Market Commentary - Mid-Session
Indices pare losses; auto shares advance As on : 23-Aug-24  11:33

The equity benchmarks pared early losses and traded with minor gains in mid-morning trade. The Nifty traded near the 24,850 mark. Auto shares advanced after declining in the previous trading session.

At 11:30 IST, the barometer index, the barometer index, the S&P BSE Sensex, jumped 92.59 points or 0.12% to 81,146.50. The Nifty 50 index added 35.80 points or 0.14% to 24,846.55.

In the broader market, the S&P BSE Mid-Cap index shed 0.19% and the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, 2,175 shares rose and 1,507 shares fell. A total of 158 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Orient Technologies received 21,97,68,120 bids for shares as against 74,49,846 shares on offer, according to stock exchange data at 11:15 IST on Friday (21 August 2024). The issue was subscribed 29.50 times.

The issue opened for bidding on Wednesday (21 August 2024) and it will close on Friday (23 August 2024). The price band of the IPO is fixed between Rs 195 to Rs 206 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

Buzzing Index :

The Nifty Auto index added 1.35% to 25,908.90. The index shed 0.09% in the past trading session.

Bajaj Auto (up 3.23%), TVS Motor Company (up 2.79%), Tata Motors-DVR (up 2.32%), Tata Motors (up 1.82%), Hero MotoCorp (up 1.7%), Samvardhana Motherson International (up 1.05%), Mahindra & Mahindra (up 0.88%), Maruti Suzuki India (up 0.48%), Apollo Tyres (up 0.47%) and Balkrishna Industries (up 0.33%) advanced.

On the other hand, Exide Industries (down 0.6%), Ashok Leyland (down 0.42%) and MRF (down 0.28%) edged lower.

Stocks in Spotlight :

RailTel Corporation of India rallied 6.38% after the company said that it has received a work order worth Rs 52.66 crore from Uttar Pradesh Police Recruitment and Promotion Board for providing various services.

Prism Johnson added 2.40% after the company announced that it has entered into a shareholder's agreement for acquiring 50% of the issued and paid-up capital of Sunbath Sanitary.

Global Markets :

Asian stocks traded mixed as investors anticipated comments from Jerome Powell later on Friday.

The yen strengthened early Friday after Japanese inflation data surpassed expectations. Government figures revealed that core CPI, which excludes volatile fresh food prices, rose 2.7% year-over-year in July, while headline CPI inflation increased by 2.8% during the same period.

U.S. stocks declined on Thursday, with the S&P 500 falling 0.89% and the tech-heavy Nasdaq 100 dropping 1.67%. The Dow Jones also decreased by 0.43%. Nvidia Corp. led losses in the tech sector with a sharp 3.7% drop, while Intel Corp. fell by 6.1%. Conversely, bank stocks rose, and energy shares gained alongside rising oil prices. Notably, Peloton Interactive Inc. soared 35% after reporting earnings that exceeded estimates.

Fed Chair Powell is scheduled to speak at the Jackson Hole Symposium on Friday, where he is expected to provide further insights into the central bank's plans for potential interest rate cuts.

New jobless claims in the U.S. increased slightly last week but remained relatively low, suggesting a gradual slowdown in the labor market. This trend could pave the way for the Federal Reserve to begin lowering interest rates next month. Initial claims for state unemployment benefits rose by 4,000 to a seasonally adjusted 232,000 for the week ended August 17, according to the Department of Labor.

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