Key indices opened in green after three days on Tuesday. The 30-share BSE Sensex was up 212.85 points at 31,494.44 at 10:03 AM and the 50-share NSE Nifty rose 66.05 points to 9,854.65.
As SBI Life insurance got listed on the bourses and debuted the market on Tuesday at the issue price of Rs 700. However, the scrip opened at a premium of Rs 20, settling the price at Rs 720.
However, in pre-order trade, the price reached at Rs 735, up 5% over issue price of Rs 700 on the NSE.
SBI life insurance is a subsidiary of the State Bank of India, that India's first billion dollar IPO worth Rs 8,400 crore in September. The IPO was oversubscribed 12.56 times, while those meant for non- institutional investors and retail investors received 70% and 85% subscription.
SBI Life's IPO is the biggest since state-run Coal India's 155 billion rupee ($2.4 billion) IPO in 2010 and market participants expect 2017 to be a record-setting year for India, with fund-raising from IPOs exceeding 2010's $8.5 billion.
Meanwhile, the spotlight would also be on Reliance Communications stocks as the Rcom called off its merger with Aircel citing regulatory uncertainties and alluding to sabotage by “vested interests“, dealing a blow to the hopes of the two debt-ridden telecom companies.
The rupee fell sharply by 32 paise to 65.60 against the dollar today as the greenback took on more strength overseas.
Forex dealers said the greenback hit a one and a half month high overseas after US manufacturing activity in September rose to its highest level in 13 years, bolstering expectations of an interest rate hike.
However, they said, a higher opening in domestic equities kept the losses in check.
The rupee had ended 22 paise higher at 65.28 against the dollar on Friday on sustained unwinding of the American currency by exporters.
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