Sensex, Nifty Open Gap-Up; Nuvoco Vistas Debuts At 17% Discount

The Indian equity markets opened gap-up on Monday, August 23, backed by positive action in the foreign markets as the U.S markets scaled higher on Friday led by technology stocks and the Singaporean Exchange indicated a positive start too.

At 10:11 AM, the BSE Sensex was up 254.11 points at 55,583.43, while the Nifty-50 index added 59.95 points at 16,510.45. Shares of HCL Tech emerged as the top index gainer as the stock jumped over four per cent, while Tech Mahindra, TCS, and Tata Steel surged between 1-2 per cent each in the morning trade.

Sector-wise, the IT sector was the top gainer adding over two per cent led by advances in all major stocks. However, the Auto, FMCG, and Metal sector were trading in the red in the morning trade.

Shares of Nuvoco Vistas will be in major focus for the day's trade after the company saw a discounted listing at Rs 471, down 17.37 per cent against issue price of Rs 570. The cement company became the second company to witness a tepid listing after CarTrade Tech.

Adding to the positive cues in the market, the FII data from the exchanges also stood positive as inflows of Rs 5,001 crore hiwere seen in August so far. The FPI flow has  back after outflow of Rs 11,308 crore in July. However, with inflows in August, the net FPI investment in the equities segment in 2021 now stands at Rs 54,037 crore.

In the overall market breadth on Monday, nearly 1163 shares declined and 582 shares advanced at the time of filing in the NSE.