Sensex, Nifty Extend Decline As IT Stocks Tumble
Indian equity benchmarks extended their decline to a second session as Maharastra, home to the country's financial capital, added to lockdown-like curbs amid rampant Covid cases.
The S&P BSE Sensex lost nearly 0.6% along with the NSE Nifty 50 index after the last hour selloff wiped off their early morning gains. The broader markets had a better outing with the S&P BSE MidCap and S&P BSE SmallCap indices both ending 0.5% higher.
Twelve of the 19 sector sub-indices compiled by BSE Ltd. climbed, led by a gauge of healthcare companies. The S&P BSE Information Technology tumbled the most, followed by the S&P BSE Basic Materials index.
The market breadth was skewed in favour of the bulls. Around 1,654 stocks advanced, 1,228 declined and 167 remained unchanged on the BSE.
Macrotech Developers Ends Above IPO Price
Shares of Macrotech Developers gained as much as 10.5% to trade above its IPO price. The stock closed its debut trade nearly 4.3% lower at Rs 465 apiece.
This was much lower than its issue price of Rs 486. The successful listing of Macrotech ends a more than decade-long effort to take the developer public, after previous attempts in 2009 and 2018 were shelved.
Including Macrotech, 29 debutantes have raised about $3 billion so far in 2021, according to data compiled by Bloomberg.
India’s newest stocks have been performing well overall. The S&P BSE IPO Index, which tracks shares for two years after listing, has rallied 6.8% this year, outperforming the little changed Sensex.
HCL Tech Leads IT Pack Lower
Dr Reddy's, Nestle India, SBI Life in Focus: Options Watch
As India's S&P BSE Sensex Index was little changed, these were the Nifty 50 members with liquid options that saw interest from traders:
- SBI Life options volume 3.6x the 20-day average, with 12,570 calls changing hands vs 4,194 puts
- Stock up 0.5%, volume 1.3x the 20-day average for this time of day
- Tata Consumer options volume 3.4x the average, with 22,814 calls vs 4,845 puts
- Stock up 3.1%, volume 1.3x the average
- Dr Reddy's options volume 2.6x the average, with 71,376 calls vs 29,056 puts
- Stock up 4.4%, volume 2x the average
- Bajaj Finserv options volume 2.4x the average, with 8,504 calls vs 4,473 puts
- Stock up 3.7%, volume 1.2x the average
- Nestle India options volume 2.1x the average, with 2,065 calls vs 331 puts
- Stock down 0.1%, volume 0.5x the average
ICICI Securities Rallies Ahead Of Q4 Earnings
Shares of ICICI Securities jumped as much as 4.6% to their highest level since Feb. 4. The move outpaced the rise in India’s benchmark Sensex index which climbed as much as 1.1%.
The broking firm will report its fourth-quarter earnings on Thursday.
- Net income estimate Rs 227 crore (range Rs 179 crore to Rs 2.51 crore (Bloomberg Consensus)
- Revenue estimate Rs 560 crore (range Rs 428 crore to Rs 610 crore)
ICICI Securities ranks first for equity offerings in India so far in 2021, according to the Bloomberg league table, a leap from 2020 when it finished 10th.