The domestic equity benchmarks ended the day with marginal losses, as the Nifty settled below the 19,700 level. The trading session was characterized by subdued activity and a pessimistic sentiment due to weak global cues. FMCG, auto, and metal shares advanced, while media, PSU banks, and IT shares lagged. Traders cautiously booked selective profits ahead of the RBI policy meeting next week, considering factors such as the strength of the dollar index and increasing treasury yields.
The barometer index, the S&P BSE Sensex, fell 78.22 points or 0.12% to 65,945.47. The Nifty 50 index lost 9.85 points or 0.05% to 19,664.70.
Adani Enterprises (down 1.01%), Infosys (down 1%) and ICICI Bank (down 0.83%) were major drags.
In the broader market, the S&P BSE Mid-Cap index fell 0.09% while the S&P BSE Small-Cap index gained 0.33%.
The market breadth was positive. On the BSE, 1,803 shares rose and 1,861 shares fell. A total of 129 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 2.61% to 11.19.
The next meeting of the six-member Monetary Policy Committee (MPC), headed by the Reserve Bank Governor, is scheduled to take place from 4-6 October 2023.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper fell 0.02% to 7.148 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 83.2725, compared with its close of 83.13 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement declined 0.08% to Rs 58,652.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 105.96.
The United States 10-year bond yield slipped 0.66% to 4.516.
In the commodities market, Brent crude for November 2023 settlement lost 65 cents or 0.70% to $92.64 a barrel.
Global Markets:
Dow Jones index futures were down 106 points, indicating a weak opening in the US stock market today.
Markets in Europe and Asia stocks declined on Tuesday due to concerns over higher U.S. interest rates, particularly impacting the technology sector. Investors remained cautious about regional markets due to ongoing worries about a slowdown in the Chinese economy.
The US Federal Reserve's hawkish signals, indicating potential further rate hikes this year and a prolonged period of higher rates, added to the negative sentiment.
Despite this, U.S. stocks managed to make modest gains on Monday, supported by a rise in tech stocks driven by Amazon and an increase in energy stocks. The S&P 500, Dow Jones Industrial Average, and Nasdaq all saw slight increases.
However, worries about a potential U.S. government shutdown grew as Congress has yet to pass necessary spending bills to fund the government beyond 1st October.
Stocks in Spotlight:
Welspun Corp added 2.60% after the company's wholly owned subsidiary, Sintex BAPL has entered into Memorandum of Understanding (MoU) with the Telangana government to set up a manufacturing unit with upto Rs 350 crore investment.
Poonawalla Fincorp rose 1.57% after the company announced that it has received permission from the Reserve Bank of India (RBI) to issue co-branded credit card with IndusInd Bank.
Vishnu Prakash R Punglia advanced 2.88% after the company received letter of award (LoA) from Madhya Pradesh Jal Nigam (MPJN), Government of Madhya Pradesh for construction at Chillar Dam in Shajapur district, Madhya Pradesh.
Gland Pharma fell 1.74%. The company received establishment inspection report (EIR) from US Food and Drug Administration (USFDA) indicating closure of the inspection.
Fortis Healthcare added 1.01% after the company has entered into share purchase agreement to acquire 99.9% stake in Artistery Properties (Artistery) for total consideration of Rs 32 crore.
GVK Power & lnfrastructure hit an upper circuit of 5% after its board appointed Sanjeev Kumar Singh as the chief financial officer (CFO) and key managerial personnel (KMP) of the company effective from 26 September 2023.
Delta Corp declined 1.89% after ace investor Ashish Kacholia sold 0.56% stake in the casino operator via bulk deal on Monday, 25 September 2023.
G R Infraprojects slipped 4.19% after the National Highways Logistics Management (NHLML) annulled bidding process for two projects worth Rs 3,613 crore in which the company had emerged as L‐1 (lowest) bidder on 20 February 2023.
IPO Update:
The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 2.05 crore crore shares as against 91.20 lakh shares on offer, according to stock exchange data at 17:00 IST on Tuesday (26 September 2023). The issue was subscribed 2.25 times.
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 IPO of JSW Infrastructure received bids for 29.02 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 17:00 IST on Tuesday (26 September 2023). The issue was subscribed 2.13 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 IPO of Updater Services received bids for 19.16 lakh shares as against 1.19 crore shares on offer, according to stock exchange data at 17:00 IST on Tuesday (26 September 2023). The issue was subscribed 16%.
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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