News Wrap | Sensex & Nifty Gain; Bajaj Housing Finance IPO Oversubscribed | September 9, 2024

First, a quick roundup of Asian equities – It was a sea of red across Asian markets as investors reacted to weaker than expected consumer inflation data from China.

The US jobs data disappointment also weighed on market sentiment. Hong Kong's Hang Seng led the losses, down almost a-percent-and-a-half.

China's Shanghai Composite also slipped a percent while Japan's Nikkei closed in the red too.

Turning to domestic markets - In India also the equity markets started the session on a weak note. However, there was a quick reversal from the lows, and markets ended the day higher.

Both the Sensex and the Nifty gained almost half-a-percent each. The Sensex ended the day above 81,500 and the Nifty inched closer to 25,000. Staying with Dalal Street - Bajaj Housing Finance IPO opened on Monday to a robust response from investors.

The IPO was oversubscribed on day one itself, with the quota for Non-Institutional Investors seeing the highest demand. Retail investors and shareholders also snapped up the shares, putting bids for more than what's on offer. The IPO is open till the eleventh of September.

More from the IPO space – Hero MotoCorp backed Electric two-wheeler maker Ather Energy is driving into the IPO lane. The company on Monday filed preliminary papers with market regulator Sebi to raise funds through an IPO.

The proposed share sale will see fresh issue of equity shares worth 3,100 crore rupees. Also, promoters and other investor shareholders will sell 2.2 crore equity shares through an offer for sale. The company will use the money to set up a two-wheeler factory in Maharashtra, and for R&D, marketing, loan repayment and other corporate purposes.

More from the auto sector – Road Transport and Highways Minister Nitin Gadkari has said that he has no objection to the government giving more subsidies to the electric vehicles sector. However, Gadkari added that he believes the costs of electric vehicles will align with those of petrol and diesel vehicles in the next two years, making additional financial incentives redundant.

The minister was speaking at an event organised by the Automotive Component Manufacturers Association of India. With that, it's a wrap on this edition of the Business Hook News Wrap podcast.