Benchmark indices traded in a narrow range near the flat line in morning trade. The Nifty hovered above the 18,000 mark. Metal and banks stocks corrected while pharma and IT stocks rallied. Market witnessed a negative bias as the Federal Reserve's hawkish stance prompted investors to brace for faster withdrawal of monetary stimulus.
At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 16.57 points at 60,412.43. The Nifty 50 index rose 0.7 points at 18,004.
In the broader market, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index added 0.36%.
The market breadth was strong. On the BSE, 1,960 shares rose and 1273 shares fell. A total of 104 shares were unchanged.
Economy:
The employment across nine sectors of the economy stood at 3.10 crore in the July-September 2021 quarter, increasing by 2 lakh from the July-September 2021 quarter, according to labour ministry data released Monday. As per Quarterly Employment Survey (QES) report released by minister Bhupender Yadav, the total employment in 9 sectors in April-June 2021 was 3.08 crore. Of the total employment estimated in the selected nine sectors, Manufacturing accounted for nearly 39%, followed by Education with 22% and Health as well as IT/BPOs sectors both around 10%
Buzzing Index:
The Nifty Metal index slipped 1.46% to 5,635.15, snapping its two-day winning streak. The metal index saw profit booking after rising 1.11% in two days.
Steel Authority of India (down 3.46%), Jindal Steel & Power (down 2.6%), JSW Steel (down 2.12%), Tata Steel (down 2.03%) and NMDC (down 1.21%) were the top losers.
Among the other losers were Vedanta (down 1.13%), Hindustan Zinc (down 1.13%), and Coal India (down 0.84%),
Stocks in Spotlight:
Vodafone Idea slumped 13.13% to Rs 12.90 after the company approved the conversion of the full amount of interest related to spectrum auction installments and Adjusted Gross Revenue (AGR) dues into equity. The conversion will result in dilution to all the existing shareholders of the company, including the promoters. Following conversion, it is expected that the government will hold around 35.8% of the total outstanding shares of the company, and that the promoter shareholders would hold around 28.5% (Vodafone Group) and around 17.8% (Aditya Birla Group), respectively.
The Net Present Value (NPV) of this interest is expected to be about Rs 16,000 crore as per the company's best estimates, subject to confirmation by the DoT. Since the average price of the company's shares at the relevant date of 14 August 2021 was below par value, the equity shares will be issued to the government at par value of Rs 10 per share, subject to final confirmation by the DoT, the statement added. Last year, the Department of Telecommunications (DoT) had provided various options to the company in connection with Telecom Reforms Package. Later, Vodafone Idea's board in October approved deferring payment of spectrum auction installments and AGR dues by four years. The DoT had also provided a time period of 90 days to the company to exercise the option of converting the interest that would accrue on installment payment during the moratorium period into equity.
Timex Group India jumped 5.44% to Rs 101.75 after the company said that it had been granted manufacturing & distribution rights for 'Guess' & 'Gc' branded watches in India. The watchmaker has sealed agreements with Timex Nederland B. V for the grant of manufacturing and distribution rights of Guess & Gc branded watches for the territory of India. The deal is a significant win for Timex Group India given Guess & Gc market share, reach and brand recognition in the fashion watch segment.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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