As per provisional closing data, the barometer index, the S&P BSE Sensex, slipped 398.13 points or 0.49% to 81,523.16. The Nifty 50 index declined 122.65 points or 0.49% to 24,918.45.
In the broader market, the S&P BSE Mid-Cap index fell 0.52% and the S&P BSE Small-Cap index declined 0.57%.
The market breadth was negative. On the BSE, 1,619 shares rose and 2,345 shares fell. A total of 107 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, gained 2% to 13.63.
IPO Update :
The initial public offer (IPO) of P N Gadgil Jewellers received 9,16,21,802 bids for shares as against 1,68,85,964 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 5.43 times.
The issue opened for bidding on Tuedsady (10 September 2024) and it will close on Thursday (12 September 2024). The price band of the IPO is fixed between Rs 456 to Rs 480 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof.
The initial public offer (IPO) of Kross received 16,81,49,580 bids for shares as against 1,53,50,877 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 10.95 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 228 to Rs 240 per share. An investor can bid for a minimum of 62 equity shares and in multiples thereof.
The initial public offer (IPO) of Tolins Tyres received 12,76,22,352 bids for shares as against 74,88,372 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 17.04 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 215 to 226 per share. An investor can bid for a minimum of 66 equity shares and in multiples thereof.
The initial public offer (IPO) of Bajaj Housing Finance received 39,79,75,34,204 bids for shares as against 72,75,75,756 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 54.70 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 66 to 70 per share. An investor can bid for a minimum of 214 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index slipped 1.92% to 12,568.30. The index fell 6.80% in seven consecutive trading sessions.
Union Bank of India (down 3.14%), Bank of Maharashtra (down 1.89%), Canara Bank (down 1.82%), State Bank of India (down 1.77%), Punjab National Bank (down 1.68%), Indian Bank (down 1.67%), Punjab & Sind Bank (down 1.62%), UCO Bank (down 1.59%), Indian Overseas Bank (down 1.29%) and Bank of India (down 1.20%) declined.
Stocks in Spotlight:
Bharat Electronics (BEL) rose 0.93%. The aerospace & defense firm received order from Cochin Shipyard for supply of indigenous multi function radar worth Rs 850 crore.
Ashoka Buildcon slipped 3.58%. The company informed that it has entered into a joint venture with Indira Projects & Development to form ABL Indira Projects JV LLP, for execution of project at Maldives.
Ravindra Energy was locked in upper circuit of 5% after the company announced that its board approved raising of funds aggregating to Rs 179.99 crore on preferential basis.
Gensol Engineering gained 1.22% after the company and Matrix Gas & Renewables has secured the project to setup green hydrogen production plant in Pune on build own and operate (BOO) basis.
The said project will be Indias first green hydrogen valley project in Pune, Maharashtra. The company and Matrix will set up green hydrogen production plant to supply green hydrogen to specialty chemical sector with the firm offtake for 20 years.
Samvardhana Motherson International slipped 2.90% after one of the companys prominent client BMW announced a downward revision to its financial outlook for 2024.
Aurionpro Solutions was hit a lower circuit of 5%. The company informed that it has received contract to deliver, implement, and maintain the safe city project from Panvel Municipal Corporation (PMC), Maharashtra. The scope of the project includes the establishment of data centers, control command center, and video analytics capabilities to enable real-time monitoring and faster response times.
Goa Carbon advanced 2.50% after the company informed that it has resumed operations at its Goa unit located at St. Jose de Areal, Salcete-Goa.
Jubilant Pharmova added 1.74% after its subsidiary, Jubilant HollisterStier LLC’s (JHS) manufacturing facility located at Spokane, Washington (USA) received classification of Voluntary Action Indicated from USFDA.
The United States Food & Drug Administration (USFDA) conducted an audit of the facility from 28 May to 6 June 2024. The US drug regulatorhas now determined the inspection classification of the facility as Voluntary Action Indicated.
Global Markets:
The Dow Jones index futures were down 142 points, indicating a weak opening in the US stocks today.
Most European stocks advanced while Asian shares ended lower on Wednesday, as investors focus on the latest U.S. inflation data set to be released later in the day. Crude oil prices remained near three-year lows, below $70 per barrel, due to concerns about weak demand.
South Korea reported that its unemployment rate fell to 2.4% in August, marking the lowest level since the data series began in 1999, according to Statistics Korea.
On Wednesday, Bank of Japan board member Junko Nakagawa stated that the central bank would continue to raise interest rates if the economy and inflation align with the banks forecasts.
The upcoming debate between Vice President Kamala Harris and former President Donald Trump could significantly influence the U.S. election. Investors will then turn their attention to the U.S. Consumer Price Index (CPI) report, which could provide clues about potential Federal Reserve interest rate cuts.
While the Fed is expected to lower rates next week, the magnitude of the cut remains uncertain, especially after a mixed jobs report last Friday.
U.S. stock markets experienced a volatile session on Tuesday, closing mixed as investors prepared for the CPI report. The S&P 500 (+0.5%) and Nasdaq Composite (+ 0.9%) finished slightly higher, while the Dow Jones Industrial Average (-0.2%) closed lower.
Apple shares declined after the company lost a legal battle in the EU over a $14 billion tax bill. This followed the recent launch of the iPhone 16, which was met with some disappointment regarding its artificial intelligence capabilities.
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Disclaimer: No Business Standard Journalist was involved in creation of this content
As per provisional closing data, the barometer index, the S&P BSE Sensex, slipped 398.13 points or 0.49% to 81,523.16. The Nifty 50 index declined 122.65 points or 0.49% to 24,918.45.
In the broader market, the S&P BSE Mid-Cap index fell 0.52% and the S&P BSE Small-Cap index declined 0.57%.
The market breadth was negative. On the BSE, 1,619 shares rose and 2,345 shares fell. A total of 107 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, gained 2% to 13.63.
IPO Update :
The initial public offer (IPO) of P N Gadgil Jewellers received 9,16,21,802 bids for shares as against 1,68,85,964 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 5.43 times.
The issue opened for bidding on Tuedsady (10 September 2024) and it will close on Thursday (12 September 2024). The price band of the IPO is fixed between Rs 456 to Rs 480 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof.
The initial public offer (IPO) of Kross received 16,81,49,580 bids for shares as against 1,53,50,877 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 10.95 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 228 to Rs 240 per share. An investor can bid for a minimum of 62 equity shares and in multiples thereof.
The initial public offer (IPO) of Tolins Tyres received 12,76,22,352 bids for shares as against 74,88,372 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 17.04 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 215 to 226 per share. An investor can bid for a minimum of 66 equity shares and in multiples thereof.
The initial public offer (IPO) of Bajaj Housing Finance received 39,79,75,34,204 bids for shares as against 72,75,75,756 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 September 2024). The issue was subscribed 54.70 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 66 to 70 per share. An investor can bid for a minimum of 214 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index slipped 1.92% to 12,568.30. The index fell 6.80% in seven consecutive trading sessions.
Union Bank of India (down 3.14%), Bank of Maharashtra (down 1.89%), Canara Bank (down 1.82%), State Bank of India (down 1.77%), Punjab National Bank (down 1.68%), Indian Bank (down 1.67%), Punjab & Sind Bank (down 1.62%), UCO Bank (down 1.59%), Indian Overseas Bank (down 1.29%) and Bank of India (down 1.20%) declined.
Stocks in Spotlight:
Bharat Electronics (BEL) rose 0.93%. The aerospace & defense firm received order from Cochin Shipyard for supply of indigenous multi function radar worth Rs 850 crore.
Ashoka Buildcon slipped 3.58%. The company informed that it has entered into a joint venture with Indira Projects & Development to form ABL Indira Projects JV LLP, for execution of project at Maldives.
Ravindra Energy was locked in upper circuit of 5% after the company announced that its board approved raising of funds aggregating to Rs 179.99 crore on preferential basis.
Gensol Engineering gained 1.22% after the company and Matrix Gas & Renewables has secured the project to setup green hydrogen production plant in Pune on build own and operate (BOO) basis.
The said project will be Indias first green hydrogen valley project in Pune, Maharashtra. The company and Matrix will set up green hydrogen production plant to supply green hydrogen to specialty chemical sector with the firm offtake for 20 years.
Samvardhana Motherson International slipped 2.90% after one of the companys prominent client BMW announced a downward revision to its financial outlook for 2024.
Aurionpro Solutions was hit a lower circuit of 5%. The company informed that it has received contract to deliver, implement, and maintain the safe city project from Panvel Municipal Corporation (PMC), Maharashtra. The scope of the project includes the establishment of data centers, control command center, and video analytics capabilities to enable real-time monitoring and faster response times.
Goa Carbon advanced 2.50% after the company informed that it has resumed operations at its Goa unit located at St. Jose de Areal, Salcete-Goa.
Jubilant Pharmova added 1.74% after its subsidiary, Jubilant HollisterStier LLC’s (JHS) manufacturing facility located at Spokane, Washington (USA) received classification of Voluntary Action Indicated from USFDA.
The United States Food & Drug Administration (USFDA) conducted an audit of the facility from 28 May to 6 June 2024. The US drug regulatorhas now determined the inspection classification of the facility as Voluntary Action Indicated.
Global Markets:
The Dow Jones index futures were down 142 points, indicating a weak opening in the US stocks today.
Most European stocks advanced while Asian shares ended lower on Wednesday, as investors focus on the latest U.S. inflation data set to be released later in the day. Crude oil prices remained near three-year lows, below $70 per barrel, due to concerns about weak demand.
South Korea reported that its unemployment rate fell to 2.4% in August, marking the lowest level since the data series began in 1999, according to Statistics Korea.
On Wednesday, Bank of Japan board member Junko Nakagawa stated that the central bank would continue to raise interest rates if the economy and inflation align with the banks forecasts.
The upcoming debate between Vice President Kamala Harris and former President Donald Trump could significantly influence the U.S. election. Investors will then turn their attention to the U.S. Consumer Price Index (CPI) report, which could provide clues about potential Federal Reserve interest rate cuts.
While the Fed is expected to lower rates next week, the magnitude of the cut remains uncertain, especially after a mixed jobs report last Friday.
U.S. stock markets experienced a volatile session on Tuesday, closing mixed as investors prepared for the CPI report. The S&P 500 (+0.5%) and Nasdaq Composite (+ 0.9%) finished slightly higher, while the Dow Jones Industrial Average (-0.2%) closed lower.
Apple shares declined after the company lost a legal battle in the EU over a $14 billion tax bill. This followed the recent launch of the iPhone 16, which was met with some disappointment regarding its artificial intelligence capabilities.
Powered by Capital Market – Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
