The domestic equity benchmarks pared all gains and turned red, as they traded below the flat line in afternoon trade. The Nifty traded tad above the 17,050 mark.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 27.63 points or 0.05% to 57,872.56. The Nifty 50 index lost 10.50 points or 0.06% to 17,053.80.
Nestle (down 1.53%), Hindustan Unilever (down 1.41%), IndusInd Bank (down 1.24%), Bharti Airtel (down 1.20%) and Axis Bank (down 1.15%) were the top Nifty losers.
Asian Paints (up 3.06%), Adani Ports (up 2.73%), Adani Enterprises (up 2.55%), Tata Steel (up 1.79%) and Titan Company (up 1.76%) were the top Nifty gainers.
In the broader market, the S&P BSE Mid-Cap index added 0.52% while the S&P BSE Small-Cap index rose 0.47%.
The market breadth was positive. On the BSE, 1882 shares rose and 1514 shares fell. A total of 137 shares were unchanged.
Primary Market:
The initial public offer (IPO) of Global Surfaces received bids for 3.71 crore shares as against 77.49 lakh shares on offer, according to stock exchange data at 13:21 IST on Wedensday (15 March 2023). The issue was subscribed 4.80 times.
The issue opened for bidding on Monday (13 March 2023) and it will close on Wednesday (15 March 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.
Stocks in Spotlight:
Reliance Industries (RIL) fell 1.05%. The Competition Commission of India (CCI) has approved the acquisition of METRO Cash and Carry India by Reliance Retail Ventures, a subsidiary of Reliance Industries. In a statement released yesterday, the competition regulator said: The proposed combination involves acquisition of 100% of the issued and paid-up equity share capital of METRO Cash and Carry India (target) by the Reliance Retail Ventures (acquirer). Shares of index heavyweight RIL hit 52-week low of Rs 2,251 during intraday today.
Cipla rose 0.38%. The company and its wholly owned subsidiaries, Cipla (EU), UK and Meditab Holdings, Mauritius, have entered into a Share Purchase Agreement with Africa Capitalworks SSA 3 for sale of 51.18% stake held in Cipla Quality Chemical Industries (CQCIL), Uganda. Subsequent to the sale, CQCIL will cease to be a subsidiary of the company.
TVS Motor Company shed 0.42%. The board of directors of the company approved the allotment of 12,500 Listed, Rated, Unsecured, Redeemable, Floating rate, Non-Convertible Debentures of the face value of Rs. 1 lakh each, aggregating to Rs. 125 crores, through private placement.
Ramkrishna Forgings jumped 8.29%. The company's consortium with Titagarh Wagons (up 1.59%) emerged as the lowest (L-1) bidder for supply of forged wheels to the Ministry of Railways, Government of India. The consortium has to manufacture and supply around 15,40,000 wheels to the Indian Railways over a period of twenty years.
Global Markets:
European markets opened lower while Asian stocks advanced across the board on Wednesday after bank stocks on Wall Street rebounded on optimism of contagion risk from Silicon Valley Bank being contained.
The U.K. is gearing up for Chancellor Jeremy Hunt's "Spring Budget" today in which he's expected to announce key pension and child-care reforms as the country continues to battle a cost of living crisis.
China's industrial output rose 2.4% in the January to February period, official data showed. Retail sales rose 3.5% for the same period. The People's Bank of China kept the rate on 481 billion yuan of one-year medium-term lending facility loans at 2.75%.
US stocks bounced back on Tuesday as largely on-target inflation data and easing jitters over contagion in the banking sector cooled expectations regarding the size of the rate hike at the Federal Reserve's policy meeting next week.
Underlying US consumer prices rose in February by the most in five months. The consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier, according to Bureau of Labor Statistics data out Tuesday. The overall CPI climbed 0.4% in February and 6% from a year earlier.
Moody's Investors Service on Tuesday revised its outlook on the US banking system to "negative" from "stable", citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fueled fears of contagion. Moody's also said it was expecting the Federal Reserve to continue tightening monetary policy, in contrast to some others who are expecting the bank collapses this month to reshape the trajectory for interest rate hikes.
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