 "Traders complain of glitch in NSE system; Mkts gain for 5th session")
Traders complain of glitch in NSE system
Several dealers and traders complained of losses owing to a technical issue with the trading system at the National Stock Exchange (NSE), which led to suspension of trading in shares of Vodafone Idea for a few minutes during the morning hours. They complained that pre-open session order matching did not happen for many orders. Some said they were not able to get trade confirmations. Many took to social media to voice their concerns, The pending orders were cancelled and trading resumed once the issue was resolved.
JNK India IPO gets 28x subscription on last day
The initial public offering (IPO) of heating equipment maker JNK India received 28.07 times subscription on the closing day of bidding on Thursday. The Rs 650 crore initial share sale received bids for 311,055,408 shares against 11,083,278 shares on offer, according to NSE data. The category for qualified institutional buyers fetched 75.72 times subscription, while the portion for non-institutional investors got subscribed 23.19 times. The quota for retail individual investors received 4.01 times subscription. The IPO had a fresh issue of up to Rs 300 crore and an offer for sale of up to 8,421,052 equity shares.
Mkts gain for 5th session on the trot
Rising for the fifth straight session, equity benchmark Sensex rallied nearly 500 points to reclaim the 74,000 mark, while the Nifty closed above the 22,550 level on Thursday due to heavy buying in banking, financial and metal stocks.
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Recovering after a sell-off in early trade, the 30-share BSE Sensex climbed 486.50 points or 0.66 per cent to settle at 74,339.44. During the day, it surged 718.31 points or 0.97 per cent to 74,571.25. The NSE Nifty advanced 167.95 points or 0.75 per cent to 22,570.35.
“Indian benchmark indices opened on a weak note today, but the markets gained strength in the second half to end in the green for a fifth consecutive session. The weak opening can be attributed to negative cues from Asian peers. Buying in the second half came in select banks and FMCG stocks like Axis Bank, ICICI Bank, and Nestlé,” said Avdhut Bagkar, Technical and Derivatives Analyst, StoxBox.
From the Sensex basket, Axis Bank jumped 6 per cent after the company reported a consolidated net profit of Rs 7,599 crore during the March 2024 quarter.
State Bank of India, NTPC, Nestle, Sun Pharma, JSW Steel, ITC, Mahindra & Mahindra, and HCLTech were among the other major gainers.
Hindustan Unilever, Titan, Bajaj Finance, Maruti, and Asian Paints were among the laggards.
Kotak Mahindra Bank tanked 10.85 per cent after the RBI barred the company from onboarding customers online and issuing credit cards.
Cracking down on repeated non-compliance with IT norms, the RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found “serious deficiencies” in the lender’s IT risk management.
FMCG major Nestle India on Thursday reported a 27 per cent increase in net profit at Rs 934 crore for the fourth quarter ended March 31, 2024, on account of strong growth momentum across its product portfolio.
In the broader market, the BSE midcap gauge climbed 0.71 per cent and smallcap advanced 0.54 per cent.
Among the indices, services advanced 1.71 per cent, metal (1.16 per cent), healthcare (0.97 per cent), power (0.94 per cent) and energy (0.87 per cent).
Consumer durables and realty were the laggards.
"The market breadth was strong, with oil prices correcting due to easing conflict in the Middle East and weakening US demand. The domestic broader market was buoyed by the PMI data, with an improvement in discretionary spending.
"Further, the RBI's regulatory ecosystem on private banks led the PSU banks to outperform. The global market largely traded on a mixed note and is now focused on earning reports, with initial reports suggesting a disappointing outlook for technology stocks, which led to the US yield inching higher," Vinod Nair, Head of Research, Geojit Financial Services, said.
In Asian markets, Seoul and Tokyo settled lower, while Shanghai and Hong Kong ended in positive territory.
European markets were trading on a mixed note. Wall Street ended on a mixed note on Wednesday.
Global oil benchmark Brent crude climbed 0.06 per cent to USD 88.07 a barrel.