After a sharp bloodbath in previous day's trade and tracking overnight weakness in the US stocks amid alleged banking fraud and rising coronavirus concern, Indian indices trade lower, with Nifty below 11200 points and Sensex down by 0.75% at 37747 points. Also, broader markets have been underperforming wirh both mid and small-cap down in trade.
Here are the newsmakers in trade today:
1. GMM Pfaudler:
As the OFS for non-retail investor class opens, the stock of the engineering major is locked in 10% lower circuit. The stock on the BSE is quoting at a price of Rs. 4717while on the NSE it is trading at Rs. 4682.7 per share. Of the total offer size of 25,71,429 shares, 10% is reserved for retail investors for whom the bidding platform shall open 23rd Septermber 2020.
HSIL widely known by its brand Hindware has hit a 52-week high after the company's board has approved a buyback at its meet on September 21, 2020. At Maximum Buyback price and for Maximum Buyback Offer Size, the indicative maximum number of Equity Shares to be bought back would be 66,66,667 Equity Shares which is 9.22% of the total number of Equity Shares of the Company, amounting to Rs. 70 crore, said the company in a filing.
3. IT Stocks:
After previous day's 52-week high struck on the Nifty IT and then collapse owing to market wide fall, IT stocks including HCL, TCS and Tech Mahindra are up in the range of 0.6-1% in an otherwise market. The continuing surge in IT surge is on the back of solid fundamentals which suggest on strong recovery for the sector.
4. Aurobindo Pharma:
The pharma stock after a steep decline in trade today to levels of Rs. 767.95 has recovered from day's low and is trading higher by over 1% as Investec in its report upped the target price for the stock from Rs. 755 to Rs. 1000 per share.
5. Banking stocks continue to trade lower on alleged fraud:
Nifty PSU Bank and Nifty Private Bank are both down in trade, with losses of 1.93% and 0.7%, respectively. This is after FinCENT files reveal of alleged circulation of illicit funds by all major banks. SBI which shed up to 2.5% in today's recouped early losses and last traded up by 0.11%.
Others stocks pulling down the Nifty PSU Bank index have been Canara Bank, Union Bank, Bank of India, PNB and Bank of Baroda.