Barometers traded near the flat line; Nifty hovers at 18,500

The key equity indices traded near the flat line in the mid-morning trade amid weak global cues. The Nifty hovered near the 18,500 mark. Oil & gas, metal and media shares saw buying demand while IT, consumer durables and healthcare stocks saw a bit of selling pressure.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 22.77 points or 0.04% to 62,158.90. The Nifty 50 index added 6.30 points or 0.03% to 18,502.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index added 0.24%.

The market breadth was positive. On the BSE, 1,825 shares rose and 1,567 shares fell. A total of 205 shares were unchanged.

On the macro front, the Industrial Production and Manufacturing Production data for October will be released today, 12 December 2022. Inflation rate for November will also be declared today.

New Listing:

Shares of Uniparts India were currently trading at Rs 554 at 11:30 IST on the BSE, at a discount of 3.99% to the issue price of Rs 577 per share.

The scrip was listed at Rs 575, at a discount of 0.35% to the issue price.

So far, the stock has hit a high of 577 and a low of 539. On the BSE, over 4 lakh shares of the company changed hands at the counter so far.

IPO Update:

The initial public offer (IPO) of Sula Vineyards received bids for 15,73,152 shares as against 1,88,30,372 shares on offer, according to stock exchange data at 11:33 IST on Monday (12 December 2022). The issue was subscribed 8%.

The issue opened for bidding on Monday (12 December 2022) and it will close on Wednesday (14 December 2022). The price band of the IPO is fixed at Rs 340-357 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.

The initial public offer (IPO) of Abans Holdings received bids for 3,63,990 shares as against 1,28,00,000 shares on offer, according to stock exchange data at 11:27 IST on Monday (12 December 2022). The issue was subscribed 3%.

The issue opened for bidding on Monday (12 December 2022) and it will close on Thursday (15 December 2022). The price band of the IPO is fixed at Rs 256-270 per share. An investor can bid for a minimum of 55 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index rose 0.48% to 6,713.85. The index has declined 1.12% in the past trading session.

Jindal Stainless (up 5.12%), Jindal Steel & Power (up 1.23%), Tata Steel (up 0.59%), Welspun Corp (up 0.43%), MOIL (up 0.4%), Adani Enterprises (up 0.4%), Hindalco Industries (up 0.19%) were the gainers.

On the other hand, APL Apollo Tubes (down 1.43%), Hindustan Copper (down 0.95%) and Hindustan Zinc (down 0.84%) declined.

Stocks in Spotlight:

MTAR Technologies rose 0.58% after the compay said that it has signed an MoU with Indian National Space Promotion and Authorization Centre (IN-SPACe) India for design and development of a two-stage to low earth orbit all liquid small satellite launch vehicle. The satellite launch vehicle will be powered by semi cryogenic technology with a payload capacity of 500 kg.

One 97 Communications (Paytm) declined 1.05%. The company said its lending business witnesses a 150% year on year (YoY) growth during the two months ended November 2022. The number of loans disbursed through the company's platform zoomed 150% YoY to 6.8 million cumulative loans in two months ended November 2022, while the value of loans disbursed grew 374% YoY to Rs 6,292 crore ($774 million).

Trident rose 1.10%. In the home textile division of Trident, production of bath linen declined 7.53% to 4,533 metric tonnes (MT) in November 2022 as compared to 4,902 MT posted in November 2021. Production of bed linen dropped 35% to 2.21 million metres (MM) in November 2022 from 3.4 MM recorded in November 2021. Production of yarn tumbled 24.34% to 8,242 MT in November 2022 as compared to 10,894 MT reported in the same period last year.

Global markets:

Asian stocks were trading lower on Monday as investors looked ahead to a Fed meeting and U.S. inflation data this week.

US stocks fell Friday after wholesale inflation rose more than expected last month, raising concerns that the Federal Reserve will keep rates higher for longer.

The Federal Reserve Is set to begin its two-day meeting on Tuesday. Economists widely expect the U.S. central bank to raise rates by half a percentage point Wednesday. The latest reading for the U.S. consumer price index is also slated for Tuesday.

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