Indian equity indices ended with strong gains on Thursday, gaining for the fifth consecutive trading session. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty settled above the 19,700 level bouncing back from its morning low of 19,550.05. Realty, PSU bank and media shares gained whereas FMCG, pharma and healthcare shares corrected.
As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 385.04 points or 0.58% to 66,265.56. The Nifty 50 index added 116 points or 0.59% to 19,727.05. In five trading sessions, the Sensex rose 2.21% while the Nifty 50 climbed 2.46%.
In the broader market, the S&P BSE Mid-Cap index gained 0.79% while the S&P BSE Small-Cap index rose 0.40%.
The market breadth was strong. On the BSE, 2,237 shares rose and 1,440 shares fell. A total of 130 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Jupiter Life Line Hospitals received bids for 2.02 crore shares as against 84.97 lakh shares on offer, according to stock exchange data at 15:36 IST on Thursday (7 September 2023). The issue was subscribed 2.38 times.
The issue opened for bidding on Wednesday (6 September 2023) and it will close on Friday (8 September 2023). The price band of the IPO is fixed at Rs 695-735 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.
Stocks in Spotlight:
Tata Consultancy Services (TCS) added 0.88%. The IT firm announced that it has entered into a strategic partnership with the digital unit of Jaguar Land Rover (JLR) to transform, simplify, and help manage its digital estate, and build a new future-ready, strategic technology architecture that will support the latter's Reimagine strategy.
Lupin shed 0.18%. The pharma major forged a unique collaboration with Mark Cuban Cost Plus Drug Company (Cost Plus Drugs), a pioneer in affordable medicines, and the COPD Foundation, dedicated to enhancing the lives of COPD patients. This collaboration aims to bolster access to healthcare by expanding the availability of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, to COPD patients in the US.
Biocon fell 0.56%. The biopharmaceutical company announced that its subsidiary, Biocon Biologics (BBL) has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada), effective 1 September 2023.
Responsive Industries surged 16.04% after the company said it secured a contract with Indian Railways for the 'Garib Rath' initiative.
Force Motors hit an upper limit of 5% after the firm reported August output at 3,032 units with domestic sales of 2,601 units.
Strides Pharma Science rallied 3.56% after the company's board approved acquisition of 100% shareholding in Strides Pharma Services (SPSPL).
Nazara Technologies declined 0.45%. The gaming & sports company said that its board has approved an issue of 57,42,296 equity shares at a price of Rs 714 per share, aggregating to Rs 410 crore, to SBI Mutual Fund, by way of preferential issue on private placement basis.
United Breweries rallied 5.03% after the firm's board approved the appointment of Vivek Gupta as managing director (MD) and chief executive officer (CEO) of the company with effect from September 25, 2023 up to September 24, 2028.
Global Markets:
Markets in Europe advanced while most of the Asian stocks declined on Thursday, following a sell off on Wall Street and ahead of trade data from China and Australia.
US stocks saw a sell off on Wednesday as concerns mounted that the Federal Reserve may not be done hiking interest rates.
The Institute for Supply Management's U.S. services index climbed to a six-month high in August, while the price segment ticked up to 58.9%, a report Wednesday showed. The ISM index's price barometer hit a four-month high.
Powered by Capital Market - Live News