The domestic equity indices managed to pare some losses as they came off the day's low in mid-morning trade. The Nifty traded above the 19,500 level. Consumer durable stocks edged higher extended gains for second consecutive session.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 316.16 points or 0.48% to 65,512.25. The Nifty 50 index lost 110.15 points or 0.56% to 19,528.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index added 0.52%.
The market breadth favored the buyers. On the BSE, 1,824 shares rose and 1,734 shares fell. A total of 204 shares were unchanged.
Investor sentiment took a hit after top Federal Reserve officials, including Fed Governor Michelle Bowman, Vice Chair Michael Barr, Fed Chair Jerome Powell, and New York Fed Chief John Williams, have indicated their willingness to support an increase in the federal funds rate if economic data suggests a sluggish approach towards the central bank's 2% inflation target.
Despite considerable progress, these officials agreed that inflation remains elevated, hinting at the possibility of further rate increases. The current policy rate stands between 5.25% and 5.50%.
They also underscored the need for a restrictive monetary policy over an extended period to achieve their objectives.
New Listing:
Shares of Manoj Vaibhav Gems N Jewellers were currently trading at Rs 217.50 on the BSE, representing a premium of 1.16% as compared with the issue price of Rs 215. The scrip was listed was listed at Rs 215, matching the initial public offer (IPO) price.
So far, the stock has hit a high of 221.90 and a low of 210. On the BSE, over 2.04 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers was subscribed 2.25 times. The issue opened for bidding on 22 September 2023 and it closed on 26 September 2023. The price band of the IPO was fixed at Rs 204-215 per share.
Shares of JSW Infrastructure were currently trading at Rs 154.55 on the BSE, representing a premium of 29.87% as compared with the issue price of Rs 119. The scrip was listed at Rs 143, exhibiting a premium of 20.17% to the issue price.
So far, the stock has hit a high of 154.90 and a low of 141.75. On the BSE, over 27.50 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of JSW Infrastructure was subscribed 37.37 times. The issue opened for bidding on 25 September 2023 and it closed on 27 September 2023. The price band of the IPO is fixed at Rs 113-119 per share.
Buzzing Index:
The Nifty Consumer Durables added 0.53% to 29,101.20. The index has risen 0.80% in two sessions.
Kajaria Ceramics (up 2.64%), Voltas (up 1.84%), Whirlpool of India (up 1.49%), TTK Prestige (up 1.15%) and Relaxo Footwears (up 0.74%) were the top gainers.
Among the other gainers were Bata India (up 0.71%), Titan Company (up 0.54%), Blue Star (up 0.32%).
On the other hand, Amber Enterprises India (down 2.19%), Crompton Greaves Consumer Electricals (down 1.1%) and V-Guard Industries (down 0.91%) moved lower.
Global markets:
Asian stocks are trading lower on Tuesday after Federal Reserve officials cemented the view that U.S. interest rates are likely to remain elevated for some time, while the yen slid to near a one-year low, putting traders on watch for intervention from Japanese authorities. Chinese markets are closed for the week because of the Golden Week Holiday.
US stocks ended on a mixed note on Tuesday. U.S. Federal Reserve officials said that monetary policy will need to stay restrictive for some time to bring inflation back down to the Fed's 2% target.
The World Bank forecasts growth in in the developing East Asia and Pacific region to remain strong at 5% in 2023. However, its expects growth to ease in the second half of 2023 and fall to 4.5% in 2024, according to its regional update published on Sunday.
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