At 11:30 IST, the barometer index, the S&P BSE Sensex, added 92.63 points or 0.12% to 83,079.37. The Nifty 50 index rose 34.45 points or 0.14% to 25,418.20.
In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index fell 0.41%.
The market breadth was weak. On the BSE, 1,565 shares rose and 2,000 shares fell. A total of 138 shares were unchanged.
IPO Update :
The initial public offer (IPO) of Western Carriers (India) received bids for 12,88,93,197 shares as against 2,08,68,467 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (17 September 2024). The issue was subscribed 6.18 times.
The issue opened for bidding on Friday (13 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 163 to Rs 172 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.
The initial public offer (IPO) of Northern Arc Capital received bids for 9,92,54,442 shares as against 2,14,78,290 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (17 September 2024). The issue was subscribed 4.62 times.
The issue opened for bidding on Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof.
The initial public offer (IPO) of Arkade Developers received bids for 20,51,50,000 shares as against 2,37,75,719 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (17 September 2024). The issue was subscribed 8.63 times.
The issue opened for bidding Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.
Buzzing Index :
The Nifty IT index rose 0.40% to 43,526.40. The index fell 0.10% in the past trading session.
Tech Mahindra (up 0.79%), Mphasis (up 0.76%), LTIMindtree (up 0.72%), L&T Technology Services (up 0.47%) and Persistent Systems (up 0.47%), HCL Technologies (up 0.31%), Tata Consultancy Services (up 0.19%), Coforge (up 0.16%), Infosys (up 0.02%) advanced.
Stocks in Spotlight :
Indo Count Industries added 1.75% after the company said that its wholly owned subsidiary Indo Count Global has acquired majority stake of 81% in Fluvitex USA, Inc.
JK Tyre & Industries fell 1.07%. The company's board approved the plan to merge Cavendish Industries with the company.
HEG declined 1.89% after the Gulshan Sakhuja resigned as CFO with effect from 16 Monday 2024.
Global Markets :
Asia-Pacific stocks traded mixed on Tuesday as investors awaited for the Federal Reserve to kick off its monetary loosening cycle.
Regional markets were influenced by a mixed performance on Wall Street, where technology stocks pulled down the Nasdaq Composite. Conversely, the Dow Jones Industrial Average reached a new high, driven by optimism about lower interest rates.
Trading volumes were subdued due to market holidays in China and South Korea. Sentiment towards China was dampened by concerns about a potential escalation in trade tensions with the West.
The Fed is set to meet Tuesday and Wednesday and is widely anticipated to lower rates for the first time since it began its hiking cycle in March 2022. Markets are pricing in at least 100 basis points of cuts this year.
In the United States, the S&P 500 gained 0.13%, while the Dow Jones Industrial Average rose 0.55%, notching a record close. The tech-heavy Nasdaq Composite declined by 0.52%.
Apple shares fell by 2.8% following analyst reports suggesting weaker demand for iPhone 16 Pro models compared to the previous year. Chip stocks, such as Nvidia, which led the market rebound last week, also faced selling pressure as investors took profits.
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