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Under the proposed OFS, the government will offload about 7.08 crore equity shares, representing 3.4% equity on Day 1, which is the T day and in the case of oversubscription, an additional 1.96% stake will be sold. Only non-retail investors will be allowed to place their bids on T day

Nifty hit all-time high 58 times between April 1, 1995 and March 31, 1996

The qualified institutional buyer portion was the most subscribed with a subscription of 228.91 times, followed by non-institutional investors with 81.81 times. Retail category was subscribed 19.15 times. The IPO comprised fresh equity of Rs 206 crore and an offer for sale (OFS) of 8.5 million equity shares. Ahead of the offer, the company has raised Rs 189 crore from anchor investors.

Bulk of earnings downgrades was driven by stocks related to defensive sectors (IT, healthcare, staples) and commodities

News reports during the day had said that Mahindra Group’s flagship company had bought some stake in the private sector lender. This sent shares of RBL Bank to an over 2-year high. Shares of the lender ended 7% higher in trade on the National Stock Exchange at Rs 239.20.

Investors assess mixed earnings from Microsoft and Alphabet ahead of a Federal Reserve rate hike that could push borrowing costs to their highest since the global financial crisis

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Mahantesh Sabarad, suggests that the outlook for the banking sector could favour those banks that are better positioned in terms of their corporate banking vertical, as corporate banking is expected to show faster growth, even in terms of overall NIMs. Most banks have reported steadier or improved asset quality numbers. In terms of the private banking names, Sabarad suggests that banks like Kotak Bank and HDFC Bank are better positioned in personal banking and loans, whereas ICICI Bank and SBI are better in terms of corporate banking.

Stocks that were in focus include names like Tata Motors DVR, which was up more than 12%, TCI Express, which rose more than 5%, and L&T, which closed with gains of over 3% to hit a fresh 52-week high.

Vinsys IT Services will launch its IPO on August 1 and it will be open for public subscription until August 4. The company offers training and certifications, project management, and technology training for the IT industry to become an accredited training service provider. Its IPO will consist of 38.94 lakh equity shares