At 11:30 IST, the barometer index, the S&P BSE Sensex was down 171.2 points or 0.23% to 73,347.48. The Nifty 50 lost 36.75 points or 0.16% to 22,265.75.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.52% and the S&P BSE Small-Cap index added 0.51%.

The market breadth was positive. On the BSE, 2,076 shares rose and 1,450 shares fell. A total of 169 shares were unchanged.

IPO Update:

The initial public offer (IPO) of TBO Tek received 19,19,968 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (08 May 2024). The issue was subscribed 0.21 times.

The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 875 to Rs 920 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.

The initial public offer (IPO) of Aadhar Housing Finance received 53,09,402 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (8 May 2024). The issue was subscribed 0.08 times.

The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 300 to Rs 315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.

The initial public offer (IPO) of Indegene received 29,61,44,937 bids for shares as against 2,88,66,677 shares on offer, according to stock exchange data at 11:15 IST on Monday (7 May 2024). The issue was subscribed 10.26 times.

The issue opened for bidding on Monday (6 May 2024) and it will close on Wednesday (8 May 2024). The price band of the IPO is fixed at Rs 430 to Rs 452 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index jumped 1.54% to 7,194.90. The index fell 6.78% in past four consecutive trading sessions.

Indian Bank (up 2.99%), Canara Bank (up 1.83%), Central Bank of India (up 1.56%), UCO Bank (up 1.44%), Indian Overseas Bank (up 1.36%), Bank of Baroda (up 1.12%), Punjab & Sind Bank (up 0.94%), Bank of Maharashtra (up 0.85%), Punjab National Bank (up 0.78%) and State Bank of India (up 0.6%) advanced.

Stocks in Spotlight:

Indraprastha Gas rallied 5.71% after the company’s net profit jumped 16% to Rs 382.20 crore in Q4 FY24 as compared with Rs 329.75 crore in Q4 FY23. Revenue from operations (excluding excise duty) fell 2% to Rs 3,596.69 crore in Q4 FY24 from Rs 3681.99 crore posted in Q4 FY23.

Pidilite Industries slipped 4.77%. The company reported 6% increase in consolidated net profit to Rs 304 crore on an 8% rise in net sales to Rs 2,890 crore in Q4 FY24 as compared with Q4 FY23.

Global Markets:

Most of the Asian stocks declined on Wednesday following a sluggish US session overnight. Investors are looking for signs of strong corporate earnings before pushing this month's rally further. Optimism over eventual interest rate cuts was dampened by Fed officials signaling steady rates in the near-term.