Indices at previous closing
Nifty50: 16,411 ▼ 109 (-0.6%)
Sensex: 54,470 ▼ 364 (-0.6%)
Nifty Bank: 34,275 ▼ 315 (-0.9%)
For more updates on F&O, click here.
Bumpy start to merger
It’s not all smooth sailing for L&T Infotech and Mindtree. Shares of the two companies dipped 3% and 5%, respectively, after they announced a merger last Friday. Shares of Mindtree and LTI have fallen 25% each, against Nifty’s 8% drop in the past one month.
As part of the deal, shareholders of Mindtree will get 73 shares of LTI for every 100 shares they hold. The merger will make it the fifth largest IT services company in India.
LIC IPO a big hit!
India’s most-awaited IPO was a superhit among investors. On the final day, the LIC IPO was subscribed 2.9 times. While the policyholder category was subscribed more than 6 times, the retail portion was subscribed around 2 times.
Today, the IPO of retail wealth management services company Prudent Corporate opens for subscription. Click here to apply for the IPO.
Steel stands corrected
Due to the pandemic, the metal’s cost rose up by 90% compared to that in March 2020. The supply disruptions due to the geopolitical crisis also added to the rise in raw material costs. However, with the approaching monsoon season, steel prices might reach moderation amid low demand. According to CRISIL, steel prices may fall to ₹60,000 per tonne by the end of this fiscal year.
Sectoral indices (May 10)
| Top gainers | Top losers |
| Nifty IT
▲ 0.05% |
Nifty Media
▼ 2.6% |
| NA
|
Nifty PSU Bank
▼ 2.3% |
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.5% |
| Nikkei 225 (Japan) | ▼ 0.9% |
| Hang Seng (Hong Kong) | ▼ 2.9% |
| SSE Composite (China) | ▲ 0.2% |
| Dow Jones (US) (May 9) | ▼ 0.3% |
| NYSE (US) (May 9) | ▼ 2.7% |
| Nasdaq (US) (May 9) | ▼ 4.2% |
| S&P 500 (US) (May 9) | ▼ 3.2% |
Fact of the day
Sales of AR/VR headsets across the globe rose 92% in 2021 to 11.2 million units as compared to 2020.
Source: The Hindu
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