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Domestic equity indices ended the trading day with modest gains, reflecting a cautious optimism in the market. The Nifty 50 index closed above the 24,900 level, despite hitting a low of 24,753.15 earlier in the session. FMCG and private banking stocks were the standout performers, driving the market's upward momentum. However, energy and IT stocks faced selling pressure, limiting the overall gains.
Investors remain cautious amid anticipation about potential rate cuts and the looming threat of a recession in the United States. The recent US job data suggests that a 25 basis points rate cut might not be sufficient to address economic concerns. The upcoming US inflation data will play a crucial role in determining the market's direction.
In the barometer index, the S&P BSE Sensex rose 375.61 points or 0.46% to 81,559.54. The Nifty 50 index added 84.25 points or 0.34% to 24,936.40.
Hindustan Unilever (up 2.95%), ICICI Bank (up 2.43%), ITC (up 1.96%) and HDFC Bank (up 0.64%) boosted the indices.
The broader market declined. The S&P BSE Mid-Cap index fell 0.28% and the S&P BSE Small-Cap index declined 0.65%.
The market breadth was negative. On the BSE, 1650 shares rose and 2390 shares fell. A total of 141 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 6.43% to 14.24.
Numbers to Track:
The yield on India's 10-year benchmark federal grew 1.72% to 6.972 as compared with previous close 6.854.
In the foreign exchange market, the rupee edged lower the dollar. The partially convertible rupee was hovering at 83.9550, compared with its close of 83.9525 during the previous trading session.
MCX Gold futures for 4 October 2024 settlement rose 0.03% to Rs 71,455.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.45% to 101.63.
The United States 10-year bond yield gained 1.40% to 3.751.
In the commodities market, Brent crude for October 2024 settlement added 40 cents or 0.56% to $71.46 a barrel.
Global Markets:
The Dow Jones index futures were up 268 points, indicating a strong opening in the US stocks today.
European market advanced while most Asian stocks ended lower on Monday.
Japan's GDP grew a seasonally adjusted 0.7% on quarter in the second quarter of 2024, the Cabinet Office said today. That was shy of expectations for an increase of 0.8%, which would have been unchanged from the previous three months.
The US non-farm payrolls increased by only 142,000 in August, falling short of the expected 165,000. This marked the lowest three-month average since mid-2020. Although the unemployment rate decreased to 4.2%, it was the first drop in five months.
In China, the consumer price index rose by 0.6% year-on-year in August, primarily due to declines in transportation, home goods prices, and rents.
Meanwhile, US markets suffered a significant setback on Friday. The S&P 500 experienced its worst week since March 2023, as investors grappled with the implications of the weak jobs report and abandoned leading technology stocks. The broad index declined by 1.73%, while the Nasdaq Composite shed 2.55%. The Dow Jones Industrial Average fell 1.01%. Megacap tech stocks took a particularly hard hit as investors dumped risk assets amidst growing concerns about the US economy's health.
Investors widely anticipate the Fed to lower interest rates by at least a quarter-percentage point at its upcoming policy meeting. However, the softening labor market trends have increased speculation that the central bank might opt for a more aggressive cut. Traders remain divided on whether the Fed will cut by a quarter- or half-percentage point.
Stocks in Spotlight:
Spicejet jumped 4.12% after the company has entered into a term sheet with Carlyle Aviation Management (CAML) to restructure certain aircraft lease obligations of SpiceJet aggregating to $137.68 million as on 30 June 2024.
Deep Industries hit an upper circuit of 20% after the company has received significant order from Oil and Natural Gas Corporation (ONGC) worth Rs 1,402 crore for production enhancement operations in mature field of the company's Rajahmundry Asset.
Ion Exchange (India) advanced 1.05% after the firm received contracts from Tecnimont SpA, Italy for the hail & ghasha development project of ADNOC in UAE, totaling to approximately of Rs 168 crore.
Bajaj Finserv rose 0.12%. The company said that its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for August 2024 was at Rs 1,736.23 crore, recording a growth of 3.48% year on year.
JSW Infrastructure added 1.47% after the company's board has approved the capacity expansion plan of the material subsidiaries, JSW Jaigarh Port and JSW Dharamtar Port.
Nazara Technologies rose 0.35%. The gaming and sports media company announced that it has acquired 5,157 equity shares of Rs 10 each, representing 48.42% of the equity share capital of Paper Boat Apps, from its founding shareholders, Anupam Dhanuka and Anshu Dhanuka. Out of the total cash consideration of Rs 300 crore to be paid by the company to the founding shareholders, an amount of Rs 225 crore has been paid as the first tranche. The remaining balance shall be paid in the manner as outlined in the SPA and an update on the same will be provided in due course.
NIBE hit an upper circuit of 5% after the company announced the signing of an MoU with various entities for building and operating a private Earth Observation Constellation. The entities that are a part of this consortium are Larsen & Toubro, Centum Electronics, Space Fields, SISIR Radar, CYRAN AI Solutions, AgniKul Cosmos, DV2JS Innovation, Thales Alenia Space and Thales India.
Mazagon Dock Shipbuilders declined 1.08%. The ship building company announced that it has received a notification of award of contract worth Rs 1,486.40 crore from Oil & Natural Gas Corporation (ONGC).
New Listing:
Shares of Gala Precision Engineering closed at Rs 787.05 on the BSE, a premium of 48.78% as compared with the issue price of Rs 529.
The scrip was listed at Rs 750, a premium of 41.78% to the issue price. The stock has hit a high of 787.45 and a low of 721. On the BSE, over 3.97 lakh shares of the company were traded.
IPO Update:
The initial public offer (IPO) of Bajaj Housing Finance received 1,46,58,24,030 bids for shares as against 72,75,75,756 shares on offer, according to stock exchange data at 17:00 IST on Monday (9 September 2024). The issue was subscribed 2.01 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 66 to 70 per share. An investor can bid for a minimum of 214 equity shares and in multiples thereof.
Kross' IPO received 1,34,95,044 bids for shares as against 1,53,50,877 shares on offer, according to stock exchange data at 17:00 IST on Monday (09 September 2024). The issue was subscribed 88%.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 228 to Rs 240 per share. An investor can bid for a minimum of 62 equity shares and in multiples thereof.
Tolins Tyres' IPO received 1,34,50,866 bids for shares as against 74,88,372 shares on offer, according to stock exchange data at 17:00 IST on Monday (9 September 2024). The issue was subscribed 1.80 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 215 to 226 per share. An investor can bid for a minimum of 66 equity shares and in multiples thereof.
Shree Tirupati Balajee Agro Trading Company's IPO received 1,76,11,04,160 bids for shares as against 1,43,08,000 shares on offer, according to stock exchange data at 17:00 IST on Monday (9 September 2024). The issue was subscribed 123.09 times.
The issue opened for bidding on Thursday (5 September 2024) and it will close on Monday (9 September 2024). The price band of the IPO is fixed between Rs 78 to 83 per share. An investor can bid for a minimum of 180 equity shares and in multiples thereof.
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