Nifty ends near 20,000 level; PSU Banks rally

September 11,2023

The Indian indices ended with major gains on Monday. The Nifty settles near 20,000 level. PSU Banks, metal and auto shares witnessed buying demand while media, IT and consumer durables stocks declined.

As provisional closing data, the barometer index, the S&P BSE Sensex, was up 528.17 points or 0.79% to 67,127.08. The Nifty 50 index advanced 176.40 points or 0.89% to 19,996.35. In seven trading sessions, the Sensex jumped 3.54% while the Nifty 50 climbed 3.86%.

In the broader market, the S&P BSE Mid-Cap index rose 1.20% while the S&P BSE Small-Cap index added 0.70%.

The market breadth was positive. On the BSE, 2,107 shares rose, and 1,665 shares fell. A total of 170 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.26% to 11.35.

Prime Minister Narendra Modi, in his role as the host of the G20 Summit, concluded the two-day event. Indian Prime Minister Narendra Modi and U.S. President Joe Biden pledged to deepen the partnership between both countries in their second bilateral meeting in less than six months.

In G20 Summit, African Union was formally made permanent member of the G20; US, Saudi Arabia and India joined hands for transport corridor; G20 leaders agreed to pursue tripling renewable energy capacity globally by 2030.

India's forex reserves jumped by $4.04 billion to $598.90 billion for the week ended September 1 and halted a two-week losing streak.

IPO Update:

The initial public offer (IPO) of EMS received bids for 14.11 crore shares as against 1.07 crore shares on offer, according to stock exchange data at 15:33 IST on Monday (11 September 2023). The issue was subscribed 13.08 times.

The issue opened for bidding on Friday (8 September 2023) and it will close on Tuesday (12 September 2023). The price band of the IPO is fixed at Rs 200-211 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.

New Listing:

Shares of Ratnaveer Precision Engineering were currently trading at Rs 134.40 on the BSE, representing a premium of 37.14% as compared with the issue price of Rs 98.

The scrip was listed at Rs 128, exhibiting a premium of 30.61% to the issue price.

So far, the stock has hit a high of 134.40 and a low of 123. On the BSE, over 16.96 lakh shares of the company were traded in the counter so far.

Shares of Rishabh Instruments were currently trading at Rs 441.10 on the BSE, representing a discount of 0.02% as compared with the issue price of Rs 441.

The scrip was listed at Rs 460, exhibiting a premium of 4.31% to the issue price.

So far, the stock has hit a high of 469.65 and a low of 432.25. On the BSE, over 5.75 lakh shares of the company were traded in the counter so far.

Stocks in spotlight:

Mahindra & Mahindra (M&M) advanced 0.98% after the total production in the month of August 2023 was 71,241 units, up by 16.5% from 61,149 units produced in the same period last year.

Marico fell 0.55%. The company said that it has made changes in senior management personnel. Sanjay Mishra, chief operating officer (COO) - India Business and CEO New Business tendered his resignation.

Tata Power Company rose 1.10% after TP Solar, a subsidiary of Tata Power Renewable Energy (TPREL), received funding of $425 million from U.S. International Development Finance Corporation (DFC) for its greenfield project in Tamil Nadu.

Vakrangee surged 9.24% after the company said that it has entered into a binding term sheet with private equity investor Aaviskaar Capital to acquire 48.5% equity stake in Vortex Engineering (Vortex) for Rs 18.43 crore.

SJVN hit an upper circuit of 20% after the company 's wholly owned subsidiary SJVN Green Energy (SGEL) has signed PPA with Bhakra Beas Management Board (BBMB) for 18 MW Solar Power.

HFCL gained 0.88% after the company along with its material subsidiary, HTL has received purchase orders aggregating to around Rs 82.60 crore from domestic telecom service provider for supplying optical fiber cables.

ITI hit an upper circuit of 20% after the company announced that it has developed its own branded laptop and micro PC in the market that match international quality and performance.

Global Markets:

Markets in Europe advance while Asian stocks traded mixed on Monday where key economic data from major economies will take center stage.

On Tuesday, India will release its inflation and industrial output figures for August, while China will announce its industrial output, retail sales, and most notably, house sale prices on Friday.

US stocks closed higher on Friday as Apple and other tech and growth stocks witnessed some buying after the recent fall due to China's ban on iPhones for government employees.

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