Indices trade with minor gains; Media shares advance

The key equity benchmark traded with minor gains in mid-morning trade. The Nifty traded above the 24,700 level after hitting days low of 24,654.50 in early trade. PSU bank shares declined after advancing for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 31.05 points or 0.04% to 80,823.27. The Nifty 50 index added 39.85 points or 0.15% to 24,736.85.

In the broader market, the S&P BSE Mid-Cap index added 0.35% and the S&P BSE Small-Cap index rose 0.71%.

The market breadth was strong. On the BSE, 2,458 shares rose and 1,269 shares fell. A total of 146 shares were unchanged.

 

IPO Update :

The initial public offer (IPO) of Orient Technologies received 63,66,960 bids for shares as against 74,49,846 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (21 August 2024). The issue was subscribed 0.85 times.

The issue opened for bidding on Wednesday (21 August 2024) and it will close on Friday (23 August 2024). The price band of the IPO is fixed between Rs 195 to Rs 206 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

The initial public offer (IPO) of Interarch Building Products received 8,16,41,424 bids for shares as against 46,91,585 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (21 August 2024). The issue was subscribed 17.44 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.

Buzzing Index :

The Nifty Media index added 1.19% to 2,099.85. The index shed 0.27% in the past consecutive trading sessions.

Nazara Technologies (up 4.49%), Zee Entertainment Enterprises (up 3.78%), Dish TV India (up 1.78%), TV18 Broadcast (up 0.94%), PVR Inox (up 0.87%), Hathway Cable & Datacom (up 0.52%), Network 18 Media & Investments (up 0.51%), Saregama India (up 0.45%) advanced.

On the other hand, Tips Industries (down 2.42%), Sun TV Network (down 1.23%) declined.

Stocks in Spotlight :

Petronet LNG (PLL) shed 0.53%. The company announced that it has entered into a memorandum of understanding (MoU) with LTL Holdings of Sri Lanka, for supply of LNG to LTLs dual fueled power plants in Kerawalapitiya, Colombo.

Both parties, through this MoU, have agreed for development of LNG supply chain from PLLs LNG terminal, Kochi to LTLs power plant in Kerawalapitiya, Colombo in a time bound manner

RMC switchgears hit an upper circuit of 5% after the companys subsidiary, RMC Green Energy secured approval from the Rajasthan Renewable Energy Corporation to establish a 50 megawatt (MW) renewable energy park in Rajasthan.

The arm will set up the 50 MW renewable energy park under the Rajasthan Renewable Energy Policy 2023.

Global Markets :

Most Asian stocks declined on Wednesday, tracking a pullback on Wall Street and reflecting investor caution ahead of a key speech by Federal Reserve Chair Jerome Powell later this week.

The weakness in the U.S. market, where the Dow Jones Industrial Average closed down 0.15%, the S&P 500 fell 0.2%, and the Nasdaq Composite dropped 0.33%, spilled over into Asia.

Japan's Nikkei index likely mirrored this cautiousness, as data revealed a smaller-than-expected export growth and a surge in imports, resulting in a trade deficit for July.

Hong Kong's Hang Seng index was further pressured by a significant decline in e-commerce giant JD.com's stock price. News reports suggesting Walmart's planned sale of its stake in JD.com for $3.74 billion contributed to the 11% drop in JD stock.

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