Sensex and Nifty Recover on Meesho’s Bumper IPO Listing

Meesho Makes a Strong Debut; Sensex and Nifty Bounce Back

The Meesho IPO that created a lot of buzz has finally come to the stock market and what a great debut it was! The e-commerce company, which is very popular, listed at a price that was 46% more than its IPO price on the very first day, and thus, the early birds made strong gains.

The positive momentum of Meesho IPO was therefore a sigh of relief to domestic markets that had been gradually losing their strength in the last few sessions. The opening of Sensex and Nifty on Wednesday was higher due to the renewed investor optimism, a slight recovery in the rupee, and the US Federal Reserve's statement that was upcoming.

Sensex and Nifty Performance

The Sensex, which was almost flat at 84,666 in the very beginning, very quickly jumped to 84,979, gaining 313 points by 10:15 AM. The Nifty, on the other hand, was also performing similarly, with its price watching 25,915, which was 75 points higher.

Top Movers and Sector Highlights

On the one hand, the gainers in the Sensex included such stocks as:

• Hindustan Zinc
• Samman Capital
• Manappuram Finance
• HDFC AMC
• AU Small Finance

But on the other hand, the following stocks were laggards:

• Kanes Technologies
• Paytm
• Interglobe Aviation
• Delivery
• PG Electroplast

Meanwhile, the Bank Nifty had a good day too, with a rise of 181 points, while the Nifty Midcap Index also got 193 points added to it, which was a sign of the wide-ranging buying that was going on in the market.

Currency and Global Factors

The Indian rupee got a little stronger, with a trading value of ₹89.76 against the US dollar, which was a factor contributing to the positive mood in the markets. Investors appear to be willing to buy on dips which is allowing the domestic indices to bounce back from their last losses.