The domestic barometers pared most of the losses but traded with minor cuts in mid-morning trade. The Nifty traded below the 19,650 mark. Media shares edged lower for the third consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 176.85 points or 0.27% to 65,768.62. The Nifty 50 index shed 43.10 points or 0.22% to 19,621.60.
In the broader market, the S&P BSE Mid-Cap index added 0.40% while the S&P BSE Small-Cap index rose 0.42%.
The market breadth was positive. On the BSE, 1,720 shares rose and 1,678 shares fell. A total of 179 shares were unchanged.
IPO Update:
The initial public offer (IPO) of JSW Infrastructure received bids for 54.36 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 11:33 IST on Wednesday (27 September 2023). The issue was subscribed 3.99 times.
The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 113-119 per share. An investor can bid for a minimum of 126 equity shares and in multiples thereof.
The initial public offer (IPO) of Updater Services received bids for 32.99 lakh shares as against 1.19 crore shares on offer, according to stock exchange data at 11:33 IST on Wednesday (27 September 2023). The issue was subscribed 0.27 times.
The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 280-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index fell 0.79% to 2,237.85. The index declined 2.36% in three trading sessions.
Nazara Technologies Ltd (down 1.57%), Zee Entertainment Enterprises Ltd (down 1.37%), TV18 Broadcast Ltd (down 1.02%), Network 18 Media & Investments Ltd (down 0.78%), Hathway Cable & Datacom Ltd (down 0.74%), Sun TV Network Ltd (down 0.72%), Navneet Education Ltd (down 0.32%), PVR Inox Ltd (down 0.09%) slipped.
On the other hand, New Delhi Television Ltd (up 0.54%) ,Dish TV India Ltd (up 0.54%) edged higher.
Stocks in Spotlight:
Century Textiles & Industries added 1.69% after the company informed that Birla Estates has successfully sold out phase 1 of Birla Trimaya within 36 hours of its launch.
NTPC declined 0.54%. The state-run power major announced that it declared commercial operation at unit-1 of the Telangana Super Thermal Power Project (STPP).
Procter & Gamble Health rose 0.61%. The company said that it will discontinue the production of injections at its manufacturing plant in Goa effective from 30 September 2023.
Global Markets:
Asian stocks traded mixed ahead of China's industrial data and Australia's August inflation figures due on Wednesday.
Japan's central bank board was split over when should the Bank of Japan should start to raise interest rates, according to minutes from its monetary policy meeting in July.
US stocks saw a sell off on Tuesday after the latest home sales and consumer confidence reports stoked concern over the state of the U.S. economy,
August new home sales were down 8.7% from July, according to the Commerce Department. The Conference Board's consumer confidence index fell to 103 in September from 108.7 in August.
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