SENSEX, NIFTY flat at open; SpiceJet slips 5% post QIP launch, Carborundum Universal up 5%

Rate-sensitive indices such as BSE Realty and BSE Auto were trading with losses. It must be noted here that the two-day FOMC policy meeting begins today. Banking stocks too were trading in the red. 

Top gainers and losers on the NSE

Britannia, Divi's Lab, Apollo Hospitals, LTI Mindtree, and Shriram Finance were the top gainers on the NSE. The top losers were Tata Motors, Eicher Motors, HDFC Life, Adani Ports, and Maruti. 

Broader Market

The BSE MidCap index was trading at 49,231.98 levels, down 0.03%, while the BSE SmallCap index was up 0.03% at 57,304.80 points. 

Buzzing stocks

SpiceJet shares slipped over 5% the moment market opened; however, they trimmed losses thereafter. Last seen, the stock was trading over 2% lower after the airline launched QIP to raise ₹3,000 crore. The floor price of the QIP has been fixed at ₹64.79 apiece, which is a 16.6% discount to Monday's closing price for shares of the airline.

Carborundum Universal was trading around 5% higher after the company said it has signed a binding share purchase agreement to acquire a 100% stake in Silicon Carbide Products, Inc USA (SCP) from its current equity shareholders. The deal values SCP at an enterprise value of $6.66 million (about ₹56 crore).

Market Statistics

The market breadth was slightly in favour of advances. Of 2,818 stocks traded on the BSE, 1,430 gained and 1,233 lost, while the remaining 155 scrips remained unchanged. 

Global Markets

Asian stocks wobbled on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve's easing cycle that could see policymakers deliver an outsized rate cut. 

In the overnight trade, tech stocks dragged on US indexes, and the dollar touched a more than one-year low against the yen on Monday as all eyes looked to a Federal Reserve meeting later this week that is expected to usher in a hotly anticipated easing cycle.