IFCI, New India Assurance, Other Stocks Drop up to 3% as NSE Makes a Muted Market Debut. What to Expect?
Banks and insurers led losses after regulators proposed commission rule changes, while Brent crude hovered around $102 a barrel, analysts said.
- Indian shares fell on Thursday as the National Stock Exchange listed at 1,800 rupees, a modest premium over its 1,785-rupee issue price, while the Nifty 50 shed 0.91% and the BSE Sensex fell 0.86%.
- Surging oil prices weighed on sentiment after Iranian President Masoud Pezeshkian told the UN General Assembly on Wednesday that Tehran would never surrender to US pressure, sending Brent crude to around $102 per barrel.
- The IRDAI proposed overhauling commission rules, causing insurance and banking stocks to tumble; PB Fintech and Turtlemint Fintech fell 20% each, with Macquarie analysts noting Axis Bank and HDFC Bank remain exposed.
- Health fell 4.9% on reports of a block deal worth up to 6.50 billion rupees, while Axis Bank and HDFC Bank lost 3.5% and 1.3% respectively; Bharat Dynamics gained 1.4% after a defence order.
- Prospects for a market recovery appear remote as long as global headwinds persist, said VK Vijayakumar, chief investment strategist at Geojit Investments, as small-caps and mid-caps fell 0.8% and 1.3% respectively.
13 Articles
13 Articles
NSE makes historic market debut at a premium of 1%, rises further on listing
Despite modest listing-day gains, analysts remain broadly positive on longer-term performance. Performance in the medium term depend on additional equity that may become available to trade once the lock-in period for current shareholders comes to an end.
NSE listing sees India's biggest exchange near bottom of Rs 10,000 crore IPO club
NSE made a muted debut with a 0.8% listing gain, placing it near the lower end of the Rs 10,000 crore-plus IPO club. Despite strong subscription and its dominant market position, the exchange delivered a modest debut. Brokerages remain constructive, citing long-term growth potential, strong fundamentals and India’s financialisation.
NSE Lists on BSE at 0.84% Premium; Shares Rise over 5% After Debut
Get latest articles and stories on Business at LatestLY. Shares of National Stock Exchange of India (NSE) made a muted debut on the BSE on Thursday, listing at Rs 1,800, a 0.84 per cent premium over the issue price of Rs 1,785, before rising to Rs 1,876.70, up 5.14 per cent from the open. Business News | NSE Lists on BSE at 0.84% Premium; Shares Rise over 5% After Debut.
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