As per provisional closing data, the barometer index, the S&P BSE Sensex dropped 790.34 points or 1.08% to 72,304.88. The Nifty 50 index lost 247.20 points or 1.11% to 21,951.15.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.82% and the S&P BSE Small-Cap index slipped 1.94%.
The market breadth was weak. On the BSE, 882 shares rose and 2,962 shares fell. A total of 77 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rallied 3.83% to 16.33.
New Listing:
Shares of Juniper Hotels was locked in an upper circuit of 10% at Rs 397.30 on the BSE, representing a premium of 10.36% as compared with the issue price of Rs 360.
More From This Section
The scrip was listed at Rs 361.20, exhibiting a premium of 0.33% to the issue price.
The stock has hit a low of 361.20. On the BSE, over 19.07 lakh shares of the company were traded in the counter.
IPO Update:
The initial public offer (IPO) of Exicom Telesystems received 44,63,53,300 bids for shares as against 1,82,23,540 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (28 February 2024). The issue was subscribed 24.49 times.
The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 135 to 142 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.
The IPO of Platinum Industries received 19,30,88,235 bids for shares as against 96,32,988 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (28 February 2024). The issue was subscribed 20.04 times.
The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 162 to 171 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index slipped 3.46% to 2,068.75. The index declined 4.41% in three trading sessions.
Zee Entertainment Enterprises (down 6.44%), Network 18 Media & Investments (down 3.73%), TV18 Broadcast (down 3.25%), D B Corp (down 3.18%) and Nazara Technologies (down 3.12%) declined.
Among the other losers were Hathway Cable & Datacom (down 3.01%), Dish TV India (down 2.97%), PVR Inox (down 2.71%), Sun TV Network (down 2.69%) and Saregama India (down 0.8%).
Stocks in Spotlight:
Bajaj Healthcare surged 11.20% after the company announced that it has entered into a definitive CDMO agreement with esteemed UK/EU based customers for the supply of 15 active pharmaceutical ingredients (APIs).
Oil and Natural Gas Corporation (ONGC) fell 1.49%. The company announced that it has incorporated a wholly owned subsidiary, ONGC Green, on 27 February 2024, with an authorized capital of Rs 100 crore and subscribed and paid up capital of Rs 1 crore.
Torrent Power slides 2.17%. The company announced that it has made its foray into power transmission segment by bagging a project for the evacuation of power from renewable energy projects in Solapur, Maharashtra.
Texmaco Rail & Engineering slipped 4.69%. The company said that its board has approved the raising of funds through of issuance of convertible warrants by way of preferential issue aggregating upto Rs 150 crore.
SJVN declined 3.52%. The power generation company said that its wholly owned subsidiary, SJVN Green Energy has commissioned 100 megawatt (MW) Raghanesda Solar Power Project located in district Banaskantha, Gujarat.
Balaxi Pharmaceuticals slipped 0.79%. The company said that its board has approved the proposal for sub-division/ split of equity shares of the company in the ratio of 1:5.
Anupam Rasayan India shed 0.01%. The company announced that it has incorporated a wholly owned subsidiary at Delaware in United States of America (USA) named, Anupam USA LLC on 23 February 2024.
Indiabulls Housing Finance dropped 3.79%. The company announced that its board has approved the public issue of non-convertible debentures (NCDs) up to Rs 100 crore (base issue size) with an option to retain oversubscription up to Rs 100 crore, aggregating up to Rs 200 crore.
Tanla Platforms gained 1.03% after the company announced it has extended its exclusive partnership with Truecaller to deliver customized solutions to enterprises.
Salasar Techno Engineering shed 0.82%. The company said that it has entered into an agreement with ZETWERK Businesses for supply of 25,000 MT of solar structures.
Global Markets:
Most of the European and Asian stocks declined on Wednesday as investors awaited key U.S. inflation data later this week.
Chinas manufacturing purchasing managers index reading and U.S. personal consumption expenditures price index is due Thursday.
New Zealands central bank kept its interest rate steady. The Reserve Bank of New Zealand held its official cash rate at 5.50%, keeping it at a 15-year high, while warning that inflation remained well above its target range.
US stocks closed on a mixed note on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.
Federal Reserve Governor Michelle Bowman said that it's too soon to begin rate cuts and reiterated her view that inflation will continue to rise with the current level of interest rates, as per reports.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
