Indices positive in opening deals with all eyes on LIC listing

by IANS |

New Delhi, May 17 (IANS) Indian equity benchmark indices started Tuesday's trade in green ahead of listing of insurance major LIC's exchange debut.

It is expected that the listing will take place in a while.

The initial public offering of Life Insurance Corporation of India has received robust response from investors as the insurance major's offer has been subscribed 2.89 times.

It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date. The IPO values LIC at Rs 6 lakh crore.

At 9.33 a.m., Sensex was 0.8 per cent up at 53,371 points, whereas Nifty was 0.7 per cent at 15,596 points.

Asian stocks advanced on Tuesday as investors evaluated the economic outlook amid elevated food and fuel costs, tightening monetary settings and China's push to stamp out Covid, Deepak Jasani, Head of Retail Research, HDFC Securities.

"Benchmark indices can rally upwards today amid positive Asian market cues. LIC which is India's biggest IPO will be making its debut today and can influence the further direction of the market. Investors will closely be eyeing the WPI data which is expected to be released later in the day," said Mohit Nigam, Head - PMS, Hem Securities.

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