Market Commentary - End-Session
Indices end almost flat, Nifty ends near 25,280; VIX below 14 mark As on : 03-Sep-24  18:05

Domestic stock market took a breather today, ending almost flat. Mixed global cues, coupled with a slight slowdown in India's manufacturing activity, tempered investor enthusiasm. However, positive outlooks on monsoon and government capex supported consumption and rural-based stocks. The BSE Sensex snapped its 11-day winning streak, while the Nifty 50 extended its rally for the 14th consecutive session. Consumer durables, financial services and banks shares shares advanced, while media, metal and realty shares declined.

The barometer index, the S&P BSE Sensex, shed 4.40 points or 0.01% to 82,555.44. The Nifty 50 index added 1.15 points to 25,279.85. The 50-unit index has risen 4.73% in 14 consecutive sessions.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index gained 0.54%.

The market breadth was positive. On the BSE, 1999 shares rose and 1938 shares fell. A total of 117 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.96% to 13.93.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.13% to 6.986 compared with previous close 6.995.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9650, compared with its close of 83.9125 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement fell 0.14% to Rs 71,500.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 101.81.

The United States 10-year bond yield slipped 0.05% to 3.907.

In the commodities market, Brent crude for November 2024 settlement lost $1.19 or 1.55% to $75.74 a barrel.

Global Markets:

The Dow Jones index futures were down 202 points, indicating a negative opening in the US stocks today. Wall Street will reopen later Tuesday, following the Labor Day public holiday.

Shares in Europe and Asia declined on Tuesday. South Korea's headline inflation eased to 2% in August from 2.6% in July, its lowest level on a year-on-year basis since March 2021.

Traders in Asia will be keeping a close eye on fresh signs of economic troubles in China. Data on Saturday showed Chinese factory activity had contracted for a fourth straight month in August, the latest signal that the world's second-largest economy may struggle to meet this year's growth target.

New Listing:

Shares of Premier Energies closed at Rs 839.65 on the BSE, a premium of 86.59% compared with the issue price of Rs 450.

The scrip was listed at Rs 991, exhibiting a significant premium of 120.22% to the issue price.

The stock has hit a high of 993.45 and a low of 801.60. On the BSE, over 50.30 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Baazar Style Retail received 61,07,33,758 bids for shares as against 49,96,74,084 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (2 September 2024). The issue was subscribed 40.63 times.

The issue opened for bidding on 30 August 2024 and it will close on 3 September 2024. The price band of the IPO was fixed between Rs 370 to 389 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

Gala Precision Engineering's IPO received 11,60,22,648 bids for shares as against 22,23,830 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (2 September 2024). The issue was subscribed 52.17 times.

The issue opened for bidding on Monday (2 September 2024) and it will close on Wednesday (4 September 2024). The price band of the IPO is fixed between Rs 503 to Rs 529 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.

Stocks in Spotlight:

Zee Entertainment Enterprises fell 3.52% after its chairman Subhash Chandra accused the SEBI chairperson of corruption.

Aadhaar Housing Finance soared 7.38% to Rs 418.90 after a domestic brokerage initiated its coverage on the stock with a 'Buy' rating. It pegged Aadhar Housing's stock at a fair value of Rs 550.

Hindustan Composites rallied 3.70% after company said it entered into a share purchase agreement to acquire a minor stake in Swiggy with an investment of Rs 5.17 crore.

Tata Consultancy Services (TCS) fell 0.19%. The company announced that it has expanded its partnership with Google Cloud to offer two new cyber security solutions for customers.

Vedanta added 0.25% after the company's board of directors has approved second interim dividend of Rs 20 per equity share for the financial year 2024-25, amounting to Rs 7,821 crore.

Maruti Suzuki India fell 0.42%. The car manufacturer announced that its total production increased 2.15% to 168,953 units in August 2024 as against 165,402 units recorded in August 2023.

Hindustan Aeronautics (HAL) rallied 3.08% after the Cabinet Committee on Security (CCS) approved the proposal for procurement of 240 aero-engines for Su-30 MKI aircraft of the Indian Air Force (IAF) at a cost of over Rs 26,000 crore.

Kaynes Technology India advanced 3.86% after the company informed that the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of Kaynes Semicon to setup a semiconductor unit in Sanand, Gujarat.

KPI Green Energy rose 0.35%. The company said that its wholly owned subsidiary Sun Drops Energia has received letters of intent for executing solar power projects with a cumulative capacity of 7 MW under the 'Captive Power Producer (CPP)' business segment of the company.

Matrimony.com soared 7.24% after the company informed that its board will meet on 5 September 2024, to consider and approve, the proposal for buy back of fully paid up equity shares of the company.

Adani Green Energy (AGEL) shed 2.47%. The company announced that its board has approved the execution of binding documents for a joint venture agreement between Adani Renewable Energy Sixty Four and Total Energies Renewables Singapore.

The new joint venture company will house a 1,150 megawatt alternating current (MWac) portfolio, which will comprise of mix of operational and under execution solar assets. The portfolio will feature both merchant-based and Power Purchase Agreement (PPA) based projects. The said projects are located at the world's largest renewable energy plant in Khavda, Gujarat.

Brigade Enterprises fell 0.02%. The company informed that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,164.70 per share.

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