Nifty below 18,600, auto shares in demand
Published on Jun 06, 2023 11:33
The domestic equity barometers continued to trade with minor losses in mid-morning trade. The Nifty hovered below the 18,600 level after hitting the day`s high of 18,618.05 in morning trade. Auto stocks witnessed buying demand for the fifth consecutive trading session.
At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 147.29 points or 0.23% to 62,640.18. The Nifty 50 index lost 36.20 points or 0.19% to 18,557.65.
In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index gained 0.19%.
The market breadth was positive. On the BSE, 1,750 shares rose and 1,593 shares fell. A total of 138 shares were unchanged.
The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023.
The initial public offer (IPO) of IKIO Lighting received bids for 43.42 lakh shares as against 1.52 crore shares on offer, according to stock exchange data at 11:30 IST on Tuesday (6 June 2023). The issue was subscribed 0.29 times.
The issue opened for bidding on Tuesday (6 June 2023) and it will close on Thursday (8 June 2023). The price band of the IPO is fixed at Rs 270-285 per share. An investor can bid for a minimum of 52 equity shares and in multiples thereof.
The Nifty Auto index rose 0.86% to 14,695.60, extending gains for the fifth day in a row. The index rallied 3.65% in five trading sessions.
Maruti Suzuki India (up 1.69%), TVS Motor Company (up 1.25%), Eicher Motors (up 1.07%), Tata Motors (up 1.05%), Hero MotoCorp (up 1.02%), (up 0.8%), Mahindra & Mahindra (up 0.8%), Ashok Leyland (up 0.5%), Bajaj Auto (up 0.23%) and Bharat Forge (up 0.17%) advanced.
On the other hand, Sona BLW Precision Forgings (down 0.61%), Samvardhana Motherson International (down 0.49%) and MRF (down 0.43%) edged lower.
Stocks in Spotlight:
Nelco surged 14.71% after the company has entered into the agreement to acquire 9.09% stake in Piscis Networks for total consideration of Rs 99.99 lakh.
Man Infraconstruction shed 0.57%. The company informed that its subsidiary MICL Creators LLP has acquired development rights from Ghatkopar-based ten adjoining Societies, for a cluster development project with a revenue potential of Rs 1,200 crore.
Veranda Learning Solutions fell 0.45%. The company said that its wholly owned subsidiary Veranda RACE has partnered with Talent Academy & Publications to augment its reach into Kerala.
Asian stocks traded mixed on Tuesday as a rally in global stocks paused and US equities pulled back short of entering a bull market. South Korea`s markets are closed Tuesday for a holiday.
US stocks fell on Monday as investors weighed whether the US central bank might pause rate hikes after growth slowed in the services sector.
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