Sensex, Nifty open higher amid volatility; Divis Labs, Sun Pharma dip
Equity benchmarks opened mildly higher amid volatility on Wednesday, ahead of expiry of September derivative contracts tomorrow.
The 30-share BSE Sensex was up 37.18 points at 31,636.94 and the 50-share NSE Nifty rose 5 points to 9,876.50.
About four shares advanced for every share falling on the BSE.
Sun Pharma lost 2 percent post AGM. Divis Labs fell 7 percent on USFDA observations for unit 2. Dr Reddy's Labs was also under pressure.
ICICI Lombard General Insurance Company is set to debut on the bourses today. It has set final issue price at Rs 661 per share, the higher end of price band.
Analysts don't expect strong listing gains as the initial share sale offer that ended last week was oversubscribed 3 times. In addition, equity markets have been subdued from last week, they said.
The reserved portion of qualified institutional investors has oversubscribed 8.17 times while the retail category showed a subscription of 1.22 times and non-institutional investors 0.82 times.
The Rs 5,700-crore public issue, which was opened during September 15-19, had a price band at Rs 651-661 per share.
ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.
Nifty rollovers were at 31.13 percent on Tuesday, lower than 3-month average of 37.67 percent, ICICIdirect said.
The market wide rollover was at 37.65 percent versus 3-month average of 35.5 percent.
Highest rollover was observed in Dewan Housing Finance (62 percent), Dabur (59 percent), Glenmark Pharma (55 percent), Biocon (55 percent) and Muthoot Finance (49 percent).
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