Market reverses gains; Sensex down 97 pts

The benchmark indices traded with minor losses in afternoon trade. The Nifty slipped below the 21,450 mark. Metal shares managed to edge higher for sixth day in a row.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 96.78 points or 0.14% to 71,386.97. The Nifty 50 index lost 25.40 points or 0.12% to 21,431.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index gained 0.53%.

The market breadth was positive. On the BSE, 2,196 shares rose and 1,625 shares fell. A total of 147 shares were unchanged.

Gainers & Losers:

Bajaj Auto (up 2.48%), Sun Pharmaceuticals Industries (up 1.64%), Reliance Industries (up 1.27%), Hindalco Industries (up 1.18%) and Adani Ports and Special Economic Zone (up 1.02%) were major Nifty gainers.

Power Grid Corporation of India (down 2.34%), JSW Steel (down 2.11%), ICICI Bank (down 1.67%), Oil & Natural Gas Corporation (ONGC) (down 1.59%) and ITC (down 1.39%) were major Nifty losers.

IPO Updates:

The initial public offer (IPO) of Motisons Jewellers received bids for 14,82,24,500 shares as against 2,08,71,000 shares on offer, according to stock exchange data at 13:21 IST on Monday (18 December 2023). The issue was subscribed 7.10 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 52-55 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

The IPO of Suraj Estate Developers received bids for 24,41,058 shares as against 82,35,293 shares on offer, according to stock exchange data at 13:21 IST on Monday (18 December 2023). The issue was subscribed 0.30 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 340-360 per share. An investor can bid for a minimum of 41 equity shares and in multiples thereof.

The IPO of Muthoot Microfin received bids for 91,58,580 shares as against 2,43,87,447 shares on offer, according to stock exchange data at 13:21 IST on Monday (18 December 2023). The issue was subscribed 0.38 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277-291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

The IPO of INOX India received bids for 29,19,67,896 shares as against 1,54,77,670 shares on offer, according to stock exchange data at 13:21 IST on Monday (18 December 2023). The issue was subscribed 18.86 times.

The issue opened for bidding on Thursday (14 December 2023) and it will close on Monday (18 December 2023). The price band of the IPO is fixed at Rs 627-660 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.

Stocks in Spotlight:

Landmark Cars zoomed 9.65% after the company announced that it has received an approval from Mercedes-Benz India for opening a workshop at Hyderabad.

Oriental Rail Infrastructure was locked in an upper circuit of 5% after the company secured an order worth Rs 12.14 crore from modern coach factory (MCF) in Raebareli, Uttar Pradesh.

Salasar Techno Engineering soared 9.98% after the company announced that its board will meet Wednesday (20 December 2023) to consider and recommend a proposal of declaration of bonus shares to its shareholders.

Gandhar Oil Refinery (India) dropped 5.69% after the company reported 11.25% decline in consolidated net profit to Rs 48.1 crore on 6.48% fall in revenue from operations to Rs 100.10 crore in Q2 FY24 over Q1 FY24.

Global Markets:

Markets in Europe and Asia declined on Monday ahead of Japan`s monetary policy decision on Tuesday. The BOJ is likely to maintain its benchmark interest rate at -0.1%, as per reports.

US stocks ended mixed on Friday. Comments on Friday by Fed Bank of New York President John Williams that it was too soon to be talking about rate cuts, however, dampened some of the day`s optimism.

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