The Sensex is down 400 points, and the Nifty is below 17100
Stock market updates: The BSE MidCap and SmallCap indices opened in the red, down to 0.24 percent.
Stock market updates: Domestic benchmark indices began trading lower on Wednesday, mirroring global weakness. The BSE Sensex dropped 480 points to 56,944, while the NSE Nifty fell 121 points to 17,070.
Meanwhile, among the Sensex-30 stocks, the Bajaj twins, L&T, Ultratech Cement, Maruti, M&M, Infosys, Axis Bank, ITC, and Wipro were the top laggards, falling up to 4%.
On the other hand, the top benchmark gainers were NTPC, Tata Steel, Sun Pharma, HDFC Life, Hindalco, and Adani Ports.
The BSE MidCap and SmallCap indices also opened in the red, down to 0.24 percent.
Sector losses were led by Nifty IT, Financials, Bank, and Auto, which fell up to 1%. On the other side, the Nifty Metal index was the only one that was in the green.
Among the stocks, Mahindra Logistics rose 10%. However, the company’s net profit in Q4FY22 fell by 2.8% to Rs 12.23, compared to Rs 12.58 in Q4FY21. On the other hand, total income increased by 10.2 percent to Rs 1,078.37 crore from Rs 978.56 crore.
LIC policyholders are likely to receive a Rs 60 discount on shares, and the IPO will begin on May 2. The LIC IPO price band is expected to be set at Rs 902-949 per share.
According to reports, the Centre has set the price band for Life Insurance Corporation of India’s (LIC) initial public offering (IPO) at Rs 902-949 per share, with policyholders potentially receiving a Rs 60 discount. Retail investors and LIC employees, on the other hand, may receive a Rs 45 discount on subscribing to the shares of India’s most extensive insurer, according to a senior government official.
According to the official, the LIC board of directors has approved the discount to the three categories, reservations for policyholders and employees and the issue dates.
