Equity

Nifty slips below 17,400 mark; breadth remains strong
(14-Sep-2021, 13:20 Hours IST)  

The benchmark equity indices pared gains in afternoon trade, tracking mixed global cues. At 13:15 IST, the barometer index, the S&P BSE Sensex, rose 90.66 points or 0.16% at 58,268.42. The Nifty 50 index gained 25.70 points or 0.15% at 17,381.

HDFC (down 0.99%), Hindustan Unilever (down 0.60%) and HDFC Bank (down 0.44%) were major drags.

Tata Consultancy Services (TCS) (up 1.04%), Kotak Mahindra Bank (up 1.36%) and HCL Technologies (up 1.92%) supported the indices.

The broader market outperformed the main stock indices. The S&P BSE Mid-Cap index rose 0.81%. The S&P BSE Small-Cap index gained 0.32%.

Buyers outpaced sellers. On the BSE, 1,840 shares rose and 1,255 shares fell. A total of 174 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,419.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 559.59 crore in the Indian equity market on 13 September 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 22,52,72,687 with 46,39,678 deaths. India reported 3,62,207 active cases of COVID-19 infection and 4,43,213 deaths while 3,24,84,159 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India recorded 25,404 new cases. Active cases accounted for 1.09% of total cases. The recovery rate currently stands at 97.58% with 37,127 recoveries in the last 24 hours taking the total recoveries to 3,24,84,159.

Economy:

The annual rate of Wholesale Price Index (WPI) based-inflation stood at 11.39% (provisional) for the month of August 2021 as compared to 0.41% in August 2020. The high rate of inflation in August 2021 is primarily due to rise in prices of non-food articles, mineral oils; crude petroleum & natural gas; manufactured products like basic metals; food products; textiles; chemicals and chemical products etc. as compared the corresponding month of the previous year.

India's Consumer Price Index-based Inflation (CPI) for August 2021 came in at 5.30%, compared with 5.59% in July 2021, as food prices cooled further, especially in the case of vegetable inflation, data released by the National Statistical Office (NSO) showed on 13 September 2021.

Sansera Engineering IPO:

Sansera Engineering IPO opened for subscription from Tuesday (14 September) and it will close on Thursday (16 September). The company is offering 1,72,44,328 shares in the price band of Rs 734 to Rs 744 per share.

As on 13:00 IST, the IPO received bids for 39.94 lakh shares. The issue was subscribed 0.33 times so far.

The IPO is a complete offer for sale by existing shareholders and the company will not directly receive any proceeds from the offer. Sansera Engineering is an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors.

Gainers & Losers:

Hero MotoCorp (up 2.30%), IndusInd Bank (up 2.24%), HCL Technologies (up 1.92%), Oil & Natural Gas Corporation (ONGC) (up 1.46%) and Eicher Motors (up 1.46%) were major gainers in Nifty 50 index.

Ultratech Cement Co. (down 0.73%), Hindalco Industries (down 0.70%) and Coal India (down 0.42%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Dish TV India hit an upper-circuit of 10% at Rs 21.31 after The Hindustan Times bought 2 crore equity shares of the cable TV network company on Monday, 13 September 2021. The Hindustan Times purchased 2,00,00,000 equity shares (or 1.08% stake) of the company at Rs 19.22 per equity share via bulk deals on NSE on Monday, 13 September 2021.

Last week, Dish TV announced that Yes Bank has proposed to oust the company's entire board, including Jawahar Lal Goel, the promoter and managing director (MD). The bank said the existing board is purportedly acting at the behest of certain minority shareholders holding a mere 6% of shares in the company. Yes Bank has issued a notice asking the company to put its proposal to vote at Dish TV's annual general meeting on 27 September 2021.

Route Mobile rose 0.05%. The company incorporated a subsidiary namely - Route Mobile Arabia Telecom, a limited liability company (LLC), in Saudi Arabia with effect from (w.e.f) Sunday, 12 September 2021. As per the company's exchange filing as on 13 September 2021, the objective of Route Mobile Arabia Telecom LLC, the Saudi Arabia-based arm of Route Mobile, shall be to carry on business of providing SMS services. This new entity formation would further strengthen company's organic growth strategy in the MENA (Middle East and North Africa) region.

The share capital of Route Mobile Arabia Telecom, a limited liability company (LLC) is split into 1,000 shares of 50 Saudi Riyals each, amounting to 50,000 Saudi Riyals. Route Mobile has subscribed 700 shares (70% stake) valued at 35,000 Saudi Riyals. Meanwhile, the other 30% stake is held by First Support Trading Company.

Global Markets:

Shares in Europe and Asia were mixed on Tuesday, 14 September 2021, as global investors await inflation data from the U.S., which could inform the Federal Reserve's timing for tapering its monetary stimulus.

European Central Bank (ECB) policymaker Isabel Schnabel on Monday, said that the ECB is ready to act if inflation does not ease as soon as next year, as currently expected.

In the US, the S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data. The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.

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