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MCX, Financial Tech shares extend weakness on profit taking

China's economy has been cooling while its trade deficit ballooned to $1.5 billion in February.

Shinzo Nakanishi, Managing Director, Maruti Suzuki India
Shinzo Nakanishi, Managing Director, Maruti Suzuki India

Shares in Multi Commodity Exchange (MCX) witnessed profit booking for the second straight day after a blockbuster listing Friday. The stock saw selling pressure in an up market today.

At 1456 hours, MCX shares traded nearly 5% lower at Rs 1,233.60 on the Bombay Stock Exchange. The BSE Sensex was up 0.67% at 17,620. Shares of Financial Technologies India Limited, the promoter of MCX, also saw a sharp selloff. FTIL stocks traded 3.3% lower at Rs 785 on the BSE.
MCX had listed with a premium of 34% over its issue price of Rs 1,032 on Friday. However, it had closed with nearly 26% gains at Rs 1,297 on the Bombay Stock Exchange because of profit booking.

"The stock looks fully priced at these levels. Upsides from here may not be too much. The commodities transaction tax (CTT) may be introduced in the Budget which will change the valuation parameters for MCX. Selling may come in from HNIs who bought the IPO on marginal funding," Ambareesh Baliga, Chief Operating Officer of Way2Wealth had told NDTV Profit today on Friday.