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
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Photo: Bloomberg
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.
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.
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.
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.
Closing bell: Over 2,600 stocks advanced whereas 713 declined
Closing bell: Aurobindo Pharma, HDFC AMC among stocks that hit 52-week low
Closing bell: Hindalco, Tata Steel, Coal India top Nifty 50 leaders
Closing bell: Smallcaps outshine Midcaps; India Vix slips below 7%
Closing bell: Nifty Metal best sectoral performer
Closing bell: All Sensex stocks close in positive territory
Closing bell: All sectors swim in green; metal stocks shine
Closing bell: Sensex closes over 1,300 points higher
Closing bell: Tuesday turnaround in markets as Nifty 50 closes above 16,250
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.
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First Published: May 17 2022 | 8:21 AM IST
