Indices erase early gains, Nifty below 18,000 level

The key equity indices reversed gains and slipped into the negative terrain in the morning trade. The Nifty traded below the key 18,000 level. Auto and oil & gas stocks advanced while media, IT and pharma shares witnessed a bit of a selling pressure. Trading was volatile due to the expiry of weekly index options on the NSE today.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 130.25 points or 0.22% to 60,216.72. The Nifty 50 index declined 34.25 points or 0.19% to 17,969.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.37%.

The market breadth was positive. On the BSE, 1,840 shares rose and 1,368 shares fell. A total of 143 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,397.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 187.58 crore in the Indian equity market on 14 September 2022, provisional data showed.

New Listing:

Shares of Tamilnad Mercantile Bank were currently trading at Rs 508 at 10:09 IST on the BSE, a discount of 0.39% compared with the issue price of Rs 510.

The scrip was listed at Rs 510, matching the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 519 and a low of Rs 487. Over 93,000 shares of the company have changed hands in the counter till now

The IPO of Tamilnad Mercantile Bank was subscribed 2.86 times. The issue was open between 5th September to 7th September 2022. The price band of the IPO was fixed at Rs 500-525 per share.

Buzzing Index:

The Nifty Auto index gained 1.15% to 13,374.20. The index declined 0.32% in the past trading session.

Maruti Suzuki India (up 3.54%), Eicher Motors (up 2.77%), Ashok Leyland (up 2.18%), TVS Motor Company (up 1.6%), Tube Investments of India (up 1.07%), Mahindra & Mahindra (up 0.48%), Tata Motors (up 0.11%), Bajaj Auto Ltd (up 0.11%), Bharat Forge (up 0.08%) and Bosch (up 0.08%) edged higher.

On the other hand, Balkrishna Industries (down 1.67%), Hero MotoCorp (down 0.51%) and Sona BLW Precision Forgings (down 0.51%) declined.

Stocks in Spotlight:

Balaji Amines gained 2.89% after the company announced commissioning of a greenfield project along with construction of two new plants. The speciality chemical manufacturer said the Phase 1 of 90-acre greenfield project (Unit IV) has been completed. The di-methyl carbonate (DMC) or propylene carbonate (PC), and propylene glycol (PG) plant will be ready to commence commercial production by the end of September 2022. The company said that it estimates an annual production capacity of 15,000 tons of DMC or PC and 15,000 tons PG.

HFCL rose 0.38% after the company said that it has received the advance purchase orders (APO) aggregating to approximately Rs 447.81 crore from Bharat Sanchar Nigam and RailTel Corporation of India. The company has received an advance purchase order of Rs 341.26 crore from Bharat Sanchar Nigam (BSNL) for supply, installation, commissioning, operation and maintenance of CUPS BNG (control plane user plane separation broadband network gateway) and associated subscriber policy manager & authentication platform on turnkey basis. The order has to be executed within 240 days from the date of the purchase order.

The company has bagged another advance purchase order of Rs 106.55 crore from RailTel Corporation of India (RailTel) for supply, installation, testing, commissioning, integration with existing infra, operation and maintenance of IP based video surveillance system (VSS) at 180 railway stations under western region of RailTel for and on behalf of Indian Railways. The order has to be executed within 180 days from the date of the advance purchase order.

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