The domestic equity benchmarks continued to further pare losses in mid afternoon trade. The Nifty was trading above the 17,750 mark. Auto shares witnessed significant selling pressure.
At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 351.17 points or 0.59% to 59,657.16. The Nifty 50 index lost 132.70 points or 0.74% to 17,765.95.
The broader market saw steep selling. The S&P BSE Mid-Cap index declined 1.55% while the S&P BSE Small-Cap index slipped 1.30%.
The market breadth was weak. On the BSE, 981 shares rose and 2,300 shares fell. A total of 138 shares were unchanged.
The initial public offer (IPO) of Go Fashion (India) received bids for over 3.26 crore shares as against 80.79 lakh shares on offer, according to stock exchange data at 14:18 IST on Thursday (18 November 2021). The issue was subscribed 4.04 times.
The issue opened for bidding on 17 November 2021 and it will close on 22 November 2021. The price band of the IPO is fixed at Rs 655-690.
Numbers to Track:
MCX Gold futures for 3 December 2021 settlement shed 0.23% to Rs 49,179.
The yield on India's 10-year benchmark federal paper rose to 6.345% from its previous close of 6.361%.
In the commodities market, Brent crude for January 2022 settlement lost 45 cents or 0.56% to $79.83 a barrel.
In the foreign exchange market, the partially convertible rupee rose to 74.1850 from its previous closing of 79.83.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 95.72.
The yield on the benchmark 10-year US Treasury note last stood at 1.586% as compared to its previous close of 1.604%.
The Nifty Auto index fell 2.13% to 11,804.65. The index had advanced 3.20% in the past two sessions.
Tata Motors (down 3.49%), Ashok Leyland (down 3.42%), Bharat Forge (down 2.66%), Mahindra & Mahindra (down 2.56%) and Hero MotoCorp (down 2.20%) edged lower.
Further, Eicher Motors (down 2.15%), TVS Motor Company (down 1.45%), Maruti Suzuki (down 1.36%) and Bajaj Auto (down 0.80%) declined.
Escorts jumped 10.75% to Rs 1805.40 after the company said that Kubota Corporation will increase its stake in the company. "As part of this Kubota Corporation shall increase its equity stake in Escorts by subscribing to new equity shares proposed to be issued by Escorts and shall become a joint promoter along with existing promoter of Escorts," the company said in a statement.
Escorts will issue 9,363,726 equity shares through a preferential issue to Kubota at an issue price of Rs 2,000 per equity share aggregating Rs 1,872.74 crore, subject to shareholders' and necessary regulatory approvals.
Post Preferential allotment, Kubota's investment in Escorts will be 14.99%. Kubota Corporation held 1.22,57,688 shares (representing 9.09% stake) in Escorts as on 30 September 2021.
To reflect the spirit of joint partnership, upon completion of this transaction, the name of the company shall be changed to 'Escorts Kubota', subject to regulatory approvals.
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