 "BSE, stock market, sensex")
Benchmark Sensex declined by 143 points while Nifty slipped below the 19,400 level on Thursday due to selling in IT, FMCG and oil shares and foreign fund outflows.
In a volatile trade, the 30-share BSE Sensex declined 143.41 points or 0.22 per cent to settle at 64,832.20. During the day, it fell 206.85 points or 0.31 per cent to 64,768.76.
The broader Nifty dipped 48.20 points or 0.25 per cent to 19,395.30.
Among the Sensex firms, Hindustan Unilever fell the most by 1.58 per cent. Tech Mahindra declined 1.33 per cent, Infosys by 1.22 per cent, and Reliance Industries by 1.11 per cent. Bajaj Finance, Tata Consultancy Services, Titan and UltraTech Cement also closed lower. Mahindra & Mahindra, Power Grid, IndusInd Bank, Tata Motors, Larsen & Toubro and Maruti were among the gainers.
“Reflecting the mixed global sentiments, the Indian market is mired in a range-bound trend with the Nifty index not able to breach above the key level of 19,500. FII selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown,” said Vinod Nair, head of research at Geojit Financial Services. In the broader market, the BSE smallcap gauge declined 0.27 per cent while the midcap index gained 0.06 per cent.
More From This Section
“Markets remained range-bound for the third day in a row and ended marginally lower,” said Ajit Mishra, senior vice president — Technical Research, Religare Broking Ltd.
Among the indices, FMCG fell by 0.88 per cent, oil & gas declined 0.75 per cent, IT (0.74 per cent), teck (0.72 per cent), services (0.66 per cent) and consumer durables (0.62 per cent).
Consumer discretionary, healthcare, utilities, auto and realty were among the gainers.
In Asian markets, Seoul, Tokyo and Shanghai settled in the positive territory while Hong Kong ended lower.
European markets were trading mostly in the green. The US markets ended on a mixed note on Wednesday.
Global oil benchmark Brent crude climbed 0.99 per cent to $80.33 a barrel.
Foreign institutional investors (FIIs) offloaded equities worth Rs 84.55 crore on Wednesday, according to exchange data.
The BSE benchmark advanced 33.21 points or 0.05 per cent to settle at 64,975.61 on Wednesday. The broader Nifty went up by 36.80 points or 0.19 per cent to 19,443.50.
ASK Automotive IPO subscribed 51x
ASK Automotive’s initial public offering (IPO) saw 51 times more demand than shares on offer. The institutional investor portion was subscribed 142 times, high net-worth individual portion 35 times and retail portion 6 times.
ASK is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India with a market share of about 50 per cent during 2022-23. The company has set the price band of Rs 268-282 per share for its Rs 834-crore maiden share sale. Through the IPO, promoters Kuldip Rathee and Vijay Rathee will pare their holdings, while ASK is not looking to issue any new shares. At the top-end of the price band, ASK is valued at Rs 5,560 crore.
TBO Tek refiles for public offering
TBO Tek refiles for public offering
Travel distribution firm TBO Tek has filed fresh preliminary papers with capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).
The maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer-for-sale
of up to 15,635,996 equity shares by promoters and investors, according to the draft red herring prospectus (DRHP) filed on Wednesday.
Those selling shares in the OFS are promoters -- Gaurav Bhatnagar, Manish Dhingra and LAP Travel -- and investors -- TBO Korea and Augusta TBO.
Proceeds from the fresh issue will be used for growth and strengthening of the platform by adding new buyers and suppliers, unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes.
Before this, the company had filed draft papers with Sebi in December 2021 to float Rs 2,100 crore initial share-sale. However, the company didn't launch the IPO.
TBO Tek is a leading travel distribution platform in the global travel and tourism industry providing services to buyers and suppliers in over 100 countries as of June 30, 2023.
The company offers over 7,500 destinations and facilitates 33,000 bookings per day through their platform.
In October, investment firm General Atlantic announced that it would acquire a minority stake in TBO.
Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd and JM Financial Ltd are the book-running lead managers of the issue.
The equity shares will be listed on the BSE and NSE.
Crude above $80 after tumultuous week
The uptick comes after both benchmarks dropped to their lowest since mid-July on Wednesday as worry over possible supply disruptions in the Middle East eased and concern over U.S. and Chinese demand intensified.
Crude above $80 after tumultuous week
The Brent crude oil benchmark hovered above $80 a barrel on Thursday, with demand concerns and a waning war-risk premium having triggered a selloff over the past week.
Brent crude futures were up $1, or about 1.3 per cent, at $80.54 a barrel by 1445 GMT. US West Texas Intermediate (WTI) crude futures rose $1.01, also about 1.3 per cent, to $76.34.
The uptick comes after both benchmarks dropped to their lowest since mid-July on Wednesday as worry over possible supply disruptions in the Middle East eased and concern over U.S. and Chinese demand intensified.
Brent is nearly $20 a barrel lower than its September peak.
"It might be that this near-oversold status is causing a hiatus in selling this morning," said John Evans of oil broker PVM, adding that there was little positive news overnight and that the week's earlier losses reduced the impact of the latest Chinese data.
Thursday's data from China suggested that the fight against disinflation in the face of weak demand remains a challenge for the country's policymakers.
Chinese consumer prices swung lower in October as key gauges of domestic demand pointed to weakness not seen since the pandemic while deepening factory-gate deflation cast doubts over the chances of a broad-based economic recovery.
Earlier in the week customs data showed that China's total exports of goods and services contracted faster than expected.
Demand indicators aren't looking rosy in the United States either. U.S. crude oil inventories increased by 11.9 million barrels over the week to Nov. 3, sources said, citing American Petroleum Institute figures.
If confirmed, this would represent the biggest weekly build since February. The U.S. Energy Information Administration (EIA), however, has delayed release of weekly oil inventory data until Nov. 15 for a system upgrade.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
