After opening the day in red share markets in India witnessed volatile trading activity throughout the day and ended the day firmly in green, after a strong rally at the wee end of the session. Sectoral indices too ended the day in green, with stocks in the bank sector and stocks in the metal sector leading the gains.
At the closing bell, the BSE Sensex stood higher by 470 points (up 1.4%) and the NSE Nifty closed up by 133 points (up 1.3%). The BSE Mid Cap index ended the day up 1.2%, while the BSE Small Cap index ended the day up by 0.7%.
Asian stock markets finished mixed, as fears about a trade war between US and China seemed to dissipate. As of the most recent closing prices, the Hang Seng was up by 0.8% and the Shanghai Composite was down by 0.6%. The Nikkei 225 was up by 0.7%. Meanwhile, European markets too were trading on a positive note. The FTSE 100 was up by 0.3%, The DAX, was up by 0.7% while the CAC 40 was up by 0.4%.
The rupee was trading at Rs 64.87 against the US$ in the afternoon session. Oil prices were trading at US$ 65.6 at the time of writing.
In the news from the IPO space, the initial public offer of Lemon Tree Hotels Ltd which opened for subscription today was subscribed by over 16% at the time of writing.
The proceeds from this IPO of around Rs 10.9 billion will go to the selling shareholders. None of the promoters are selling their shares in this IPO and thus their holdings post the IPO will remain the same at 29.16%.
Lemon Tree Hotels Ltd. is India’s largest hotel chain in the mid-priced hotel sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 2017 (as per the Horwath Report). It is also the ninth largest hotel chain in India in terms of owned, leased and managed rooms, as of June 30, 2017. The company operates in the mid-priced hotel sector, consisting of the upper-midscale, midscale and economy hotel segments.
