As per provisional closing data, the barometer index, the S&P BSE Sensex gained 666.25 points or 0.78% to 85,836.12. The Nifty 50 index advanced 211.90 points or 0.81% to 26,216.05.
The Sensex and Nifty clocked an all-time high of 85,930.43 and 26,250.90, respectively in late trade.
In the broader market, the S&P BSE Mid-Cap index shed 0.01% and the S&P BSE Small-Cap index fell 0.39%.
The market breadth was negative. On the BSE, 1,698 shares rose and 2,279 shares fell. A total of 105 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, dropped 7.12% to 11.84.
IPO Update :
The initial public offer (IPO) of Diffusion Engineers received bids for 3,83,23,032 shares as against 65,98,500 shares on offer, according to stock exchange data at 15:30 IST on Thursday (26 September 2024). The issue was subscribed 5.81 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 57,56,76,075 shares as against 1,09,93,000 shares on offer, according to stock exchange data at 15:30 IST on Thursday (26 September 2024). The issue was subscribed 52.37 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 Auto index jumped 2.26% to 27,496.25. The index shed 0.12% in the past trading session.
Maruti Suzuki India (up 4.70%), Apollo Tyres (up 3.78%), Samvardhana Motherson International (up 3.64%), Tata Motors (up 3%), Mahindra & Mahindra (up 2.85%), Eicher Motors (up 1.94%), Bajaj Auto (up 1.5%), Ashok Leyland (up 1.15%), Bosch (up 0.48%) and TVS Motor Company (up 0.47%) advanced.
On the other hand, Bharat Forge (down 2.06%), Hero MotoCorp (down 0.76%) and Balkrishna Industries (down 0.55%) edged lower.
Stocks in Spotlight:
Infosys shed 0.21%. The company announced that it has collaborated with Swedish electric performance car brand Polestar to create a base for the latter’s development of in-car infotainment, software and electrical engineering and cloud-powered digital services.
Emami shed 0.03%. The company said that its wholly owned subsidiary, Emami International FZE and Emami International Personal Care has incorporated Emami Neo-Herbals International in Bangladesh.
Easy Trip Planners jumped 6.71% after the company announced that it has entered into an exclusive partnership with PhonePe to launch its ‘Hotels’ segment on the fintech platform.
Zaggle Prepaid Ocean Services advanced 2.42% after the companys board approved to acquire 26% stake in Mobileware Technologies for total consideration of Rs 15.6 crore. Meanwhile, the board has also approved to acquire 98.32% stake in Span Across IT Solutions. The company will acquire 10,66,314 equity shares with a face value of Rs 10 each at a price of Rs 300.80 per share.
Prestige Estates shed 0.62%. The real estate developer has announced the launch of its luxury residential project Prestige Pine Forest, which is located at Whitefield, Bangalore.
Cipla declined 1.35%. The pharma major said that its wholly owned subsidiary in UK, Cipla (EU) has entered into definitive agreement with Jiangsu Xidi Pharmaceuticals to acquire 6.9124% stake in Cipla (Jiangsu) Pharmaceuticals.
KPI Green Energy slipped 1.25%. The company said that it has received a letter of award (LoA) for the development of a 66.20 MW hybrid power project under the captive power producer (CPP) segment of the company.
Oil and Natural Gas Corporation declined 1.27%. The company said that its board has approved an investment of Rs 10,501 crore in equity shares of ONGC Petro additions (OPaL), in one or more tranches.
Greenlam Industries slipped 2.28%. The firm said that it has incorporated a subsidiary, Greenlam Overseas Bengal in Bangladesh to carry out the business of distributor and wholesaler of high pressure laminates and other paper/wood based products.
Global Markets:
European market advanced on Thursday as the Swiss National Bank (SNB) cut interest rates by a quarter point, bringing its key interest rate down to 1.0%.
Asian stocks traded higher on Thursday, driven by continued optimism surrounding China’s recent stimulus measures and a robust rally in technology stocks, particularly semiconductor manufacturers. The latter was fueled by strong earnings from U.S. chipmaker Micron.
Chinese markets have been on a roll this week following Beijing’s announcement of a series of stimulus measures, including a reduction in bank reserve requirements and lower mortgage rates. These measures have sparked a wave of bargain buying, as Chinese markets had been lagging behind global peers for some time due to concerns about a slowing economy.
U.S. stocks experienced a pullback on Wednesday, with the three major indices closing mixed as investors weighed the health of the economy and the likelihood of further interest rate cuts. The Dow Jones Industrial Average declined by around 0.7%, while the S&P 500 fell 0.19% and Nasdaq Composite (+0.04%) saw more modest gains.
On the economic data front, new home sales in the United States decreased in August compared to the previous month, primarily due to high mortgage rates and elevated prices deterring potential buyers. However, mortgage applications rose to their highest level since 2022, driven by homeowners seeking to refinance their loans as interest rates decline.
This week’s market focus is on Federal Reserve Chair Jerome Powell’s upcoming speech and the release of the PCE price index, the Fed’s preferred inflation gauge.
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Disclaimer: No Business Standard Journalist was involved in creation of this content
As per provisional closing data, the barometer index, the S&P BSE Sensex gained 666.25 points or 0.78% to 85,836.12. The Nifty 50 index advanced 211.90 points or 0.81% to 26,216.05.
The Sensex and Nifty clocked an all-time high of 85,930.43 and 26,250.90, respectively in late trade.
In the broader market, the S&P BSE Mid-Cap index shed 0.01% and the S&P BSE Small-Cap index fell 0.39%.
The market breadth was negative. On the BSE, 1,698 shares rose and 2,279 shares fell. A total of 105 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, dropped 7.12% to 11.84.
IPO Update :
The initial public offer (IPO) of Diffusion Engineers received bids for 3,83,23,032 shares as against 65,98,500 shares on offer, according to stock exchange data at 15:30 IST on Thursday (26 September 2024). The issue was subscribed 5.81 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 57,56,76,075 shares as against 1,09,93,000 shares on offer, according to stock exchange data at 15:30 IST on Thursday (26 September 2024). The issue was subscribed 52.37 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 Auto index jumped 2.26% to 27,496.25. The index shed 0.12% in the past trading session.
Maruti Suzuki India (up 4.70%), Apollo Tyres (up 3.78%), Samvardhana Motherson International (up 3.64%), Tata Motors (up 3%), Mahindra & Mahindra (up 2.85%), Eicher Motors (up 1.94%), Bajaj Auto (up 1.5%), Ashok Leyland (up 1.15%), Bosch (up 0.48%) and TVS Motor Company (up 0.47%) advanced.
On the other hand, Bharat Forge (down 2.06%), Hero MotoCorp (down 0.76%) and Balkrishna Industries (down 0.55%) edged lower.
Stocks in Spotlight:
Infosys shed 0.21%. The company announced that it has collaborated with Swedish electric performance car brand Polestar to create a base for the latter’s development of in-car infotainment, software and electrical engineering and cloud-powered digital services.
Emami shed 0.03%. The company said that its wholly owned subsidiary, Emami International FZE and Emami International Personal Care has incorporated Emami Neo-Herbals International in Bangladesh.
Easy Trip Planners jumped 6.71% after the company announced that it has entered into an exclusive partnership with PhonePe to launch its ‘Hotels’ segment on the fintech platform.
Zaggle Prepaid Ocean Services advanced 2.42% after the companys board approved to acquire 26% stake in Mobileware Technologies for total consideration of Rs 15.6 crore. Meanwhile, the board has also approved to acquire 98.32% stake in Span Across IT Solutions. The company will acquire 10,66,314 equity shares with a face value of Rs 10 each at a price of Rs 300.80 per share.
Prestige Estates shed 0.62%. The real estate developer has announced the launch of its luxury residential project Prestige Pine Forest, which is located at Whitefield, Bangalore.
Cipla declined 1.35%. The pharma major said that its wholly owned subsidiary in UK, Cipla (EU) has entered into definitive agreement with Jiangsu Xidi Pharmaceuticals to acquire 6.9124% stake in Cipla (Jiangsu) Pharmaceuticals.
KPI Green Energy slipped 1.25%. The company said that it has received a letter of award (LoA) for the development of a 66.20 MW hybrid power project under the captive power producer (CPP) segment of the company.
Oil and Natural Gas Corporation declined 1.27%. The company said that its board has approved an investment of Rs 10,501 crore in equity shares of ONGC Petro additions (OPaL), in one or more tranches.
Greenlam Industries slipped 2.28%. The firm said that it has incorporated a subsidiary, Greenlam Overseas Bengal in Bangladesh to carry out the business of distributor and wholesaler of high pressure laminates and other paper/wood based products.
Global Markets:
European market advanced on Thursday as the Swiss National Bank (SNB) cut interest rates by a quarter point, bringing its key interest rate down to 1.0%.
Asian stocks traded higher on Thursday, driven by continued optimism surrounding China’s recent stimulus measures and a robust rally in technology stocks, particularly semiconductor manufacturers. The latter was fueled by strong earnings from U.S. chipmaker Micron.
Chinese markets have been on a roll this week following Beijing’s announcement of a series of stimulus measures, including a reduction in bank reserve requirements and lower mortgage rates. These measures have sparked a wave of bargain buying, as Chinese markets had been lagging behind global peers for some time due to concerns about a slowing economy.
U.S. stocks experienced a pullback on Wednesday, with the three major indices closing mixed as investors weighed the health of the economy and the likelihood of further interest rate cuts. The Dow Jones Industrial Average declined by around 0.7%, while the S&P 500 fell 0.19% and Nasdaq Composite (+0.04%) saw more modest gains.
On the economic data front, new home sales in the United States decreased in August compared to the previous month, primarily due to high mortgage rates and elevated prices deterring potential buyers. However, mortgage applications rose to their highest level since 2022, driven by homeowners seeking to refinance their loans as interest rates decline.
This week’s market focus is on Federal Reserve Chair Jerome Powell’s upcoming speech and the release of the PCE price index, the Fed’s preferred inflation gauge.
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Disclaimer: No Business Standard Journalist was involved in creation of this content
