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Indices settle with modest gains; Nifty ends above 19,700
(17:25, 27 Sep 2023)

The equity markets experienced modest gains on Wednesday, with the Nifty closing above the 19,700 level. Tracking mixed Asian cues, the Nifty 50 index started with a gap down and underwent a significant correction before witnessing a recovery that persisted throughout the day. Pharma, healthcare and PSU banks stocks were in demand. On the other hand, financial services, private bank and consumer durables stocks were under pressure.

The barometer index, the S&P BSE Sensex advanced 173.22 points or 0.26% to 66,118.69. The Nifty 50 index added 51.75 points or 0.26% to 19,716.45.

Reliance Industries (up 1.18%), Larsen & Toubro (up 1.70%) and ITC (up 1.51%) boosted the indices.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 0.68%.

The market breadth was positive. On the BSE, 1,956 shares rose and 1,704 shares fell. A total of 139 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.57% to 11.59.

Number to Track:

The yield on India's 10-year benchmark federal paper added 0.18% to 7.159 from its previous close of 7.146.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.21, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement declined 0.31% to Rs 58,250.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 106.20.

The United States 10-year bond yield slipped 1.19% to 4.509.

In the commodities market, Brent crude for November 2023 settlement advanced 66 cents or 0.70% to $94.62 a barrel.

Global Markets:

Dow Jones index futures were up 108 points, indicating a positive opening in the US stocks today.

Most European shares declined while most Asian stocks ended higher ahead of China's industrial data and Australia's August inflation figures due on Wednesday.

Japan's central bank board was split over when should the Bank of Japan should start to raise interest rates, according to minutes from its monetary policy meeting in July.

US stocks saw a sell off on Tuesday after the latest home sales and consumer confidence reports stoked concern over the state of the U.S. economy,

August new home sales were down 8.7% from July, according to the Commerce Department. The Conference Board's consumer confidence index fell to 103 in September from 108.7 in August.

Stocks in Spotlight:

Vedanta tumbled 6.74%. Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The scrip slumped over 7% to hit the 52-week low of Rs 208 today.

Infosys added 0.51%. The IT major announced that it is collaborating with Microsoft to jointly develop industry leading solutions that leverage Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services. Both organizations are bringing together their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries.

Adani Ports and Special Economic Zone gained 1.18% after the company said that it will buy back up to $195 million of its 2024 bond, at a discount to their issue price. The purpose of the tender offer is to partly prepay the company's near-term debt maturities. After the completion of this Tender Offer, the company expects $325 million notes to remain outstanding.

Sun Pharmaceutical Industries rose 1.36% after the company's wholly owned subsidiary, Sun Pharma Canada, launched Winlevi (clascoterone cream 1% w/w) in Canada.

Apollo Hospitals Enterprise advanced 1%. The company's wholly owned subsidiary, Apollo Multispecialty Hospitals has acquired the assets relating to a partially built hospital in Sonapur, Kolkata with a total capacity of 325 beds. The company has acquired assets for total consideration of Rs 102 crore.

NTPC shed 0.35%. The state-run power major announced that it declared commercial operation at unit-1 of the Telangana Super Thermal Power Project (STPP).

Procter & Gamble Health added 1.77%. The company said that it will discontinue the production of injections at its manufacturing plant in Goa effective from 30 September 2023.

Glenmark Pharmaceuticals rose 1.78% after the company said that its subsidiary Glenmark Specialty S.A. and Cosmo Pharmaceuticals N.V. has signed a distribution and license agreements for Winlevi (clascoterone cream 1%) in Europe and South Africa.

New Listing:

Shares of Sai Silks (Kalamandir) closed at Rs 244.85 on the BSE, representing a premium of 10.29% as compared with the issue price of Rs 222.

The scrip was listed at Rs 230.10, exhibiting a premium of 3.65% to the issue price.

The stock has hit a high of 246.85 and a low of 230.10. On the BSE, over 11.52 lakh shares of the company were traded in the counter.

Shares of Signatureglobal (India) ended at Rs 458.40 on the BSE, representing a premium of 19.06% as compared with the issue price of Rs 385.

The scrip was listed at Rs 445, exhibiting a premium of 15.58% to the issue price.

The stock has hit a high of 473.45 and a low of 444.10. On the BSE, over 4.08 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Valiant Laboratories received bids for 24.81 lakh shares as against 76.23 lakh shares on offer, according to stock exchange data at 17:00 IST on Wednesday (27 September 2023). The issue was subscribed 33%.

The issue opened for bidding on Wednesday (27 September 2023) and it will close on Tuesday (3 October 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 105 equity shares and in multiples thereof.

The initial public offer (IPO) of JSW Infrastructure received bids for 509.32 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 17:00 IST on Wednesday (27 September 2023). The issue was subscribed 37.37 times.

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 3.47 crore shares as against 1.19 crore shares on offer, according to stock exchange data at 17:00 IST on Wednesday (27 September 2023). The issue was subscribed 2.90 times.

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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