As per provisional closing data, the S&P BSE Sensex, was down 843.79 points or 1.46% to 57,147.32. The Nifty 50 index lost 257.45 points or 1.49% to 16,983.55. In three consecutive sessions, the Sensex has slipped 1.85% while the Nifty has tumbled 2.01%.
In the broader market, the S&P BSE Mid-Cap index slipped 1.61% while the S&P BSE Small-Cap index declined 1.47%.
The market breadth was weak. On the BSE, 1,073 shares rose and 2,354 shares fell. A total of 136 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 4.42% to 20.49.
Primary Market:
The initial public offer (IPO) of Tracxn Technologies received bids for 98.54 lakh shares as against 2.12 crore shares on offer, according to stock exchange data 15:33 IST on Tuesday (11 October 2022). The issue was subscribed 0.46 times.
More From This Section
The issue opened for bidding on Monday (10 October 2022) and it will close on Wednesday (12 October 2022). The price band of the IPO is fixed at Rs 75-80 per share. An investor can bid for a minimum of 185 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index declined 2.23% to 5,784.25, extending its falling run to the third trading session. The index lost nearly 3% in the past three trading sessions.
Among the components of the Nifty Metal index, Welspun Corp (down 5.22%), Jindal Stainless (down 4.18%), Jindal Steel & Power (down 3.92%), Vedanta (down 3.59%), JSW Steel (down 3.26%), National Aluminium Company (down 2.77%), APL Apollo Tubes (down 2.76%), Steel Authority of India (down 2.69%), Tata Steel (down 2.57%) and Hindalco Industries (down 2.56%) were the top losers.
On the other hand, Adani Enterprises (up 1.08%) and Ratnamani Metals & Tubes (up 0.05%) edged higher.
Stocks in Spotlight:
Tata Consultancy Services (TCS) fell 1.78%. TCS reported 10.1% rise in consolidated net profit to Rs 10,431 crore on 4.8% increase in revenue to Rs 55,309 crore in Q2 FY23 over Q1 FY23. The board recommended an interim dividend of Rs 8 per share. The record date for the same is 18 October 2022 and the payment date is 07 November 2022.
Infosys declined 2.65%. The IT major said that its board will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on 13 October 2022. On the same day, the IT major's board will consider and approve the audited standalone and consolidated financial results for the quarter and half year ending 30 September 2022.
Tata Motors shed 0.75%. The Tata Motors Group global wholesales in Q2 FY23, including Jaguar Land Rover (JLR), stood at 3,35,976 units, rising 33%, as compared to Q2 FY22.
Panacea Biotec surged 18.13%. The company announced the receipt of long-term supply awards worth $127.30 million (around Rs 1,040 crore) from UNICEF and Pan American Health Organization (PAHO). The contract is for the supply of WHO pre-qualified fully liquid Pentavalent vaccine, Easyfive-TT (DTwP-HepB-Hib).
Larsen & Toubro (L&T) lost 1.84%. The EPC major on Tuesday said that the water & effluent treatment business of L&T Construction has secured repeat orders from the Water Resources Department, Government of Odisha. As per L&T's classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.
Adani Ports and Special Economic Zone declined 1.31%. It has received approvals from National Company Law Tribunals (NCLT) Ahmedabad and NCLT Hyderabad for acquiring the remaining 58.1% stake in Gangavaram Port through the composite scheme of arrangement. With this stake purchase, Gangavaram Port (GPL) will become a 100% subsidiary of Adani Ports. This stake purchase is through a share swap arrangement, said the company.
Bajaj Auto slipped 2.50%. The two-wheeler maker announced that its board approved the completion and closure of the share buyback on Monday, 10 October 2022. Bajaj Auto commenced the share buyback on 4 July 2022. The two-wheeler maker said it bought back 64,09,662 equity shares, utilizing an aggregate amount of Rs 2499.96 crore, representing 99.99% of the maximum buyback size. The total amount earmarked for the purpose was up to Rs 2,500 crore.
Power Grid Corporation of India (PGCIL) declined 0.22%. The power transmission company on Tuesday announced that it has acquired ER NER Transmission (ETL), in accordance with its selection as the successful bidder under tariff based competitive bidding. PGCIL on 10 October 2022 acquired ETL, the project special purpose vehicle (SPV) to establish inter-state transmission system for system strengthening scheme for eastern and north eastern regions, on build, own, operate and transfer (BOOT) basis from the bid process coordinator - REC Power Development and Consultancy.
Global markets:
The Dow Jones futures declined 246 points, indicating a negative opening in the US stock market today.
Shares in Europe and Asia declined on Tuesday following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth.
Stocks slumped in Japan and South Korea as trading resumed after holidays.
Along with concern over interest rate hikes from central banks and their impact on economic growth, investors also kept an eye on the developments in Ukraine after multiple explosions hit the center of Ukraine's capital Kyiv. US stocks fell on Monday as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China's semiconductor industry.
The mood remains fragile ahead of Thursday's US inflation data, with the case for another 75 basis-point rate hike likely to be strong if the data comes in hotter-than-expected, as per reports.
Powered by Capital Market - Live News