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Key equity barometers traded with small losses in mid-morning trade. The Nifty traded below the 19,600 level after hitting day's high of 19,604.85 in morning trade. Metal shares witnessed profit booking after rising in the past three trading sessions.
The barometer index, the S&P BSE Sensex, was down 31.49 points or 0.05% to 65,748.77. The Nifty 50 index lost 5.85 points or 0.3% to 19,569.05.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index gained 0.29%.
The market breadth was positive. On the BSE, 2,019 shares rose and 1,440 shares fell. A total of 159 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Ratnaveer Precision Engineering received bids for 37.17 crore shares as against 1.17 crore shares on offer, according to stock exchange data at 11:30 IST on Wednesday (6 September 2023). The issue was subscribed 31.53 times.
The issue opened for bidding on Monday (4 September 2023) and it will close on Wednesday (6 September 2023). The price band of the IPO is fixed at Rs 93-98 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index declined 1.05% to 6,965.25. The index jumped 5.70% in three trading sessions.
Hindustan Copper (down 2.52%), Steel Authority of India (down 2.21%), National Aluminium Company (down 2.05%), Jindal Steel & Power (down 2.02%), Hindalco Industries (down 1.97%), NMDC (down 1.92%), Tata Steel (down 1.78%), APL Apollo Tubes (down 1.24%), JSW Steel (down 0.97%) and Hindustan Zinc (down 0.66%) slipped.
Buzzing Index:
The Nifty Pharma index rose 1.31% to 15,417.60. The index gained 2.70% in three trading sessions.
Torrent Pharmaceuticals Ltd (up 1.89%), Aurobindo Pharma Ltd (up 1.64%), Cipla Ltd (up 1.59%), Divis Laboratories Ltd (up 1.39%), Alkem Laboratories Ltd (up 1.21%), Ipca Laboratories Ltd (up 1.09%), Lupin Ltd (up 1.08%), Zydus Lifesciences Ltd (up 0.8%), Gland Pharma Ltd (up 0.68%) and Pfizer Ltd (up 0.59%) advanced.
Stocks in Spotlight:
GAIL (India) rose 1.13%. The Central Bureau of Investigation (CBI) has taken into custody an executive director of GAIL (India) following a bribery case involving a sum of Rs 50 lakh. No quantifiable impact on the financial, operational, or other activities of GAIL can be determined at this stage, stated the company.
The arrest was made on 5 September 2023. As reported in the CBI arrest cum search memo, several individuals have been implicated, including K B Singh, executive director (ER & projects), GAIL; Surendra Kumar Sharma, CEO of Advance Infrastructures.; Harsh Yadav; Suryavesh; Davinder Singh, CGM, GAIL; Sunil Kumar, Sr. GM, Mecon, along with other unidentified public servants and private persons.
Gensol Engineering added 2.85% after the company's board on Tuesday, 5 September 2023, approved a 2:1 bonus share issue.
NBCC (India) advanced 2.88% after the company announced that it has signed MoU with Kerala State Housing Board (KSHB), Govt. of Kerala, for a project worth approximately Rs 2000 crore.
Shriram Finance were down 0.21%. The NBFC informed that it has allotted 8,500 non-convertible debentures (NCDs) on a private placement basis for an issue size of Rs 75 crore plus a greenshoe option of Rs 150 crore.
Jio Financial Services (JIOFIN) fell 0.74%, following its exclusion from the Nifty 50 and other NSE indices effective from 7 September 2023.
Global Markets:
Asian stocks traded mixed on Wednesday after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.
Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.
Australia's gross domestic product expanded 2.1% in the second quarter from a year ago, lower than the 2.3% year-on-year growth recorded in the first quarter.
US stocks ended lower on Tuesday as the rise in crude oil prices weighed on stocks.
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