As per provisional closing data, the barometer index, the S&P BSE Sensex added 33.40 points or 0.05% to 74,119.39. The Nifty 50 index rose 19.50 points or 0.09% to 22,493.55.
The Nifty and the Sensex hit all-time highs in afternoon trade at 22,525.65 and 74,245.17, respectively.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.39% and the S&P BSE Small-Cap index gained 0.70%.
The market breadth was positive. On the BSE, 2,115 shares rose and 1,690 shares fell. A total of 117 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 4.77% to 13.61.
The domestic market will remain closed on 8 March 2024, on account of Mahashivratri.
Economy:
India's GDP growth in the current fiscal year ending in March could be "very close" to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.
IPO Update:
The initial public offer (IPO) of Gopal Snacks received 1,50,28,808 bids for shares as against 1,19,79,993 shares on offer, according to stock exchange data at 15:30 IST on Thursday (7 March 2024). The issue was subscribed 1.25 times.
The issue opened for bidding on Wednesday (6 March 2024) and it will close on Monday (11 March 2024). The price band of the IPO is fixed at Rs 381 to 401 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.
The initial public offer (IPO) of J G Chemicals received 21,41,86,873 bids for shares as against 81,68,714 shares on offer, according to stock exchange data at 15:30 IST on Thursday (7 March 2024). The issue was subscribed 26.22 times.
The issue opened for bidding on Tuesday (5 March 2024) and it will close on Thursday (7 March 2024). The price band of the IPO is fixed at Rs 210 to 221 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index gained 2.55% to 1,988.50. The index tumbled 5.65% in the past three trading sessions.
D B Corp (up 4.99%), Zee Entertainment Enterprises (up 4.06%), Network 18 Media & Investments (up 2.98%), Hathway Cable & Datacom (up 2.78%), TV18 Broadcast (up 2.62%), PVR Inox (up 2.61%), Dish TV India (up 2.55%), Sun TV Network (up 0.99%), Saregama India (up 0.44%) advanced.
On the other hand, Nazara Technologies (down 1.7%) edged lower.
Stocks in Spotlight:
Tata Motors rallied 2% after the car maker informed that it will increase the price of its commercial vehicles up to 2% effective from 1 April 2024.
LTIMindtree shed 1.05%. The company informed that its board has approved the appointment of Vipul Chandra as the chief financial officer (CFO) of the company with effect from 25 April 2024.
Bajaj Finserv added 2.02% after its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for February 2023 was at Rs 1,294.80 crore, recording a growth of 38.52% year on year.
Larsen & Toubro rose 0.88%. The EPC major announced that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured a significant order from the Oil & Natural Gas Corporation (ONGC) for the MHN TCPP PGC BGC Project (MTPBP), off Indias West Coast.
Housing & Urban Development Corporation (HUDCO) advanced 2.91% after the firm executed a memorandum of understanding (MoU) with the Maharashtra State Electricity Distribution Company (MSEDC).
Hindustan Aeronautics (HAL) gained 2.54% after the company informed that the amendment to the light combat aircraft (LCA) initial operating capability (IOC) contract has made an upward revision in the contract value.
Asian Paints rose 1.54% after the company said that its a wholly-owned subsidiary, Asian Paints (Polymers) (APPPL) has entered into requisite agreements with Gujarat Chemical Port (GCPL) to set up an ethylene storage and handling facility in Dahej, Gujarat.
Suzlon Energy locked in 5% upper circuit after the company announced that it has received a new order from Juniper Green Energy for the development of a 72.45 MW wind power project.
GPT Infraprojects rallied 2.49% after the company secured an order from North Central Railway, Agra, Uttar Pradesh aggregating to Rs 135 crore.
SpiceJet added 1.91% after the airline operator announced the resolution of $49.8 million (Rs 413-crore) dispute with Echelon Ireland Madison One.
Global Markets:
Most European stocks declined on Thursday as investors looked forward to the European Central Bank's rate-setting meeting later in the week.
Asian markets ended mixed. China's exports grew at a faster pace in the first two months of 2024, official data revealed on Thursday. Exports registered an annual increase of 7.1% in January to February period after expanding 2.3% in December. Likewise, the increase in imports advanced to 3.5% from 0.2%. The trade balance showed a surplus of $125.16 billion in January to February period.
U.S. stocks ended higher on Wednesday after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year.
Federal Reserve Chair Jerome Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation. In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs at some point this year, but made clear theyre not ready yet.
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