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Share Market LIVE: Sensex surges, opens above 49,000 mark; Nifty just below 14,500; RIL shares down 3%

Stock markets opened with gains on Monday.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened with gains on Monday morning. After a deep correction last week, S&P BSE Sensex regained 49,000 mark on the opening bell while Nifty 50 was just below 14,500. Among the top gainers were UltraTech Cement, Bajaj Finance, and HDFC. After a strong earnings update, Reliance Industries shares slipped more than 2% — become the top Sensex drag. Broader markets were up in green, following the benchmark indices. Major Asian peers too were trading with gains. KOSPI, KOSDAQ, Hang Seng, Topix, and Nikkei 225 were all up in green while Shanghai Composite was down in red.

Continuing the recent flurry of initial public offerings, today the Rs 412 crore IPO of Stove Kraft Ltd will open for subscription. The kitchen appliance manufacturer is one of the leading brands in the segment. The issue is priced at Rs 384-385 per unit and investors can bid for a lot of 38 equity shares and in multiples thereafter. The company caters to the sub-premium category through its Pigeon and Gilma brands, while its premium offering is under the BLACK + DECKER brand. Brokerage and research firm, Angel Broking, has a ‘Neutral’ rating on the issue. “Company has priced its issue at 34.5x PE on a trailing basis, its peers TTK Prestige and Hawkins Cookers are currently trading at 61.0x and 47.5x respectively,” they said.

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