US inflation data, possibility of aggressive rate hikes, record low rupee, and intense selloff by foreign portfolio investors are among the key factors that thumped stocks lower
CLOSING BELL :: The S&P BSE Sensex opened gap-down and sunk 1,386 points intra-day to hit a low of 52,702 levels
In the primary market, Venus Pipes & Tubes IPO was subscribed 2 times on Day 1 of the offer period; Delhivery IPO was off to a slow start.
Major risks to the operating model of the logistics player include its heavy reliance on e-commerce, despite diversifying into other industry verticals, analysts say
MSCI Asia Pacific Index has dropped 19% from Jan peak
Hindustan Unilever and Asian Paints gained the most at 3.24 per cent and 2.5 per cent, respectively
The BSE Midcap and Smallcap indices ended with heavy losses of over 2 per cent each. Debutant Rainbow Children's Medicare ended a steep discount of 17 per cent to its issue price.
The company's revenue growth was impacted by the slowdown in rural demand. While the rural overhang will continue in H1FY23, with good monsoon predictions, rural demand can improve in H2FY23.
European and Asian equities traded weak on concerns around world economic growth amid surging inflation, monetary tightening, and a slowdown in China's export
The broader markets ended with deeper losses, with both the BSE Midcap and Smallcap indices down over 1.5 per cent each; the breadth too at 2:1 was in favour of the bears.
The value of pledged promoter holdings stood at Rs 2.1 trillion - 0.86 per cent of the total market capitalisation of the BSE 500 Index
The Midcap and Smallcap indices declined over 2 per cent each; The breadth too favoured the bears in 3:1 ratio.
Record-high inflation levels, dented prospects of corporate profitability and likelihood of contraction in economic growth continue to batter equities.
Company's margins could expand on operating leverage and price hikes, say analysts
CLOSING BELL: Around 3:30 PM, the mega IPO of Life Insurance Corporation (LIC) was subscribed 91 per cent with policyholders' quota seeing a subscription of 2.79 times
With the recent fundraise (QIP: Rs 300 crore), the company has strengthened its balance sheet with a repayment of around Rs 300 crore debt, post which Gokaldas Exports has become net debt free.
The stock was quoting lower for the sixth straight day, down 6 per cent during this period.
The bond markets also saw a sell-off, and the yield on the 10-year government bond rose to 7.37 per cent, hitting a three-year high
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Meanwhile, the mega LIC IPO was off to a steady start, with policyholder and employee segment receiving strong response on Day 1 of the offer period.