Domestic equity benchmarks ended with decent gains on Friday, as the Nifty settled near the 20,200 level. The Sensex and the Nifty achieved record closing highs. The performance across sectors was mixed, with the auto and IT sectors registering strong gains, while the realty and FMCG sectors ended in the negative territory. The broader market indices also ended on a higher note.
Investors are optimistic due to the possibility of the US Federal Reserve pausing its rate hikes during the upcoming policy meeting, as inflation seems to be moderating. This optimism, combined with positive signals from global markets, has had a favorable impact on the sentiment in the local market. Furthermore, the recovery of world equity markets, influenced by a decrease in US treasury yields, has also had a positive effect on the Indian markets.
The barometer index, the S&P BSE Sensex advanced 319.63 points or 0.47% to 67,838.63. The Nifty 50 index added 89.25 points or 0.44% to 20,192.35.
The Sensex clocked an all-time high of 67,927.23 while the Nifty hit record high of 20,222.45 in late trade.
M&M (up 2.23%), HDFC Bank (up 1.24%) and TCS (up 1.14%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.27%.
The market breadth was positive. On the BSE, 1,935 shares rose and 1,698 shares fell. A total of 153 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.66% to 10.90.
Economy:
India's market borrowing could be less than expected for the current fiscal year if small savings are more than projected, Economic Affairs Secretary Ajay Seth said on Thursday.
The Centre will come up with a new policy to attract electric vehicle (EV) manufacturers and encourage greater investment in the sector, Union commerce minister Piyush Goyal said.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper advanced 0.77% to 7.156 from previous close of 7.101.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1500, compared with its close of 83.0350 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement rose 0.40% to Rs 58,821.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.15% to 105.24.
The United States 10-year bond yield gained 0.89% to 4.329
In the commodities market, Brent crude for November 2023 settlement rose 30 cents or 0.32% to $94 a barrel.
Global Markets:
European and Asian markets saw gains today, driven by positive economic data from China. China's retail sales and industrial production for August surpassed market expectations, with retail sales growing by 4.6% year-on-year and industrial production rising by 4.5%. However, fixed asset investment increased at a slower pace of 3.2% year-on-year.
US stocks ended higher in the last session as the core producer price index rose by 0.2% in August, in line with expectations. The overall producer price index also saw a significant monthly gain of 0.7%, the largest since June 2022.
IPO Update:
The initial public offer (IPO) of R R Kabel received bids for 24.88 crore shares as against 1.33 crore shares on offer, according to stock exchange data at 17:00 IST on Friday (15 September 2023). The issue was subscribed 18.69 times.
The issue opened for bidding on Wednesday (13 September 2023) and it will close on Friday (15 September 2023). The price band of the IPO is fixed at Rs 983-1,035 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.
The initial public offer (IPO) of Samhi Hotels received bids for 77.89 lakh shares as against 6.25 crore shares on offer, according to stock exchange data at 17:00 IST on Friday (15 September 2023). The issue was subscribed 12%.
The issue opened for bidding on Thursday (14 September 2023) and it will close on Monday (18 September 2023). The price band of the IPO is fixed at Rs 119-126 per share. An investor can bid for a minimum of 119 equity shares and in multiples thereof.
The initial public offer (IPO) of Zaggle Prepaid Ocean Services received bids for 82.96 lakh shares as against 1.93 crore shares on offer, according to stock exchange data at 17:00 IST on Friday (15 September 2023). The issue was subscribed 43%.
The issue opened for bidding on Thursday (14 September 2023) and it will close on Monday (18 September 2023). The price band of the IPO is fixed at Rs 156-164 per share. An investor can bid for a minimum of 90 equity shares and in multiples thereof.
The initial public offer (IPO) of Yatra Online received bids for 33.63 lakh shares as against 3.09 crore shares on offer, according to stock exchange data at 17:00 IST on Friday (15 September 2023). The issue was subscribed 11%.
The issue opened for bidding on Friday (15 September 2023) and it will close on Wednesday (20 September 2023). The price band of the IPO is fixed at Rs 135-142 per share. An investor can bid for a minimum of 105 equity shares and in multiples thereof.
Stocks in Spotlight:
Bajaj Auto surged 6.25% to Rs 5,145, following an upgrade in the stock recommendation by a foreign broker. According to the media reports, the broker raised the rating on the stock from 'neutral' to 'buy' and raised the target price from Rs 5,100 per share to Rs 5,550 per share, suggesting a potential upside of 15% from the previous day's closing price.
Shakti Pumps (India) surged 9.30% after it received letter of award (LoA) under PM- KUSUM III scheme under component-B from Department of Agriculture, Uttar Pradesh for supply of 10,000 pumps worth Rs 293 crore.
Reliance Industries (RIL) rose 0.37%. The company is proposing to undertake shutdown of units at Jamnagar for planned maintenance and inspection activities. The company does not expect any material impact on overall operations of Jamnagar complex.
Bharti Airtel added 2.37%. The company received an Order passed u/s 74 of CGST Act, 2017 from Joint Commissioner-CGST, Central Excise & CGST Commissionerate, Jaipur, levying penalty of Rs 2.43 crore. The company will be challenge the order at appropriate appellate forum.
Tata Power Company fell 0.47%. Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has signed a Power Delivery Agreement (PDA) with Xpro India Limited, through a special purpose vehicle (SPV), for the development of a 3.125 MW AC Group Captive Solar Plant. The SPV shall develop, operate, and maintain this captive solar power facility.
Ashok Leyland rose 1.81% after the company said that it has signed a MoU with Uttar Pradesh Government for setting up a new integrated commercial vehicle bus manufacturing facility with an initial investment of Rs 200 crore.
Ami Organics rose 1.24% after the company has signed multi-year agreement with Fermion, a fully owned subsidiary of Orion Corporation, Finland to supply additional advanced pharmaceutical intermediate.
Schneider Electric Infrastructure added 2.94% after its board has approved the appointment of Udai Singh as managing director (MD) & chief executive officer (CEO) of the company for three years with effect from 15 September 2023.
GMM Pfaudler rallied 4.40% after the company's subsidiary, GMM Pfaudler US Inc., entered into an agreement to acquire 100% stake in Professional Mixing Equipment (MixPro).
Alkem Laboratories shed 0.72%. The company announced that its board has appointed Dr. Vikas Gupta as the chief executive officer (CEO) of the company with effect from 22 September 2023.
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