Indices trade with modest cuts, DOMS Industries IPO fully subscribed

The key equity barometers continued to trade with moderate losses in mid-morning trade. The Nifty hovered below the 20,850 mark. Consumer durables shares declined for the second day in the row.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 319.20 points or 0.46% to 69,231.83. The Nifty 50 index lost 93.75 points or 0.45% to 20,812.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index added 0.15%.

The market breadth was positive. On the BSE, 1,973 shares rose and 1,608 shares fell. A total of 152 shares were unchanged.

IPO Updates:

The initial public offer (IPO) of DOMS Industries received bids for 1,11,99,708 shares as against 88,37,407 shares on offer, according to stock exchange data at 11:21 IST on Wednesday (13 December 2023). The issue was subscribed 1.27 times.

The issue opened for bidding on Wednesday (13 December 2023) and it will close on Friday (15 December 2023). The price band of the IPO is fixed at Rs 750-790 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

The IPO of India Shelter Finance Corporation received bids for 56,24,070 shares as against 1,79,10,449 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (13 December 2023). The issue was subscribed 0.31 times.

The issue opened for bidding on Wednesday (13 December 2023) and it will close on Friday (15 December 2023). The price band of the IPO is fixed at Rs 469-493 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index rose 0.42% to 30,118.75. The index declined 1.45% in two trading sessions.

Havells India (down 1.81%), Dixon Technologies (India) (down 1.52%), Bata India (down 1.33%), TTK Prestige (down 1.17%), V-Guard Industries (down 0.99%), Rajesh Exports (down 0.96%), Amber Enterprises India (down 0.92%), Titan Company (down 0.23%), Voltas (down 0.21%) and Whirlpool of India (down 0.11%) slipped.

On the other hand, Kajaria Ceramics (up 0.54%), Orient Electric (up 0.53%) and Relaxo Footwears (up 0.2%) edged higher.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) 1.75%. The life insurer informed that it increased its stake in Atul to 15,09,793 equity shares from 14,74,172 shares increasing its shareholding to 5.117% from 4.997% of the paid up capital of the company. LIC bought 35,621 shares at an average cost of Rs 6,794.48 via open market purchase on 11 December 2023. The life insurance major`s holding in Atul crossed 5% as on the same date.

CIE Automotive shed 1.20%. The company dannounced that its board has approved the appointment of Sunil Narke as chief executive officer (CEO) with effect from 1 April 2024.

Global Markets:

Asian stocks were trading mixed on Wednesday, as investors assess the quarterly Tankan survey from Japan and ahead of the interest rate decision from the US Federal Reserve. The Tankan survey, compiled by the Bank of Japan quarterly, measures economic conditions in Japan.

US stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve, as investors awaited the central bank`s last policy decision of the year on Wednesday.

The United States Federal Reserve`s (US Fed) two-day monetary policy meeting is being held from December 12-13. And on Wednesday Fed Chair Jerome Powell will announce the central bank`s rate decision in a press conference. Besides the interest rate decision, Powell is also expected to release the central bank`s economic projections for the US. The Federal Reserve will opt to maintain interest rates at the current target of 5.25-5.50%, as per reports.

Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

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