IT Down, Realty Up, and Contrasting IPO Fortunes: What Moved the Markets Today

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IT Down, Realty Up, and Contrasting IPO Fortunes: What Moved the Markets Today

By Aditya Raghunath -- Nifty and the BSE Sensex closed lower today on the lack of a clear direction in the market. Nifty closed down 0.33% while Sensex closed down 0.37%.

Nifty stocks that led the fall today were M&M (NS: MAHM ) which was down 2.96%, and Cipla (NS: CIPL ) and Tata Steel (NS: TISC ) lost over 2.7% each. Asian Paints (NS: ASPN ) moved up 3.1%, followed by Tata Motors (NS: TAMO ) at 2.56%. SBI (NS: SBI ) Life Insurance Company Ltd (NS: SBIL ), Nestle (NS: NEST ) India and Axis Bank (NS: AXBK ) gained over 1.5% each.

IT stocks were down today. The IT index closed down 1.33%. Mphasis (NS: MBFL ) closed down 2.28%, TCS (NS: TCS ) fell 1.89% and Infosys (NS: INFY ) fell 1.72%.

Nifty Realty gained 5.57% with Oberoi Realty (NS: OEBO ) gaining 10.43%, and Sobha Developers (NS: SOBH ) closing up almost 9%. Brigade Enterprises Ltd (NS: BRIG ) gained 6.64% as well.

Ami Organics and Vijaya Diagnostics launched their IPOs today. Ami Organics was subscribed over 1.62 times today while Vijaya Diagnostics was subscribed to just 20% on day one.

Asian markets closed up strong today with Nikkei ending higher 1.29%, Kospi up 0.24% and the Shanghai Composite closing up 0.65%

US stocks are set to open modestly higher later, reversing the equally modest losses of Tuesday but essentially stuck in a holding pattern until Friday’s payrolls report.

As of this report, Dow Jones futures were up 0.28%. S&P 500 futures were up by a similar amount and Nasdaq 100 futures were up by 0.17%.

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