Sensex extends losses, falls below 60,500, Nifty nears 18,000

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Domestic stock markets started the day’s trade moving between gains and losses before slipping deep into the red. S&P BSE Sensex was below 60,600 mark while Nifty 50 was nearing 18,050 minutes after the opening bell. Bank Nifty was also in the red, below 38,500 levels. Midcap and smallcap indices outperform headline indices. Maruti was the top Sensex gainer, up more than 1%, followed by Bajaj Finserv, M&M, and Tata Steel. HDFC, Reliance Industries, and Kotak Mahindra Bank were among the laggards.  

Tarsons Products IPO sailed through on the first day of sale on Monday. The public issue of the company saw massive interest from retail investors who subscribed their portion of the issue 2.12 times. Non-institutional Investors have bid for the IPO 0.17 times while employees of the company have bid for 0.41 times the quota reserved for them.  On the other hand, Qualified Institutional Buyers are yet to bid for the IPO. Overall, the public issue of Tarsons Products has been subscribed 1.09 so far. In the unlisted space, shares of Tarsons were trading at a strong premium.