Market closes lower, Aditya Birla AMC's IPO is 96% subscribed on day 2

Nifty 50 closed at 17,618.15 (-93.2, -0.5%) , BSE Sensex closed at 59,126.36 (-286.9, -0.5%) while the broader Nifty 500 closed at 15,052.65 (-34.3, -0.2%)

Market breadth is horizontal. Of the 1796 stocks traded today, 893 were gainers and 836 were losers.

ICICI Direct maintains a 'Buy' rating on VST Tillers Tractors with a target price upside of 20%. The brokerage expects growth in sales due to the launch of tractors with over 50 horsepower and diversification of the company's product range into segments like power reaper and precision components.
Max Healthcare Institute, Supreme Petrochem, Vinati Organics, and Just Dial are trading with higher delivery volumes compared to Wednesday.
Tata Steel's wholly owned subsidiary T S Global Holdings divests its stake in NatSteel Holdings, a Southeast Asian steelmaker, for $172 million (Rs 1,275 crore).
ITI is trading in the green with more than 14 times its weekly average trading volume. Indian Overseas Bank, Central Bank of India, and Bank of Maharashtra are trading with more than eight times their weekly average trading volume.
Aditya Birla Sun Life AMC’s Rs 2,768 crore IPO is subscribed by 96% of the shares on offer, with the retail portion receiving bids for 1.8 times the available quota on day 2 of the bidding process.
Standard Life Investments divests a 5% stake in HDFC Asset Management Company selling over 1 crore shares for Rs 3,060 crore.
Blue Dart Express will increase shipment prices by 9.6% from January 2022. This will be the third straight year of price hikes by logistics companies Blue Dart Express and DHL Express.
Axis Securities maintains a 'Buy' rating on Mold-Tek Packaging with a target price at a 17% upside due to the company's capacity expansion at its Vizag and Mysore plants.
SBI Mutual Fund buys 4.2 crore shares of Max Healthcare Institute for Rs 1,500 crore in a bulk deal on Wednesday. On the same day, PE firm KKR sold 6.3 crore shares in the company for Rs 2,200 crore.
Faze Three is rising as Ashish Kacholia buys 4.5 lakh shares in the company worth Rs 13 crore in a bulk deal on Wednesday.
Nalanda India Equity Fund sells over 10 lakh shares in Just Dial for Rs 100 crore in a bulk deal on Wednesday.
Adani Green Energy's wholly owned subsidiary Adani Renewable Energy will acquire Essel Green Energy's 40-megawatt solar project for Rs 219 crore.
Zee Entertainment Enterprises' (Zee) institutional investor Invesco approaches the National Company Law Tribunal (NCLT) to force Zee to hold an extraordinary general meeting. Earlier in the month, Invesco asked the company to remove CEO Punit Goenka and two directors from the company's board.
Nifty 50 was trading at 17662.80 (-48.5, -0.3%) , BSE Sensex was trading at 59403.87 (-9.4, -0.0%) while the broader Nifty 500 was trading at 15079.20 (-7.8, -0.1%)
Market breadth is surging up. Of the 1706 stocks traded today, 1235 were on the uptrend, and 395 went down.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (22.75, 11.25%), Aditya Birla Fashion and Retail Ltd. (246.35, 6.35%) and Vodafone Idea Ltd. (11.90, 5.78%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (311.60, -3.18%), Indus Towers Ltd. (308.70, -2.92%) and REC Ltd. (157.85, -2.77%).

Movers and Shakers

26 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Welspun Corp Ltd. (144.85, 12.99%), Indian Overseas Bank (22.75, 11.25%) and Triveni Turbine Ltd. (159.45, 10.27%).

Top high volume loser on BSE was Torrent Pharmaceuticals Ltd. (3085.50, -1.57%).

ITI Ltd. (124.50, 5.33%) was trading at 17.6 times of weekly average. Tata Investment Corporation Ltd. (1367.00, 6.73%) and Solar Industries India Ltd. (2118.30, 5.13%) were trading with volumes 17.0 and 13.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Allcargo Logistics Ltd. (269.05, 1.09%), Blue Dart Express Ltd. (6506.90, 1.68%) and Can Fin Homes Ltd. (686.80, 5.26%).

15 stocks climbed above their 200 day SMA including Welspun Corp Ltd. (144.85, 12.99%) and Bank of Maharashtra (20.05, 6.37%). 4 stocks slipped below their 200 SMA including Bajaj Auto Ltd. (3832.65, -1.71%) and EPL Ltd. (239.65, -1.05%).