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At 10:30am, Sensex tanked 563.92 points or 0.93% to 59,788.90, while Nifty stood at 17,848.70, down 168.50 points or 0.94%.
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MOIL's board has approved buyback of up to 3.38 crore equity shares at Rs 205 each for an aggregate consideration not exceeding Rs 693.77 crore.
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Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite.
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Angel One is bullish on UPL with a price target of Rs 805 per share.
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31 of the 44 companies that got listed so far in the current calendar year are trading above their listing price.
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Nifty PSU Bank was the top laggard with losses of 2.35%, while the Nifty Metal index tanked 1.76% and Nifty Realty index slipped 1.36%.
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The IPO market is a bubble, a big one at that, says Abhishek Basumallick, Chief Investment Advisor at Investment Capital
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Investors playing for listing gain can keep a stop loss of 1950 while aggressive investors are advised to hold this stock.
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The 'buy on dips' strategy of retail investors and DIIs is countered with the 'sell on rally' strategy of FIIs.
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Shares of FSN E-Commerce Ventures (Nykaa) opened at Rs 2,018 on the NSE, compared to the issue price of Rs 1,125, marking a premium of 79.38%.