Sensex slips 281 pts, IT stocks decline

The benchmark indices traded with modest losses in the mid-morning trade. The Nifty traded below the 17,950 mark. IT shares extended its losing streak for the third consecutive trading session. Trading was volatile due to the expiry of weekly index options on the NSE today.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 280.73 points or 0.47% to 60,066.24. The Nifty 50 index declined 95.40 points or 0.53% to 17,908.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.23% while the S&P BSE Small-Cap index shed 0.03%.

The market breadth was negative. On the BSE, 1,566 shares rose and 1,737 shares fell. A total of 149 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Harsha Engineers International received bids for 8.17 crore shares as against 1.68 crore shares on offer, according to stock exchange data 11:21 IST on Thursday (15 September 2022). The issue was subscribed 4.85 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 IT index declined 1.39% to 27,745.70, extending its losing run for the third session. The index slipped 4.76% in three trading sessions.

Infosys (down 2.64%), Tech Mahindra (down 2.23%), Larsen & Toubro Infotech (down 1.65%), Mindtree (down 1.59%), Coforge (down 1.52%), HCL Technologies (down 1.17%), Mphasis (down 0.61%), Wipro (down 0.6%), Tata Consultancy Services (down 0.5%) and L&T Technology Services (down 0.28%) tumbled.

Stocks in Spotlight:

Vedanta advanced 3.37% after the company it has been declared as the highest bidder for Ghogharpalli and its Dip Extension coal block, located in Sundargarh district, Odisha under Tranche V of commercial coal block auction conducted by Ministry of Coal. The coal block is an optimal fit for the company`s Jharsuguda smelter given its logistical location and annual capacity. The mine has total reserves of 1,288 million tonnes and an estimated per annum capacity of 20 million tonnes.

Tata Steel declined 1.10%. The steel major said that its board has approved the issue of 20,000 fixed-rate, unsecured, redeemable, rated, listed, non-convertible debentures (NCDs) of face value Rs 10 lakh each, aggregating to Rs 2,000 crore on a private placement basis. The NCDs would be issued in two different series. Series-1 Debenture will comprise of 5,000 NCDs of face value Rs 10 lakh each aggregating Rs 500 crore. Series-2 Debenture will comprise of 15,000 NCDs of face value Rs 10 lakh each aggregating Rs 1,500 crore.

KPI Green Energy gained 2.45% after the company received a new order for executing wind-solar hybrid power project of 4.20 megawatt from Nouveau Jewellery LLP. The order comprises of 4.20 megawatt wind turbine capacity and 3 megawatt defined conditions solar capacity under captive power producer (CPP) business segment of the company.

Global Markets:

Asian shares traded mixed on Thursday after Wednesday`s negative session. In China, the central bank kept its one-year medium-term lending facility (MLF) unchanged at 2.75%.

US indices ended a choppy session on a modestly higher note. The Dow closed slightly higher, by 30 points, after falling more than 200 points at one point. The S&P 500 rose 0.3%, and the Nasdaq Composite advanced 0.7%.

US Inflation rose more than expected in August as rising shelter and food costs offset a drop in gas prices, the Bureau of Labor Statistics reported Tuesday. The consumer price index, which tracks a broad swath of goods and services, increased 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy costs, CPI rose 0.6% from July and 6.3% from the same month in 2021.

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