You are here: Home » News-CM » Equities » Market Report
Business Standard

Nifty slips below 13,100; auto shares in demand

Capital Market 

Key equity barometers declined further in mid-morning trade. Strong gains in the previous session encouraged traders to book profits. Private banks, financials and IT stocks edged lower while metals, realty and auto shares advanced.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 156.06 points or 0.35% to 44,499.38. The Nifty 50 index lost 28.60 points or 0.22% to 13,080.45.

The broader market outperform the benchmarks. The S&P BSE Mid-Cap index gained 0.22% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth was strong. On the BSE, 1433 shares rose and 915 shares fell. A total of 138 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,242 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,043.21 crore in the Indian equity market on 1 December 2020, provisional data showed.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 63,770,421 with 1,478,923 deaths. India reported 435,603 active cases of COVID-19 infection and 137,621 deaths while 8,889,585 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Primary Market:

The initial public offer (IPO) of Burger King India received bids for 2.05 crore shares on Wednesday, 2 December 2020, as against 7.44 crore shares on offer, as per the National Stock Exchange of India (NSE) website data. The issue was subscribed 0.28 times.

The issue opened for subscription today (2 December) and it will close on Friday, 4 December 2020. The price band for the IPO is set at Rs 59-60 per share. An investor can bid for a minimum lot of 250 equity shares and and in multiples thereof.

The IPO consists of fresh issue of shares amounting to Rs 450 crore and an offer of sale of 6 crore shares by the promoter selling shareholder, QSR Asia. The net proceeds from the fresh issue are proposed to be utilised in funding roll out of new company-owned Burger King restaurants; and general corporate purposes.

Buzzing Index:

The Nifty Auto index rose 0.74% to 9,053.85. The index has added 3.6% in four sessions.

Bharat Forge (up 1.70%), Bajaj Auto (up 1.46%), Maruti Suzuki (up 1.17%), TVS Motor Company (up 0.93%) and Ashok Leyland (up 0.49%) advanced while Mahindra & Mahindra (down 0.11%) declined.

Hero MotoCorp rose 1.28% to Rs 3151.55. The two-wheeler major sold 591,091 units of motorcycles and scooters in November 2020, up 14.4% over 516,775 units sold in November 2019.

Eicher Motors slipped 0.87% to Rs 2511.10. Royal Enfield total sales rose 6% to 63,782 units in November 2020 over November 2019.

Tata Motors advanced 3.06% to Rs 185.20. The company's sales in the domestic and international market for November 2020 stood at 49,650 vehicles, up 20.73% compared with 41,124 units during November 2019.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, December 02 2020. 10:25 IST