Tuesday Tantrums – Daily Market Wrap Up    

Highlights of the Day

•   IPO of RBL Bank has been over subscribed 69.53 times on the last day of the issue. The price band of the offer was RS.224-225 per share. The IPO received bids for 263.52 crore equity shares against the total issue size of 3.79 crore shares.
•  Gillette announced June quarter results with profit declining by 35%. The scrip ended 1.71% down at Rs. 4681.40.
•  Tata Power announced June quarter with net profit declining by 63%. The scrip closed down by 3.24% at RS.74.75 at the end of the day.
• Nifty closed 0.04% up at 8632.60 for the day with 24 advances and 27 declines. S&P BSE 30 closed at 27990.21 up 0.02% or 4.67 points for the day.

Market Rumours

Idea and Vodafone are in talks for a mega merger or a strategic deal. The merger if it happens would dislodge Bharti Airtel from its number one position. Vodafone would also get automatic listing after the merger. Both the companies denied the merger news.

Market Mood                 

Both the major indices were volatile and recovered late in the day. IT stocks helped in the recovery as Nifty IT was up by 1.64%. Infosys led the IT pack rising by 2.41%.