Monday, 15 July 2024
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Due to the decline in financial stocks, Nifty falls below 19,800

  • After trading indecisively during the morning session, shares of cable and wire companies, began to decline.
  • In the brokerage’s opinion, emerging markets like electric vehicles are the source of gradual expansion.
  • The IPO had a lot size of 107 equity shares and a price range of Rs 133–Rs 140 per share.

Wednesday, November 22, saw a muted opening for India’s benchmark equity markets, the Nifty 50 and Sensex, as global stocks appeared to be cooling off. After trading indecisively during the morning session, shares of cable and wire companies, such as Polycab India and KEI Industries, began to decline.

With the nation’s infrastructure push supporting the industry, Goldman Sachs is bullish about it, estimating that players could grow up to twice GDP. In the brokerage’s opinion, emerging markets like electric vehicles are the source of gradual expansion.

Sensex and Nifty

In the share sale, Fedbank Financial received bids for 99,26,283 shares compared to the 5,59,23,660 shares that were offered. This means that on the first day of the bidding process, 18% of the issue has been subscribed.

Fedbank Financial Services launched its initial public offering (IPO) on Wednesday, November 22. The IPO had a lot size of 107 equity shares and a price range of Rs 133–Rs 140 per share. Three trading days will pass during which time subscriptions for the IPO will be accepted, ending at 5 p.m. on November 24.

Governor of the Reserve Bank of India (RBI) Shaktikanta Das says that India has the third largest economy in the world in terms of purchasing power.

Between May 2022 and February 2023, the central bank revised the repo rate six times, increasing it by a total of 250 basis points (bps). The Monetary Policy Committee’s (MPC) top priorities are to remove excess liquidity from the system and to prioritize inflation over economic growth.

On Thursday, bids were received for 4,86,24,540 shares in the Tata Technologies share sale, against 4,50,29,207 shares. The public issue has been subscribed 1.8 times through the bidding process thus far. At Rs 927.4 per share, KPR Mill shares reached a 52-week high, up more than 8%.

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