Indices trade near day's low; Yes Bank tanks 12%

Key benchmark indices continued trading in a narrow range near the day's low in mid-morning trade. The Nifty hovered around 11,430 levels. IT stocks bucked weak market trend. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 314.82 points or 0.81% at 38,514.82. The Nifty 50 index was down 87.7 points or 0.76% at 11,424.70.

In broader markets, the S&P BSE Mid-Cap index was down 1.35%. The S&P BSE Small-Cap index was down 1.24%.

Bearish sentiments engulfed bourses as market breadth remained weak. On the BSE, 555 shares rose and 1468 shares fell. A total of 121 shares were unchanged.

In the Nifty 50 index, 12 stocks advanced while 38 stocks declined. Yes Bank (down 12%), IndusInd Bank (down 7.55%) and Zee Entertainment Enterprises (down 6.42%).

IT stocks gained as rupee marginally edged lower. The S&P BSE IT was up 0.92% at 15,453.31. The Nifty IT index was up 0.73% at 15,347.40.

HCL Technologies (up 1.45%), Infosys (up 1.28%), TCS (up 1.19%), Hexaware Technologies (up 1.02%) and Wipro (up 0.23%) were top IT sector gainers.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.63, compared with its close of 70.565 during the previous trading session.

Metal stocks tumbled. Hindustan Copper (down 3.55%), NMDC (down 3.23%), Vedanta (down 2.99%), Steel Authority of India (down 2.87%), Tata Steel (down 2.74%), National Aluminium Company (down 2.69%), Hindalco Industries (down 2.67%) and Jindal Steel & Power (down 2.09%) tumbled. The S&P BSE Metal index was down 2.22% at 8,931.48.

Inox Leisure was up 1.54% after the company announced that National Company Law Tribunal Bench at Ahmedabad and National Company Law Tribunal Bench at Mumbai have approved the 'Scheme of Merger' with Swanston Multiplex Cinemas. The scheme has become effective from 27 September 2019.

The initial public offer (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) opened for bidding today. As 11:15 IST, the issue received bids for 19,10,480 shares and it was subscribed 9%.

The IPO of 2.01 crore equity shares will close on Thursday, 3 October 2019. The price band for the issue has been fixed at Rs 315 to Rs 320 per share. The minimum order quantity is for 40 equity shares and in multiples thereof.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. Additionally IRCTC along with Balmer Lawrie & Company and Ashok Travels & Tours, are the three entities permitted by the Government of India to offer air ticketing service to different ministries at both the Central and State Government level.

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