoral indices in afternoon trade today leaving bears gasping and covering short positions and looking out for reasons for the rally. On a day when WPI for April crossed 15%, the 2.7% rise in benchmark indices coupled with the breadth of the rally surprised many on the street despite the move coming after a relentless fall.

3:53 PM

Closing bell: Over 2,600 stocks advanced whereas 713 declined

3:50 PM

Closing bell: Aurobindo Pharma, HDFC AMC among stocks that hit 52-week low

3:46 PM

Closing bell: Hindalco, Tata Steel, Coal India top Nifty 50 leaders

3:43 PM

Closing bell: Smallcaps outshine Midcaps; India Vix slips below 7%

3:41 PM

Closing bell: Nifty Metal best sectoral performer

3:40 PM

Closing bell: All Sensex stocks close in positive territory

3:38 PM

Closing bell: All sectors swim in green; metal stocks shine

3:36 PM

Closing bell: Sensex closes over 1,300 points higher

3:33 PM

Closing bell: Tuesday turnaround in markets as Nifty 50 closes above 16,250

3:26 PM

EXPERT TAKE ON LIC LISTING: Shivam Bajaj, Founder & CEO at Avener Capital

Despite the reduction in the pre-IPO valuation of LIC, the scrip has still listed at a discount on the bourses which is in tandem with the diminution in insurance companies’ valuation and softness in the markets due to macro-economic constraints. However, given the attractive fundamentals, stability in operating metrics and expected recovery in the markets, we can potentially see some buying interest from investors.

3:22 PM

Future Retail hits fresh 52-week low

3:16 PM

PM calls for rapid rollout of 5G, says will contribute $450 bn to economy

Modi added that the country should be ready to launch 6G service by the end of the decade. Read more


CLOSING BELL

Stock market highlights: 
BSE Sensex and Nifty50 cclocked their biggest intra-day rally since February 15 on Tuesday as investors indulged in broad-based buying.

The sectoral gains, however, were led by metal stocks with Hindalco (up 10 per cent), Tata Steel and Coal India (7.6 per cent each), and JSW Steel (6 per cent) stealing the show. The Nifty Metal index, thus, closed nearly 7 per cent higher as China -- the biggest consumer of industrial products -- eased Covid-19 related restrictions. 

All other indices, meanwhile ended over 2 per cent higher. 

Overall, the 30-pack BSE benchmark surged 1,345 points, or 2.54 per cent, to settle at 54,318, while the broader Nifty50 gained 417 points, or 2.6 per cent, to end at 16,259.

In the broader market, the BSE MidCap and Smallcap indcies rose in tandem and added 2.5 per cent and 2.8 per cent, respectively.

LIC listing
Shares of Life Insurance Corporation of India (LIC) listed at Rs 867.20 on the BSE, a 8.6 per cent discount when compared with its issue price of Rs 949 per share offered to qualified institutions and non-institutional buyers. On the National Stock Exchange (NSE), the stock opened at Rs 872, i.e. 8 per cent lower against its issue price. By close, the stock stood at Rs 875.45 on the BSE.  

Topics :SensexMARKET LIVEMARKET WRAPMarketsNiftyRussia Ukraine ConflictNSEBSEstock marketsDalal StreetLIC IPODLFBharti AirtellistingWPI inflation

First Published: May 17 2022 | 8:21 AM IST