Market sharply pares gains; broader indices tumble

The domestic equity barometers sharply pared gains in mid afternoon trade. The Nifty managed to hold the 16,250 mark. Auto shares declined for the second consecutive session.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 29.37 points or 0.05% to 54,432.22. The Nifty 50 index was down 7.85 points or 0.05% to 16,250.40.

The Sensex hit a record high of 54,779.66 while the Nifty hit a record high of 16,359.25 in mid-morning trade.

The broader market tumbled. The S&P BSE Mid-Cap index shed 1.15%. The S&P BSE Small-Cap index lost 2.42%.

Sellers outnumbered buyers. On the BSE, 663 shares rose and 2554 shares fell. A total of 113 shares were unchanged.

Primary Market:

The initial public offer of Aptus Value Housing Finance received bids for 67.32 lakh shares as against 5.51 crore shares on Tuesday (10 August 2021), according to stock exchange data at 14:20 IST. The issue was subscribed 0.12 times.

The initial public offer of Chemplast Sanmar received bids for 47.30 lakh shares as against 3.99 crore shares on offer on Tuesday (10 August 2021), according to stock exchange data at 14:20 IST. The issue was subscribed 0.12 times.

These two IPO opened for bidding today (10 August 2021) and will close on Thursday (12 August 2021).

Meanwhile, the initial public offer of CarTrade Tech received bids for 80.27 lakh shares as against 1.29 crore shares on offer on Tuesday (10 August 2021), according to stock exchange data at 14:20 IST. The issue was subscribed 0.62 times.

The initial public offer of Nuvoco Vistas Corporation received bids for 1.53 crore shares as against 6.25 crore shares on offer on Tuesday (10 August 2021), according to stock exchange data at 14:20 IST. The issue was subscribed 0.24 times.

These two IPO opened for bidding on Monday (9 August 2021) and will close on Wednesday (11 August 2021).

Buzzing Index:

The Nifty Auto index fell 1.16% to 10,119.75. The index has declined 1.27% in two sessions.

Bharat Forge (down 3.23%), TVS Motor Company (down 2.35%), Tata Motors (down 1.90%), Hero MotoCorp (down 1.39%), Bajaj Auto (down 1.25%), Ashok Leyland (down 1.10%) and Maruti Suzuki (down 1.01%) declined while Mahindra & Mahindra (up 0.84%) and Eicher Motors (up 0.07%) advanced.

Motherson Sumi Systems fell 2.45% to Rs 225.25. The company reported a consolidated net profit of Rs 290 crore in Q1 FY22 as compared to a net loss of Rs 810.45 crore posted in Q1 FY21. Revenue from operations jumped 98% YoY to Rs 16,712 crore in Q1 FY22.

The company's net debt stood at Rs 6,158 crore as of 30 June 2021 higher than Rs 4,807 crore posted in 31 March 2021 but lower than Rs 6,897 crore registered in March 2020. Motherson said it required higher working capital in Q1 due to irregular production trends by OEMs.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee slipped to 74.42 from its previous closing of 74.2650.

MCX Gold futures for 5 August 2021 settlement rose 0.19% to Rs 45,973.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 92.97.

The yield on 10-year benchmark federal paper rose to 6.233% from its previous close of 6.221%.

In the commodities market, Brent crude for October 2021 settlement advanced $1.15 or 1.67% to $70.19 a barrel.

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