Sensex tanks 900 pts, Nifty at 17.2k; Tarsons makes strong debut
Sensex tanked nearly 800 points, while Nifty opened around the 17,300-mark on Friday. Kotak Bank and HDFC dropped 2% each. Shares of Tarsons Products are going to hit Indian bourses today. Also, RIL’s shares will likely be in focus today after the deal with Aramco was called off. Meanwhile, Asian stocks fell and headed for their largest weekly drop in nearly two months on Friday, while safe-haven assets such as bonds and the yen rallied as a new virus variant added to swirling concerns about future growth and higher U.S. interest rates.
Tarsons Products shares make a strong debut despite weak broader markets
Shares of leading life sciences company Tarsons Products made its stock market debut on Friday by listing at premium of 3% at ₹682 per share on the NSE as compared to IPO issue price of ₹662 apiece. On the BSE, Tarsons Products shares were trading at ₹708 apiece.
Sensex takes a plunge
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Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The index has opened with a gap down this morning. If we sustain the gap and break the lows, we can slide further to 17100 which is the next level of support. However, it is well established now that the current trend is down and all up moves are opportunities to short the Nifty. The upside is capped by multiple levels of resistance, the most important one being 17600.
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Top gainers/losers at this hour
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Godrej Properties buys 16 acres in suburban Bengaluru
Godrej Properties Ltd on Friday said it has bought a 16-acre land parcel in suburban Bengaluru’s Sarjapur Road area to develop a mid-income residential project. The developer didn’t disclose the value of the land purchase. The project is estimated to have about 1.5 million sq ft of potential saleable area comprising primarily of residential apartments of various sizes.
RIL stock to go higher: Motilal Oswal
In the last year, Reliance Industries (RIL) has seen strong deleveraging on the back of value unlocking in the consumer business, which has aided valuations, as per brokerage and research…
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