Sensex down 200 pts, Nifty near 19,600; Vedanta sinks 5%
The benchmark S&P BSE Sensex started Wednesday with losses led by Tech M, HDFC Bank, Titan, Bajaj Finance, Tech M, Nestle, Axis Bank, and ICICI Bank. The index was quoting at 65,788, down 158 points or 0.24 per cent in early deals.
The Nifty50, meanwhile, was lower by similar percentage at 19,620 levels.
The broader Nifty MidCap and SmallCap indices, on the other hand, were ruling higher by 0.11 per cent and 0.24 per cent, respectively.
Among individual stocks, shares of Delta Corp rebounded after two straight sessions of losses. Reports, however, suggest that the tax demand from these firms could top Rs 1 trillion.
Besides, those of Vedanta dropped 4 per cent after Moody’s Investors Service downgraded the corporate family rating for Anil Agarwal-promoted Vedanta Resources in the absence of any meaningful progress on refinancing its upcoming debt maturities.
Sectorally, the Nifty Metal index was the biggest laggard, down 0.5 per cent, followed by the Nifty Financial Services index (0.4 per cent).
New Listings
SignatureGlobal (India): Grey Market Premium indicates moderate listing gains of up to 10 per cent for the stock. The Rs 730 crore was subscribed 11.9 times, and the company issued shares at Rs 385 each.
Sai Silks (Kalamandir): The Rs 1,201-crore IPO was subscribed 4.4 times, and the share issue price was Rs 222.