A good support and stop lies below 15,700 and until that does not break on a closing basis, traders can accumulate long positions on intraday dips.
Zomato IPO updates: The initial public offering of Zomato, one of the leading food service platforms in India, subscribed 4.82 times so far on July 16, the third day of bidding.
The retail investors are at the forefront as the portion reserved for them is subscribed 4.82 times, while non-institutional investors have put in bids for 47 percent against their reserved portion.
Market update at 10 AM: Sensex is up 34.50 points or 0.06% at 53193.35, and the Nifty added 15.30 points or 0.10% at 15939.50.
The unprecedented huge liquidity created by the leading central banks and the undue influence being exerted on the market by the exploding number of newbie retail investors has rendered traditional market valuation models less significant than during normal times.
While Nifty is up 13.89 percent YTD, the midcap and smallcap indices are up 33.16 percent and 45.79 percent YTD respectively.
Bandhan Bank shares slip after loan book, deposits fall in Q1: Bandhan Bank share price shed over 2 percent after the bank’s loan book and deposits declined in June quarter.