The headline equity indices declined further and hit a fresh intraday low in mid-morning trade. Weak global cues played the spoilsport. The Nifty traded below the 17,950 mark. Media shares extended losses for the fourth consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 700.15 points or 1.15% to 60,126.07. The Nifty 50 index lost 221.95 points or 1.22% to 17,905.40.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 2.50% while the S&P BSE Small-Cap index slipped 2.89%.
Sellers outnumbered buyers. On the BSE, 480 shares rose and 2,947 shares fell. A total of 100 shares were unchanged.
IPO Update:
The IPO of Radiant Cash Management Services received bids for 3,31,950 shares as against 2,74,29,925 shares on offer, according to stock exchange data at 11:30 IST on Friday (23 December 2022). The issue was subscribed 1%.
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The issue opened for bidding on Friday (23 December 2022) and it will close on Tuesday (27 December 2022). The price band of the IPO is fixed at Rs 94-99 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index declined 2.89% to 1,946.25, extending losses for the fourth session. The index tumbled 7.28% in four trading sessions.
PVR (down 4.51%), Inox Leisure (down 4.02%), Saregama India (down 3.56%), Nazara Technologies (down 3.19%), TV18 Broadcast (down 2.99%), Hathway Cable & Datacom (down 2.65%), Sun TV Network (down 2.08%), Network 18 Media & Investments (down 1.45%), Zee Entertainment Enterprises (down 1.45%) and Dish TV India (down 1.4%) slipped.
Stocks in Spotlight:
Granules India gained 2.17% after the company's board approved appointment of Mukesh Surana as chief financial officer (CFO) with effect from 30 December 2022.
PNC lnfratech slipped 3.18%. The civil construction company announced that it's wholly owned subsidiaries, Hathras Highways and Yamuna Highways have achieved financial closure for two hybrid annuity mode (HAM) projects in Uttar Pradesh from National Highways Authority of India.
Ingersoll-Rand (India) rallied 3.44% after the company announced that its board has approved setting up a new manufacturing plant to be situated in Gujarat to increase the manufacturing capacity of the existing products and also to manufacture new products. The new plant would raise the company's capacity to 15,000 units per month from current 10,000 units per month and would help in catering to demand from domestic as well as export markets.
Global Markets:
Asian stocks tumbled on Friday, taking the lead from losses on Wall Street while investors also looked ahead to some economic data in the region. Japan's core consumer inflation hit a fresh 40-year high of 3.7% in November as companies continued to pass on rising costs to households, data showed on Friday.
US stocks closed lower on Thursday as investors worried that data showing a resilient economy would lead the US Federal Reserve to keep hiking interest rates for longer than feared.
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