The domestic equity benchmarks traded in a narrow range in mid-morning trade. Domestic sentiment was dented amid negative global cues. The Nifty hovered below 18,050 mark. Shares of PSU bank witnessed profit booking after gaining in four consecutive trading session.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 402.17 points or 0.66% to 60,631.38. The Nifty 50 index lost 117.30 points or 0.65% to 18,039.70.
In the broader market, the S&P BSE Mid-Cap index fell 0.62% while the S&P BSE Small-Cap index shed 0.54%.
The market breadth was weak. On the BSE, 1,232 shares rose and 2,020 shares fell. A total of 170 shares were unchanged.
Investors looked ahead to the US consumer price inflation report due on Thursday. The inflation data would give clues about how much the U.S. Federal Reserve's rapid interest rate hikes are helping in cooling down the economy.
IPO Updates:
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The initial public offer (IPO) of Five-Star Business Finance received bids for 9,26,032 shares as against 3,04,88,966 shares on offer, according to stock exchange data at 11:21 IST on Thursday (10 November 2022). The issue was subscribed 3%.
The issue opened for bidding on Wednesday (9 November 2022) and it will close on Friday (11 November 2022). The price band of the IPO is fixed at Rs 450 to 474 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof.
The IPO of Archean Chemical Industries received bids for 98,60,868 shares as against 1,99,57,325 shares on offer, according to stock exchange data 11:21 IST on Thursday (10 November 2022). The issue was subscribed 49%.
The issue opened for bidding on Wednesday (9 November 2022) and it will close on Friday (11 November 2022). The price band of the IPO is fixed at Rs 386 to 407 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index fell 1.38% to 3,782.20, snapping a four day rising streak. The index witnessed profit booking after gaining 12.46% in four trading session.
Bank of India (down 4.94%), Bank of Maharashtra (down 4.55%), UCO Bank (down 4.44%), Central Bank of India (down 4.37%), Indian Overseas Bank (down 3.88%), Punjab & Sind Bank (down 3.67%), Canara Bank (down 2.1%), State Bank of India (down 1.42%), Punjab National Bank (down 1%) and Bank of Baroda (down 0.9%) declined.
Stocks in Spotlight:
Gujarat Pipavav Port jumped 8.35% after the company's standalone net profit (excluding exceptional items) rose 47% to Rs 74.6 crore in Q2 FY23 from Rs 50.8 crore registered in the same period last year. Revenue from operations rose 17% year on year to Rs 209.7 crore in Q2 FY23 from Rs 179.9 crore posted in Q2 FY22.
Pidilite Industries shed 0.71% after the company reported 11.3% decline in consolidated net profit to Rs 332.44 crore despite of 14.7% rise in net sales to Rs 3,011.15 crore in Q2 FY23 over Q2 FY22.
Tata Power Company declined 0.80%. The company said that its subsidiary Tata Power Renewable Energy has received a letter of award to set up a 150 MW solar project in Solapur, Maharashtra, from Maharashtra State Electricity Distribution Corporation. The letter of award (LoA) was won through tariff-based competitive bidding followed by an e-reverse auction. The company said that the project will be commissioned within 18 months from the purchasing power agreement (PPA) execution date.
Petronet LNG rose 1.53%. The company standalone net profit declined by 9.6% to Rs 744.25 crore, despite a 47.8% jump in net sales to Rs 15,985.73 crore in Q2 FY23 over Q2 FY22.
Global Markets:
Asian stocks declined across the board on Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve.
Wall Street ended lower on Wednesday as investors awaited both the results of the U.S. midterm elections and key data on consumer prices that could impact the Federal Reserve's policy on interest rates. Data on the U.S. consumer price index (CPI) is due on Thursday.
The outcome of the midterm elections remained unclear as a better-than-expected showing by Democrats muddied the outlook for fiscal spending and regulation.
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