At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 305.61 points or 0.55% at 55,323.27. The Nifty 50 index was down 116.45 points or 0.7% at 16,452.65.
In broader market, the S&P BSE Mid-Cap index was down 1.01% while the S&P BSE Small-Cap index fell 0.94%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 796 shares rose and 2041 shares fell. A total of 132 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 209,934,849 with 4,402,002 global deaths.
India reported 363,605 active cases of COVID-19 infection and 433,589 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
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New Listings:
Shares of CarTrade Tech were currently trading at Rs 1518.35 apiece on the BSE at 10:11 IST, at a discount of 6.16% as compared with the issue price of Rs 1618 per share. The stock was listed at Rs 1600 per share, at a 1.11% discount to the issue price. So far, the stock has hit a high and a low of Rs 1600 and Rs 1481.55, respectively. On the BSE, over 1.84 lakh shares of the company were traded in the counter. The initial public offer of CarTrade Tech received bids for 26.31 crore shares as against 1.29 crore shares on offer, according to stock exchange data. The issue was subscribed 20.29 times.
Buzzing Index:
The Nifty Metal slumped 3.42% to 5,507, falling for third trading session. The metal index slumped 6.4% in three days.
Hindalco Industries (down 4.64%), NMDC (down 4.46%), Tata Steel (down 3.94%), JSW Steel (down 3.89%) and Jindal Steel & Power (down 3.82%) were the top losers. Among the other losers were Steel Authority of India (down 3.47%), Vedanta (down 2.98%), Hindustan Zinc (down 2.02%) and Coal India (down 0.87%).
Stocks in Spotlight:
Zomato rose 1.52% to Rs 137.05 after the company said that it has completed the process of acquiring minority stakes in Grofers India and Hands-on Trades for an aggregate consideration of Rs 741.04 crore. In its prospectus dated 19 July 2021, the company had informed about the definitive agreements signed with Grofers India (GIPL), Hands on Trades (HOTPL) and their parent entity Grofers International (together the "Grofer Entities") and others, in relation to acquisition of certain minority stake in GIPL and HOTPL, as well as certain rights in each of the Grofer Entities. The food delivery aggregator has acquired 3,248 compulsorily convertible preference shares and 1 equity share, representing 9.16% stake on fully diluted basis, of Grofers India (GIPL) for a cash consideration of Rs 518.21 crore.
Wipro fell 1.12%. The company on Friday announced the launch of its @now Studio in partnership with ServiceNow to support digital transformations for customers, increase innovation and develop unique industry solutions. The @now Studio is located at Wipro's Technology Center in Plano, Texas where the IT major has facility focused on developing niche capabilities in new and emerging technologies. This is Wipro's first @now Studio. The company said it has plans to launch additional studios in Europe and APMEA in the coming months.
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