The frontline indices traded in a narrow range with major losses mid-morning trade. Negative global cues, persistent recession worries and fears of interest rates hikes dampened the investor sentiments. The Nifty hovered below 18,250 mark. All the sectoral indices on the NSE were in the red with realty, PSU bank and media shares falling the most.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 623.63 points or 1.01% to 61,182.56. The Nifty 50 index lost 201.25 points or 1.09% to 18,219.20.
In the broader market, the S&P BSE Mid-Cap index slipped 0.91% while the S&P BSE Small-Cap index declined 0.46%.
The market breadth was weak. On the BSE, 1,286 shares rose and 2,060 shares fell. A total of 153 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 8.89% to 14.76.
IPO Update:
The initial public offer (IPO) of KFin Technologies received bids for 1,40,03,360 shares as against 2,37,75,215 shares on offer, according to stock exchange data at 11:24 IST on Tuesday (20 December 2022). The issue was subscribed 59%.
The issue opened for bidding on Monday (19 December 2022) and it will close on Wednesday (21 December 2022). The price band of the IPO is fixed at Rs 347-366 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.
The IPO of Elin Electronics received bids for 8,07,660 shares as against 1,42,09,386 shares on offer, according to stock exchange data at 11:24 IST on Tuesday (20 December 2022). The issue was subscribed 6%.
The issue opened for bidding on Tuesday (20 December 2022) and it will close on Thursday (22 December 2022). The price band of the IPO is fixed at Rs 234-247 per share. An investor can bid for a minimum of 60 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Auto index fell 1.34% to 12,804.85. The index added 1.59% in the past trading session.
Tube Investments of India (down 2.59%), Tata Motors (down 2.11%), Eicher Motors (down 1.94%), Mahindra & Mahindra (down 1.93%), Samvardhana Motherson International (down 1.7%), MRF (down 1%), Maruti Suzuki India (down 1%), Hero MotoCorp (down 0.82%), Bajaj Auto (down 0.8%) and Balkrishna Industries (down 0.62%) tumbled.
Stocks in Spotlight:
Hinduja Global Solutions (HGS) slipped 3.01%. The board of HGS on 19 December 2022 approved a share buyback of upto Rs 1,020 crore through a tender offer route. The maximum buyback price is set at Rs 1,700 per share. The buyback will be on a proportionate basis through a tender offer process. The record date to determine the eligibility of the shareholders will be sometime in early February 2023 (i.e. post completion of postal ballot).
Meanwhile, the nomination & remuneration committee (NRC) and the board of directors (BoD) appointed Ashok P. Hinduja to the board. The NRC and the BoD also appointed Munesh Khanna to the board as an independent director.
Solar Industries India advanced 1.40%. The company's committee of directors on 19 December 2022, approved the allotment of 600 - unsecured, rated, listed, senior, redeemable, non-convertible debentures having face value Rs 10 lakh each, for cash, aggregating to Rs 60 crore at a coupon rate of 8.20% p.a., on a private placement basis.
Global Markets:
Asian stocks declined across the board on Tuesday as the People's Bank of China kept its key lending rates steady, in line with expectations. The People's Bank of China maintained its one-year loan prime rate at 3.65% and its five-year loan prime rate at 4.30%.
Investors are awaiting the Bank of Japan (BOJ)'s monetary decision. As per reports, the BOJ is expected to maintain its ultra-dovish monetary policy stance.
US stocks closed lower on Monday for a fourth straight session as investors shied away from riskier bets, worried the Federal Reserve's tightening campaign could push the US economy into a recession.
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