Sensex up 54 pts, Nifty holds 17,600; NDTV gains 5%, Adani Enterprises 4%

CLOSING BELL: Technically, shares of NDTV have rallied four-fold since December 2021, staging one of its biggest rally since 2007-08

CLOSING BELL

Stock market highlights: Domestic equities whipsawed in trade on Wednesday as investors juggled between expensive valuation, tepid global mood, and robust domestic outlook. 

The S&P BSE Sensex, eventually, closed at 59,085, up 54 points or 0.09 per cent. The NSE Nifty50, meanwhile, ended 27 points, or 0.16 per cent, higher at 17,605. In the broader markets, the BSE MidCap and SmallCap indices advanced 0.7 per cent each.

Among sectors, the Nifty Media index climbed 1.7 per cent, the Nifty Realty added 1.8 per cent, and the Nifty Private Bank index gained 1.6 per cent. On the downside, the Nifty IT and Pharma slipped 0.3 per cent each.

The NDTV saga

Retail shareholders/investors stand to gain the most in the short-to-medium term from Gautam Adani group’s takeover bid for Prannoy Roy and Radhika Roy-controlled New Delhi Television Ltd. (NDTV), said analysts. READ MORE

Technically, shares of NDTV have rallied four-fold since December 2021, staging one of its biggest rally since 2007-08. On the upside, the stock can surge to Rs 450. READ MORE

DreamFolks Services IPO

The three-day issue of DreamFolks Services sailed through on the very first day on the back of robust retail participation. The issue was subscribed 1.4 times till 3:00 PM with retail portion's subscription at 6.5 times.