Markets rose for the fifth session as traders complained of NSE system glitches

Traders complain about glitches in the NSE system

Some traders and traders complained of technical problems with the National Stock Exchange (NSE) trading system, which stopped trading in Vodafone Idea shares for a few minutes in the morning, leading to losses. They complained that many orders did not match the pre-open orders. Some people said they could not get confirmation of their transaction. Many expressed their concerns on social media and after the issue was resolved, pending orders were canceled and trading resumed.

JNK India IPO was subscribed 28 times in last day

Heating equipment maker JNK India’s initial public offer (IPO) was oversubscribed 28.07 times on Thursday as bids closed. The Rs 650-crore initial share sale received bids for 11,083,278 shares against 311,055,408 shares sold, according to NSE data. Eligible institutional investors subscribed 75.72 times and non-institutional investors subscribed 23.19 times. Quota for individual retail investors was subscribed 4.01 times. In the IPO, up to Rs 300 crore of new shares were issued and 8,421,052 shares were offered for sale.

The market rose for the fifth consecutive session

Equity benchmark Sensex rose for the fifth straight session, gaining nearly 500 points to regain the 74,000-mark, while Nifty ended above 22,550 on Thursday amid heavy buying in banking, financials and metals stocks.

The 30-stock BSE Sensex index recovered after an early sell-off and ended up 486.50 points, or 0.66 percent, at 74,339.44 points. On the same day, the index gained 718.31 points or 0.97% to 74,571.25 points. The NSE Nifty rose 167.95 points or 0.75% to 22,570.35 points.

India’s benchmark index opened soft today, but markets rallied in the second half and ended higher for the fifth consecutive session. The weak opening can be attributed to negative signals from Asian peers. Buying in the second half was seen in select bank and FMCG stocks such as Axis Bank, ICICI Bank and Nestlé,” said Abdhoot Bagkar, technology and derivatives analyst at Stoxbox.

Axis Bank gained 6% on the Sensex basket after reporting a consolidated net profit of Rs 7,599 crore for the March 2024 quarter.

Other major gainers were State Bank of India, NTPC, Nestlé, Sun Pharma, JSW Steel, ITC, Mahindra & Mahindra and HCLTech.

Hindustan Unilever, Titan, Bajaj Finance, Maruti and Asian Paints lag behind.

Shares of Kotak Mahindra fell 10.85% after the Reserve Bank of India banned the bank from accepting customers online and issuing credit cards.

In a crackdown on repeated non-compliance with IT norms, India’s central bank on Wednesday banned Kotak Mahindra Bank from onboarding new customers and issuing new credit cards through its online and mobile banking channels as the regulator found “serious deficiencies”. Bank IT. Risk management.

FMCG major Nestlé India on Thursday reported a 27 percent rise in net profit at Rs 934 crore for the fourth quarter ended March 31, 2024, on strong momentum across its product portfolio.

In the broader market, the BSE midcap index gained 0.71% and the smallcap index gained 0.54%.

Among them, service industries increased by 1.71%, metals increased by 1.16%, medical services increased by 0.97%, electricity increased by 0.94%, and energy increased by 0.87%.

Consumer durables and real estate lag.

“Market breadth was strong, with oil prices correcting as conflict in the Middle East eased and US demand softening. Broader domestic markets were buoyed by PMI data, with discretionary spending improving.

“Additionally, RBI’s regulatory ecosystem for private banks leads PSU banks to outperform the market. Now focusing on earnings reports, early reports point to a gloomy outlook for technology stocks, leading US equities to yield higher,” said Vinod Nair, head of research at Geojit Financial Services.

In Asian markets, Seoul and Tokyo ended lower, while Shanghai and Hong Kong closed higher.

European markets were mixed. Stocks closed mixed on Wall Street on Wednesday.

Brent crude, the global oil benchmark, rose 0.06% to $88.07 a barrel.