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Bite-sized market moves, explained simply.
Asian markets were trading lower after weakness on Wall Street, while the US 10-year Treasury yield rose sharply. Higher US yields can put pressure on emerging-market assets by making US fixed-income investments relatively more attractive. Along with elevated crude prices and geopolitical uncertainty, these global factors are creating a cautious environment for Indian equities.
The Rs 1,091.68 crore Moneyview IPO is scheduled for its allotment process, following strong investor demand. The issue was reportedly subscribed around 98.46 times, making the allotment and subsequent listing an important event for investors tracking the Indian IPO market.
Sun Pharma, Aurobindo Pharma, and other Indian pharmaceutical companies are in focus following a reported exemption for India from a proposed 100% US tariff on certain specialty drugs. The development is being watched closely because the US is an important market for Indian pharmaceutical companies.
Several stocks are attracting attention today because of corporate developments. HCL Technologies is in focus after HCLSoftware announced an intended acquisition of Croatia-based Robotiq.ai, while NCC received a Rs 1,076.71 crore water-supply contract. Vikram Solar is also in focus after securing a 400 MW module supply order.
Foreign institutional investors remained net sellers in Indian equities, selling shares worth about Rs 5,353 crore on September 28. Domestic institutional investors partly offset the selling by purchasing around Rs 5,189 crore. Persistent FII outflows remain one of the factors influencing market sentiment as global yields and geopolitical risks remain elevated.
BSE Ltd. is set to become a constituent of the Nifty 50, replacing IT major Wipro as part of the index reshuffle. BSE's six-month average free-float market capitalisation was reported at Rs 1.41 lakh crore, compared with Rs 55,930 crore for Wipro. The change is expected to bring increased attention to BSE shares as the stock becomes part of India's benchmark index.
Indian equity markets opened lower on Tuesday, with the Nifty 50 falling 0.21% to 22,732.45 and the Sensex declining 0.19% to 72,633.68 at around 9:15 AM IST. Rising crude oil prices, continued foreign investor selling, elevated US Treasury yields and geopolitical uncertainty are weighing on investor sentiment. Brent crude climbed to around $107 a barrel, raising concerns about India's import bill, inflation, and corporate profitability.
Swastika Infra IPO allotment is scheduled for today after its Rs 160.88-crore issue attracted strong demand. Adroit Industries IPO, worth Rs 150.71 crore, is also scheduled for allotment today.
SEBI has restrained Omaxe from accessing the securities market for three months. Certain promoters/entities were also restrained for one year, with monetary penalties imposed in proceedings concerning minimum public shareholding requirements.
Godrej Industries announced an additional Rs 335 crore investment in its subsidiary Godrej Investment, which holds equity in Godrej Capital and Godrej Wealth & Asset Management.
SAIL and Bharat Coking Coal Ltd (BCCL) signed an MoU for the joint development and operation of coal blocks in West Bengal, aimed at developing domestic sources of coking coal.
Stocks/news to watch include Fortis Healthcare, Unichem Laboratories, Clean Max Enviro, Prestige Estates, Signature Global, Aequs, and Robokidz Eduventures.
IT stocks have been weak, with the sector facing its sixth consecutive session of declines; Infosys and Oracle Financial Services Software were among the stocks highlighted in today's market coverage.
Before today's session, both Nifty 50 and Sensex had ended lower for the seventh consecutive week, reflecting continued pressure from foreign outflows, crude prices and global uncertainty.
FIIs were net sellers of Rs 3,693.93 crore on September 25, while DIIs were net buyers of Rs 2,838.17 crore. For September so far, FIIs have reportedly sold around Rs 18,531 crore, while DIIs have invested about Rs 52,617 crore.
Rising crude prices are adding pressure to Indian equities because higher oil prices can increase India's import bill and inflationary pressure. Geopolitical uncertainty is also keeping investors cautious.
Indian markets opened under heavy selling pressure today. Around the morning session, Sensex fell more than 900 points, while Nifty 50 slipped below 22,900.
