The frontline indices traded with limited losses in a narrow range in mid-morning trade. The Nifty hovered below the 22,300 level. Oil & gas shares slipped after gaining for the past fourth consecutive trading sessions.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 166.91 points or 0.23% to 73,510.22. The Nifty 50 index declined 77.75 points or 0.35% to 22,289.65.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.74% and the S&P BSE Small-Cap index fell 2.51%.
The market breadth was weak. On the BSE, 623 shares rose and 3,089 shares fell. A total of 100 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Gopal Snacks received 15,55,591 bids for shares as against 1,19,79,993 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (6 March 2024). The issue was subscribed 0.13 times.
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The issue opened for bidding on Wednesday (6 March 2024) and it will close on Monday (11 March 2024). The price band of the IPO is fixed at Rs 381 to 401 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.
The initial public offer (IPO) of J G Chemicals received 3,07,33,771 bids for shares as against 81,68,714 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (6 March 2024). The issue was subscribed 3.76 times.
The issue opened for bidding on Tuesday (5 March 2024) and it will close on Thursday (7 March 2024). The price band of the IPO is fixed at Rs 210 to 221 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.
The initial public offer (IPO) of R K Swamy received 6,74,07,000 bids for shares as against 82,32,946 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (6 March 2024). The issue was subscribed 8.19 times.
The issue opened for bidding on Monday (4 March 2024) and it will close on Wednesday (6 March 2024). The price band of the IPO is fixed at Rs 270 to 288 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index declined 2.03% 11,790.45. The index advanced 5.18% in the past four trading sessions.
Mahanagar Gas (down 15.77%), Indraprastha Gas (down 7%), Gujarat Gas (down 5.68%), Hindustan Petroleum Corporation (down 3.14%) and Petronet LNG (down 3.14%), GAIL (India) (down 3.01%), Castrol India (down 3%), Oil & Natural Gas Corporation (down 2.41%), Aegis Logistics (down 2.28%) and Adani Total Gas (down 2.15%) declined.
Stocks in Spotlight:
Mahanagar Gas tanked 15.77%. The foreign broker downgraded the stock to "sell" from its earlier rating of "buy."
J.Kumar Infraprojects declined 1.78%. The company informed that it has received a letter of award (LoA) for a road construction project from City and Industrial Development Corporation of Maharashtra (CIDCO) for a contract worth Rs 912.28 crore.
NHPC shed 1.05%. The power generation company said that it has started developing the 1,200- megawatt (MW) Jalaun ultra renewable energy power park in Uttar Pradesh, with an investment of Rs 796.96 crore.
Force Motors tumbled 6.17%. The company announced that it has registered 5.81% increase in domestic sales to 2,366 units in February 2024 as against 2,236 units sold in February 2023.
Global Markets:
Asian stocks advanced on Wednesday. A report showed iPhone sales plunged in China in the first six weeks of 2024. Investors monitored shares of Apple suppliers in Taiwan and South Korea.
U.S. stocks closed sharply lower on Tuesday as market participants eyed upcoming economic data and central bank actions. All eyes are on Fed Chair Jerome Powell's testimony before Congress. In his semiannual testimony on Wednesday and Thursday, he is reportedly expected to double down on his message that theres no rush to cut rates.
US services industry growth slowed a bit in February. The Institute for Supply Management (ISM) said on Tuesday that its non-manufacturing PMI slipped to 52.6 last month from 53.4 in January.
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