Stock market today: Sensex drops over 400 points, Nifty trades at 23,700 – Times of India

NEW DELHI: The Indian equity markets continued to show weakness on Wednesday as the benchmark indices opened in the red. The BSE Sensex dropped over 350 points, trading at 78,216.61 (−458.57), a decline of 0.58%. The Nifty50 index also saw a slight dip, shedding 176 points, or 0.74%, to reach 23,707.45, as investors anticipate Swiggy’s stock market debut.
Meanwhile Swiggy’s IPO saw a price surge of nearly 15 percent with Rs 447, however it was listed at Rs 420 in NSE and Rs 412 on BSE. The IPO, valued at Rs 11,327 crore (approximately $1.4 billion), marks the second-largest listing in India this year, trailing only Hyundai Motor India’s Rs 27,870-crore offering.
Swiggy’s IPO received strong backing from institutional investors, with Qualified Institutional Buyers (QIBs) subscribing at a rate of 6.02 times. Non-institutional investors followed closely, subscribing 10.41 times. Retail investors subscribed 1.14 times to their allotted portion, while employees bid 1.65 times for their reserved shares, showing substantial support from both segments.
Swiggy’s debut, valued at around $11.3 billion, positions it as India’s largest technology IPO since Paytm. The listing is expected to generate significant wealth for employees, with approximately 500 Swiggy staffers likely to join the ‘Crorepati’ Club as employee stock options (ESOPs) unlock nearly Rs 9,000 crore in value.
On Tuesday, Indian markets faced a steep decline, with the Sensex losing over 900 points and closing at 78,675.18, down by 820.97 points, or 1.03%. The Nifty50 mirrored this performance, slipping to 23,883.45 with a loss of 257.85 points, or 1.07%. The decline followed a lackluster Monday session, influenced by global market cues, sustained foreign institutional investor (FII) selling, and mixed quarterly earnings reports.
Among the top gainers on Tuesday were Tata Motors, Asian Paints, LIC, Biocon, Trent, Bharti Airtel, HCL Technologies, Infosys, Sun Pharma, ONGC, ICICI Bank, SBI Life, Reliance, TCS, and Grasim, indicating targeted investor interest in select sectors. Despite these gains, the overall market sentiment remained cautious, with investors keenly awaiting key earnings announcements from major companies.
The Gift Nifty was at 24,130, suggesting a moderate outlook for the immediate term. Analysts predict a period of market consolidation ahead. Deepak Jasani, Head of Retail Research at HDFC Securities, noted, “Nifty’s weekly chart shows a small negative candle with long upper and lower shadows, forming a high wave pattern. The short-term trend appears choppy, with consolidation likely to continue, though with a weak bias.”