Landmarks fall; LIC’s IPO is open for subscription
Key indices fell slightly and hit the low of the day in morning trading. The Nifty traded below the 17,000 mark. Oil and gas stocks were in demand. Investors remained cautious as they braced for the biggest interest rate hike from the US Federal Reserve since 2000 and awaited signals from the US central bank to fight inflation.
As of 10:25 a.m. IST, the barometer index, S&P BSE Sensex was down 224.38 points or 0.39% at 56,751.61. The Nifty 50 index lost 73.70 points or 0.43% to 16,995.40.
In the broader market, the S&P BSE Mid-Cap Index lost 0.35% while the S&P BSE Small-Cap Index gained 0.15%.
Market breadth, indicating the overall health of the market, was strong. On the BSE, 1616 shares rose while 1447 shares fell. A total of 138 stocks remained unchanged.
The US Fed is expected later today to raise interest rates by 50 basis points and detail plans to shrink its balance sheet. Key for the markets will be commentary from Fed Chairman Jerome Powell, which may contain hawkish surprises.
IPO of LIC:
The initial public offering (IPO) of insurance giant Life Insurance Corporation (LIC) of India has received bids for 50.44 lakh shares against 16.20 crore shares on offer, according to stock market data at 10:12 a.m. IST Wednesday (May 4, 2022). The issue was subscribed 0.03 times.
The issue opened today (May 4, 2022) and will remain open for auction until May 9, 2022. The IPO price range is Rs 902 to Rs 949 per share. An investor can bid for a minimum of 15 shares and in multiples thereof.
Oil and gas stocks were trading with gains, with the Nifty Oil & Gas Index rising 0.68% to 8,243.30. Among the index components, ONGC (+6.05%), Oil India (+5.45%), Petronet LNG (+2.31%), HPCL (+1.43%), IOC (+1 .42%), GAIL (+1.36%) and Mahanagar Gas (+1.04%) are progressing.
Actions in the spotlight:
SBI cards and payment services fell by 1.68% to Rs 806.45. The company said Nalin Negi tendered his resignation as the company’s Chief Financial Officer (CFO).
RailTel Corporation of India gained 2.15% to Rs 106.75. The company has received a work order of Rs 107.44 crore from South Western Railway (SWR).
Cosmo Films jumped 8.17% to Rs 2005.50. The Company’s Board of Directors will consider issuing bonus shares on May 9, 2022. At the same meeting, the Board of Directors will also review the audited financial results for the quarter and year ended March 31, 2022.
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