At 11:29 IST, the barometer index, the S&P BSE Sensex, declined 395.67 points or 0.51% to 77,751.64. The Nifty 50 index fell 123.50 points or 0.52% to 23,565.45.
In the broader market, the S&P BSE Mid-Cap index shed 0.23% and the S&P BSE Small-Cap index fell 0.32%.
The market breadth was negative. On the BSE, 1,528 shares rose and 2,187 shares fell. A total of 145 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Quadrant Future Tek received bids for 36,45,14,400 shares as against 57,99,999 shares on offer, according to stock exchange data at 11:09 IST on 9 January 2025. The issue was subscribed to 62.85 times.
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The issue opened for bidding on 7 January 2025 and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 275 and Rs 290 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
The initial public offer (IPO) of Capital Infra Trust received bids for 2,17,10,850 shares as against 8,83,83,750 shares on offer, according to stock exchange data at 11:09 IST on 9 January 2025. The issue was subscribed to 0.25 times.
The issue opened for bidding on 7 January 2025 and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 99 and Rs 100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index fell 1.20% to 10,937.15. The index advanced 1.96% in the past two consecutive trading sessions.
Oil India (down 6.72%), Aegis Logistics (down 3.61%), GAIL (India) (down 2.25%), Oil & Natural Gas Corpn (down 2.13%), Adani Total Gas (down 1.14%), Reliance Industries (down 1.02%), Indian Oil Corporation (down 0.91%), Bharat Petroleum Corporation (down 0.84%), Hindustan Petroleum Corporation (down 0.68%) and Castrol India (down 0.44%) declined.
On the other hand, Indraprastha Gas (up 5.73%), Mahanagar Gas (up 2.32%) and Gujarat State Petronet (up 0.46%) edged higher.
Stocks in Spotlight:
Borosil Renewables hit an upper circuit of 5% after the company announced plans to expand its solar glass manufacturing capacity by 50% of its present capacity in manufacturing of solar glass.
Manappuram Finance jumped 3.08% after the Reserve Bank of India lifted the restrictions imposed on Asirvad Micro Finance with respect to sanction or disbursal of loans with immediate effect.
Hindalco Industries rose 0.62%. The companys wholly owned subsidiary, Novelis, said that its indirect wholly owned subsidiary, Novelis Corporation, has decided to raise 6.875% senior notes aggregating to $750 million via private offering.
Global Markets:
The Dow Jones index futures were down 60 points, signaling a negative opening for U.S. stocks today. Investors grappled with the prospect of slower interest rate cuts in 2025 while also speculating over increased trade tariffs under President Donald Trump.
Asian shares traded mixed on Thursday as Wall Street investors remained cautious ahead of Friday's crucial jobs report, which will provide further insights into the state of the US labor market. Key economic data in Asia today will include China's inflation reading.
US markets are closed today for a national day of mourning to honor the passing of former President Jimmy Carter.
Wall Street indexes moved in a tight range on Wednesday after marking a weak start to 2025.
The S&P 500 rose 0.1% to 5,917.30 points on Wednesday, while the NASDAQ Composite fell 0.1% to 19,475.93 points. The Dow Jones Industrial Average rose 0.3% to 42,635.20 points.
Technology stocks weighed on Wall Street sentiment as investors booked profits after a strong 2024 performance. Market participants are now keenly awaiting the start of the fourth-quarter earnings season next week, with major banks set to release their results.
The minutes of the Federal Reserve's December meeting revealed that policymakers are increasingly inclined towards a slower pace of interest rate cuts this year, citing concerns about persistent inflationary pressures.
The minutes reiterated the central bank's hawkish stance, confirming a reduction in the projected number of rate cuts for 2025 from four to two. Some Fed officials expressed concerns that protectionist policies implemented under the Trump administration could continue to fuel inflation and hinder economic growth. The minutes highlighted the potential impact of "changes in trade and immigration policy" on the inflation outlook, suggesting that the fight against inflation may be more prolonged than initially anticipated.
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