SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Barometers trade with deep cuts, PSU banks advance

21-Sep-23 11:36 Hrs IST

The headline equity indices continued to trade with steep losses in mid-morning trade. The Nifty hovered below the 19,800 level. PSU bank stocks witnessed buying demand after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 469.15 points or 0.70% to 66,331.69. The Nifty 50 index lost 127.65 points or 0.64% to 19,773.75.

In the broader market, the S&P BSE Mid-Cap index added 0.07% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was positive. On the BSE, 1,749 shares rose and 1,666 shares fell. A total of 187 shares were unchanged.

After a two-day Federal Open Market Committee (FOMC) meeting, the US Federal Reserve announced its interest rate decision and kept the benchmark interest rates unchanged at 5.25% to 5.50%, while indicating that the majority of officials still anticipate one more quarter percentage point increase in interest rates before the end of the year.

The US central bank also updated its forecast for the benchmark interest rate, indicating that rates will now remain higher for longer than previously anticipated.

IPO Update:

The initial public offer (IPO) of Signatureglobal (India) received bids for 80.75 lakh shares as against 1.12 crore shares on offer, according to stock exchange data at 11:36 IST on Thursday (21 September 2023). The issue was subscribed 0.72 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 39.09 lakh shares as against 3.84 crore shares on offer, according to stock exchange data at 11:36 IST on Thursday (21 September 2023). The issue was subscribed 0.10 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 PSU Bank index advanced 1.41% to 5,228.80. The index fell 1.18% in the past trading session.

Indian Overseas Bank (up 7.3%), Bank of India (up 3.77%), Indian Bank (up 2.76%), UCO Bank (up 2.51%), Bank of Baroda (up 1.52%), Bank of Maharashtra (up 1.4%), Canara Bank (up 1.15%), Punjab National Bank (up 1.11%), Central Bank of India (up 1.02%) and Punjab & Sind Bank (up 0.74%) edged higher.

Stocks in Spotlight:

Karur Vysya Bank rose 1.79% after HDFC Asset Management Company secured the Reserve Bank of India's approval to acquire upto 9.5% of the paid-up share capital or voting rights of the bank.

Fino Payments Bank declined 2.56% after the bank has appointed KPMG to conduct detailed investigation of fraud in the company. The bank has received complaints from one of its client in Mumbai and some of its merchants / distributors / other Individuals in Gujarat and Maharashtra through email for non-receipt / repayment of funds pertaining to / invested in potential fictitious schemes allegedly floated by some of the employees of the Bank, in their personal capacity.

Sheela Foam fell 2.36%. The company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,133.99 per share.

Global Markets:

Asian stocks fell across the region after the U.S. Federal Reserve held its benchmark policy rate, but said it will raise interest rates one more time this year, according to the central bank's projections. Projections showed the central bank expects to hike rates to a median of 5.6% by the end of 2023, up from the current range between 5.25% and 5.5%.

US stocks ended lower on Wednesday as investors digested the Fed's moves. The Federal Reserve left interest rates unchanged at the conclusion of its two-day meeting Wednesday. However, the central bank signaled it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. The final increase, if realized, would be the last in this cycle, according to the Fed's projections.