Nifty recovers about 100 points from days low; Escorts jump over 10 per cent!

However, its listing can be summed up in a line, ‘much ado about nothing’ as it turned out to be a dismal one.

Market Update at 02:12 PM: Nifty, which made a low of 17,688 on Thursday, witnessed a smart recovery from the lows of the day. It recovered nearly 100 points from the day’s low but is still trading down by more than half a per cent. 

Among the sectoral indices, barring Nifty PSU Bank, which traded flat, all other sectoral indices traded in the red, led by Nifty Auto and Nifty Metal.  

Talking about the performance of the broader markets, the latter was seen underperforming the frontline gauges with Nifty Midcap 100 & Smallcap 100 plunging 1.15 per cent and 1.23 per cent, respectively.  

Thursday’s session was apparently quite significant for the market participants as they waited with bated breath for the listing of the country’s largest IPO i.e. Paytm. Not only this, but the key benchmark indices moving southwards for the second day in a row on Wednesday was also expected to bring to life the sentiments of the market participants with this listing.  

However, its listing can be summed up in a line, ‘much ado about nothing’ as it turned out to be a dismal one. The stock of One 97 Communications, the parent entity of digital firm Paytm, was listed at Rs 1,950 apiece on NSE, and currently, it’s seen trading at Rs 1,674; thereby, registering a fall of nearly 22 per cent from its offer price of Rs 2,150.   

Talking about the sectoral indices, all the indices were trading in red with Nifty Media and Nifty Auto plunging the most as both tanked more than 2 per cent.