Partner With Us NRI

Barometers trade near the flat line; Harsha Engineers IPO fully subscribed

Published on Sep 14, 2022 14:29

The domestic equity benchmarks traded near the flat line, with some positive bias, in mid-afternoon trade. The Nifty traded above the 18,000 mark after hitting the day`s low of 17,771.15 in the early trade. Bank shares extended gains for fifth consecutive session. Domestic shares opened with steep losses today amid dismal global cues. The selloff followed a hotter-than-expected inflation report in the US, solidifying the chances of aggressive rate hikes from the US Federal Reserve.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 45.54 points or 0.08% to 60,616.62. The Nifty 50 index added 13.50 points or 0.07% to 18,083.55.

In the broader market, the S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index added 0.08%.

The market breadth was negative. On the BSE, 1,679 shares rose and 1,743 shares fell. A total of 150 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.140 as compared with 7.108 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 79.4150, compared with its close of 79.1700 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement declined 0.05% to Rs 50,115.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.31% to 109.47.

In the commodities market, Brent crude for November 2022 settlement lost 47 cents or 0.50% at $92.70 a barrel.

Primary Market:

The initial public offer (IPO) of Harsha Engineers International received bids for 2.51 crore shares as against 1.68 crore shares on offer, according to stock exchange data 14:18 IST on Wednesday (14 September 2022). The issue was subscribed 1.49 times.

The issue opened for bidding today (14 September 2022) and it will close on Friday (16 September 2022). The price band of the IPO is fixed at Rs 314-330 per share. An investor can bid for a minimum of 45 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Bank index rose 1.59% to 41,523.05. The index has advanced 5.24% in five sessions.

IndusInd Bank (up 4.71%), State Bank of India (up 2.49%), Bandhan Bank (up 2.18%), Kotak Mahindra Bank (up 1.69%) and IDFC First Bank (up 1.49%) were the top index gainers.

Among the other gainers were Punjab National Bank (up 1.26%), Bank of Baroda (up 1.19%), ICICI Bank (up 0.99%), Federal Bank (up 0.88%) and HDFC Bank (up 0.85%).

Stocks in Spotlight:

KPI Green Energy fell 1.07%. The company said that it has signed new long term power purchase agreements (PPAs) for sale of 15.88 MW wind-solar hybrid power projects with six clients under independent power producer (IPP) business segment of the company. The company said that the aforementioned clients will be supplied power from its upcoming wind-solar hybrid power project of 16.10 MW (comprising 16.10 MW wind and 10 MWdc solar capacity) at Bhungar site, Mahuva, in Bhavnagar District, Gujarat, under the Gujarat Hybrid Power Policy 2018.

Coromandel International added 0.08%. The company said that its venture capital arm Dare Ventures has announced its third investment this year into a differentiated drone startup, Dhaksha Unmanned Systems. The drone company plans to use this funding for talent acquisition, R&D and production scale up.

Powered by Capital Market - Live News