Benchmarks hit fresh highs; Nifty ends above 25,200; VIX slides 2.7%

The domestic equity barometers ended with moderate gains on Friday. The Nifty settled above the 25,200 level. Realty, healthcare and auto shares advanced while media and FMCG stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex gained 231.16 points or 0.28% to 82,365.77. The Nifty 50 index added 83.95 points or 0.33% to 25,235.90.

The Sensex and Nifty clocked an all-time high of 82,637.03 and 25,268.35, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.53% and the S&P BSE Small-Cap index gained 0.75%. The S&P BSE Mid-Cap index hit an all-time high at 49,186.33.

 

The market breadth was strong. On the BSE, 2,228 shares rose and 1,701 shares fell. A total of 116 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.70% to 13.42.

IPO update:

The initial public offer (IPO) of Baazar Style Retail received 63,97,490 bids for shares as against 1,50,30,116 shares on offer, according to stock exchange data at 15:33 IST on Friday (30 August 2024). The issue was subscribed 0.43 times.

The issue opened for bidding on 30 August 2024 and it will close on 3 September 2024. The price band of the IPO was fixed between Rs 370 to 389 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The IPO of Ecos (India) Mobility & Hospitality received 78,57,67,576 bids for shares as against 1,26,00,000 shares on offer, according to stock exchange data at 15:33 IST on Thursday (29 August 2024). The issue was subscribed 62.36 times.

The issue opened for bidding on 28 August 2024 and it will close on 30 August 2024. The price band of the IPO was fixed between Rs 318 to 334 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) added 2.01% after the Mahindra Group signed a non-binding memorandum of understanding (MoU) with Sentrycs to develop and provide anti-drone solutions in India for civilian and military applications.

Torrent Pharmaceuticals rose 1.64% after the United States Food and Drug Administration (USFDA) issued establishment inspection report (EIR) with voluntary action indicated (VAI) classification to the Gujarat manufacturing facility.

ITI gained 0.80% after the company has received the orders from State Election Commission (SEC) of West Bengal for the supply of 500 sets of electronic voting machines (EVM).

Garden Reach Shipbuilders & Engineers (GRSE) jumped 3.14% after the firm signed a memorandum of understanding (MOU) with the National Highway Infrastructure Development Corporation (NHIDCL) to supply modular steel & Bailey bridges.

Patel Engineering rallied 6.71% after the company announced that it has signed a memorandum of understanding (MOU) with Rail Vikas Nigam (RVNL) for collaborating on domestic and global projects.

Prestige Estates Projects advanced 5.32% after its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs, 1,755.09 per equity share.

Rail Vikas Nigam (RVNL) rallied 5.02% after the company said that it has received letter of acceptance (LoA) from south eastern railway for a project worth Rs 202.87 crore.

Lemon Tree Hotels rose 0.34%. The company announced that it has signed a license agreement for hotel viz Lemon Tree Hotels, Ayodhya, Uttar Pradesh.

Global Markets:

European shares advanced on Friday after the Euro zone inflation fell to a three-year low of 2.2% in August, according to flash figures released by statistics agency Eurostat on Friday.

Asian stocks ended higher as investors look ahead to key inflation data from across the region and the US.

The upcoming release of the U.S. core personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, and a reading on euro zone inflation are eagerly awaited. These data points will likely provide further insights into the rate outlook for major economies.

U.S. stocks closed higher on Thursday, despite a late-afternoon sell-off. The Dow Jones Industrial Average reached another record high as investors anticipated the release of the PCE inflation data. The Dow Jones Industrial Average rose 0.59%, the S&P 500 remained relatively unchanged at 5,591.96, and the Nasdaq Composite declined by 0.23%.

The U.S. economy saw stronger growth in Q2 than initially reported, driven by robust consumer spending and corporate profit rebounds. GDP increased by 3.0% in the last quarter, an upward revision from 2.8%. Consumer spending rose 2.9% annual rate last quarter, and corporate profits surged by $57.6 billion, supporting economic expansion.

Additionally, the number of Americans filing for unemployment benefits declined by 2,000 to 231,000 for the week of Aug. 24, the Labor Department reported Thursday (August 29).

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