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Market Live: Sensex jumps 250 pts, Nifty around 17,300; Axis Bank down over 4%

Rupee trades in narrow range against US dollar in early trade. Be ready to apply for LIC IPO Mega issue-on 4th May through Goodwill!

Stock Market Today: Sensex, Nifty climbed higher at open on Friday. 

Benchmark Indian equity indices opened higher on Friday, extending previous day’s rally. Sensex climbed 296.45 points to 57,817.51 in early trade; Nifty jumped 99.3 points to 17,344.35. Axis Bank was down almost over 4%.

Indian indices witnessed a positive start on Friday amid positive global cues. On Thursday, the markets bounced back strongly after registering losses in the previous session. The indices have witnessed turbulence this week over multiple headwinds including the Ukraine war, surging inflation, central bank monetary tightening and Chinese Covid lockdowns. However, the global indices were bolstered by upbeat technology earnings in the US, brushing aside fears of economic slowdown. The Wall Street indices ended sharply higher in Thursday’s overnight session after reports of strong quarterly results by Facebook parent Meta uplifted beaten down tech and growth stocks, despite worries about US economy’s contraction in the first quarter. The Apple and Amazon stocks also rallied before their quarterly results were announced. In Asia, shares rose in South Korea, Shanghai, and Australia, while that in Hong Kong declined in early trade on Friday. The market in Japan was closed on Friday for Showa Day.   

LIC IPO: GMP, date, price, other details in 10 points: Grey Market premium up ..to Rs 70 per share.

LIC IPO price: The GoI has fixed LIC IPO price band at ₹902 to ₹949 per equity share. (Reuters) LIC IPO date for subscription: The public issue of insurance behemoth will open for subscription on 4th May 2022 and it will remain open for bidding till 9th May 2022

LIC IPO: It’s official now. The public issuer offering (IPO) of Life Insurance Corporation (LIC) of India is going to hit primary markets next month. As per teh information available on BSE website, LIC IPO subscription will open on 4th May 2022 and it will remain open for bidding till 9th may 2022. The Government of India (GoI) has fixed LIC IPO price band at ₹902 to s 949 per equity share. 

The GoI has also announce a discount of ₹45 per equity share to retail and eligible employee category and of ₹60 per equity share to policy holder category. Meanwhile, LIC share price has started trading in the grey market as well. According to market observers, shares of LIC are trading at a premium of ₹70 in the grey market today. Here we list out important LIC IPO details in 10 points:

1] LIC IPO GMP: Shares of LIC IPO started trading in grey market on Monday at a premium of ₹25. LIC IPO GMP today is ₹48 that means grey market is expecting LIC IPO listing at around ₹997 ( ₹949 + ₹48), around 5 per cent higher from its issue price.

2] LIC IPO price: The GoI has fixed LIC IPO price band at ₹902 to ₹949 per share.

3] LIC IPO date for subscription: The public issue of insurance behemoth will open for subscription on 4th May 2022 and it will remain open for bidding till 9th May 2022.

4] Discount for LIC policyholders: The GoI has announced ₹60 per equity share discount to the applicants having an LIC policy. However, only those LIC policyholders will be eligible for this discount who bought their policy on or before 13th April 2022, the day LIC filed its DRHP at SEBI.

5] Discount for LIC employees: The GoI has announced ₹45 per equity share discount to LIC employees applying for the public issue.

6] LIC IPO size: The GoI aims to raise ₹21,008 from its public offer, which is 100 per cent OFS (offer for sale) in nature.

7] LIC IPO lot size: An applicant will be able to apply for the IPO in lots and one lot of the public issue comprises 15 LIC shares.

8] LIC IPO application limit: A bidder is allowed to apply for minimum one lot and maximum 14 lots of the LIC IPO.

9] LIC IPO listing: The public issue will list on both NSE and BSE and the tentative listing date of the public issue is 17th May 2022. 10. The pricing seems to be attractive.

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