SENSEX, NIFTY TURN RED; BROADER MARKETS OUTPERFORM

The domestic equity barometers pared all gains and slipped below the flat line in morning trade. The Nifty traded tad above the 17,650 level after hitting the day`s high at 17,766.60 in early trade. Auto shares extended their rise for seventh consecutive session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 173.91 points or 0.29% to 59,736.84. The Nifty 50 index lost 49.95 points or 0.28% to 17,656.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index advanced 0.15%.

ITI (up 6.14%), CEAT (up 5.93%), Just Dial (up 5.79%), RVNL (up 3.69%) and Graphite India (up 3.66%) were the top gainers in the broader market segment.

The market breadth turned positive. On the BSE, 1,862 shares rose and 1,269 shares fell. A total of 121 shares were unchanged.

Investors await corporate results this week, along with comments from the Fed Reserve officials for cues on interest rate hikes. Stronger-than-expected Chinese economic data failed to raise the investor sentiment. Bank of International Settlements head Agust�n Carstens has reportedly warned that interest rates may need to stay higher for longer due to high inflation and rising risks of instability in the global economy.

New Listing:

Shares of Avalon Technologies were currently trading at Rs 418.45, at a discount of 4.03% (17.55) to the issue price of Rs 436.

The scrip was listed at Rs 431, at a discount of 1.15% to the issue price.

So far the stock has hit a high of Rs 435.30 and a low of Rs 411.70. On the BSE, over 1.37 lakh shares of the company had changed hands at the counter.

The initial public offer (IPO) of Avalon Technologies received bids for 2.53 crore shares as against 1.14 crore shares on offer. The issue was subscribed 2.21 times.

The issue opened for bidding on Monday (3 April 2023) and it closed on Thursday (6 April 2023). The price band of the IPO was fixed at Rs 415-436 per share.

Of the net proceeds from fresh issue, the company proposes to utilize Rs 145 crore toward prepayment and repayment of certain outstanding borrowings and Rs 90 crore towards funding the working capital requirements of the company. The balance is for general corporate purposes.

Buzzing Index:

The Nifty Auto index rose 0.16% to 13,016.75. The index has gained _ % in seven sessions.

Sona BLW Precision Forgings (up 1.82%), MRF (up 1.8%), Eicher Motors (up 1.26%), Ashok Leyland (up 0.87%) and Tata Motors (up 0.86%) were the top gainers.

Among the other gainers were Balkrishna Industries (up 0.81%), Maruti Suzuki India (up 0.56%), Tube Investments of India (up 0.54%), Bharat Forge (up 0.17%) and Bosch (up 0.08%).

On the other hand, Bajaj Auto (down 1.05%), TVS Motor Company (down 0.99%) and Mahindra & Mahindra (down 0.54%) turned lower.

Stocks in Spotlight:

Kolte-Patil Developers rose 0.63%. The board of directors of the company approved allotment of 20,650 senior, secured, listed, rated, redeemable non-convertible debentures of face value Rs. 1,00,000/- each, on a private placement basis, aggregating to Rs. 206.50 crore to Marubeni Corporation, Japan.

Goa Carbon jumped 5.14%. The company`s Bilaspur Unit, Sector B, Sirgitti Industrial Area, Bilaspur Chhattisgarh) has resumed. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume from 17 April 2023.

Hathway Cable and Datacom tumbled 3.61%. The company reported a net loss of Rs 14.62 crore in Q4 FY23 as against net profit of Rs 28.35 crore in Q4 FY22. Net sales rose 2.4% to Rs 459.59 crore in Q4 FY23 as compared with Rs 448.79 crore in Q4 FY22.

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