Sensex, Nifty consolidate; L&T Technology lists at Rs 920, up 7%

Moneycontrol Bureau10:40 am Listing: GNA Axles, the rear axle shafts manufacturer, will make its stock market debut on September 26. The issue price is fixed at Rs 207 per share, the higher end of price band.

The 63 lakh equity shares public issue was oversubscribed 54.88 times.

The reserved portion of qualified institutional investors oversubscribed 17.18 times and non-institutional investors 217.47 times. The reserved category of retail investors also oversubscribed 11.84 times.

The Rs 130-crore public issue was opened for subscription during September 14-16 with a price band of Rs 205-207 per share.10:20 am Market Expert: A catch-up trade is happening now on back of liquidity, believes Sridhar Sivaram, Investment Director at Enam Holdings. But, he adds that this liquidity will not continue forever and earnings will have to come through.Enam expects earnings growth to be around 10 percent for FY17 unlike other brokerages that are estimating growth of mid double-digit growth. Any dip in the market with expectations of earnings following through will be a buying opportunity.Speaking to CNBC-TV18, Sivaram said that a 25 basis point hike by the US Federal Reserve in December is already priced in by markets.Sivaram expects the Reserve Bank to cut 50 basis points by October this year on back of positive inflation numbers last month.Also read - Buy, sell or hold: Analysts pick 7 stocks10:00 am Market Check

Equity benchmarks continued to consolidate with the Nifty hovering in 20 points range while the broader markets outperformed. The BSE Midcap and Smallcap indices gained 0.4 percent each.

The 30-share BSE Sensex was down 27.98 points at 28745.15 and the 50-share NSE Nifty fell 4.65 points to 8862.80 after rising more than 200 points in previous session.

The market breadth was positive as about 1105 shares advanced against 842 declining shares on the BSE.

L&T Technology Services, the subsidiary of engineering & construction giant Larsen and Toubro, has made its stock debut at Rs 920 per share, up 7 percent over its issue price of Rs 860.