Market Commentary - Mid-Session
Nifty hovers above 24,800; European mkt advance As on : 23-Aug-24  13:35

The headline equity benchmarks traded near the flatline with small gains in afternoon trade. The Nifty hovered above the 24,800 level. Auto, financial services and bank shares advanced while realty, media and IT shares declined.

At 13:30 IST, the barometer index, the barometer index, the S&P BSE Sensex, rose 31.38 points or 0.04% to 81,084.57. The Nifty 50 index added 11.80 points or 0.05% to 24,823.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.45% and the S&P BSE Small-Cap index rose 0.10%.

The market breadth was positive. On the BSE, 2,042 shares rose and 1,816 shares fell. A total of 126 shares were unchanged.

Gainers & Losers:

Bajaj Auto (up 4.25%), Coal India (up 2.09%), Tata Motors (up 1.77%), Hero MotoCorp (up 1.60%) and Bharat Petroleum Corporation (up 1.44%) were major Nifty gainers.

Divi's Laboratories (down 1.25%), LTIMindtree (down 1.13%), Wipro (down 1.09%), Titan Company (down 1.07%) and Tata Consultancy Services (down 0.91%) were major Nifty losers.

Stocks in Spotlight:

Adani Power (APL) rose 0.39%. The company said that it has received an approval from the National Company Law Tribunal (NCLT) Hyderabad Bench to acquire 100% stake in Lanco Amarkantak Power (LAPL).

RailTel Corporation of India jumped 5.13% after the company informed that it has received a work order worth Rs 52.66 crore from Uttar Pradesh Police Recruitment and Promotion Board for providing various services.

Jain Irrigation Systems zoomed 11.88% after the company signed memorandum of association of Coffee Board of India for the commercial release of high quality, disease-resistant coffee plants to growers.

JSW Energy shed 0.85%. The company said that its wholly owned subsidiary JSW Neo Energy has received letter of award (LoA) for setting up 300 MW ISTS-connected Wind-Solar Hybrid Power Project from NTPC.

Power Mech Projects surged 9.42% after the company said that its board has decided to issue one bonus share for every one equity share held (1:1).

Prism Johnson rallied 4.18% after the company announced that it has entered into a shareholders agreement for acquiring 50% of the issued and paid-up capital of Sunbath Sanitary.

Global Markets:

Europeans market advanced while Asian stocks traded mixed on Friday 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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