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Sensex 600+ points down as Iran president's UN speech pushes crude above $102; NSE debut in focus
Sensex today: NSE was scheduled to list its shares on the BSE on Thursday. The shares will also be available for trading on MSEI from Thursday.
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Stock market today: Sensex and Nifty opened sharply lower on Thursday after oil prices rose above $100 a barrel in the previous session following Iranian President Masoud Pezeshkian's comments at the UN General Assembly (UNGA) that Tehran will never surrender to US pressure.
At 9:16 am on Thursday, BSE Sensex traded at 74,240.87, about 600 points or 0.79 per cent lower. Of the 30 Sensex firms, only two - Tech Mahindra and Sun Pharma - were in green. By 9:50 am, the drop was of over 600 points.
Iran and the United States remain divided over how to bring an end to their war, but diplomacy must continue, a senior Iranian official told Reuters on Wednesday.
NSE listing in focus
Meanwhile, market focus is on the listing of India's biggest bourse, the National Stock Exchange (NSE), which is set for a modest two per cent-three per cent gain in its trading debut as investors weigh its leading position against slowing derivatives activity, according to analysts. NSE is scheduled to list its shares on the BSE on Thursday
Shares of the NSE will also be available for trading on the Metropolitan Stock Exchange of India (MSEI) from Thursday, alongside the BSE.
On the BSE Sensex website, at 9:22 am, the is the pre-open status of NSE Ltd. on on Thursday stood at ₹1,735. NSE IPO was priced in a band of ₹1,700- ₹1,785 per share, with ₹1,785 being the upper end of the issue price.
GIFT Nifty futures were at 23,270 points as of 8:02 am, indicating a negative start for the benchmark Nifty 50 index, which closed at 23,446.8 on Wednesday, according to figures in a Reuters report.
Brent crude hovered around $102.5 a barrel on Thursday after gaining four per cent in the previous session.
Sensex rebounded by nearly 300 points on Wednesday and the broader Nifty settled near the 24,450 level as below $100 per barrel crude oil prices and positive India growth forecast by rating agencies boosted buying in metal, financial and FMCG shares.
The 30-share BSE Sensex climbed 299.17 points, or 0.40 per cent, to settle at 74,828.25. During the day, it jumped 444.66 points, or 0.59 per cent, to 74,973.74, according to data cited in a PTI news agency report.
The 50-share NSE Nifty was up 117.80 points, or 0.50 per cent, to end at 23,446.80.
Among the 30 Sensex firms, Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro were the major winners.
HCLTech, Infosys, Tata Consultancy Services, Titan and Mahindra & Mahindra were among the laggards.
