The domestic stock market concluded Thursday’s trading session with significant gains. The benchmark Nifty50 index surged above 25,433, marking a new high. While market volatility was observed due to the expiry of weekly index options, a broad-based rally lifted the overall market. Key sectors contributing to the gains included metals, auto, and public sector banks. The positive sentiment in the Indian market was likely influenced by the upbeat global market mood, fueled by expectations of interest rate cuts by major central banks. This global optimism provided a supportive backdrop for the domestic market.
In the barometer index, the S&P BSE Sensex surged 1,439.55 points or 1.77% to 82,962.71. The Nifty 50 index zoomed 470.45 points or 1.89% to 25,388.90. Both the indices attained record closing high levels.
Infosys (up 2.07%), Reliance Industries (up 1.90%) and HDFC Bank (up 1.32%) boosted the indices.
The Sensex and Nifty clocked an all-time high of 83,116.19 and 25,433.35, respectively, in late trade.
In the broader market, the S&P BSE Mid-Cap index jumped 1.32% and the S&P BSE Small-Cap index gained 0.79%.
The market breadth was positive. On the BSE, 2,337 shares rose and 1,609 shares fell. A total of 123 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, slipped 3.26% to 13.18.
Numbers to Track:
The yield on India’s 10-year benchmark federal grew 1.54% to 6.935 as compared with previous close 6.943.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9650, compared with its close of 83.9900 during the previous trading session.
MCX Gold futures for 4 October 2024 settlement rose 0.14% to Rs 73,066.
The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was up 0.06% to 101.74.
The United States 10-year bond yield gained 0.69% to 3.676.
In the commodities market, Brent crude for October 2024 settlement added 1.03 cents or 1.46% to $71.64 a barrel.
Global Markets:
European shares advanced on Thursday as investors in the region were waiting for the European Central Bank’s latest monetary policy decision.
Most Asian stocks ended higher on Thursday, driven by a surge in technology stocks. Meanwhile, Japanese markets soared as a softer-than-expected producer price inflation reading undermined the Bank of Japan’s hawkish stance.
The gains in Japanese stocks were fueled by the August producer price index (PPI) data, which came in at a lower-than-anticipated 2.5% year-over-year increase. This marked the slowest PPI growth since May, contrasting with the previous month’s 3.0% rise.
Regional technology stocks followed their U.S. counterparts, buoyed by Nvidia CEO Jensen Huang’s optimistic outlook on strong artificial intelligence demand. Chipmakers were particularly prominent among the gainers.
However, a stronger-than-expected consumer inflation reading tempered expectations for interest rate cuts. Markets are now positioning for a 25-basis-point rate cut by the Federal Reserve next week.
The annual core consumer price inflation rate in the United States, excluding volatile items like food and energy, stood at a three-year low of 3.2% in August 2024, matching July’s figure.
U.S. stocks rebounded on Wednesday after a volatile trading session, as investors assessed the implications of the latest inflation data for Federal Reserve policy. Tech shares led the recovery from earlier lows. The S&P 500 gained 1.07%, the Dow Jones Industrial Average added 0.31%, and the Nasdaq Composite rose 2.17%.
The US Labor Department reported the consumer price index (CPI) rose 0.2% last month, in line with July. Core CPI, excluding volatile food and energy components, rose 0.3% on a monthly basis, exceeding expectations.
Stocks in Spotlight:
Adani Ports and Special Economic Zone advanced 2.94% after the company said that it has signed a concession agreement with DPA to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat.
Shriram Finance rallied 3.63% after its board approved and allotted non-convertible debentures (NCDs) on private placement basis for an issue size of Rs 1,000 crore with green shoe option of Rs 500 crore.
Nazara Technologies gained 4.29% after the companys wholly owned subsidiary, Nazara Dubai FZ entered into share purchase agreement to acquire 15.86% stake in GetStan Technologies (STAN) for Rs 18.4 crore or $2.2 million.
JSW Steel added 3.06% after the said that its consolidated crude steel production for the month of August 2024 was at 23.16 Lakh tonnes, which is higher by 1% as compared with 22.86 lakh tonnes in August 2023.
Inox Wind rose 3.42% after the company informed that its EPC projects subsidiary Global Wind Services has completed Rs 350 crore equity raise from marquee investors.
NBCC (India) grew 2.59% after the company announced that it has signed a memorandum of understanding (MoU) worth Rs 1,600 crore with Mahanagar Telephone Nigam (MTNL) to develop a 13.88-acre land parcel in New Delhi.
Lupin added 1.95% after the firm signed share subscription & shareholders’ agreement with Sunsure Solarpark Seventeen and Sunsure Energy, to make equity investment in Sunsure Solarpark.
Kalpataru Projects International gained 1.11% after the company along with its international subsidiaries has secured new orders worth Rs 2,774 crore.
Hindustan Petroleum Corporation (HPCL) rose 0.88%. The company announced that it has received an approval from its board for the construction of pipeline from Visakh to Raipur at an estimated cost of Rs 2,212 crore.
GE T&D India shed 0.19%. The company has received orders aggregating to 155 million Euros from Grid solutions, Middle East FZE, Dubai and SAS France.
New Listing:
Shares of Shree Tirupati Balajee Agro Trading Company settled at Rs 97.54 on the BSE, a premium of 17.52% as compared with the issue price of Rs 83.
The scrip was listed at Rs 92.90, a premium of 11.93% to the issue price.
The stock has hit a high of 97.54 and a low of 92. On the BSE, over 17.06 lakh shares of the company were traded in the counter.
IPO Update:
The initial public offer (IPO) of P N Gadgil Jewellers received 1,00,31,14,647 bids for shares as against 1,68,85,964 shares on offer, according to stock exchange data at 17:00 IST on Thursday (12 September 2024). The issue was subscribed 59.41 times.
The issue opened for bidding on Tuesday (10 September 2024) and it will close on Thursday (12 September 2024). The price band of the IPO is fixed between Rs 456 to Rs 480 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof.
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