At 11:25 IST, the barometer index, the S&P BSE Sensex was down 286.81 points or 0.36% 79,745.85. The Nifty 50 index fell 49.40 points or 0.20% to 24,252.75.

In the broader market, the S&P BSE Mid-Cap index added 0.35% and the S&P BSE Small-Cap index rose 0.64%.

The market breadth was positive. On the BSE, 2,057 shares rose and 1,666 shares fell. A total of 119 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Bansal Wire Industries received 19,46,97,300 bids for shares as against 2,14,60,906 shares on offer, according to stock exchange data at 11:15 IST on Friday (05 July 2024). The issue was subscribed 7.67 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 243 to Rs 256 per share. An investor can bid for a minimum of 58 equity shares and in multiples thereof.

The initial public offer (IPO) of Emcure Pharmaceuticals received 10,84,97,746 bids for shares as against 1,37,03,538 shares on offer, according to stock exchange data at 11:15 IST on Friday (05 July 2024). The issue was subscribed 7.91 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 960 to Rs 1,008 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.

Buzzing Index:

The Nifty bank index fell 1.03% to 52,554.90. The index declined 1.01% in two consecutive trading sessions.

HDFC Bank (down 4.18%), Bandhan Bank (down 1.47%), IndusInd Bank (down 0.47%), ICICI Bank (down 0.02%) declined.

On the other hand, Federal Bank (up 1.78%) ,Punjab National Bank (up 1.11%) and State Bank of India (up 0.9%) advanced.

Stocks in Spotlight :

UCO Bank added 1.02% after the bank reported 17.78% rise in total advances to Rs 1.94 lakh crore as on 30 June 2024 as against Rs 1.64 lakh crore recorded as on 30 June 2023

Macrotech Developers rose 0.91% after the realtor stated that it has recorded pre-sales of Rs 4,030 crore in Q1 FY25, recording a growth of 20% on a YoY basis.

Global Markets:

Asian shares traded mixed on Friday, lifted by expectations of the U.S. Federal Reserve cutting interest rates in September. This positive investor sentiment was further bolstered by the euro's rise to a three-week high in anticipation of the French elections.

Japan's household spending dropped to 1.8% in May, falling short of expectations for a 0.1% gain. This metric is closely watched by the Bank of Japan as an indicator of a healthy economic cycle where wages and prices rise together.

The United States stock market was closed on Thursday, July 4th, in observance of Independence Day.