Benchmarks trade with limited losses; Sensex slips 200 pts

The key domestic indices traded with moderate losses in afternoon trade. The Nifty traded below the 19,400 level. Realty, media and private bank shares witnessed selling pressure while pharma, oil & gas and PSU Bank shares advanced.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 199.74 points or 0.31% to 64,758.95. The Nifty 50 index lost 47.35 points or 0.24% to 19,364.40.

In the broader market, the S&P BSE Mid-Cap index advanced 0.08% while the S&P BSE Small-Cap index rose 0.19%.

The market breadth was positive. On the BSE, 1,887 shares rose and 1,706 shares fell. A total of 137 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 38,96,719 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 13:18 IST on Tuesday (7 November 2023). The issue was subscribed 0.19 times.

The issue opened for bidding on Tuesday (7 October 2023) and it will close on Thursday (9 November 2023). The price band of the IPO is fixed at Rs 268-282 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The initial public offer (IPO) of Protean eGov Technologies received bids for 92,86,596 shares as against 43,78,700 shares on offer, according to stock exchange data at 13:18 IST on Tuesday (7 November 2023). The issue was subscribed 2.12 times.

The issue opened for bidding on Monday (6 October 2023) and it will close on Wednesday (8 November 2023). The price band of the IPO is fixed at Rs 752-792 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

The IPO of ESAF Small Finance Bank received bids for 1,14,06,30,500 shares as against 5,77,28,408 shares on offer, according to stock exchange data at 13:18 IST on Tuesday (7 November 2023). The issue was subscribed 19.76 times.

The issue opened for bidding on Friday (3 October 2023) and it will close on Tuesday (7 November 2023). The price band of the IPO is fixed at Rs 57-60 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

Gainers & Losers:

Dr.Reddy`s Laboratories (up 1.69%), Sun Pharmaceutical Industries (up 1.62%), Bharat Petroleum Corporation (BPCL) (up 1.39%), ONGC (up 1.32%) and NTPC (up 1.02%) were major Nifty gainers.

Bajaj Finance (down 1.36%), Hero Motocorp (down 1.24%), ICICI Bank (down 1.17%), HDFC Bank (down 0.88%) and Powergrid Corporation (down 0.77%) were major Nifty losers.

Bajaj Finance declined 1.30%. The non-banking financial company (NBFC) announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 7,533.81 per share.

Stocks in spotlight:

Gland Pharma rallied 4.97%. The company reported 19.55% fall in consolidated net profit to Rs 194.08 crore in Q2 FY24 from Rs 241.24 crore in Q2 FY23.

FSN E-Commerce Ventures (Nykaa) advanced 1.59% after the company�s consolidated net profit jumped 50.29% to Rs 7.80 crore in Q2 FY24 as compared with Rs 5.19 crore in Q2 FY23.

Emami fell 0.60%. The FMCG goods maker has reported 3.1% fall in consolidated net profit to Rs 178.53 crore in Q2 FY24 from Rs 807.36 crore in Q2 FY23.

Global markets:

Most of the European and Asian stocks declined ahead of trade data coming out of China, as well as a rate decision by the Reserve Bank of Australia. As per reports, the RBA is likely to raise its key policy rate by 25 basis points to 4.35%.

US stocks eked out small gains on Monday as hopes continued to prevail that the Federal Reserve is ready to call an end to tightening.

Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday. The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.

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