## Indian Markets Dip, Hyundai IPO Sees Strong Start, and Election Dates Announced: Top News Today
The Indian stock market experienced a mixed bag today, with the benchmark indices, Sensex and Nifty 50, ending in the red. The decline was attributed to a combination of factors, including weak global cues, concerns over inflation, and unimpressive Q2 earnings from some companies. However, falling crude oil prices offered some relief. While the broader market saw gains in mid and small-cap segments, losses in shares of heavyweights like Reliance Industries, Bajaj Finance, and Bajaj Auto dragged the indices down.
Meanwhile, the Indian automotive market saw a significant milestone with the launch of the Hyundai Motor India IPO. The IPO garnered an impressive 18% subscription on its first day, with retail investors showing strong interest. The success of the IPO reflects the positive outlook on the Indian automotive sector and the growing demand for Hyundai vehicles.
On the political front, the Election Commission of India announced the schedule for the Maharashtra and Jharkhand Assembly elections. Maharashtra will go to the polls in a single phase on November 20, with the counting of votes scheduled for November 23. Jharkhand elections will be held in two phases, with the first phase on November 13 and the second phase on November 20, coinciding with the Maharashtra elections. The announcement has set the stage for intense political campaigning in both states.
The Centre also announced its plans to divest a 5% stake in Cochin Shipyard Ltd through an Offer for Sale (OFS). The minimum share price for the OFS has been set at ₹ 1,540, with the offer opening on October 16 for non-retail investors and on October 17 for retail investors. The move is aimed at raising capital and further boosting the growth of the shipyard.
India’s relationship with Canada continues to face strain, with tensions rising over allegations made by Canadian Prime Minister Justin Trudeau regarding Indian government officials’ involvement in activities that threaten public safety in Canada. While Canada has provided no specific evidence, India has rejected the allegations, accusing Canada of making vague accusations and placing the burden of denial on India. This diplomatic spat is likely to further complicate bilateral relations between the two nations.
In other news, IndiGo Ventures, the corporate venture capital arm of India’s largest airline IndiGo, received approval from SEBI to launch its Alternative Investment Fund (AIF). This development is a significant step for IndiGo in its efforts to foster innovation within the aviation sector and beyond.
Finally, Chennai and other parts of Tamil Nadu are experiencing heavy rainfall, leading to flooding and traffic disruptions. The India Meteorological Department has issued a warning of heavy to very heavy rainfall in the state over the next two days, with some areas expected to experience extremely heavy rainfall. Authorities have declared a public holiday in Chennai and surrounding areas, and several train and domestic flight services have been cancelled due to the adverse weather conditions.