After opening the day in the red, share markets in India have continued their downtrend and are presently trading on a negative note. Sectoral indices are trading on a mixed note with stocks in the metal sector and telecom sector witnessing maximum selling pressure.
The BSE Sensex is trading down by 282 points (down 0.8%), while the NSE Nifty is trading down by 94 points (down 0.9%). The BSE Mid Cap index is trading down by 1.1%, while the BSE Small Cap index is trading down by 1%.
The rupee is trading at 68.67 to the US$.
In the news from banking sector, IDBI Bank share price is in focus today. Shares of the company are witnessing buying interest as the Insurance Regulatory and Development Authority of India (IRDAI) approved LIC’s plan to buy 51% stake in the bank.
At the time of writing, IDBI Bank share price was trading up by 2% on the BSE.
In the news from macroeconomic space, India’s manufacturing sector activity in June grew at the strongest pace this year.
The Nikkei India Manufacturing Purchasing Managers Index (PMI) rose from 51.2 in May to 53.1 in June, registering the fastest improvement since December 2017. A reading above 50 indicates an expansion in manufacturing activity while one below 50 points to contraction.
As per the survey report, most of the growth was supported by rise in domestic and export orders.
Orders from international markets rose at the strongest pace since February and the rate of growth of manufacturing production was the most pronounced since last December. Moreover, stronger demand conditions made firms raise their staffing levels.
In the news from the IPO space, Fine Organic Industries made a decent debut on bourses today. The scrip of the company, which recently concluded its IPO subscription offer, got listed at Rs 815, about 4% premium to its issue price of Rs 783.
The company generates around 70% of its revenues from plastic additives segment and the rest from food and other additives. It currently has three production facilities in Ambernath, Badlapur, and Dombivli and offers 387 different products under its Fine Organics brand.
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