Stock Market Nifty 50 falls below 21,500, Zee Entertainment shares down 25%

The Bombay Stock Exchange (BSE) has revised the Dynamic Price Band of shares of Zee Entertainment to 30% downward from 25% earlier. In case further relaxation is needed, it will be done at an interval of 15 minutes, a circular from the BSE said.It must be noted that the stock is currently in the F&O ban and hence there are circuit limits being imposed, something that is a practice with non-F&O stocks.

Otherwise, for F&O stocks, there is no price band. Barring ICICI Bank, the remaining 11 stocks in the Nifty Bank index are contributing negatively towards its downside. Reliance Industries shares were in focus on January 23 with analysts expecting up to 23% upside in the Mukesh Ambani-led conglomerate’s stock following the results for the October to December 2023 quarter.

Reliance shares traded more than a percent lower after the firm reported a steady third quarter with retail business revenue hitting a record high, Jio reporting a 2% rise in average revenue per user (ARPU) and oil and gas business witnessing record high margin of 86%. Shares of HDFC Bank Ltd. remain the top contributors to the Nifty 50’s downside on Tuesday, declining another 2%. India’s largest private lender is contributing 56 points to the index downside on Tuesday.

The lender’s market capitalisation has also slipped below the mark of ₹11 lakh crore, compared to its peak of ₹12.97 lakh crore, which it had on December 29.With Tuesday’s drop, the stock has declined in four out of the last five trading sessions, during which it has seen a drop of 13% from closing levels of January 16. Shares of Medi Assist Healthcare Services listed on the bourses on Tuesday, January 23. The stock listed at a premium of 11% at ₹465 a share on the BSE, and went on to scale an intra-day high of ₹509.60. On the NSE, it listed at ₹460, a premium of 10% against an issue price of ₹418.

Ahead of its debut, shares of Medi Assist were commanding a premium of ₹32-36 in the unlisted market. As per trends, the company’s shares were expected to list at a premium of 8%. The initial public offering (IPO) of Nova Agritech Limited (NATL) will open for subscription on Tuesday (January 23). The public offer was postponed by a day due to the market’s holiday on January 22 and would close on January 25. Ahead of the issue launch, the company’s shares are commanding a premium of ₹20 in the unlisted market.Nova Agritech has fixed its price band at ₹39-41 per share, with a lot size of 365 equity shares in one lot and its multiples thereafter.