At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 141.55 points or 0.25% to 57,288.87. The Nifty 50 index added 34.80 points or 0.20% to 17,018.35.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.29% while the S&P BSE Small-Cap index fell 0.59%.
The market breadth was weak. On the BSE, 1219 shares rose and 2015 shares fell. A total of 151 shares were unchanged.
Economy:
The International Monetary Fund on Tuesday cut its global growth forecast for next year to 2.7%.
Cutting India's GDP growth forecast to 6.8% for the financial year 2023, the IMF predicted that India will continue to remain on track to become one of the fastest-growing economies in the world.
IMF expects that inflation in India will come down to 4% range next year. It is said that global inflation will likely perak at 9.5% this year 4.1% by 2024. IMF also warned that a major economic slump is yet to come, and 2023 will feel like a recession to many people.
Meanwhile, the total approximate earnings of Indian Railways on originating basis during 1st April to 8th October 2022 is Rs 33476 crore, registering an increase of 92% compared with Rs 17394 crore achieved during the same period last year.
Buzzing Index:
The Nifty Media index declined 1.32% to 2,066.80, continuing its declining streak to the third day. The index lost 4.35% in three trading sessions.
Among the components of the Nifty Media index, Zee Entertainment Enterprises (down 3.36%), TV18 Broadcast (down 1.59%), Network 18 Media & Investments (down 1.34%), Nazara Technologies (down 1.11%) and Inox Leisure (down 0.83%) were the top losers.
Among the other losers were Sun TV Network (down 0.76%), PVR (down 0.71%), Dish TV India (down 0.32%), Saregama India (down 0.13%).
IPO Update:
The initial public offer (IPO) of Tracxn Technologies received bids for 1.62 crore shares as against 2.12 crore shares on offer, according to stock exchange data 11:21 IST on Wednesday (12 October 2022). The issue was subscribed 77%.
The issue opened for bidding on Monday (10 October 2022) and it will close on Wednesday (12 October 2022). The price band of the IPO is fixed at Rs 75-80 per share. An investor can bid for a minimum of 185 equity shares and in multiples thereof.
Stocks in Spotlight:
Spandana Sphoorty Financial fell 2.03%. The NBFC said that a meeting of the management committee of the board of directors is scheduled to be held on Friday, 14 October 2022 to consider and approve, the issue and offer of non-convertible debentures (NCDs) on a private placement basis. Meanwhile, the board of Spandana Sphoorty Financial will consider Q2 earnings on Monday, 17 October 2022.
Marksans Pharma jumped 5.79% after the drug firm said it has inked a pact with Tevapharm India to acquire its Goa-based pharmaceutical formulations business. Marksans Pharma has entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations, as a going concern on a slump sale basis.
Commercial Syn Bags rose 2.63% after the company said its board will consider issuing bonus shares on 22 October 2022. The smallcap packaging player said the board will also consider the increase in authorised share capital of the company.
Global Markets:
Asian stocks were trading mixed on Wednesday amid concerns over the global economy. Investors are also waiting for inflation data from the U.S. due later this week.
Banks in China extended 2.47 trillion yuan ($344 billion) of new loans in September, compared with 1.25 trillion yuan in August, the country's central bank said in a statement late Tuesday.
The Bank of Korea raised its policy rate to 3%, an increase of 50 basis points in line with expectations. Inflation in South Korea stood at 5.6% in September, above the central bank's target.
In US, the S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
