A spike in U.S. benchmark bond yields and a strong dollar capped gains in equities. Realty, PSU banks and pharma stocks were in demand while private banks and IT shares declined.
As per the provisional closing data, the barometer index, the S&P BSE Sensex, closed at 59,126.36, down 286.91 points or 0.48%. The Nifty 50 index ended 93.15 points or 0.53% lower at 17,618.15.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index was up 0.33% while the S&P BSE Small-Cap index gained 0.56%.
Buyers outpaced sellers. On the BSE, 1844 shares rose and 1425 shares fell. A total of 155 shares were unchanged.
Trading was volatile as the September 2021 F&O contracts expired today, 30 September 2021.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 233,231,373 with 4,773,860 deaths. India reported 277,020 active cases of COVID-19 infection and 448,062 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
In the last 24 hours, India added 23,529 new cases. Active cases accounted for less than 1% of total cases, currently at 0.82%. Active caseload stands at 2,77,020; lowest in 195 days. The recovery rate currently stands at 97.85%.
Primary Market:
Aditya Birla Sun Life AMC IPO opened for subscription from Wednesday (29 September) and it will close on Friday (1 October). The company is offering 38,880,000 shares (including anchor portion of 11,080,800 equity shares) in the price band of Rs 695 to Rs 712 per share.
As on 15:20 IST, the IPO received bids for 2.48 crore shares as against 2.77 crore shares on offer. The issue was subscribed 90% so far. The offer comprises of offer for sale comprises sale of 28,50,880 equity shares by Aditya Birla Capital (ABCL) and up to 36,029,120 equity shares by Sun Life AMC. Up to 1,944,000 equity shares have been reserved for allocation to ABCL shareholders. The IPO is a complete offer for sale by existing shareholders and the company will not directly receive any proceeds from the offer.
Stocks in Spotlight:
Indian Overseas Bank (IOB) jumped 10.49% after the Reserve Bank decided to remove the public sector bank from prompt corrective action (PCA) framework, subject to certain conditions and continuous monitoring. The government-backed lender has provided a written commitment to the RBI that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments.
Max Healthcare Institute gained 1.27% after HDFC Mutual Fund and SBI Mutual Fund acquired stake in the company via bulk deals on Wednesday (29 September 2021). As per the bulk deal data on the NSE, HDFC Mutual Fund and SBI Mutual Fund bought 57 lakh shares (0.59% equity) and 4.28 crore shares (4.44% equity), respectively, in the healthcare company at Rs 350 per share each on Wednesday (29 September 2021). Similarly, Veritas Funds Plc on behalf of Veritas Asian Fund also picked up 52 lakh equity shares (0.54% equity) in Max Healthcare Institute at Rs 350 per share, the data showed. Meanwhile, Kayak Investments Holding, one of the promoter entities of Max Healthcare Institute, on Wednesday sold 8.44 crore shares (8.74% equity) of the company for Rs 2,956 crore through open market transactions.
Adani Green Energy rose 1.18%. The company's subsidiary Adani Renewable Energy (MH) signed definitive agreements with Essel Green Energy to acquire 100% economic value in an special purpose vehicle (SPV) that owns 40 MW operating solar project in Odisha. The project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years. The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 crore.
Tata Consultancy Services slipped 0.27%. The Multi Commodity Exchange India (MCX) selected TCS as the technology solution provider for its growth and transformation journey.
Federal Bank advanced 3.56%. The credit ratings agency CARE Ratings re-affirmed its 'CARE AA; Stable' rating on the bank's Tier II bonds (under Basel III) of Rs 500 crore.
Blue Dart Express rose 0.99%. The logistics company announced that its general price increase, effective from 1 January 2022. The average shipping price increase will be 9.6% as compared to 2021, dependant on the shipping profile.
Persistent Systems jumped 4.78% after the IT company announced it has entered into an agreement to acquire Charlotte, North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360, and the business of East Brunswick, New Jersey-based Shree Partners including its subsidiary in India.
Global Markets:
European shares edged higher while Asian stocks were mixed on Thursday. China's manufacturing PMI shrank in September 2021 to 49.6 from 50.1 in August 2021. The index contracted unexpectedly due to increased curtailment of electricity usage and rising input prices.
Meanwhile, China's Caixin/Markit manufacturing PMI for the month rose to 50 compared with 49.2 in August.
In China, investors continue to monitor the situation at China Evergrande Group. As per reports, some bondholders did not receive a due coupon payment by the close of Asia business hours on Wednesday.
Wall Street ended firmer on Wednesday in a partial rebound from the previous day's broad sell-off, with remarks from US Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping a lid on gains. The S&P 500 index and the Dow Jones Industrial Average advanced, but the Nasdaq Composite closed lower.
Federal Reserve Chair Jerome Powell and his counterparts in Japan, Europe and the U.K. voiced cautious optimism that supply-chain disruptions lifting inflation rates around the world would ultimately prove temporary.
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