At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 342 points or 0.42% to 81,478.12. The Nifty 50 index lost 104.50 points or 0.42% to 24,952.85.
In the broader market, the S&P BSE Mid-Cap index fell 0.40% and the S&P BSE Small-Cap index lost 0.28%.
The market breadth was negative. On the BSE, 1,844 shares rose and 1,877 shares fell. A total of 143 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Hyundai Motor India received bids for 2,18,65,193 shares as against 9,97,69,810 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (16 October 2024). The issue was subscribed 0.22 times.
The issue opened for bidding on Tuesday (15 October 2024) and it will close on Thursday (17 October 2024). The price band of the IPO is fixed between Rs 1,865 to Rs 1,960 per share. An investor can bid for a minimum of 7 equity shares and in multiples thereof.
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Buzzing Index:
The Nifty Auto index fell 1.66% to 25,807.15. The index declined 2.48% in the two trading sessions.
Mahindra & Mahindra (down 2.41%), Samvardhana Motherson International (down 1.87%), Eicher Motors (down 1.5%), Hero MotoCorp (down 1.45%), Exide Industries (down 1.43%), Maruti Suzuki India (down 1.2%), Ashok Leyland (down 1.07%), Bosch (down 1%), TVS Motor Company (down 0.94%) and Tata Motors (down 0.84%) edged lower.
Stocks in Spotlight :
Godrej Properties added 1.42% after the company said that it has emerged as the highest bidder to develop a group housing project at a premium location in Sector 5-A, Kharghar, according to e-auction portal of City and Industrial Development Corporation of Maharashtra (CIDCO).
G R Infraprojects gained 1.40% after the company informed that it has received Letter of Acceptance (LoA) from Maharashtra State Road Development Corporation aggregating to Rs 1,885.63 crore.
Global Markets:
Most Asian stocks traded higher on Wednesday, primarily due to a weak outlook from ASML, a leading chipmaker. Cooling optimism about Chinese stimulus measures also contributed to the market's downturn.
Regional markets followed Wall Street's lead, where a drop in chipmaking stocks pulled U.S. benchmarks from record highs. At the close in NYSE, the Dow Jones Industrial Average lost 0.75%, while the S&P 500 index fell 0.76%, and the NASDAQ Composite index lost 0.98%.
ASML, a major supplier of chipmaking equipment, provided disappointing sales guidance for 2025, citing softer demand in non-AI sectors. Its U.S. shares plummeted 16% overnight.
NVIDIA, a market darling, fell 4.5%, while AMD and Intel declined by 5.2% and 3.3%, respectively. All three stocks stabilized after the market closed.
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