At 13:30 IST, the barometer index, the S&P BSE Sensex gained 310.79 points or 0.30% to 82,387.77. The Nifty 50 index added 80.70 points or 0.32% to 25,232.65.
The Sensex and Nifty clocked an all-time high of 82,637.03 and 25,258.80, respectively in early trade.
In the broader market, the S&P BSE Mid-Cap index rose 0.71% and the S&P BSE Small-Cap index gained 0.61%. The S&P BSE Mid-Cap index hit an all-time high at 49,174.30.
The market breadth was strong. On the BSE, 2,225 shares rose and 1,617 shares fell. A total of 128 shares were unchanged.
Gainers & Losers:
Bajaj Finance (up 2.04%), Power Grid Corporation of India (up 2.01%), Mahindra & Mahindra (up 1.98%), Cipla (up 1.94%) and Bajaj Finserv (up 1.77%) were major Nifty gainers.
Tata Motors (down 1.23%), Reliance Industries (down 0.67%), ITC (down 0.54%), Maruti Suzuki India (down 0.41%) and Tech Mahindra (down 0.38%) were major Nifty losers.
Mahindra & Mahindra (M&M) added 1.98% after the Mahindra Group signed a non-binding memorandum of understanding (MoU) with Sentrycs to develop and provide anti-drone solutions in India for civilian and military applications.
Stocks in Spotlight:
Torrent Pharmaceuticals added 2.56% after the United States Food and Drug Administration (USFDA) issued establishment inspection report (EIR) with voluntary action indicated (VAI) classification to the Gujarat manufacturing facility.
ITI gained 2.26% after the company has received the orders from State Election Commission (SEC) of West Bengal for the supply of 500 sets of electronic voting machines (EVM).
Garden Reach Shipbuilders & Engineers (GRSE) jumped 4.31% after the firm signed a memorandum of understanding (MOU) with the National Highway Infrastructure Development Corporation (NHIDCL) to supply modular steel & Bailey bridges.
Patel Engineering rallied 6.43% after the company announced that it has signed a memorandum of understanding (MOU) with Rail Vikas Nigam (RVN) for collaborating on domestic and global projects.
Prestige Estates Projects advanced 5.84% after its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs, 1,755.09 per equity share.
Rail Vikas Nigam (RVNL) rallied 4.17% after the company said that it has received letter of acceptance (LoA) from south eastern railway for a project worth Rs 202.87 crore.
Lemon Tree Hotels rose 0.20%. The company announced that it has signed a license agreement for hotel viz Lemon Tree Hotels, Ayodhya, Uttar Pradesh.
Global Markets:
European and Asian stocks advanced on Friday as investors will look ahead to key inflation data from across the region and the US.
The upcoming release of the U.S. core personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge, and a reading on euro zone inflation are eagerly awaited. These data points will likely provide further insights into the rate outlook for major economies.
U.S. stocks closed higher on Thursday, despite a late-afternoon sell-off. The Dow Jones Industrial Average reached another record high as investors anticipated the release of the PCE inflation data. The Dow Jones Industrial Average rose 0.59%, the S&P 500 remained relatively unchanged at 5,591.96, and the Nasdaq Composite declined by 0.23%.
The U.S. economy saw stronger growth in Q2 than initially reported, driven by robust consumer spending and corporate profit rebounds. GDP increased by 3.0% in the last quarter, an upward revision from 2.8%. Consumer spending rose 2.9% annual rate last quarter, and corporate profits surged by $57.6 billion, supporting economic expansion.
Additionally, the number of Americans filing for unemployment benefits declined by 2,000 to 231,000 for the week of Aug. 24, the Labor Department reported Thursday (August 29).
Powered by Capital Market – Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
First Published: Aug 30 2024 | 1:34 PM IST
