Nifty hovers at 17,650; HDFC AMC down 5%

Benchmark indices were trading in a narrow range with modest losses in morning trade. The Nifty hovered around 17,650 level. PSU bank, metal and realty shares bucked weak market trend.

At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 435.88 points or 0.73% at 59,232.82. The Nifty 50 index fell 102.9 points or 0.58% at 17,645.70.

In broader market, the S&P BSE Mid-Cap index was up 0.34% while the S&P BSE Small-Cap index rose 0.06%.

The market breadth was positive. On the BSE, 1657 shares rose and 1256 shares fell. A total of 168 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 232,730,064 with 4,764,388 deaths. India reported 282,520 active cases of COVID-19 infection and 447,751 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India reported 18,870 new cases daily new cases. Active cases account for less than 1% of total cases, currently at 0.84%; Lowest since March 2020. Active caseload stood at 2,82,520; lowest in 194 days. Recovery Rate currently stood at 97.83%.

Buzzing Index:

The Nifty Metal index gained 0.88% to 5,583.45. The index has gained 1.55% in three days.

Coal India (up 10%), Steel Authority of India (up 2.81%), Jindal Steel & Power (up 1.31%), Hindalco Industries (up 0.61%) and NMDC (up 0.57%) were top gainers in metal space.

Stocks in Spotlight:

Max Healthcare Institute fell 5.11% to Rs 349.30 after series of bulk deals in early trade. The media reported that Kayak investments Holdings, an affiliate of American private equity major KKR, is selling as much as 6.34 crore shares or 6.57% of Max Healthcare at an indicative price range of Rs 350-369.70 per share, a discount of about 5.3% to the scrip's closing price on Tuesday. The base deal size is Rs 2,220 crore.

HDFC Asset Management Company (HDFC AMC) fell 5.56% to Rs 2904.70 after series of bulk deals in early trade. The media reported that promoter Standard Life Investments will sell up to 5% of its stake in HDFC AMC, through a block deal for as much as Rs 3,042 crore. Standard Life is offering a total of 1.06 crore shares in the secondary trade at a floor price of Rs 2,870 each, a discount of 6.69% to the closing price of Rs 3,075.65 on Tuesday.

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