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The key equity benchmarks continued to trade near the flat line with some positive bias in mid-morning trade. The Nifty traded above the 19,650 mark. Auto shares gained after declining in the past trading session.
The barometer index, the S&P BSE Sensex, was up 11.90 points or 0.02% to 66,035.59. The Nifty 50 index added 9.85 points or 0.05% to 19,684.40.
In the broader market, the S&P BSE Mid-Cap index gained 0.26% while the S&P BSE Small-Cap index rose 0.54%.
The market breadth was positive. On the BSE, 2,045 shares rose and 1,398 shares fell. A total of 154 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 79.52 lakh shares as against 91.20 lakh shares on offer, according to stock exchange data at 11:27 IST on Tuesday (26 September 2023). The issue was subscribed 0.87 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 initial public offer (IPO) of JSW Infrastructure received bids for 10.28 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 11:27 IST on Tuesday (26 September 2023). The issue was subscribed 0.75 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 5.68 lakh shares as against 1.19 crore shares on offer, according to stock exchange data at 11:30 IST on Tuesday (26 September 2023). The issue was subscribed 0.09 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.
Buzzing Index:
The Nifty Auto index rose 0.55% to 16,311. The index had declined 0.08% in the past trading session
Eicher Motors Ltd (up 2.9%), Sona BLW Precision Forgings Ltd (up 2.02%), TVS Motor Company Ltd (up 1.64%), Bajaj Auto Ltd (up 1.37%), Hero MotoCorp Ltd (up 1.25%), Tata Motors Ltd (up 0.82%), Samvardhana Motherson International Ltd (up 0.72%), Mahindra & Mahindra Ltd (up 0.14%), Bharat Forge Ltd (up 0.1%) advanced.
On the other hand, Ashok Leyland Ltd (down 1.34%), Tube Investments of India Ltd (down 0.41%) and Maruti Suzuki India Ltd (down 0.36%) edged lower.
Stocks in Spotlight:
Welspun Corp added 2.08% 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.
Wipro rose 0.02%. The company sold a 14.02-acre land parcel and building in Chennai to Casagrand Bizpark for Rs 266.38 crore.
HDFC Asset Management Company (HDFC AMC) advanced 1.28%. The company will invest Rs 25 crore in unit HDFC AMC International to help it meet the net worth requirements prescribed for Registered Fund Management Entity (Retail) under IFSC rules.
Global Markets:
Most of the Asian 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.
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