The equity barometers ended near the flat line on Monday. The Nifty settled above the 24,550 mark. Metal, oil & gas and PSU bank shares were in demand. On the other hand, auto, private bank and bank stocks slipped.
As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 12.16 points or 0.02% to 80,424.68. The Nifty 50 index added 31.50 points or 0.13% to 24,572.65.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 0.53% and the S&P BSE Small-Cap index rallied 1.33%.
The market breadth was strong. On the BSE, 2,710 shares rose and 1,318 shares fell. A total of 137 shares were unchanged.
Economy:
Indias forex reserves declined $4.8 billion to $670.119 billion for the week ended August 9, according to the latest RBI data.
In the previous reporting week, the countrys foreign exchange reserves had increased $7.533 billion to an all-time high of $674.919 billion.
For the week ended August 9, foreign currency assets, a major component of the reserves, decreased by $4.079 billion to $587.96 billion.
Gold reserves declined by $860 million to $59.239 billion during the week. The special drawing rights (SDRs) were up by $121 million to $18.282 billion.
Indias reserve position with the IMF increased by $18 million to $4.638 billion in the reporting week, the central bank data showed.
IPO Update:
The initial public offer (IPO) of Interarch Building Products received 1,19,92,112 bids for shares as against 46,91,585 shares on offer, according to stock exchange data at 15:45 IST on Monday (19 August 2024). The issue was subscribed 2.46 times.
The issue opened for bidding on Monday (19 August 2024) and it will close on Wednesday (21 August 2024). The price band of the IPO is fixed between Rs 850 to Rs 900 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.
Stocks in Spotlight:
Piramal Enterprises (PEL) rallied 3.89% after the NBFC informed that its promoter group entity purchased 6.16 lakh equity shares, representing 0.27% of the total paid-up share capital of the company.
Meanwhile, the board of PEL will meet on Wednesday, 21 August 2024 to consider issuing non-convertible debentures (NCDs) aggregating up to Rs 150 crore on private placement basis.
Glenmark Pharmaceuticals gained 4.05% after the companys subsidiary Glenmark Therapeutics Inc., USA, announced the launch of OTC product Olopatadine Hydrochloride Ophthalmic Solution.
DCX Systems was locked in an upper circuit of 5% after the company informed that it has received orders worth Rs 107.08 crore from domestic and overseas customers.
Veranda Learning Solutions advanced 4.98% after the company said that it has partnered with Jumeira University Connect, the training arm of Jumeira University, to introduce a Chartered Accountancy (CA) preparation course for students in the UAE.
Genus Power Infrastructures was locked in an upper circuit of 5% after the company announced that its wholly-owned subsidiary received three letters of awards (LOA) worth totaling to Rs 2,925.52 crore.
Caplin Point Laboratories surged 16.20% after the Brazilian Health Regulatory Agency (ANVISA) concluded its inspection at Gummidipoondi facility, in Chennai in Tamil Nadu with zero observations.
JNK India rallied 3.24% after the heating equipment maker on Friday announced that it has received a ‘major order from Hindustan Petroleum Corporation (HPCL).
Techno Electric & Engineering Company (Techno Electric) jumped 4.50% after the company partnered with IndiGrid to develop two IndiGrids Greenfield interstate transmission Systems (ISTS) projects.
Global Markets:
Europeans stocks declined while Asian stocks traded mixed on Monday as investors weighed optimism about a US economic soft landing against concerns over the global growth outlook.
Expectations of cooling inflation and a potential easing cycle by the Federal Reserve buoyed sentiment. However, investors remained cautious ahead of key US economic data this week and Federal Reserve Chair Jerome Powell’s speech on Friday.
In Asia, market participants will closely monitor central bank meetings in Indonesia and South Korea for potential rate adjustments. Thailand’s policy decision is particularly awaited given uncertainties surrounding the new government’s economic plans.
US stocks rebounded from earlier losses to close higher on Friday, as a report showing improved consumer sentiment boosted investor confidence. The Dow Jones Industrial Average rose 0.24%, the S&P 500 climbed 0.20% and the Nasdaq Composite gained 0.21%.
The University of Michigans gauge of consumer sentiment rose to 67.8 in a preliminary August reading, up from 66.4 in the prior month. It is the first gain after four months of declines.
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