Barometers turn rangebound; auto shares fall for 2nd day

26 Sep 2022 , 11:28 AM

The key equity barometers traded in a narrow range, near the days low, in mid-morning trade. Weak global cues played the spoilsport. The Nifty, however, traded below the 17,050 level. Auto shares slipped for second day in a row. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 857.83 points or 1.48% to 57,241.09. The Nifty 50 index declined 289.80 points or 1.67% to 17,037.55. In the broader market, the S&P BSE Mid-Cap index fell 3.09% while the S&P BSE Small-Cap index lost 3.57% The market breadth was weak. On the BSE, 450 shares rose, and 2972 shares fell. A total of 132 shares were unchanged. The Reserve Bank of India (RBI)s six-member Monetary Policy Committee is scheduled to meet this week during 28-30 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation. In the past three policy reviews, the RBIs rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%. New Listing: Shares of Harsha Engineers International were currently trading at Rs 478.20 at 11:26 IST on the BSE, a premium of 44.91% compared with the issue price of Rs 330. The scrip was listed at Rs 444, a premium of 34.55% over the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 486 and a low of Rs 431. Over 12.67 lakh shares of the company have changed hands in the counter till now. The IPO of Harsha Engineers was subscribed 74.70 times. The issue was open between 14th and 16th September 2022. The price band of the IPO was fixed at Rs 314-330 per share. Buzzing Index: The Nifty Auto index fell 3.77% to 12,599.95. The index has declined 5.41% in two sessions. Tata Motors (down 6.98%), Ashok Leyland (down 5.08%), Eicher Motors (down 5.04%), Bharat Forge (down 4.92%) and Escorts Kubota (down 4.44%) were the top losers. Among the other losers were Maruti Suzuki India (down 4.22%), Mahindra & Mahindra (down 4.06%), Bosch (down 3.78%), TVS Motor Company (down 3.61%) and MRF (down 2.54%). Global markets: Asian stocks are trading sharply lower on Monday as negative sentiment continues to weigh in on markets. Japans factory activity growth hit a 20-month low in September. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers Index (PMI) slipped to a seasonally adjusted 51 in September from the prior months final of 51.5. US stocks tumbled on Friday as fears grew that a central bank prescription of raising interest rates to tame inflation will drag major economies into recession. Powered by Capital Market – Live News