The headline equity indices ended with modest losses on Friday, sliding for the fourth day in a row. The Nifty settled below the 19,700 level after hitting the day's high of 19,798.65 in afternoon trade. PSU bank and auto stocks advanced while pharma, healthcare and consumer durables shares witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 221.09 points or 0.33% to 66,009.15. The Nifty 50 index lost 68.10 points or 0.34% to 19,674.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.14% while the S&P BSE Small-Cap index added 0.04%.

The market breadth was negative. On the BSE, 1,783 shares rose and 1,852 shares fell. A total of 146 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.45% to 10.66.

New Listing:

Shares of Zaggle Prepaid Ocean Services closed at Rs 159.45 on the BSE, representing a discount of 2.77% as compared with the issue price of Rs 164. The scrip was listed at Rs 162, exhibiting a discount of 1.22% to the issue price. The stock has hit a high of 176 and a low of 155. On the BSE, over 12.48 lakh shares of the company were traded in the counter.

Shares of Samhi Hotels settled at Rs 143.55 on the BSE, representing a premium of 13.93% as compared with the issue price of Rs 126. The scrip was listed at Rs 130.55, exhibiting a premium of 3.61% to the issue price. The stock has hit a high of 146.45 and a low of 127.45. On the BSE, over 19.37lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 10.65 lakh shares as against 91.20 lakh shares on offer, according to stock exchange data at 15:33 IST on Friday (22 September 2023). The issue was subscribed 0.12 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 Signatureglobal (India) received bids for 9.91 crore shares as against 1.12 crore shares on offer, according to stock exchange data at 15:33 IST on Friday (22 September 2023). The issue was subscribed 8.82 times.

The issue opened for bidding on Wednesday (20 September 2023) and it will close on Friday (22 September 2023). The price band of the IPO is fixed at Rs 366-385 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of Sai Silks (Kalamandir) received bids for 16.17 crore shares as against 3.84 crore shares on offer, according to stock exchange data at 15:33 IST on Friday (22 September 2023). The issue was subscribed 4.20 times.

The issue opened for bidding on Wednesday (20 September 2023) and it will close on Friday (22 September 2023). The price band of the IPO is fixed at Rs 210-222 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.

Stocks in Spotlight:

Wipro declined 2.36%. The company announced that it is appointing Aparna C Iyer as chief financial officer, effective immediately. Aparna will report to CEO Thierry Delaporte and will join the Wipro executive board.

Meanwhile, Jatin Pravinchandra Dalal resigned as chief financial officer of the company to pursue professional goals outside the organization. He will be relieved from the services of the company with effect from 30 November 2023.

Vedanta slipped 2.36%. The company approved for raising on a private placement basis upto 2,50,000 nos. secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of face value Rs 1,00,000/- each aggregating upto Rs 2,500 crores in one or more tranches.

Glenmark Pharmaceuticals fell 2.90%. The pharmaceutical company has entered into a definitive agreement with Nirma to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited (GLS), at a price of Rs 615 per share for an aggregate consideration of Rs 5651.5 crore. Glenmark Pharma will own 7.84% in GLS after the divestment.

Ultratech Cement shed 1.27%. The company said that it has entered into an agreement with The India Cements for purchase of land admeasuring 73.75 acres located at villages Kantakapalle and Chinnipalem, Mandal Kothavalasa, District Vizianagram, Andhra Pradesh. The said land parcel has been acquired for a consideration of Rs 70 crore.

NBCC (India) rose 1.78%. The company was awarded order for construction of various development work at township and mines of Bhilai steel plant, from SAIL. The value of the order is Rs 100 crore.

Ideaforge Technology added 0.07% after the company announced that it has received order worth about Rs 58 crore from Strategic Marketing for supplying 400 surveillance copter with accessories. The said contract has to be executed within a period of twelve months.

ICICI Lombard General Insurance Company fell 0.25%. The company informed that Bhargav Dasgupta, managing director (MD) & chief executive officer (CEO) of the company has tendered his resignation to pursue a career opportunity outside the country.

Sunteck Realty gained 0.41%. The company said that it has partnered with International Finance Corporation (IFC) to create joint platform to develop mid-income & affordable, green urban sustainable housing with a total investment of upto Rs 750 crore ($ 90 million).

Suzlon Energy declined 1.37%. The firm announced that it has bagged an order for the development of a 29.4 MW of wind installed capacity for 100 MW co‐located wind‐solar hybrid project of BrightNight, a global renewable power producer.

NCC added 0.30%. The company said that its joint venture, J Kumar Infra Projects (JKIL) has awarded contract from Brihanmumbai Municipal Corporation (BMC) for constructing twin tunnel.

Global Markets:

Most of the European markets declined while Asian stocks ended mixed on Friday.

Japan's headline inflation rate came in at 3.2% for August, slightly slower than the 3.3% seen in July and the 16th straight month that inflation has went above the Bank of Japan's 2% target. The core inflation rate, which strips out prices of fresh food stood at 3.1%, unchanged from the July.

US stocks notched a third straight day of losses on Thursday as Treasury yields popped to multiyear highs and investors grew worried that lawmakers would be unable to prevent a shutdown.

The Bank of England paused its hiking cycle, keeping the policy rate at 5.25%, after cooler-than-expected inflation data.

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