More gains for markets
are likely to extend gains made in the last two trading sessions, say technical analysts. The Nifty has gained nearly 250 points, or 2.1 per cent, to 12,087 in the past two sessions. “The index has formed a ‘double bottom’ trading pattern in the past one month. This is a bullish signal from the near-term point of view. The index is headed towards 12,150 and 12,200. On the downside, 11,800 will be a strong support,” said an analyst. Market players said the 'risk on' sentiment globally has keeping the mood buoyant.
Prince Pipes’ grey market premium
Shares of Prince Pipes and Fittings are changing hands at a premium of as much as 20 per cent in the grey market, said market players. The company’s Rs 500-crore IPO opens next week. The price band for the issue is Rs 177- Rs 178 per share. “There have been trades at Rs 210 and Rs 220 per share. The premium isn’t as high as seen for some of the recent IPOs. However, operators seem to be positive on the company's prospects,” said a broker. Prince Pipes is a maker of pipes used for plumbing, sewage disposal, and irrigation.