Market Commentary - Mid-Session
Barometers trim all gains; oil & gas shares rally As on : 24-Sep-24  11:36

The key equity benchmarks pared all gains and traded with minor cuts in mid-morning trade. The Nifty traded below the 25,950 mark. Oil & gas shares witnessed buying demand for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex shed 39.25 points or 0.05% to 84,889.36. The Nifty 50 index lost 7.85 points or 0.03% to 25,931.20.

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

In the broader market, the S&P BSE Mid-Cap index added 0.06% and the S&P BSE Small-Cap index fell 0.07%.

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, 1,943 shares rose and 1,844 shares fell. A total of 135 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Manba Finance received bids for 33,19,38,125 shares as against 87,99,000 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (24 September 2024). The issue was subscribed 37.72 times.

The issue opened for bidding on Monday (23 September 2024) and it will close on Wednesday (25 September 2024). The price band of the IPO is fixed between Rs 114 to Rs 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.

Buzzing Index :

The Nifty Oil & Gas index rose 0.44% to 12,794.45. The index rallied 3.05% in three consecutive trading sessions.

Hindustan Petroleum Corporation (up 3.15%), Castrol India (up 1.45%), Bharat Petroleum Corporation (up 1.15%), Oil India (up 0.57%), Indraprastha Gas (up 0.51%), Oil & Natural Gas Corporation (up 0.39%), Indian Oil Corporation (up 0.37%), GAIL (India) (up 0.3%), Mahanagar Gas (up 0.02%) and Reliance Industries (up 0.02%) advanced.

Stocks in Spotlight :

Power Grid Corporation of India advanced 1.79% after the company received a Letter of Intent (LoI) to establish an inter-state transmission system at Khavda pooling station in Gujarat, under BOOT basis.

Sterling and Wilson Renewable Energy declined 1.48%. The company announced that it has received two new domestic orders from private independent power producers (IPPs) valued at approximately Rs 512 crore.

Global Markets:

Most Asian stocks advanced after Beijing announced a slew of policy easing measures in a rare briefing from central bank governor, Pan Gongsheng. The PBOC will cut the reserve requirement ratio for banks by 50 basis points, although it did not provide a specific timeline. It also announced it would cut the seven-day reverse repurchase rate from 1.7% to 1.5%.

The Wall Street ended higher on Tuesday, buoyed by hints from Federal Reserve policymakers suggesting further interest rate cuts.

Investors are now eagerly awaiting the release of the Federal Reserve's preferred inflation gauge and US personal spending data on Friday.

In Asia, speculation has intensified that Beijing is preparing to ramp up efforts to revive its economy. On Monday, Chinese authorities announced that central bank chief Pan Gongsheng would hold a press conference on Tuesday to discuss financial support for economic development. Shortly after, the People's Bank of China lowered the 14-day reverse repurchase rate, aligning with reductions implemented in July.

Meanwhile, Japan's manufacturing activity contracted more than expected in September due to ongoing production disruptions faced by major automakers. However, the services sector saw growth driven by strong consumer demand. The au Jibun Bank manufacturing purchasing managers index fell to 49.6 in early-September, indicating contraction for the third consecutive month.

In the United States, equities managed a slight gain Monday as traders analyzed comments from Federal Reserve policymakers and perceived room for further easing following the recent half-point interest rate cut. The S&P 500 rose by 0.28%, the Dow Jones Industrial Average (+0.15%) closed at a record high, and the Nasdaq 100 increased by 0.14%.

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