The domestic benchmark indices concluded the day almost flat, putting an end to a four-day losing streak. Despite starting lower, there was some recovery in the afternoon session as the Nifty 50 approached 19,750. However, the gains were subsequently erased by last-hour selling, resulting in a flat closing. The performance of European and Asian indices remained sluggish, which limited the overall gains. Investor unease escalated due to the rise in US treasury yields while FIIs continue to offload shares in local equities. Notably, the Nifty 50 displayed a Doji candlestick pattern, suggesting uncertainty among market participants.
The barometer index, the S&P BSE Sensex rose 14.54 points or 0.02% to 66,023.69. The Nifty 50 index added 0.30 points to 19,674.55.
SBI Life Insurance Company (down 1.94%), Infosys (down 1.42%) and Reliance Industries (down 0.59%) were major drags.
In the broader market, the S&P BSE Mid-Cap index advanced 0.46% while the S&P BSE Small-Cap index gained 0.12%.
The market breadth was almost even. On the BSE, 1,824 shares rose and 1,952 shares fell. A total of 170 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.25% to 10.90.
Economy:
The IMD announced that conditions are becoming favourable for withdrawal of southwest monsoon from the country by around September 25.
As per RBI's revised guidelines, banks will be required to formulate a board-approved investment policy and classify investments into the three categories of held to maturity (HTM), available for sale (AFS), and fair value through profit and Loss (FVTPL).
The government said it has sold 18.09 lakh tonne of wheat from the central pool to bulk users in 13 e-auctions under the open market sale scheme (OMSS), helping cool down the prices of wheat and wheat flour.
Numbers to track:
The yield on India's 10-year benchmark federal paper rose 0.01% to 7.151 from its previous close of 7.150.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.14, compared with its close of 83.94 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement declined 0.06% to Rs 58,908.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 105.63.
The United States 10-year bond yield gained 1.31% to 4.498.
In the commodities market, Brent crude for November 2023 settlement advanced 24 cents or 0.26% to $93.51 a barrel.
Global Markets:
Markets in Europe and Asia declined on Monday as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region.
US stocks ended lower on Friday as investors continued to grapple with signals from the Federal Reserve that it intended to keep interest rates higher for longer.
Stocks in Spotlight:
Delta Corp slumped 18.40% after the company received notices from the Directorate General of GST Intelligence, Hyderabad, demanding payment of shortfall tax, interest, and penalty totaling Rs 16,822 crore.
Religare Enterprises slipped 7.08% after the the Burman family, which holds a controlling stake in Dabur, on Monday (25 September) announced an open offer for a 26% stake in Religare Enterprises for upto Rs 2,116 crore.
Bajaj Finance rallied 4.64%. Bajaj Finance said that its board will meet on Thursday, 5 October 2023, to consider a proposal for fund raising. The firm will raise funds through any or all of various methods including by way of preferential issue, qualified institutions placement.
Reliance Industries (RIL) declined 0.59%. Reliance Retail Ventures received the subscription amount of Rs 2,069.50 crore from Alyssum Asia Holdings II (KKR) and allotted 1,71,58,752 equity shares to KKR.
State Bank of India (SBI) fell 0.67%. The country's largest lender said that it has raised Rs 10,000 crore through its fourth infrastructure bond on 22 September 2023, at coupon rate of 7.49%. The proceeds of bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segment.
Life Insurance Corporation of India shed 0.67%. The state-run life insurer announced that it has received an order from Bihar Additional Commissioner State Tax demanding Rs 290 crore in goods and service tax (GST), along with interest and penalty. The life insurer said that it will file an appeal before the GST Appellate Tribunal and against the order within prescribed timelines.
Strides Pharma Science surged 7.42% after the company's wholly owned subsidiary, Strides Pharma Global, Singapore has received US Food and Drug Administration (USFDA) approval for Icosapent Ethyl Capsules 0.5 gram and 1 gram.
Shree Renuka Sugars rose 2.19% after the company entered into binding agreement to acquire 100% stake in Anamika Sugars Mills (Anamika) for total consideration of Rs 235.5 crore.
IPO Update:
The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 53.05 lakh shares as against 91.20 lakh shares on offer, according to stock exchange data at 17:00 IST on Monday (25 September 2023). The issue was subscribed 58%.
The issue opened for bidding on Friday (22 September 2023) and it will close on Tuesday (26 September 2023). The price band of the IPO is fixed at Rs 204-215 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.
The initial public offer (IPO) of JSW Infrastructure received bids for 5.82 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 17:00 IST on Monday (25 September 2023). The issue was subscribed 43%.
The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 113-119 per share. An investor can bid for a minimum of 126 equity shares and in multiples thereof.
The initial public offer (IPO) of Updater Services received bids for 6.94 lakh shares as against 1.19 crore shares on offer, according to stock exchange data at 17:00 IST on Monday (25 September 2023). The issue was subscribed 6%.
The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 280-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
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