The domestic equity barometers continued to trade in a volatile manner, near the day's low, in mid-morning trade. The Nifty traded below the 18,300 mark. IT shares witnessed some bit of profit booking.
At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 124.83 points or 0.20% to 61,499.32. The Nifty 50 index lost 30.85 points or 0.17% to 18,298.30.
In the broader market, the S&P BSE Mid-Cap index shed 0.12% while the S&P BSE Small-Cap index slipped 0.06%.
The market breadth was almost even. On the BSE, 1,574 shares rose, and 1,772 shares fell. A total of 140 shares were unchanged.
New Listing:
Shares of Fusion Micro Finance were currently trading at Rs 339.50 on the BSE, a discount of 7.74% as against the issue price of Rs 368.
The scrip was listed at Rs 360.50, representing a discount of 2.04% to the initial public offer (IPO) price.
So far, the scrip has hit a high of Rs 364.35 and a low of Rs 337.50. Over 4.71 lakh shares of the company have changed hands in the counter.
The IPO of Fusion Micro Finance was subscribed 2.95 times. The issue opened for bidding on 2 November 2022, and it closed on 4 November 2022. The price band of the IPO was fixed at Rs 350-368 per share.
Buzzing Index:
The Nifty IT index fell 0.77% to 29,620.40. The index had gained 4.71% in the past two sessions.
Coforge (down 2.42%), Mphasis (down 2.14%), L&T Technology Services (down 1.95%), Tech Mahindra (down 1.28%) and Persistent Systems (down 1.25%) were the top losers.
Among the other losers were Tata Consultancy Services (down 1.18%), HCL Technologies (down 0.64%), Infosys (down 0.52%), Larsen & Toubro Infotech (down 0.52%) and Wipro (down 0.35%).
Stocks in Spotlight:
Marksans Pharma jumped 5.48%. The pharma company's consolidated net profit rose 29.9% to Rs 60.12 crore on a 25.3% increase in revenue from operations to Rs 452.56 crore in Q2 FY23 over Q2 FY22.
Abbott India fell 1.31%. The company's net profit surged 38.05% to Rs 265.52 crore in Q2 FY23 as against Rs 192.33 crore posted in Q2 FY22. Revenue from operations stood at Rs 1,379.48 crore for the quarter ended 30 September 2022, registering a growth of 12.88% from Rs 1,222.06 crore recorded in same period last year.
Shriram Properties rose 1.24%. On a consolidated basis, the company's net profit stood at Rs 19.5 crore in Q2 FY23 as against net loss of Rs 23.2 crore in Q2 FY22. Revenue from operations surged 240.13% to Rs 258.5 crore in Q2 FY23 over Q2 FY22, supported by increased handover momentum in completed projects and receipt of OC in certain key projects.
Global Markets:
Asian stocks traded mostly higher on Tuesday as investors weighed on China's economic outlook and the Federal Reserve's interest-rate path.
China's industrial production grew 5% in the month of October compared with a year ago, slowing from an increase of 6.3% seen in September. Separately, retail sales in China fell 0.5% in October from a year ago, missing expectations.
The Reserve Bank of Australia hinted at further and possibly larger interest hikes ahead in its efforts to tame inflationary pressures, according to the minutes released from its latest meeting.
The Board agreed on the importance of returning inflation to target and expects to increase interest rates further over the period ahead, it reportedly said in the release.
Japan's economy unexpectedly contracted in the third quarter from a year ago, official preliminary estimates showed. Gross domestic product shrank 1.2% in the July-to-September quarter compared with the same period last year.
Meanwhile, U.S. President Joe Biden said there need not be a new Cold War between the U.S. and China, following a three-hour summit meeting with Chinese President Xi Jinping in Indonesia.
Biden also said, I don't think there's any imminent attempt by China to invade Taiwan, despite escalating rhetoric and aggressive military moves by the People's Republic of China in the Taiwan Straits.
Biden and his Chinese counterpart held the much-anticipated meeting on the sidelines of the G-20 summit of economically developed nations in Bali.
US stocks fell on Monday, losing steam after a blistering rally last week as investors digested messaging from Federal Reserve officials on the path of monetary policy.
Investors waiting on earnings reports from prominent retailers this week including Walmart and Target.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
