Stock Market LIVE: Nifty Slips Below 24,800, Sensex Slumps Over 600 Points As ICICI Bank & HDFC Bank Drag

FMCG and IT stocks continued to outperform sectoral indices.

The NSE Nifty 50 and BSE Sensex fell significantly as tension increased before the US tariff deadline on Aug 27. (Photo: Freepik)

Good morning! Welcome to NDTV Profit's blog for real-time market coverage. The NSE Nifty 50 tested the support level of 24,800 and the BSE Sensex continued to trade sharply lower as weak global cues weighed. HDFC Bank share price declined for three session while Protean eGove Technologies share price jumped over 12%.
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PM Narendra Modi Inaugurated Maruti Suzuki's Production Line For Battery Electric Vehicle

  • E-Vitara to be exported to 100 countries

  • PM Modi has inaugurated TDS lithium-ion battery plant

  • TDS is a joint venture between Toshiba, Denso and Suzuki

  • TDS Lithium-ion Battery Plant to manufacture lithium-ion battery cell and electrodes for hybrid EVs

Shreeji Shipping Global Share Price: Stock List At 8% Premium After Solid IPO Bidding

Shreeji Shipping Global Ltd. made its market debut on Tuesday, listing at a premium of 8% over the IPO price. The scrip opened at Rs 271.85 apiece on the BSE and Rs 270 on the NSE. The IPO issue price was Rs 252.

The initial public offering was a book-built issue of Rs 410.71 crore. It comprised a fresh issue of 1.63 crore shares.

Also Read: Shreeji Shipping Global Share Price: Stock List At 8% Premium After Solid IPO Bidding

Stock Market LIVE: Gameskraft To Not Pursue Legal Action Against Online Gaming Bill

  • Gameskraft has no intention of pursuing any legal challenge to the legislation

  • Committed to operating within framework of law

  • Initiated structured internal discussions to chart road ahead

Source: Statement

Stock Market LIVE: Vedanta Share Price Falls After Post Dividend Adjustment

Vedanta share price fell as much as 4.62% to Rs 429.50 apiece. It was trading 4.41% down at Rs 430.45 apiece as of 10:55 a.m.

Also Read: Dividend Stocks To Watch This Week —NBCC, Vedanta, Jyothy Labs, Lloyds, Gillette India, P&G Hygiene

BLS International Share Price Gains Over 6% After Rs 2,055-Crore Order Win From UIDAI

BLS International Services Ltd.'s share price rose over 6% during early trade on Tuesday after the company announced that it has received an order worth Rs 2,055 crore from Unique Identification Authority of India.

The company has received a work order from UIDAI, New Delhi, Government of India for providing services as 'Service Provider' for establishing and running district level Aadhaar Seva Kendra or ASK across India, according to an exchange filing.

Also Read: BLS International Share Price Gains Over 6% After Rs 2,055-Crore Order Win From UIDAI

Gem Aromatics Makes Lacklustre Debut After IPO, Lists At 2.5% Premium

Gem Aromatics Ltd. made a laskluster debut on the stock market on Tuesday, with shares listing at a premium of just 2.5% over its IPO price. The share price opened at Rs 333.1 apiece on the NSE and Rs 325 on the BSE. The IPO issue price was Rs 325.

In the run-up to the listing, the IPO’s grey market premium signaled expectations of healthy gains for investors.

Also Read: Gem Aromatics Share Price: Stock Makes Lacklustre Debut After IPO, Lists At 2.5% Premium

Protean eGov Share Price Jumps Over 12% And Hit Two-Month High On Order Win

Protean eGov Technologies share price jumped over 12% and hit the highest level in two months after acquiring order worth Rs 1,160 crore.

Protean eGov Technologies share price jumped 12.05% to Rs 918 apiece, the highest level since June 19.

Also Read: Protean eGov Technologies Receives Order Worth Rs 1,160 Crore From UIDAI

Stock Market LIVE: HDFC Bank Share Price Falls After Turning Ex-Date

HDFC Bank Ltd. share price declined after the stock turned ex-bonus. With Tuesday's losses, the stock price has fallen three session in a row.

The private lender has given one free bonus equity share of face value of Rs 1 each for every one fully paid-up equity share held.

Also Read: HDFC Bank Shares To Trade Ex-Bonus Today, Share Price To Halve — Check Allotment Date

Sectoral Performance At Open: Nifty Pharma Underperforms

On National Stock Exchange, 14 sectoral indices opened lower with the NSE Nifty Pharma declining the most. The NSE Nifty FMCG rose the most.

Nifty Detractors: ICICI Bank, HDFC Bank And Sun Pharma Weigh

ICICI Bank Ltd., HDFC Bank Ltd., Sun Pharmaceutical Industries Ltd., Bharti Airtel Ltd., and Reliance Industries Ltd. weighed on the NSE Nifty 50 index.

Hindustan Unilever Ltd., Titan Co. Ltd., Eicher Motors Ltd., Nestle India Ltd., and Hero MotoCorp Ltd. limited losses in the NSE Nifty 50 index.

India Most Expensive Among Emerging Markets, High Valuations Valid: HSBC

India is expensive for valid reasons— high return on equity, higher long-term growth potential and domestic appetite for equities, noted HSBC in its latest India Strategy note released on Tuesday.

The brokerage believes that the perceived risk for India is lower due to strong and proactive regulatory framework and institutions. Near-term slow growth and long-term deterioration in ROEs are downside risks, as per HSBC.

Also Read: India Most Expensive Among Emerging Markets, High Valuations Valid: HSBC

Reliance Industries Gets A Target Price Hike From UBS Ahead Of AGM

International investment firm UBS resumed coverage on Reliance Industries Ltd. with a 'buy' rating and hiked the 12-month target price of the stock. This comes ahead of the RIL annual general meeting on Friday, Aug. 29.

Analysts expect RIL to perform well in the coming 12 to 18 months as the group's earnings transformation of last five years open path towards value unlocking.

Also Read: Reliance Industries Gets A Target Price Hike From UBS Ahead Of AGM; Jio IPO Likely Next Year

Stock Market LIVE: BLS International Gets Rs 2,055 Crore Order

BLS International received Rs 2,055 crore order form UIDAI for being a service provider for establishing Aadhaar Seva Kendra. UIDAI stands for Unique Identification Authority Of India, the company said in the exchange filing.

Yield On 10-Year Bond Opens Flat

  • The yield on the 10-year bond opened flat at 6.60%

Source: Bloomberg

Rupee Opens Weaker Against US Dollar

  • Rupee opened 15 paise weaker at 87.73 against US dollar

  • It closed at 87.58 a dollar on Friday

Source: Bloomberg

Stock Market LIVE: GE Shipping In Pact To Buy Suezmax Crude Carrier

GE Shipping signed a contract to buy Suezmax crude carrier of about 164,715 dwt, the company said in the exchange filing.

IPO News: Vikram Solar, Shreeji Global, Patel Retail In Focus

The names making the debut today are Vikram Solar, Patel Retail, Shreeji Shipping and Gem Aromatics. Stay with us as we cover the latest discovery prices, the Grey Market Premium and all the key details you need to know.

Follow the blog as we take you through the action right here!

Stock Market LIVE: Arisinfra Solutions' Arm Launches Villa Community In Bengaluru

Arisinfra Solutions' arm launched Merusri Landscape, a villa community in Bengaluru with Merusri Developers. This estimated a gross development value of Rs 250 crore for Bengaluru project, the company said in the exchange filing.

HDFC Bank Shares To Trade Ex-Bonus Today, Share Price To Halve — Check Allotment Date

HDFC Bank Ltd. share price is set to adjust on Tuesday as the stock trades ex-date for the bonus issue. India's largest private sector lender will give one free bonus equity share of face value of Rs 1 each for every one fully paid-up equity share held.

Also Read: HDFC Bank Shares To Trade Ex-Bonus Today, Share Price To Halve — Check Allotment Date

Tata Capital IPO Price Band To Undershoot Unlisted Market Valuation? Here's What Trends Suggest

As Tata Capital gears up for its much-anticipated IPO, early signs suggest that the price band may fall significantly below its current valuation in the unlisted market.

While Tata Capital's unlisted shares are currently being quoted around Rs 775, the actual IPO price could likely be set lower, mirroring the trajectory of other recent high-profile IPOs. HDB Financial Services, which had an unlisted price of Rs 1,550, debuted with a price band of Rs 700-740, and NSDL, trading at Rs 1,275 in the grey market, set its IPO band between Rs 700-800

Also Read: Tata Capital IPO Price Band To Undershoot Unlisted Market Valuation? Here's What Trends Suggest

IOC, BPCL, HPCL Poised For Gains On Rs 30,000-Crore LPG Subsidy: Will US Tariffs Play Spoilsport?—Explained

India's state-run oil marketing companies (OMCs) are poised for gains this year after the Union Cabinet approved a Rs 30,000-crore fund earlier this month to reimburse Indian Oil Corp, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd for losses in their liquified petroleum gas sales. However, the OMCs will still likely incur losses in the near-term after US President Donald Trump hiked the tariff rate on India from 25 to 50%.

Also Read: IOC, BPCL, HPCL Poised For Gains On Rs 30,000-Crore LPG Subsidy: Will US Tariffs Play Spoilsport?—Explained

Asia Market LIVE Update: Nikkei 225 Falls Over 1%

Asia-Pacific markets were trading in losses as US President Donald Trump again threatened to impose steep tariffs on countries in the region. The Trump administration is planning to hit India 50% tariff and China with 200% in case the latter does not export rare-earth magnets.

The Nikkei 225 and CSI 300 were trading 1.04% and 0.42% down, respectively as of 7:36 a.m.

Also Read: Asian Stocks To Slip As Inflation Clouds Fed Cuts: Markets Wrap

US Market Update: S&P 500 And Nasdaq 100 Futures Decline On Increasing Volatility 

US stock futures declined as volatility increased after US President Donald Trump to fire Federal Reserve Governor Lisa Cook on allegation that she has falsified documents on mortgage application.

The S&P 500 and Nasdaq 100 futures were trading 0.15% and 0.25% down, respectively as of 7:29 a.m.

LIVE: GIFT Nifty Hints At Negative Opening; Mazagon Dock, Sona And Tata Motors Shares In Focus

The GIFT Nifty was trading 0.04% or 10 points lower at 24,927 as of 6:58 a.m. This implied the NSE Nifty 50 may open 61.70 points down from its previous close.

On Monday, the Nifty 50 ended 0.39% higher at 24,967.75 and the BSE Sensex ended 0.40% higher at 81,635.91.

Market participants will keep an eye on Mazagon Dock Shipbuilders Ltd., Sona BLW Precision Forgings Ltd., and Tata Motors Ltd. share prices.

Also Read: Stock Market Highlights: Nifty, Sensex End In Green After Day Of Decline; Infosys, TCS Lead Gains

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WRITTEN BY
Ananya Chaudhuri
Ananya Chaudhuri covers financial markets news and trends at NDTV Profit. S... more
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