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Sensex, Nifty at the low point of the day; Harsha Engineers IPO subscribed nearly 25 times

Published on Sep 16, 2022 13:34

The domestic equity benchmarks were currently at the day`s low afternoon trade as sharp sell-off in almost all index stocks led the key indices lower. Negative global cues dampened the investors sentiment. The Nifty traded below the 17,600 level. Bank stocks witnessed some bit of selling for second consecutive session.

At 13:32 IST, the barometer index, the S&P BSE Sensex, was down 876.54 points or 1.46% to 59,057.47. The Nifty 50 index lost 277.50 points or 1.55% to 17,599.90.

In the broader market, the S&P BSE Mid-Cap index fell 2.39% while the S&P BSE Small-Cap index declined 1.86%.

The market breadth was weak. On the BSE, 928 shares rose and 2486 shares fell. A total of 121 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Harsha Engineers International received bids for 41.96 crore shares as against 1.68 crore shares on offer, according to stock exchange data 13:30 IST on Friday (16 September 2022). The issue was subscribed 24.89 times.

The issue opened for bidding on Wednesday (14 September 2022) and it will close on Friday (16 September 2022). The price band of the IPO is fixed at Rs 314-330 per share. An investor can bid for a minimum of 45 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Bank index shed 0.94% to 40,822.60. The index has declined _ % in two sessions.

Bandhan Bank (down 3.64%), Punjab National Bank (down 2.1%), Bank of Baroda (down 2%), IDFC First Bank (down 1.8%) and AU Small Finance Bank (down 1.8%) were the top losers.

Among the other losers were State Bank of India (down 1.56%), HDFC Bank (down 1.23%), Axis Bank (down 0.76%), ICICI Bank (down 0.57%) and Kotak Mahindra Bank (down 0.27%).

CSB Bank added 3.51%. The bank has appointed Pralay Mondal as its managing director (MD) & chief executive officer (CEO) for a period of three years with effect from 15 September 2022. IndusInd Bank rose 2.83%. The private lender said that its board has considered and approved the re-appointment of Sumant Kathpalia as the managing director (MD) & CEO of the bank.

Global Markets:

The US Dow Jones index futures were down 221 points, indicating a negative opening in the US stocks today.

Shares in Europe and Asia declined across the board on Friday as investors digest U.S. economic data and China`s industrial production and retail sales figures for August.

The World Bank yesterday reportedly warned of a global recession in 2023, and said central bank hiking may not be enough to bring down inflation.

New car registrations in the European Union rose in August after thirteen months of declines. Sales increased by 4.4% overall and rose in the key markets of Spain, Italy, Germany and France, though remained well below pre-pandemic levels, the European Automobile Manufacturers` Association reportedly said. In the year to date, total sales volumes are down by 11.9%, largely due to an ongoing semiconductor shortage.

U.K. retail sales fell by 1.6% month-on-month in August, figures reportedly published Friday morning showed. It was the first month since July 2021 that all main sectors, spanning food and non-food stores, online retail and fuel, saw declines.

China`s latest economic data release showed growth accelerated in August. Retail sales increased 5.4% in August from the same period last year, much higher than July`s 2.7%. Industrial production grew 4.2% last month compared with a year ago. Industrial output came in at 3.8% in July.

US stocks declined overnight as traders absorbed an ugly earnings warning from FedEx. Dow dropped 173 points, or 0.56%, for its lowest close since July 14. The Nasdaq Composite slid 1.43%, while the S&P 500 fell 1.13%.

Shares of FedEx plunged 15% in extended trading after the shipments company withdrew its full-year guidance, and said it will implement cost-cutting initiatives to contend with soft global shipment volumes as "macroeconomic trends significantly worsened."

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