Market Commentary - End-Session
Sensex jumps 349 pts, Nifty ends at 25,151.95; RIL climbs 1.5% on bonus plan As on : 29-Aug-24  17:23

The domestic equity indices ended a volatile session with decent gains on Thursday, rising for the eleventh session in a row. The Nifty50 closed above the 25,150 mark after hitting the day's low of 24,998.50 in late trade. Trading was volatile due to expiry of August F&O series today. Oil & gas, FMCG and auto shares advanced, while pharma, metal and media shares declined.

In the barometer index, the S&P BSE Sensex jumped 349.05 points or 0.43% to 82,134.61. The Nifty 50 index added 99.60 points or 0.40% to 25,151.95. Both the indices attained record closing highs. The 50-unit index has risen 4.20% in eleven sessions.

The Sensex and Nifty clocked an all-time high of 82,285.83 and 25,192.90, respectively in the fag end.

Index major Reliance Industries rose 1.51% after it announced that its board will consider a 1:1 bonus share on September 5. RIL held the 47th annual general meeting today (August 29). RIL chief Mukesh Ambani on Thursday announced that they are aiming to double its revenue as well as EBITDA of its telecom offering Reliance Jio in the next 3-4 years.

The broader market corrected. The S&P BSE Mid-Cap index fell 0.27% and the S&P BSE Small-Cap index declined 0.72%.

The market breadth was weak. On the BSE, 1420 shares rose and 2531 shares fell. A total of 96 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.16% to 13.79.

Economy:

Ratings agency Fitch affirmed India's rating at 'BBB-' with a stable outlook on August 29, on the back of strong medium term growth outlook and strengthening fiscal credibility.

The rating agency noted that the Indian economy is expected to expand 7.2% in FY25 and projected inflation to cool down to 4.6% for the year, further falling to 4.4% in FY26.

Numbers to Track:

The yield on India's 10-year benchmark federal grew 1.76% to 6.982 as compared with previous close 6.975.

In the foreign exchange market, the rupee edged higher the dollar. The partially convertible rupee was hovering at 83.8725, compared with its close of 83.9700 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.49% to Rs 72,096.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 101.19.

The United States 10-year bond yield fell 0.31% to 3.831.

In the commodities market, Brent crude for October 2024 settlement lost 13 cents or 0.17% to $78.52 a barrel.

Global Markets:

The Dow Jones index futures were up 245 points, indicating a positive opening in the US stocks today.

European stocks advanced as investors looked forward to economic data from across the region and assessed Nvidia's earnings.

Asian stocks ended mixed on Thursday, mirroring the overnight slump in Nvidia. The AI darling's tepid guidance on revenue and margins fueled concerns about the broader AI sector.

Investors are now keenly awaiting U.S. weekly jobless claims and inflation readings from Germany and Spain. These economic indicators will offer insights into the Federal Reserve's potential rate-cut trajectory beyond September, given its emphasis on the labor market's health.

U.S. stocks experienced a pullback on Wednesday. The Nasdaq Composite shed 1.12%, while the S&P 500 (-0.6%) and Dow Jones Industrial Average (-0.4%) saw more modest losses.

Nvidia's shares plunged as much as 8.5% in after-hours trading following its earnings report. While the company delivered a profit beat and announced a $50 billion buyback, investors were disappointed by the weaker-than-expected outlook for the current quarter's revenue and gross margin.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.08%. The company informed that it has extended its partnership with Primark for the next five years to transform Primark's technology operations to support the retailer's ambitious plans for global growth.

Procter & Gamble Hygiene & Health Care slipped 2.35% after the company's standalone net profit declined 46.4% to Rs 81.06 crore in the fourth quarter ended 30 June 2024 compared with Rs 151.24 crore in same quarter last year. Revenue increased 9.3% YoY to Rs 927.43 crore during the fourth quarter.

One 97 Communications (Paytm) rallied 3.05% after the company said that it has received a nod from Finance Ministry for downstream investment into Paytm Payment Services. Paytm payment services will resubmit the payment aggregator license and will continue to provide online payment aggregation services to existing partners.

Gillette India rose 0.24%. During the fourth quarter, the company reported sales of Rs 645 crore, up 4% versus year ago driven by a robust portfolio, strong brand fundamentals and superior retail execution. Profit After Tax (PAT) for the quarter was Rs 116 crore, up 26% versus year ago with the strong sales growth in the current quarter.

Sonata Software jumped 5.24% after the company announced that it has received a large multi-year, multi-million-dollar IT outsourcing contract from a US-based healthcare and wellness company.

Genus Power Infrastructure hit an upper circuit of 5% after the company's wholly owned subsidiary has received three orders worth Rs 4,469.04 crore for the appointment of advanced metering infrastructure services providers. The company's total order book stood at Rs 32,500 crore.

KEC International jumped 4.01% after the company has received new orders worth Rs 1,171 crore for its transmission and distribution business in UAE and Saudi Arabia.

Max Estates rose 2.34% after the company announced its board will meet on Saturday, 31 August 2024 to consider raising of funds up to Rs 150 crore.

Indian Renewable Energy Development Agency (IREDA) added 0.32%. The financial services company announced that its board has approved raising of funds aggregating up to Rs 4,500 crore through a further public offer, qualified institutional placement, rights issue, preferential issue, or any other permitted mode.

IPO update:

The initial public offer (IPO) of Ecos (India) Mobility & Hospitality received 12,03,58,964 bids for shares as against 1,26,00,000 shares on offer, according to stock exchange data at 17:00 IST on Thursday (29 August 2024). The issue was subscribed 9.55 times.

The issue opened for bidding on 28 August 2024 and it will close on 30 August 2024. The price band of the IPO was fixed between Rs 318 to 334 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

Premier Energies' IPO received 3,30,30,91,143 bids for shares as against 4,46,40,825 shares on offer, according to stock exchange data at 17:00 IST on Thursday (29 August 2024). The issue was subscribed 73.99 times.

The issue opened for bidding on 27 August 2024 and it will close on 29 August 2024. The price band of the IPO was fixed between Rs 427 to 450 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

Powered by Capital Market - Live News