The benchmark indices ended a volatile session with tiny losses on Tuesday. The Nifty settled below the 19,700 level after hitting day's high of 19,699.35 in morning trade. FMCG, auto and metal stocks were in demand. On the other hand, media, banking and IT shares corrected.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 78.22 points or 0.12% to 65,945.47. The Nifty 50 index lost 9.85 points or 0.05% to 19,664.70.

In the broader market, the S&P BSE Mid-Cap index fell 0.09% while the S&P BSE Small-Cap index gained 0.33%.

The market breadth was positive. On the BSE, 1,868 shares rose and 1,795 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.61% to 11.19.

IPO Update:

The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 1.96 crore shares as against 91.20 lakh shares on offer, according to stock exchange data at 15:33 IST on Tuesday (26 September 2023). The issue was subscribed 2.16 times.

The issue opened for bidding on Friday (22 September 2023) and it will close on Tuesday (26 September 2023). The price band of the IPO is fixed at Rs 204-215 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

The initial public offer (IPO) of JSW Infrastructure received bids for 22.20 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 15:33 IST on Tuesday (26 September 2023). The issue was subscribed 1.63 times.

The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 113-119 per share. An investor can bid for a minimum of 126 equity shares and in multiples thereof.

The initial public offer (IPO) of Updater Services received bids for 17.15 lakh shares as against 1.19 crore shares on offer, according to stock exchange data at 15:33 IST on Tuesday (26 September 2023). The issue was subscribed 0.14 times.

The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 280-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Stocks in Spotlight:

Welspun Corp added 2.80% after the company's wholly owned subsidiary, Sintex BAPL has entered into Memorandum of Understanding (MoU) with the Telangana government to set up a manufacturing unit with upto Rs 350 crore investment.

Poonawalla Fincorp rose 1.87% after the company announced that it has received permission from the Reserve Bank of India (RBI) to issue co-branded credit card with IndusInd Bank.

Vishnu Prakash R Punglia advanced 2.81% after the company received letter of award (LoA) from Madhya Pradesh Jal Nigam (MPJN), Government of Madhya Pradesh for construction at Chillar Dam in Shajapur district, Madhya Pradesh.

Gland Pharma fell 1.67%. The company received establishment inspection report (EIR) from US Food and Drug Administration (USFDA) indicating closure of the inspection.

Fortis Healthcare added 0.98% after the company has entered into share purchase agreement to acquire 99.9% stake in Artistery Properties (Artistery) for total consideration of Rs 32 crore.

GVK Power & lnfrastructure was locked in an upper circuit of 5% after its board appointed Sanjeev Kumar Singh as the chief financial officer (CFO) and key managerial personnel (KMP) of the company effective from 26 September 2023.

Delta Corp declined 2.10% after ace investor Ashish Kacholia sold 0.56% stake in the casino operator via bulk deal on Monday, 25 September 2023.

G R Infraprojects slipped 3.35% after the National Highways Logistics Management (NHLML) annulled bidding process for two projects worth Rs 3,613 crore in which the company had emerged as L‐1 (lowest) bidder on 20 February 2023.

Global Markets:

Markets in Europe and Asia stocks declined on Tuesday due to concerns over higher U.S. interest rates, particularly impacting the technology sector. Investors remained cautious about regional markets due to ongoing worries about a slowdown in the Chinese economy.

The US Federal Reserve's hawkish signals, indicating potential further rate hikes this year and a prolonged period of higher rates, added to the negative sentiment.

Despite this, U.S. stocks managed to make modest gains on Monday, supported by a rise in tech stocks driven by Amazon and an increase in energy stocks. The S&P 500, Dow Jones Industrial Average, and Nasdaq all saw slight increases. However, worries about a potential U.S. government shutdown grew as Congress has yet to pass necessary spending bills to fund the government beyond 1st October.

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