Business

Key indices surge over 2.5%, LIC debuts below issue price

A security guard walks past logos of Life Insurance Corporation of India (LIC) and BSE inside the BSE building in Mumbai, India, May 17, 2022.

A security guard walks past logos of Life Insurance Corporation of India (LIC) and BSE inside the BSE building in Mumbai, India, May 17, 2022. | Photo Credit: NIHARIKA KULKARNI

Key benchmark stock indices on Tuesday surged more than 2.5% after a making a rebound supported by favourable cues.

The S&P BSE Sensex gained 1,344.63, or 2.54%, to close at 54,318.47 points on buying momentum in heavyweights such as Tata Steel, Reliance and ITC,

The top gainers included Tata Steel (7.62%), Reliance (4.26%), ITC (4.15%), Wipro (3.97%), ICICI Bank (3.97%) and Maruti (3.85%).

NSE Nifty-50 index surged 417 points, or 2.63%, to 16,259.30 points. All the sectors ended with gains.

“The benchmark opened higher led by supportive Asian markets as China eased lockdown restrictions,” Ajit Mishra, vice-president, research, Religare Broking Ltd. said. “As the day progressed, healthy buying across sectors and short-covering supported the market to maintain its momentum.”

"It’s a much-needed breather for the bulls after five weeks of slide and we may further rebound ahead," he said.

However, shares of Life Insurance Corporation of India (LIC) got listed at a discount from its issue price of ₹949 apiece. The stock opened lower and got listed at ₹867, a discount of 8.62% on the BSE. Intraday, it touched the day's high of ₹920 and low of ₹860 before closing at ₹875.45, down 7.75%.

Meanwhile, the rupee on Tuesday hit its life-time intraday low of 77.79 before closing 11 paise higher against the U.S. currency on a stellar rally in the domestic stock markets and a pullback in the dollar.

(With PTI inputs)


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Printable version | Jun 29, 2022 9:53:41 am | https://www.thehindu.com/business/indices-surge-over-25-lic-debuts-below-issue-price/article65423414.ece