Indices witnessed bounced back and were trading with modest gains in mid-morning trade. The Nifty index was trading near 11,500-mark. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 83.26 points or 0.22% at 38,750.59. The Nifty 50 index rose 20.15 points or 0.18% at 11,494.60.
The S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index was down 0.43%.
The market breadth was negative. On the BSE, 856 shares rose and 1118 shares fell. A total of 111 shares were unchanged.
The initial public offer (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) was oversubscribed on the second day of bidding. As of 10:30 IST, the issue received bids for 2.16 crore shares and it was subscribed 108%. The IPO of 2.01 crore equity shares will close on Thursday, 3 October 2019. The price band for the issue has been fixed at Rs 315 to Rs 320 per share. The minimum order quantity is for 40 equity shares and in multiples thereof.
Shares of Indiabulls Group companies continued to decline for second consecutive session. The shares took a beating after the Delhi High Court admitted petitions to probe Indiabulls Housing. Indiabulls Housing Finance informed after market hours on Friday, 27 September 2019, that the public interest litigation (PIL) filed by Citizens Whistle Blower Forum came up for hearing before the Delhi High Court on Friday, when the Court was informed that the averments made in the petition are a pack of lies motivated by vested interest and has been filed without any research even on publicly available records of the company. The High Court has listed the matter for 13 December 2019 to allow respondent company to place on record relevant documents in support of its rebuttal to the allegations contained in the PIL.
Indiabulls Integrated Services (down 4.97%), Indiabulls Real Estate (down 4.9%), Indiabulls Ventures (down 9.98%) and Indiabulls Housing Finance (down 6.46%) slumped.
Also Read
IndusInd Bank was down 4.47% at Rs 1319.80. Thee stock fell 14.67% in three trading sessions from Rs 1546.75 on 26 September 2019. The bank clarified that its exposure to a large mortgage lender is fully secured.
Glenmark Pharmaceuticals rose 1.49% after the company received an approval from the Ministry of Healthcare, Russia to market Montlezir for the treatment allergic rhinitis in patients above 15 years of age. Allergic rhinitis is a type of inflammation in the nose which occurs when the immune system overreacts to allergens in the air. Montlezir is expected to be available in the Russian market in Q3 FY 2019‐20.
Maruti Suzuki India was up 1.04% after total auto sales fell 24.4% to 122,640 units in September 2019 over September 2018. Total domestic sales fell 26.7% to 112,500 units in September 2019 as against 153,550 units in September 2018. Total exports fell 17.8% to 7,188 units in September 2019 as against 8740 units in September 2018.
On domestic macro front, the headline seasonally adjusted IHS Markit India Manufacturing PMI was at 51.4 in September, unchanged from August and thereby posting its joint-lowest reading since May 2018. The figure still showed an improvement in the health of the sector, although one that was historically subdued.
The index of Eight Core Industries carrying 40.27% weight of items included in the Index of Industrial Production (IIP) has declined by 0.5% in August 2019 as compared to the index of August 2018. The index of Eight Core Industries has moved up 2.4% in April to August 2019-20.
India's current account deficit (CAD) at $14.3 billion (2% of GDP) in Q1 of 2019-20 narrowed from $15.8 billion (2.3% of GDP) in Q1 of 2018-19, but was higher than $4.6 billion (0.7% of GDP) in the preceding quarter. The CAD contracted on a year-on-year (y-o-y) basis, primarily on account of higher invisible receipts at $31.9 billion as compared with $29.9 billion a year ago.
The fiscal deficit of central government declined 6.3% to Rs 553840 crore in April-August 2019-20 over April-August 2018-19. The fiscal deficit as a percentage of full year estimate stood at 78.7% in April-August 2019-20 compared with 94.7% touched in the corresponding period of last year.
India's external debt was placed at $557.4 billion end-June 2019, recording an increase of $14.1 billion over its level at end-March 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content