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The benchmark indices traded near the flat line with some positive bias in mid-morning trade. The Nifty traded near the 19,750 mark. Pharma shares extended losses for the fourth consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 51.51 points or 0.08% to 66,281.75. The Nifty 50 index added 7.10 points or 0.04% to 19,749.45.
In the broader market, the S&P BSE Mid-Cap index fell 0.18 % while the S&P BSE Small-Cap index declined 0.15%.
The market breadth was positive. On the BSE, 1,630 shares rose and 1,745 shares fell. A total of 203 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 4.62 lakh shares as against 91.20 lakh shares on offer, according to stock exchange data at 11:21 IST on Friday (22 September 2023). The issue was subscribed 0.05 times.
The issue opened for bidding on Friday (22 September 2023) and it will close on Tuesday (26 September 2023). The price band of the IPO is fixed at Rs 204-215 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.
The initial public offer (IPO) of Signatureglobal (India) received bids for 2.30 crore shares as against 1.12 crore shares on offer, according to stock exchange data at 11:24 IST on Friday (22 September 2023). The issue was subscribed 2.05 times.
The issue opened for bidding on Wednesday (20 September 2023) and it will close on Friday (22 September 2023). The price band of the IPO is fixed at Rs 366-385 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.
The initial public offer (IPO) of Sai Silks (Kalamandir) received bids for 1.68 crore shares as against 3.84 crore shares on offer, according to stock exchange data at 11:24 IST on Friday (22 September 2023). The issue was subscribed 0.44 times.
The issue opened for bidding on Wednesday (20 September 2023) and it will close on Friday (22 September 2023). The price band of the IPO is fixed at Rs 210-222 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Pharma index declined 1.55% to 15,070.10. The index slipped 3.29% in four trading sessions.
Glenmark Pharmaceuticals (down 4.51%), Alkem Laboratories (down 2.73%), Zydus Lifesciences (down 2.5%), Cipla (down 2.35%), Dr Reddys Laboratories (down 2.21%), Lupin (down 1.66%), Abbott India (down 1.54%), Torrent Pharmaceuticals (down 1.52%), Sun Pharmaceuticals Industries (down 1.43%) and Biocon (down 1.35%) edged lower.
Stocks in Spotlight:
Ultratech Cement shed 0.89%. The company said that it has entered into an agreement with The India Cements for purchase of land admeasuring 73.75 acres located at villages Kantakapalle and Chinnipalem, Mandal Kothavalasa, District Vizianagram, Andhra Pradesh. The said land parcel has been acquired for a consideration of Rs 70 crore.
ICICI Lombard General Insurance Company fell 0.88%. The company informed that Bhargav Dasgupta, managing director (MD) & chief executive officer (CEO) of the company has tendered his resignation to pursue a career opportunity outside the country.
Sunteck Realty declined 0.29%. The company said that it has partnered with International Finance Corporation (IFC) to create joint platform to develop mid-income & affordable, green urban sustainable housing with a total investment of upto Rs 750 crore ($ 90 million).
Global Markets:
Asian stocks traded mixed ahead of the Bank of Japan's rate decision. The BOJ to hold its benchmark policy rate at -0.1%, as per reports.
Japan's headline inflation rate came in at 3.2% for August, slightly slower than the 3.3% seen in July and the 16th straight month that inflation has went above the Bank of Japan's 2% target. The core inflation rate, which strips out prices of fresh food stood at 3.1%, unchanged from the July.
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