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Benchmarks trade with minor cuts; European markets edge lower

Published on Oct 10, 2022 13:28

The key equity benchmarks traded with minor cuts in afternoon trade. The Nifty traded above the 17,200 level. Shares across sectors declined with FMCG, consumer durables, media and realty stocks falling the most.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 293.66 points or 0.50% to 57,897.63. The Nifty 50 index lost 104.80 points or 0.61% to 17,209.85.

In the broader market, the S&P BSE Mid-Cap index slipped 1% while the S&P BSE Small-Cap index declined 0.60%.

The market breadth was weak. On the BSE, 1,315 shares rose and 2,170 shares fell. A total of 152 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Tracxn Technologies received bids for 23.90 lakh shares as against 2.12 crore shares on offer, according to stock exchange data 13:18 IST on Monday (10 October 2022). The issue was subscribed 0.11 times.

The issue opened for bidding on Monday (10 October 2022) and it will close on Wednesday (12 October 2022). The price band of the IPO is fixed at Rs 75-80 per share. An investor can bid for a minimum of 185 equity shares and in multiples thereof.

Stocks in Spotlight:

JSW Steel shed 0.99%. The Mumbai-based steel making company said that the Group`s combined crude steel production for Q2 FY23 was 5.68 million tonnes, registering a growth of 12% YoY.

Tata Motors slipped 4.02%. Tata Motors said that Jaguar Land Rover`s retail sales in Q2 stood at 88,121 vehicles, an increase of 9,296 units or 11.8% as compared with the previous quarter ending 30 June 2022. The retail sales are, however, lower by 4.9% in comparison to the second quarter of FY22.

Hero MotoCorp skid 2.65%. The two-wheeler major launched electric scooter Vida V1. The ex-showroom prices of two variants of the electric scooter, Vida V1 Plus and Vida V1 Pro, have been pegged at Rs 1.45 lakh and Rs 1.59 lakh, respectively.

Power Grid Corporation of India (PGCIL) rose 0.33%. PGCIL on Friday announced that its wholly owned subsidiary, Powergrid Bhind Guna Transmission has commissioned a transmission project in Madhya Pradesh.

One 97 Communications (Paytm) jumped 4.32%. The company`s lending business witnessed a 224% year on year (YoY) growth during the quarter ending September 2022. The number of loans disbursed through the company`s platform zoomed 224% YoY to 9.2 million loans in the quarter ended September 2022, while the value of loans disbursed grew 482% YoY to Rs 7,313 crore ($894 million).

IDBI Bank spurted 9.13%. The government invited bids for privatising the bank. The Government of India (Gol) has kicked off the process for strategic disinvestment of IDBI Bank with the transfer of management control. The government has issued a preliminary information memorandum to invite expressions of interest from prospective buyers. GoI, acting through Department of Investment and Public Asset Management (DIPAM), has engaged KPMG India as the legal advisors for providing advisory services and managing the transaction.

The government is offering to sell 30.48% of its stake in the bank, and Life Insurance Corporation of India (LIC) will 30.24%, aggregating to 60.72% of IDBI Bank`s share capital, along with transfer of management control in the lender. Currently, GoI holds 45.48% and LIC holds 49.24% of the total equity share capital of IDBI Bank.

Global markets:

Stocks in Europe and Asia tumbled across the board on Monday after a surprise drop in US unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation which is expected to see core prices move higher again.

Chinese investors return from a week-long break. Markets in Japan, South Korea, Taiwan and Malaysia are closed today for holidays.

US stocks tumbled on Friday after data showed the unemployment rate declined in September, sparking fear that the Federal Reserve would continue hiking rates aggressively.

The US economy added 263,000 jobs last month, showing a steady slowdown from the blistering pace in 2020 and 2021, the Labor Department said in the closely-watched report. The unemployment rate slipped two-tenths of a percentage point to 3.5 percent.

Geopolitical tensions added to the uncertainty as markets waited to see how the Kremlin might respond to the blast that hit Russia`s only bridge to Crimea.

Later this week, the Bank of Korea will announce its benchmark interest rate decision, Singapore is set to announce its GDP estimate for the third quarter and China releases inflation data.

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