The day's trade in domestic stock markets started out in the red. On the opening bell, the S&P BSE Sensex was down 700 points, threatening to fall below the 48,000 mark. On opening, the 50-stock NSE Nifty index was below 14,500.
Minutes into the exchange, however, both indices were recouping their losses. The top Sensex drags were Titan, State Bank of India, and the HDFC twins. The top gainers were IndusInd Bank, Bajaj Auto, and M&M. The stock of Reliance Industries was also down. The VIX in India hit a new high of 24.
As the PowerGrid Infrastructure Investment Trust (InvIT) enters the final day of bidding, investors have already subscribed to 60% of the problem. The first state-sponsored InvIT is planning an initial public offering (IPO) of its units to raise Rs 7,734 crore.
Institutional investors have taken up 38% of the issue's portion set aside for them. Other buyers, meanwhile, have bid for 88 percent of the portion set aside for them. PowerGrid InvIT is available in 42.54 crore units. Investors may place a bid in the price range of Rs 99-100 per unit for the question. The minimum bid lot size is 1,100 units, which translates to a Rs 1.1 lakh investment.