The domestic equity barometers were currently trading near the day's low in afternoon trade. The Nifty was trading below the 17,650 mark. Consumer durable stocks were in demand.
At 13:24 IST, the barometer index, the S&P BSE Sensex, was at 59,183.96, down 229.31 points or 0.39%. The Nifty 50 index lost 89.20 points or 0.50% to 17,622.10.
Among the Nifty 50 stocks, Bajaj Finance (up 1.95%), Bajaj Finserv (up 1.45%), Sun Pharma (up 1.22%), Dr Reddy's Labs (up 1.15%) and Titan Company (up 0.88%) were the top index gainers.
Asian Paints (down 2.89%), Power Grid Corporation of India (down 2.18%), Bajaj Auto (down 1.93%), Eicher Motors (down 1.91%) and IOC (down 1.80%) were the top index losers.
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 rose 0.48%.
The market breadth was positive. On the BSE, 1818 shares rose and 1343 shares fell. A total of 166 shares were unchanged.
Trading was volatile as traders roll over positions in the F&O segment from the near month September series to October series. The September 2021 F&O contracts expires today, 30 September 2021.
COVID-19 Update:
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%.
A total of 88,41,98,189 COVID-19 vaccine doses have been administered in the country so far, with over 65.21 lakh doses being given yesterday, according to the Co-WIN dashboard.
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 13:15 IST, the IPO received bids for 2.28 crore shares as against 2.77 crore shares on offer. The issue was subscribed 82% 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.
The company expects that listing of the equity shares will enhance visibility and brand image and provide liquidity to shareholders and will also provide a public market for the equity shares in India.
Aditya Birla Sun Life AMC is currently a 51:49 joint venture between Aditya Birla Capital (ABCL) and Sun Life AMC. The company is the fourth largest asset management companies (AMCs) in India by quarterly average asset under management (QAAUM) since September 2011 and its also the largest non-bank affiliated AMC in India since March 2018.
The company managed total AUM of Rs 2,93,642 crore (closing AUM) under its suite of mutual fund, portfolio management services, offshore and real estate offerings, and approximately 7.18 million investor folios end June 2021.
Buzzing Index:
The Nifty Consumer Durables index rose 1.09% to 27,100.85. The index has added 1.29% in three sessions.
Crompton Greaves Consumer Electricals (up 2.57%), Blue Star (up 2.44%), Voltas (up 2.35%), Amber Enterprises India (up 2.21%), Dixon Technologies (India) (up 1.62%), Orient Electric (up 1.16%) and Relaxo Footwears (up 0.88%) edged higher.
Stocks in Spotlight:
Tata Steel shed 0.11% to Rs 1294.05. T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel, executed definitive agreements with TopTip Holding, a Singapore based steel and iron ore trading company, to divest its 100% equity stake in NatSteel Holdings (NSH) for an equity value of $172 million (Rs 1,275 crore). The wires business of NatSteel in Thailand (Siam Industrial wires) has been retained by Tata Steel as part of the downstream wires portfolio.
Tata Consultancy Services slipped 0.96% to Rs 3755.35. The Multi Commodity Exchange India (MCX) has selected TCS as the technology solution provider for its growth and transformation journey.
Federal Bank advanced 3.38% to Rs 84.15. 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.
Global Markets:
European shares edged higher while Asian stocks were mixed on Thursday.
China's manufacturing PMI shrinked 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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