As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 94.05 points or 0.14% to 67,221.13. The Nifty 50 index slipped 3.15 points or 0.02% to 19,993.20.

The benchmark Nifty 50 index opened 0.57% higher at 20,110.15, which is a record level for the index. The Sensex, however, couldn't rise above its all-time high of 67,619.17 hit on 20 July 2023.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 2.76% while the S&P BSE Small-Cap index slipped 4.02%.

The market breadth was weak. On the BSE, 746 shares rose and 2,936 shares fell. A total of 123 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 3.01% to 11.69.

On the macro front, India's industrial production data for July will be declared today, 12 September 2023. Inflation rate for August will also be announced today.

IPO Update:

The initial public offer (IPO) of EMS received bids for 68.10 crore shares as against 1.07 crore shares on offer, according to stock exchange data at 15:21 IST on Tuesday (12 September 2023). The issue was subscribed 63.14 times.

The issue opened for bidding on Friday (8 September 2023) and it will close on Tuesday (12 September 2023). The price band of the IPO is fixed at Rs 200-211 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.

Stocks in Spotlight:

Larsen & Toubro (L&T) advanced 1.68% after the company announced that it has increased the buyback price to Rs 3,200 from Rs 3,000 per share.

Reliance Industries (RIL) shed 1.47%. Reliance Retail Ventures (RRVL) announced that global investment firm KKR, through an affiliate, will invest Rs 2,069.50 crore into RRVL, a subsidiary of RIL. This investment values RRVL at a pre-money equity value of Rs 8.361 lakh crore, which makes it among the top four companies by equity value in the country.

Hindalco Industries declined 1.53%. The aluminium manufacturer announced that its subsidiary, Novelis Inc has into entered a long-term agreement to supply aluminum beverage can sheet to Ball Corporation in North America.

ICICI Bank rose 1.28%. The Reserve Bank of India (RBI) approved the re-appointment of Sandeep Bakhshi as managing director (MD) & chief executive officer (CEO) of the bank.

TVS Holdings fell 0.25%. The company announced that it has appointed Sudarshan Venu as managing director (MD) of the company effective from 11 September 2023 for a period of five years.

Coal India shed 3.17% .The state-run coal major announced that it has planned a capital investment of around Rs 24,750 crore in the next few years on 61 First Mile Connectivity (FMC) projects.

Shalimar Paints slipped 3.13% after the paints maker announced that Davinder Dogra has tendered his resignation from the post of chief financial officer (CFO) and key managerial personnel of the company, due to personal reasons.

Ajmera Realty & Infra India (ARIIL) tumbled 5.06% after the company undertakes the redevelopment project at Yogi Nagar, Borivali West, Mumbai.

Lupin added 0.78% after the company planned to enter into a business transfer agreement with its wholly owned subsidiary, Lupin Manufacturing Solutions (LMSL) to sale part of its API business and select R&D operations.

Global Markets:

Shares in Europe and Asia mostly declined on Tuesday.

US stocks rose on Monday to start a big week of inflation data as investors bought up tech shares in the wake of recent weakness.

Investors are looking forward to key US inflation data in the week ahead, with the latest consumer price index due Wednesday and producer price index Thursday.

Powered by Capital Market - Live News