Market Bizzz

Private equity firm TPG Capital will sell shares of Nykaa at floor price of Rs Rs 184.55 apiece worth Rs 1,000 crore through a block deal, according to reports. Citigroup is the banker to the deal.

Retail stocks slumped broadly, including declines of over 8% in shares of Macy’s Inc and Best Buy Co Inc and a 7% drop for Foot Locker. The S&P 500 consumer discretionary sector shed 1.5%.

A marginally higher US market close on Tuesday night, despite some new tensions surrounding the Russia-Ukraine war, also helped a steady market on Dalal Street.

Japan’s SoftBank is looking to sell shares of Paytm parent One97 Communications worth $200 million through a block deal. BofA Securities is the banker for the deal, and the floor price has been set at Rs 555-601.

Stocks which were in focus included names like Rail Vikas Nigam which was up 11%, Apollo Tyres which rose over 4%, and Nykaa which fell more than 9% on Tuesday.

“The inflation data was positive in a way. Stocks took off from that and it looks like we’re getting dragged higher now,” said John Kilduff, partner at Again Capital LLC in New York. “We’re still in that inverse dollar effect here.”

“The currency market is stabilising, toying with the notion that this was a stray missile or an intercepted missile and doesn’t necessarily imply an escalation in the war, with NATO needing to get involved,” said Rodrigo Catril, a senior currency strategist at National Australia Bank.