INDICES TRADE WITH MINOR CUTS; AUTO SHARES SLIDE

The headline equity benchmarks traded with minor losses in mid-morning trade. The Nifty traded below the 25,050 mark. Auto shares declined after advancing in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 244.36 points or 0.30% to 81,725.71. The Nifty 50 index fell 81.95 points or 0.33% to 25,046.

In the broader market, the S&P BSE Mid-Cap index fell 0.08% and the S&P BSE Small-Cap index added 0.58%.

The market breadth was positive. On the BSE, 1,953 shares rose and 1,786 shares fell. A total of 147 shares were unchanged.

Economy:

The Government of India (GoI) has announced the sale (re-issue) of (i) �7.02% Government Security 2031� for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method, (ii) �7.23% Government Security 2039� for a notified amount of Rs 13,000 crore (nominal) through price based auction using multiple price method and (iii) �7.09% Government Security 2054� for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method.

GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 18, 2024 (Friday). Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

IPO Update:

The initial public offer (IPO) of Hyundai Motor India received bids for 79,29,852 shares as against 9,97,69,810 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (15 October 2024). The issue was subscribed 0.08 times.

The issue opened for bidding on Tuesday (15 October 2024) and it will close on Thursday (17 October 2024). The price band of the IPO is fixed between Rs 1,865 to Rs 1,960 per share. An investor can bid for a minimum of 7 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Auto index fell 1.17% to 26,154.60. The index rose 0.10% in the past trading session.

Bajaj Auto (down 2.44%), Mahindra & Mahindra (down 1.76%), Samvardhana Motherson International (down 1.55%), Eicher Motors (down 1.34%), Exide Industries (down 1.12%), Ashok Leyland (down 0.96%), Maruti Suzuki India (down 0.96%), Tata Motors (down 0.66%), Hero MotoCorp (down 0.43%) and Bosch (down 0.39%) edged lower.

Stocks in Spotlight:

Sunteck Realty jumped 6.56% after the company said that it has recorded 32.66% increase in pre-sales to Rs 524 crore in Q2 FY25 from Rs 395 crore in Q2 FY24.

TD Power Systems rallied 4.86% after the company received two large orders from two major international gas engine original equipment manufacturers, with a combined value of Rs 142 crore for the supply of gas engine generators.

Global Markets:

US Dow Jones index futures were up 34 points in Asian trade, with focus turning to a string of key Q3 earnings due this week.

Most Asian stocks traded higher up on Tuesday tracking record highs on Wall Street as the third-quarter earnings season approached, while Chinese stocks fell amid waning optimism over new fiscal stimulus.

Investors assessed trade data out of South Korea, which showed trade surplus surging to $6.7 billion in September, up from $3.7 billion in August.

South Korea�s Kospi as well as the small-cap Kosdaq were hovering near the flatline.

Japanese shares climbed as sentiment was buoyed by reports that Tokyo Metro raised $2.3 billion in the country�s biggest initial public offering in six years.

A rally in technology shares spurred record highs on Wall Street on Monday, with focus turning to a string of key upcoming earnings and economic readings. The S&P 500 rose 0.77% to a record high of 5,859.85 points, while the Dow Jones Industrial Average rose 0.47% to a record high of 43,065.22 points on Monday. The NASDAQ Composite rose 0.87% to 18,502.64, and was back in sight of peaks hit earlier this year.

Investors will watch for crucial economic data this week, notably the September retail sales figures, for clues on the financial health of U.S. consumers.

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