Market Commentary - Mid-Session
Market hits record high; metal shares shine As on : 24-Sep-24  10:39

The headline equity benchmarks erased all early losses and traded with limited gains in morning trade. The Nifty traded above the 25,950 mark and Sensex crossed 85,000 mark. Metal shares witnessed buying demand for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex added 96.44 points or 0.11% to 85,025.05. The Nifty 50 index rose 29 points or 0.11% to 25,968.05.

The Sensex and Nifty clocked an all-time high of 85,058.55 and 25,981.50, respectively in morning trade.

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 rose 0.25%.

The S&P BSE Small-Cap index and S&P BSE Mid-Cap index hit an all-time high at 57,728.08 and 49,701.15, respectively.

The market breadth was positive. On the BSE, 2,096 shares rose and 1,565 shares fell. A total of 157 shares were unchanged.

New Listing:

Shares of Northern Arc Capital were currently trading at Rs 321.80 at 10:15 IST on the BSE, representing a premium of 22.36% as compared with the issue price of Rs 263.

The scrip was listed at Rs 351, exhibiting a premium of 33.46% to the issue price.

So far, the stock has hit a high of 351 and a low of 321.25. On the BSE, over 15.80 lakh shares of the company were traded in the counter so far.

Shares of Arkade Developers were currently trading at Rs 172.45 at 10:15 IST on the BSE, representing a premium of 34.73% as compared with the issue price of Rs 128.

The scrip was listed at Rs 175.90, exhibiting a premium of 37.42% to the issue price.

So far, the stock has hit a high of 190 and a low of 165.35. On the BSE, over 25.30 lakh shares of the company were traded in the counter so far.

Shares of Western Carriers (India) were currently trading at Rs 167.10 at 10:15 IST on the BSE, representing a discount of 2.85% as compared with the issue price of Rs 172.

The scrip was listed at Rs 170, exhibiting a discount of 1.16% to the issue price.

So far, the stock has hit a high of 177 and a low of 164.05. On the BSE, over 10.78 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Metal index gained 2.53% to 9,694.25. The index rallied 4.78% in three consecutive trading sessions.

National Aluminium Company (up 5.24%), NMDC (up 4.28%), Steel Authority of India (up 3.8%), Vedanta (up 3.3%), Tata Steel (up 3.29%), Hindalco Industries (up 2.86%), Hindustan Copper (up 2.69%), Jindal Steel & Power (up 2.18%), JSW Steel (up 2.08%) and Welspun Corp (up 1.77%) advanced.

Stocks in Spotlight:

Firstsource Solutions jumped 5.18% after the company announced the acquisition of 100% stake in UK-based Ascensos for a consideration of GBP 42 million.

Astrazeneca Pharma India zoomed 11% after the company said that it has received permission from Central Drugs Standard Control Organisation (CDSCO) to import for sale and distribution of Durvalumab solutions (IMFINZI) in India.

Durvalumab (IMFINZI) in combination with chemotherapy as neoadjuvant treatment, followed by IMFINZI as monotherapy after surgery, is indicated for the treatment of patients with resectable (tumours 4 cm and/or node positive) NSCLC and no known epidermal growth factor receptor (EGFR) mutations or anaplastic lymphoma kinase (ALK) rearrangements.

Powered by Capital Market - Live News