Market Commentary - Mid-Session
Indices trade sideways; IT shares rally As on : 27-Sep-24  11:33

The domestic equity benchmarks traded in sideways in mid-morning trade. The Nifty traded above the 26,200 level. IT shares extended gains for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex shed 33.10 points or 0.04% to 85,803.02. The Nifty 50 index added 16.70 points or 0.06% to 26,232.75.

The Sensex and Nifty clocked an all-time high of 85,978.25 and 26,277.35, respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% and the S&P BSE Small-Cap index gained 0.34%.

The market breadth was strong. On the BSE, 2,154 shares rose and 1,588 shares fell. A total of 149 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Diffusion Engineers received bids for 7,67,54,216 shares as against 65,98,500 shares on offer, according to stock exchange data at 11:30 IST on Friday (27 September 2024). The issue was subscribed 11.63 times.

The issue opened for bidding on Thursday (26 September 2024) and it will close on Monday (30 September 2024). The price band of the IPO is fixed between Rs 159 to Rs 168 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.

The initial public offer (IPO) of KRN Heat Exchanger and Refrigeration received bids for 85,62,16,465 shares as against 1,09,93,000 shares on offer, according to stock exchange data at 11:30 IST on Friday (27 September 2024). The issue was subscribed 77.89 times.

The issue opened for bidding on Wednesday (25 September 2024) and it will close on Friday (27 September 2024). The price band of the IPO is fixed between Rs 209 to Rs 220 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.

Buzzing Index :

The Nifty IT index rose 1.14% to 42,642. The index rallied 1.62% in past two consecutive trading sessions.

Coforge (up 2.32%), Infosys (up 1.79%), Wipro (up 1.63%), HCL Technologies (up 1.13%), Persistent Systems (up 0.83%), Mphasis (up 0.82%), L&T Technology Services (up 0.66%), Tata Consultancy Services (up 0.54%), Tech Mahindra (up 0.53%) and LTIMindtree (up 0.11%) advanced.

Stocks in Spotlight :

Bondada Engineering rallied 3.22% after the company has received an order from KPI Green Energy for supply of material for solar power generation plant.

Thangamayil Jewellery declined 1.26%. The company announced that its board has approved to raise funds aggregating upto Rs 600 crore through rights issue.

Rites slipped 2%. The company informed that its consortium has been declared as lowest bidder (L-1) for retrofit work in RS-1 trains of Delhi Metro Rail Corporation (DMRC).

Global Markets:

Most of the Asian stocks traded higher on Friday as Tokyo's inflation rate for September eased to 2.2% from 2.6%, while core inflation rate came in at 2%, declining from 2.4% in August.

China's central bank cut its 7-day reverse repurchase rate to 1.5% from 1.7%, as well as lowered the reserve requirement ratio for banks by 50 basis points. China's industrial profit data for August saw a 17.8% plunge year on year, following a 4.1% year-on-year increase in July.

The People's Bank of China unveiled one of its most aggressive policy packages in years on Tuesday, aimed at boosting the slowing economy and restoring investor confidence.

US stocks surged on Thursday, with the S&P 500 reaching a new all-time high. Investors welcomed positive economic data and Micron's strong earnings report.

The Dow Jones Industrial Average gained 0.62%, the S&P 500 rose 0.4%, and the tech-heavy Nasdaq Composite increased 0.6%. Micron's shares soared, driving gains in the broader chip sector.

The US economy grew at a 3% annual rate in the second quarter, driven by consumer spending, inventory investment, and business investment. Additionally, weekly jobless claims fell to the lowest level since mid-May, indicating a strong labor market.

Micron Technology's shares jumped 17.3% after the company forecast higher-than-expected revenue for the upcoming quarter due to strong demand for memory chips.

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