Indices trade with strong gains; metal shares shine

The headline equity benchmarks traded with significant gains in mid-morning trade. The Nifty traded above the 24,200 level. Metal shares advanced after declining for the past three consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 567.86 points or 0.72% to 79,327.26. The Nifty 50 index added 171.95 points or 0.71% to 24,233.10.

The broader market outperformed the headline indices, the S&P BSE Mid-Cap index added 1.13% and the S&P BSE Small-Cap index gained 1.35%.

The market breadth was strong. On the BSE, 2,598 shares rose and 1,125 shares fell. A total of 138 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 10.89% to 18.15.

IPO Update:

The initial public offer (IPO) of Ola Electric Mobility received 56,38,04,670 bids for shares as against 46,51,59,451 shares on offer, according to stock exchange data at 11:15 IST on Monday (05 August 2024). The issue was subscribed 1.21 times.

The issue opened for bidding on Friday (02 August 2024) and it will close on Tuesday (06 August 2024). The price band of the IPO is fixed between Rs 72 to Rs 76 per share. An investor can bid for a minimum of 195 equity shares and in multiples thereof.

The initial public offer (IPO) of Brainbees Solutions received 19,26,752 bids for shares as against 4,96,39,004 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 0.04 times.

The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 440 to Rs 465 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

The initial public offer (IPO) of Unicommerce eSolutions received 98,92,806 bids for shares as against 1,40,84,681 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (06 August 2024). The issue was subscribed 0.70 times.

The issue opened for bidding on Tuesday (06 August 2024) and it will close on Thursday (08 August 2024). The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.

Buzzing Index :

The Nifty Metal index gained 1.53% to 8,998.35. The index tumbled 6% in three consecutive trading sessions.

Welspun Corp (up 3.56%), Adani Enterprises (up 2.64%), JSW Steel (up 2.07%), Jindal Stainless (up 2.03%) and Steel Authority of India (up 1.85%), APL Apollo Tubes (up 1.85%), Ratnamani Metals & Tubes (up 1.74%), National Aluminium Company (up 1.65%), Hindustan Copper (up 1.56%) and NMDC (up 1.48%) advanced.

Stocks in Spotlight :

Deepak Nitrite added 1.76% after the companys consolidated net profit grew 35.12% to Rs 202.54 crore in Q1 FY25 as compared with Rs 149.90 crore recorded in the same period last year. Revenue from operation stood at Rs 2,166.84 crore in June 2024 quarter, up 22.54% from Rs 1,768.34 crore posted in June 2023 quarter.

Oil and Natural Gas Corporation (ONGC) rose 1.11%. The company reported 15.09% decline in standalone net profit to Rs 8,938.10 crore in Q1 FY25 as compared with Rs 10,526.78 crore in Q1 FY24. Revenue from operations increased 4.29% YoY to Rs 35,266.38 crore in Q1 FY25.

Bharti Hexacom fell 1.09%. The companys standalone net profit surged to Rs 511.2 crore during the quarter as comapred with Rs 253.2 crore in Q1 FY24. Revenue from operations increased 13.61% YoY to Rs 1,910.6 crore during the quarter.

Global Markets :

Dow Jones Futures were up 405 points, indicating a bounce in the US stocks today.

Asian stocks surged on Tuesday, recovering from steep losses in the previous session. Japanese markets led the rally, bouncing back after plunging into bear market territory. Bargain hunting also fueled gains, as investors snapped up discounted stocks with solid fundamentals.

US stocks tumbled on Monday, triggered by recession fears. The Dow dropped 1,033.99 points, or 2.6%, to end at 38,703.27. The Nasdaq Composite lost 3.43% and closed at 16,200.08, while the S&P 500 slid 3% to end at 5,186.33.

Friday's disappointing US jobs report intensified concerns about a potential recession. Investors are growing increasingly frustrated with the Federal Reserve's reluctance to cut interest rates despite slowing economic growth. The central bank opted to maintain rates at a 22-year high during its last meeting.

Adding to market volatility, the unwinding of the yen carry trade is gaining momentum. After the Bank of Japan raised interest rates last week, narrowing the interest rate differential with the US, the yen strengthened against the dollar. This has forced investors to unwind positions that involved borrowing in yen to invest in higher-yielding assets.

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