Weak market breadth

Indices witnessed a dash of volatility and continued to trade with modest losses in mid-afternoon trade. The Nifty was a tad above the 11,300-mark. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 213.20 points or 0.56% at 38,092.21. The Nifty 50 index was down 54.90 points or 0.48% at 11,305.

The S&P BSE Mid-Cap index was down 0.45%. The S&P BSE Small-Cap index was down 0.5%.

The market breadth turned weak. On the BSE, 830 shares rose and 1505 shares fell. A total of 152 shares were unchanged. In the Nifty 50 index, 20 stocks advanced and 30 stocks declined.

InterGlobe Aviation fell 2.01% to Rs 1833.30 after one of the main promoters Rahul Bhatia moved for arbitration proceedings amid differences with co-promoter Rakesh Gangwal. InterGlobe Enterprises and Rahul Bhatia, as claimants (the IGE Group), have submitted a Request for Arbitration dated 1 October 2019 to the London Court of International Arbitration under the shareholders agreement dated 23 April 2015 (as amendedon 17 September 2015) (the shareholders agreement) executed between the IGE Group, Rakesh Gangwal, The Chinkerpoo Family Trust, Shobha Gangwal (together with Gangwal and The Chinkerpoo Family Trust, the RG Group) and InterGlobe Aviation (the company). The IGE Group and the RG Group are promoters of the company. The company has been named as a respondent as it is a party to the shareholders agreement. This dispute relates to claims of the IGE Group against the RG Group regarding compliance with the shareholders agreement and the articles of association of the company and damages. Under the request for arbitration, no relief has been sought against the company. The company has been named as a necessary and proper party to the arbitration. However, presently, no monetary claim, including any compensation or penalty, has been sought against the company

Info Edge was up 1.62% after the company announced that it has invested Rs 6 crore in 'Happily Unmarried Marketing'. Happily Unmarried has diversified into men's grooming through its brand 'Ustraa'.

Dr. Lal PathLabs was up 1.74% after credit rating agency CRISIL reaffirmed credit ratings on company's long term and short term bank facilities. CRISIL also reaffirmed a stable outlook on company's long term bank loan facility.

In the foreign exchange market, the partially convertible rupee edged higher and was hovering at 71.04, compared with its close of 71.075 during the previous trading session.

Meanwhile, the yield on 10-year benchmark federal paper fell to 6.612% at 14:09 IST compared with 6.657% at close in the previous trading session.

The Reserve Bank of India (RBI) will unveil its decision on interest rates after the end of fourth bi-monthly monetary policy review meeting tomorrow, 4 October 2019.

In the commodities market, Brent crude for December 2019 settlement was down 7 cents at $57.62 a barrel. The contract fell 2.04% to settle at $57.69 a barrel in the previous trading session.

MCX Gold futures for 4 October 2019 settlement rose 1.21% at Rs 37,764.

The government launched the fourth installment of Bharat-22 Exchange Traded Fund (ETF) on Thursday, which is expected to help the exchequer garner up to Rs 8,000 crore from investors. The issue will open for anchor investors on Thursday and for other institutional and retail investors, the next day. The investors would get a 3% discount over the issue price. Proceeds from the ETF will help the government meet its disinvestment target of Rs 1.05 lakh crore for the current financial year.

The central public sector enterprises that are part of the Bharat-22 ETF include ONGC, IOC, BPCL, Coal India, Nalco, Bharat Electronics, Engineers India, NBCC, NTPC, NHPC, SJVN, GAIL, PGCIL, NLC India, Axis Bank, ITC and L&T. Among public sector banks SBI, Indian Bank and Bank of Baroda figure in the Bharat-22 index.

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