Sensex nosedives 1000 points, Mahindra & Mahindra, Bajaj Finance, Tata Steel, and HDFC Bank in red

Bears continued to dominate Dalal Street on Thursday with Sensex and Nifty falling more than 1.5% in minutes. S&P BSE Sensex tanked more than 800 points or 1.52% at 53,275 while NSE Nifty 50 was down 245 points or 1.5%, falling below 16,000 levels. Bank Nifty was down 1.7% while India VIX was up 3.86%, breaching 23 levels. Power Grid Corporation was the top gainer on Sensex, up 0.40% accompanied by Bajaj Auto. All other Sensex stocks were down in red with Mahindra & Mahindra falling 2.44%, followed by Bajaj Finance, Tata Steel, and HDFC Bank.

The Rs 21,000 crore LIC IPO, which garnered a strong response from investors, is now moving close to listing on the bourses. The share allotment of the public issue is expected to be finalised today. The initiation of refunds or unblocking of funds from ASBA account will take place on 13 May, and the equity shares will get credited to the depository accounts of allottees on 16 May. The IPO investors can check the IPO allotment status via BSE and the registrar's websites. The registrar of the issue is KFin Technologies, a SEBI-registered entity, responsible for the IPO allotment and refund processing. LIC shares are expected to list on BSE and NSE on 17 May 2022.