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Indian equity market remained shut on September 19 on the occasion of Ganesh Chaturthi. In the previous trade, Sensex and Nifty ended their winning run after opening in red and spent the trading day trying to narrow the losses. The S&P BSE Sensex closed 241 points lower to 67,596.84. On the other hand, the Nifty50 settled almost 60 points lower at 20,133.30.
This profit-taking was in line with expectations due to the substantial rally witnessed since the beginning of the current month, according to a Moneycontrol report on Tuesday. It further said that analysts anticipate this period of consolidation will persist, with support levels around 20,000-19,900. Should the index regain strength following this consolidation phase and move beyond 20,200, it could potentially ascend to the 20,500 level, as per expert opinions.
Apart from the technical view, market analysts expect the outcome of the US Federal Reserve (US Fed) meeting to make an impact on the market. Global markets remained focused on the US Fed’s meeting starting Tuesday. The two-day meeting will be chaired by Federal Reserve Chairmen Jerome Powell. Fed policymakers will announce their interest rate decision on Wednesday.
The US Federal Reserve has been gradually increasing interest rates since March 2022, and it appears that there is a strong likelihood of the Fed maintaining last meetings pause for the second time. While a pause is highly probable, the chances of a rate cut at this point are extremely slim.
In other news, wires and cables manufacturer R R Kabel is set to become the first company to debut on the stock market within two days of the issue closing. Following the subscription, RR Kabel’s shares are set to list on stock exchanges on Wednesday. Under the new SEBI listing timeframe, IPO firms are required to complete their listing process within three working days (T+3) from the conclusion of the IPO.
R R Kabel’s Initial Public Offering (IPO) consists of a fresh issue amounting to Rs 180 crore and an offer-for-sale (OFS) segment comprising up to 1.72 crore equity shares. The IPO, valued at Rs 1,964 crore, garnered a subscription rate of 18.69 times. It was open for subscription from September 13 to September 15, with a price range of Rs 983 to Rs 1,035 per share.