Market Commentary - Mid-Session
Nifty above 25,050 mark; IT shares rally As on : 28-Aug-24  11:33

The headline equity indices traded with minor gains in mid-morning trade. The Nifty traded above the 25,050 mark after hitting the day's low of 24,964.65 in morning trade. IT shares extended gains for the third consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex rose 124.39 points or 0.15% to 81,834.81. The Nifty 50 index added 37.85 points or 0.15% to 25,055.60.

In the broader market, The S&P BSE Mid-Cap index rose 0.13% and the S&P BSE Small-Cap index gained 0.35%.

The market breadth was positive. On the BSE, 2,136 shares rose and 1,619 shares fell. A total of 129 shares were unchanged.

IPO update :

The initial public offer (IPO) of Ecos (India) Mobility & Hospitality received 73,60,452 bids for shares as against 1,26,00,000 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (28 August 2024). The issue was subscribed 0.58 times.

The issue opened for bidding on 28 August 2024 and it will close on 30 August 2024. The price band of the IPO was fixed between Rs 318 to 334 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

The initial public offer (IPO) of Premier Energies received 13,59,85,575 bids for shares as against 4,46,40,825 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (28 August 2024). The issue was subscribed 3.05 times.

The issue opened for bidding on 27 August 2024 and it will close on 29 August 2024. The price band of the IPO was fixed between Rs 427 to 450 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

Buzzing Index :

The Nifty IT index gained 1.74% to 42,433.80. The index rallied 3.27% in three consecutives trading sessions.

LTIMindtree (up 6.29%), Coforge (up 3.69%), Wipro (up 3.04%), Mphasis (up 2.67%), L&T Technology Services (up 2.64%), Persistent Systems (up 1.75%), Infosys (up 1.72%), Tech Mahindra (up 1.04%), HCL Technologies (up 0.80%) and Tata Consultancy Services (up 0.60%) advanced.

Stocks in Spotlight :

PNC Infratech added 0.86%. The civil construction company announced that it has been declared as L1 (first lowest) bidder for highway cum bridge project worth Rs 380 crore from National Highways Authority of India (NHAI).

Awfis Space Solutions rose 0.14%. The company said that it has partnered with Nyati group for an additional 3 lakh square feet (Sq.ft) of grade-A workspace to enhance its current managed aggregation (MA) model in Pune.

Global Markets :

Most Asian stocks declined on Wednesday, with technology-heavy indexes retreating ahead of Nvidia's earnings report. Persistent concerns over China's trade tensions with Canada also weighed on investor sentiment.

While Wall Street's major indices reached new highs, the Nasdaq Composite lagged, reflecting cautiousness about Nvidia's earnings. Anticipation of lower interest rates led to a shift away from technology stocks and toward more economically sensitive sectors. The Dow Jones Industrial Average rose 0.02%, the S&P 500 gained 0.16%, and the Nasdaq Composite climbed 0.17%.

Powered by Capital Market - Live News