Stock market today: Sensex, Nifty see positive start; NSE IPO receives 6x subscription on final day | Business News

Benchmark stock indices Sensex and Nifty had a positive start on Tuesday, a day ending in green. Benchmark stock index Sensex jumped 564 points while the Nifty rose for the fourth consecutive session on Monday, supported by relaxing crude oil prices, fresh foreign fund inflows and a positive trend in global equities.The 30-share BSE Sensex jumped 564.03 points, or 0.76 per cent on Monday, to settle at a more-than-a-week high of 74,858.99, according to figures cited in a PTI news agency. During the day, it surged 692.44 points, or 0.93 per cent, to 74,987.40.Rising for the fourth day, the 50-share NSE Nifty closed higher by 67.90 points, or 0.29 per cent, at 23,414.30.Among the 30 Sensex firms, UltraTech Cement jumped 4.11 per cent. HCL Tech, Eternal, Titan, ITC and Tech Mahindra were also among the prominent winners.Bharti Airtel, Power Grid, Infosys and Adani Ports were among the laggards."Indian equity benchmarks closed higher today, extending their recent recovery as easing crude oil prices and broad-based buying improved market sentiment. The moderation in energy prices offered some relief on concerns over India's import bill, inflation outlook and corporate margins, although the broader backdrop remained cautious amid persistent geopolitical uncertainty," PTI quoted as saying Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm.NSE IPO receives 6 times subscription on last dayThe ₹22,569-crore initial public offering of the National Stock Exchange of India (NSE), the country's second-largest IPO, received nearly six times subscription on the final day on Monday, led strong demand from institutional buyers.The offering is being touted as India's second-largest public issue after Hyundai Motor India's ₹27,870-crore IPO in 2024. The IPO surpassed LIC's ₹21,000 crore offering in 2022 but remains below Hyundai Motor India's record public offer so far.The NSE IPO received bids for 50.58 crore (50,58,11,384) shares against 8.86 crore (8,86,42,911) shares on offer, for a 5.71-times subscription, according to BSE data cited in another PTI report.The category for Qualified Institutional Buyers (QIBs) garnered 12.68 times subscription, while the portion for non-institutional investors was subscribed 6.55 times. The retail investors' portion was booked 1.39 times.The mega IPO generated nearly ₹90,300 crore of demand against the ₹22,568 crore issue size. The IPO was fully subscribed on the second day of bidding on Friday.The NSE on Wednesday last week raised ₹6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity.Additionally, sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management, also participated in the anchor round.The IPO comprises an Offer for Sale (OFS) of up to 12.64 crore equity shares by existing shareholders.NSE IPO price bandThe exchange's price band has been fixed at ₹1,700-1,785 per equity share for the IPO. At the upper end, it will command a valuation of up to ₹4.42 lakh crore.Since the offering is entirely an OFS, proceeds from the share sale will accrue to existing shareholders, not the NSE.NSE shares are expected to make their market debut on September 24.The public issue marks a significant milestone for the NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.The reduction in the OFS size from the earlier planned 14.9 crore shares has brought down the overall issue size from the initial estimate of around ₹30,000 crore.(With inputs from PTI)