Business News Live: Markets rebound in early trade after sharp decline in previous session

Shares of Indo Farm Equipment Ltd on Tuesday listed with a premium of over 20 per cent against the issue price of Rs 215.

The stock started the trade at Rs 258.40, reflecting a premium of 20.18 per cent on the BSE. It further jumped 33.44 per cent to Rs 286.90.

At the NSE, it listed at Rs 256, up 19 per cent.

The company's market valuation stood at Rs 1,355.30 crore.

The initial public offer of Indo Farm Equipment garnered a whopping 227.57 times subscription on the closing day of bidding on Thursday.

The Rs 260-crore initial share sale had a price band of Rs 204-215 per share.

 Benchmark equity indices Sensex and Nifty rebounded in early trade on Tuesday after a sharp decline in the previous session driven by buying in blue-chip stocks like Reliance Industries and ICICI Bank.

The 30-share BSE benchmark Sensex jumped 422.62 points to 78,387.61 in early trade. The NSE Nifty climbed 160.2 points to 23,776.25.

From the 30-share blue-chip pack, Titan, Adani Ports, IndusInd Bank, ICICI Bank, Reliance Industries, Asian Paints, Power Grid and Tata Motors were among the biggest gainers.

Zomato emerged as the only laggard.

The U.S. dollar traded near a one-week low against major currencies on Tuesday as markets weighed the potential impact of President-elect Donald Trump's tariff policies.

U.S. President Joe Biden unlawfully blocked Nippon Steel's 5401.T $14.9 billion bid for U.S. Steel X.N through a sham national security review, the companies alleged in a lawsuit filed on Monday.

The companies want a federal appeals court to overturn Biden's decision to scuttle the deal so they can secure another shot at approval through a fresh national security review unfettered by political influence.

The lawsuit alleges Biden prejudiced the decision of the Committee on Foreign Investment in the U.S. which scrutinizes foreign investments for national security risks, and violated the companies' right to a fair review.

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