Market Commentary - Mid-Session
Nifty holds 25,100 level; European mkt opens higher As on : 28-Aug-24  13:33

The key equity indices traded with decent gains in afternoon trade. The Nifty traded above the 25,100 level after hitting the day's low of 24,964.65 in morning trade. Media, financial services and pharma shares advanced while FMCG, consumer durables and metal shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex jumped 267.15 points or 0.32% to 81,974.77. The Nifty 50 index gained 88.85 points or 0.36% to 25,107.60.

The Nifty clocked an all-time high of 25,114.75 in afternoon trade.

In the broader market, The S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index rose 0.12%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 49,099.45 and 56,416.31 respectively.

The market breadth was positive. On the BSE, 2,120 shares rose and 1,750 shares fell. A total of 113 shares were unchanged.

Gainers & Losers:

LTIMindtree (up 7.50%), Wipro (up 3.88%), Divi's Laboratories (up 2.84%), Indusind Bank (up 2.73%) and Infosys (up 2.33%) were major Nifty gainers.

Hero Motocorp (down 1.34%), Maruti Suzuki India (down 1.07%), Asian Paints (down 0.96%), Britannia Industries (down 0.93%) and Adani Enterprises (down 0.90%) were major Nifty losers.

Stocks in Spotlight:

NBCC (India) zoomed 15.77% after the company said that its board will meet on 31 August 2024 to consider a proposal for issue of bonus shares to equity shareholders.

Zydus Lifesciences gained 1.65% after the pharma major received final approval from the United States Food and Drug Administration (USFDA) to market Amantadine extended-release capsules, 68.5 mg, and tentative approval for 137 mg.

Awfis Space Solutions added 0.56%. 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.

Aditya Birla Capital (ABCL) rose 0.16%. The company announced that it has made an investment of Rs 300 crore in its wholly-owned subsidiary, Aditya Birla Housing Finance (ABHFL), through rights issue of equity shares.

Infibeam Avenues gained 2.01% after the company informed that it has bagged contract from chain of hospitals & gas station chain for its first AI products.

Roto Pumps jumped 4.66% after the company announced that it has received a purchase order worth Rs 11.89 crore in Dubai, for supply of progressive cavity pumps.

DCX Systems railled 3.81% after the company announced that it has received an order worth Rs 187.29 crore from overseas customer.

Advait Infratech was locked in 5% upper circuit after the company announced that it has received an order worth Rs 296 crore from the Solar Energy Corporation of India (SECI).

Global Markets:

European market advanced while Asian stocks traded mixed on Wednesday, as investors eagerly awaited fresh earnings reports and economic data to gauge the global stock market outlook.

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%.

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