Market Outlook:-
- Equity benchmarks trimmed gains in last hour of trade. The Sensex rose 41.85 points to 24265.17 and the Nifty advanced 13.80 points to 7375.60.
- The market breadth turned negative as about two shares declined for every share advancing on the Bombay Stock Exchange.
- The shares were allotted to anchor investors at a price of Rs 850 apiece, the upper end of the price band. The IPO would close today and the price band is Rs 785-850 per share. At the upper end, the share sale can fetch Rs 423 crore.
- Hindalco, ONGC, L&T, Infosys, Adani Ports are top gainers while Lupin, GAIL, NTPC, Cipla and SBI are among losers in the Sensex.
- The Indian economy is looking in much better shape than it was, say, six months ago and both the consumption and investment engines are picking up, says Neelkanth Mishra, India Equity Strategist for Credit Suisse, who says this has implications for a number of sectors whose stocks will make for a good investment.
- The initial public offer of staffing firm TeamLease Services has been oversubscribed by 1.83 times till afternoon on the last day of the offer today.
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