National equity benchmarks continued to trim losses through mid-afternoon. The Nifty was trading above the 17,750 mark. Auto stocks were under significant selling pressure.
At 2:28 p.m. IST, the barometer index, the S&P BSE Sensex, was down 351.17 points or 0.59% to 59,657.16. The Nifty 50 index lost 132.70 points or 0.74% to 17,765.95.
The broader market has seen significant sales. The S&P BSE Mid-Cap index fell 1.55% while the S&P BSE Small-Cap index slipped 1.30%.
The breadth of the market was small. On BSE, 981 stocks rose and 2,300 stocks fell. In total, 138 shares remained unchanged.
The initial public offering (IPO) of Go fashionable (India) received offers for more than 3.26 crore of shares against 80.79 lakh shares on offer, according to stock data at 2:18 p.m. IST on Thursday (Nov. 18, 2021). The program has been subscribed to 4.04 times.
The issue opened for auction on November 17, 2021 and will close on November 22, 2021. The IPO price range is set at Rs 655-690.
Numbers to follow:
MCX gold futures for the December 3, 2021 settlement lost 0.23% to Rs 49,179.
The yield on India’s 10-year federal benchmark paper was 6.345% from its previous close of 6.361%.
In the commodities market, Brent crude for the January 2022 settlement fell 45 cents or 0.56% to $ 79.83 a barrel.
In the forex market, the partially convertible rupee rose to 74.1850 from its previous close of 79.83.
The US Dollar Index (DXY), which tracks the value of the greenback against a basket of currencies, lost 0.11% to 95.72.
The latest yield on the benchmark 10-year US Treasury bond stood at 1.586% from its previous close of 1.604%.
The Nifty Auto index fell 2.13% to 11,804.65. The index had risen by 3.20% over the past two sessions.
Tata Motors (down 3.49%), Ashok Leyland (down 3.42%), Bharat Forge (down 2.66%), Mahindra & Mahindra (down 2.56%) and Hero MotoCorp (down 2.20%) edged down.
In addition, Eicher Motors (down 2.15%), TVS Motor Company (down 1.45%), Maruti Suzuki (down 1.36%) and Bajaj Auto (down 0.80%) ) have receded.
Escorts jumped 10.75% to Rs 1,805.40 after the company said Kubota Corporation would increase its stake in the company. “As part of this, Kubota Corporation will increase its stake in the capital of Escorts by subscribing to new proposed capital shares to be issued by Escorts and will become a joint promoter with the existing promoter of Escorts,” the company said in a statement. communicated.
The escorts will issue 9,363,726 shares through a preferential issue to Kubota at an issue price of Rs 2,000 per share, totaling Rs 1,872.74 crore, subject to necessary shareholder and regulatory approvals. .
After the preferential allocation, Kubota’s investment in Escorts will be 14.99%. Kubota Corporation held 1.22 57,688 shares (representing 9.09% of the capital) in Escorts as of September 30, 2021.
To reflect the spirit of partnership, upon completion of this transaction, the company name will be changed to âKubota Escortsâ, subject to regulatory approvals.
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