As per provisional closing data, the barometer index, the S&P BSE Sensex rose 13.65 points or 0.02% to 81,711.76. The Nifty 50 index added 7.15 points or 0.03% to 25,017.75.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.58% and the S&P BSE Small-Cap index rose 0.50%.
The market breadth was positive. On the BSE, 2,152 shares rose and 1,808 shares fell. A total of 91 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.17% to 13.63.
IPO update:
The initial public offer (IPO) of Premier Energies received 6,43,17,528 bids for shares as against 4,46,40,825 shares on offer, according to stock exchange data at 15:15 IST on Tuesday (27 August 2024). The issue was subscribed 1.44 times.
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The issue opened for bidding on 27 August 2024 and it will close on 29 August 2024. The price band of the IPO was fixed between Rs 427 to 450 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index jumped 4.10% to 2,148.85. The index fell 1.70% in past three consecutive trading sessions.
Zee Entertainment Enterprises (up 11.14%), Dish TV India (up 3.56%), Tips Industries (up 3.07%), Sun TV Network (up 2.62%), Network 18 Media & Investments (up 1.76%), TV18 Broadcast (up 1.66%), Nazara Technologies (up 1.32%), PVR Inox (up 0.62%), Hathway Cable & Datacom (up 0.38%) advanced.
Zee Entertainment Enterprises (ZEEL) soared 11.14% after the firm has entered into settlement agreement with Culver Max Entertainment (CMEPL) (Sony India) and Bangla Entertainment (BEPL) to mutually terminate transaction documents.
The company will settle all disputes related to the Transaction Documents entered into with CMEPL and BEPL regarding the Scheme. All parties will mutually terminate these agreements and release each other from any and all claims related to the Transaction Documents.
Stocks in Spotlight:
Paras Defence and Space Technologies added 0.90%. The company's board has approved raising of funds aggregating up to Rs 200 crore through qualified institutions placement (QIP) through public and/or private offerings of equity shares.
Datamatics Global Services hit an upper circuit of 20% after the company partnered with Microsoft to develop its own copilot solutions focusing on process automation to accelerate business transformation for organizations.
Hindustan Unilever slipped 2.15% after the FMCG major informed that it has received a demand of Rs 962.75 crore from the Income Tax Department, including an interest of Rs 329.33 crore.
UltraTech Cement shed 0.33%. The company announced that it has raised $500 million through a sustainability-linked loan (SLL) with participation from six banks. SLLs are loans where the interest rate is linked to the borrower's sustainability performance. This transaction represents second sustainability-linked financing raised by UltraTech, following its inaugural sustainability-linked bond issuance in 2021.
JSW Energy advanced 2.43% after the company's wholly owned subsidiary JSW Neo Energy has received letter of award (LoA) for setting up a wind-solar hybrid power project from Maharashtra State Electricity Distribution Company (MSEDCL).
Bondada Engineering hit an upper circuit of 5% after the company announced that it has received a contract worth Rs 575.74 crore to execute solar projects across various districts in Maharashtra.
Ceigall India gained 2.46% after companys consolidated net profit from continuing operations stood at Rs 77.85 crore in Q1 FY25, registering a growth of 76.53% as against Rs 44.10 crore posted in Q1 FY24. Revenue from operations stood at Rs 822.39 crore in the quarter ended 30 June 2024, up 26.49% as against Rs 650.17 crore posted in corresponding quarter last year.
Rail Vikas Nigam (RVNL) fell 0.26%. The company said that it has emerged the lowest bidder for signalling sections of Chennai Division project worth Rs 111.38 crore from Southern Railway.
RailTel Corporation of India shed 0.56%. The company informed that it has received a work order worth Rs 70.93 crore from Eastern Railway.
Global Markets:
European market advanced while Asian stocks ended mixed on Tuesday.
From January to July, China's industrial profits increased by 3.6% compared to the same period last year, up slightly from the 3.5% growth recorded between January and June.
Additionally, Canada's imposition of tariffs on Chinese electric vehicles, steel, and aluminum, mirroring similar moves by the United States and European Union, further dampened sentiment.
Investors are closely watching Nvidia's earnings report for insights into AI-related investments.
In the U.S., the Dow Jones Industrial Average reached a new high on Monday, recovering from a recent sell-off. However, the S&P 500 and Nasdaq Composite declined. A shift from technology stocks to other sectors was evident.
Market participants are now focused on the upcoming release of the U.S. personal consumption expenditure price index (PCE) on Friday and the August payrolls report next week.
Federal Reserve Chair Jerome Powell's speech on Friday signaled an imminent start to interest rate cuts, with markets fully pricing in a 25-basis-point reduction in September. Expectations for further easing in the coming months have also increased
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