Share markets in India are fluctuating between gains and losses in today's volatile session, tracking a mixed trend in global equities as the US began its presidential debate.
The BSE Sensex is trading down by 37 points, down 0.1%, at 37,950 levels.
Meanwhile, the NSE Nifty is trading down by 14 points.
HUL is among the top gainers today. Tata Steel and ONGC are among the top losers today.
The BSE Mid Cap index is trading up by 0.1%.
The BSE Small Cap index is trading down by 0.2%.
On the sectoral front, stocks in the metal sector and oil & gas sector are witnessing selling pressure.
FMCG stocks, on the other hand, are trading in green.
US stock futures are trading lower today. Nasdaq Futures are trading down by 123 points (down 1.1%), while Dow Futures are trading down by 293 points (down 1%).
The rupee is trading at 73.78 against the US$.
Gold prices are trading down by 0.8% at Rs 50,282 per 10 grams.
In news from the finance sector, Indiabulls Housing Finance is among the top buzzing stocks today.
The company on Tuesday said it has further sold a portion of its stake in OakNorth Holding to TEMF, a fund managed by Toscafund Asset Management for around Rs 6.3 billion.
OakNorth Holding is the parent company of the UK bank OakNorth Bank. OakNorth Bank was launched in September 2015 and Indiabulls had invested Rs 6.6 billion in November 2015 for a 40% stake in the bank.
In November 2017, the company recouped its investment by selling about a 10% stake to the Government of Singapore's investment arm GIC for Rs 7.7 billion.
The housing finance company said sale proceeds will be accretive to the regulatory net worth and the capital adequacy ratio of the company.
With this stake sale, the company has raised a total of Rs 18.3 billion as fresh equity in September. It raised Rs 6.8 billion through qualified institutional placement (QIP) and Rs 11.5 billion through sale of stake in OakNorth.
Indiabulls Housing Finance share price is presently trading up by 1.2%.
Speaking of the finance sector, note that the market crash impacted all stocks, but finance stocks took the worst hit.
Even as the Sensex made a comeback to pre-COVID levels, the slowdown and asset quality concerns amid the moratorium extension is an overhang on the financial sector.
Moving on to news from the IPO space, as per a leading financial daily, Canadian investment giant Brookfield Asset Management has filed a draft offer document with market regulator to monetize its Indian rental assets via a REIT IPO.
This is the third REIT offering in India after the Embassy Office Parks REIT backed by Blackstone and the Mindspace REIT also backed by Blackstone and developer K Raheja Corp.
Reportedly, the IPO will be launched by 2020 end or early 2021. It will be a combination of fresh issue and offer for sale.
In other news, the initial public offering of shipbuilder Mazagon Dock Shipbuilders saw strong demand from retail investors, with the issue getting oversubscribed on the first day itself.
The issue received bids for 63.9 million shares on Tuesday, 29 September 2020, as against 30.5 million shares on offer, as per the National Stock Exchange of India (NSE) website data.
The issue will close on October 1, 2020.
The company will raise nearly Rs 4.4 billion via the public issue and all the money will go to the government as it is a part of the government's divestment program.
Mazagon Dock Shipbuilders is a defense public sector undertaking (PSU) shipyard under the department of defense production, Ministry of Defence (MoD) with a maximum shipbuilding and submarine capacity of 40,000 deadweight tonnage (DWT).
It is the only public sector defense shipyard to build destroyers and conventional submarines for the Indian Navy.
The company has a strong order book worth Rs 541 billion, which is to be executed in the next six to seven years. Furthermore, the company also expects the Indian government's 'Atmanirbhar Bharat' plan to positively impact private and public shipyards in the coming years as domestic manufacturing picks up.
Mazagon Dock IPO was supposed to launch in September 2019, but the plan was shelved due to low demand.
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