At 11:30 IST, the barometer index, the S&P BSE Sensex shed 2.57 points or 0.01% to 84,912. The Nifty 50 index lost 15.40 points or 0.06% to 25,925.
In the broader market, the S&P BSE Mid-Cap index fell 0.45% and the S&P BSE Small-Cap index shed 0.12%.
The market breadth was negative. On the BSE, 1,687 shares rose and 2,085 shares fell. A total of 140 shares were unchanged.
Economy:
Moodys has revised its calendar year 2024 growth forecast for India to 7.1% from its earlier estimates of 6.8% in June, as it expects growth in the Asia-Pacific region to outpace the global economy.
IPO Update :
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The initial public offer (IPO) of KRN Heat Exchanger and Refrigeration received bids for 6,43,04,305 shares as against 1,09,93,000 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (25 September 2024). The issue was subscribed 5.85 times.
The issue opened for bidding on Wednesday (25 September 2024) and it will close on Friday (27 September 2024). The price band of the IPO is fixed between Rs 209 to Rs 220 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.
The initial public offer (IPO) of Manba Finance received bids for 91,59,68,750 shares as against 87,99,000 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (25 September 2024). The issue was subscribed 104.10 times.
The issue opened for bidding on Monday (23 September 2024) and it will close on Wednesday (25 September 2024). The price band of the IPO is fixed between Rs 114 to Rs 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.
Buzzing Index :
The Nifty FMCG index slipped 0.99% to 65,147.10. The index fell 1.74% in two consecutive trading sessions.
Dabur India (down 4.4%), Godrej Consumer Products (down 2.28%), Tata Consumer Products (down 2.08%), Colgate-Palmolive (India) (down 1.65%), Radico Khaitan (down 1.62%), Marico (down 1.55%), Britannia Industries (down 1.29%), Hindustan Unilever (down 0.97%), Procter & Gamble Hygiene and Health Care (down 0.83%) and United Spirits (down 0.79%) declined.
Stocks in Spotlight :
Gillette India declined 2.48% after the companys distributor notified that Procter & Gamble (P&G) Bangladesh terminated the distribution agreement with effect from 31 December 2024.
Mahindra Holidays & Resorts India shed 0.92%. The company, via its flagship brand Club Mahindra, has assumed the complete management of the Club Mahindra Golden Landmark resort in Mysuru, Karnataka.
Global Markets:
European stocks are expected to open in negative territory Wednesday, paring gains from the previous session on the back of Chinese stimulus measures.
Asian stocks traded mixed on Wednesday, buoyed by China's expansive stimulus package and a strengthening yuan. The rally, which began the previous day, was fueled by the People's Bank of China's announcement of measures aimed at supporting the economy and financial markets.
In the United States, the S&P 500 (+0.25%) reached a new all-time high Tuesday, shrugging off concerns about weak consumer confidence. Nvidia's shares surged 4% following news that CEO Jensen Huang had completed his stock sales.
The Dow Jones Industrial Average (+0.20%) and Nasdaq Composite (+0.56%) also recorded gains.
US consumer confidence suffered its biggest one-month decline in more than three years, hitting 98.7 for September. The data follows a warning from JPMorgan Chase CEO Jamie Dimon about increasing geopolitical instability cast a shadow over the positive market sentiment. Dimon expressed concerns that these geopolitical tensions could impact the global economy.
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