Markets climb in early trade as foreign fund inflows; IREDA makes a bumper debut on bourses

Equity benchmark indices surged in early trading today, boosted by consistent foreign fund inflows and robust buying in heavyweight IT stocks, Reliance Industries, and HDFC Bank.

The 30-share BSE Sensex opened on a positive note and soared 305.44 points to reach 66,479.64, while the Nifty rose by 103 points, reaching 19,992.70.

Key gainers among the Sensex firms included Bharti Airtel, Tech Mahindra, Wipro, Tata Consultancy Services, HCL Technologies, Infosys, Mahindra & Mahindra, HDFC Bank, Axis Bank, and Reliance Industries.

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However, Power Grid and NTPC were among the laggards during this early trading phase.

Tuesday saw Foreign Institutional Investors (FIIs) purchasing equities worth Rs 783.82 crore, according to exchange data.

IREDA's Bumper debut

In parallel news, IREDA had a striking market debut on November 29, commencing at Rs 50, marking an impressive 56.25 percent premium compared to its issue price of Rs 32 on both NSE and BSE. Pre-listing, the stock had already commanded a 37 percent premium in the grey market, often a precursor indicating the expected listing price.

The Initial Public Offering (IPO) of Indian Renewable Energy Development Agency was subscribed 38.80 times on the last day of bidding on Thursday.

The IPO had a fresh issue of up to 40,31,64,706 equity shares and an offer for sale of up to 26,87,76,471 equity shares.

The price range for the offer was Rs 30-32 a share.