NSE Listing Sees India's Biggest Exchange Near Bottom of Rs 10,000 Crore IPO Club
Banks and insurers led losses after regulators proposed commission rule changes, while Brent crude hovered around $102 a barrel, analysts said.
- Indian shares fell on Thursday as the National Stock Exchange listed at 1,800 rupees, a modest premium over its 1,785-rupee issue price, while the Nifty 50 shed 0.91% and the BSE Sensex fell 0.86%.
- Surging oil prices weighed on sentiment after Iranian President Masoud Pezeshkian told the UN General Assembly on Wednesday that Tehran would never surrender to US pressure, sending Brent crude to around $102 per barrel.
- The IRDAI proposed overhauling commission rules, causing insurance and banking stocks to tumble; PB Fintech and Turtlemint Fintech fell 20% each, with Macquarie analysts noting Axis Bank and HDFC Bank remain exposed.
- Health fell 4.9% on reports of a block deal worth up to 6.50 billion rupees, while Axis Bank and HDFC Bank lost 3.5% and 1.3% respectively; Bharat Dynamics gained 1.4% after a defence order.
- Prospects for a market recovery appear remote as long as global headwinds persist, said VK Vijayakumar, chief investment strategist at Geojit Investments, as small-caps and mid-caps fell 0.8% and 1.3% respectively.
15 Articles
15 Articles
₹85,000 crore gone! PB Fintech to HDFC Bank — these 5 financial stocks witness highest wealth erosion on IRDAI's move
Financial stocks faced significant selloff on Thursday due to proposed changes by IRDAI to insurance distribution and commission structures, erasing ₹1.12 lakh crore in market capitalisation. Major losses were seen in Bajaj Finance, PB Fintech, HDFC Bank, and Axis Bank, leading the decline.
Market sell-off: 12 financial stocks lose a combined Rs 1 lakh crore m-cap amid insurance overhaul worries
Financial stocks lost Rs 1.12 lakh crore in market value as IRDAI’s proposed changes to insurance commissions weighed on sentiment. PB Fintech, Bajaj Finance and insurers were among the key losers.
NSE makes historic market debut at a premium of 1%, rises further on listing
Despite modest listing-day gains, analysts remain broadly positive on longer-term performance. Performance in the medium term depend on additional equity that may become available to trade once the lock-in period for current shareholders comes to an end.
NSE listing sees India's biggest exchange near bottom of Rs 10,000 crore IPO club
NSE made a muted debut with a 0.8% listing gain, placing it near the lower end of the Rs 10,000 crore-plus IPO club. Despite strong subscription and its dominant market position, the exchange delivered a modest debut. Brokerages remain constructive, citing long-term growth potential, strong fundamentals and India’s financialisation.
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