Nifty ends above 25,400; realty shares outperform

The domestic equity indices ended with minor gains on Tuesday. The Nifty settled above the 25,400 level after hitting the days low of 25,352.25 in morning trade. Realty, consumer durables and auto shares advanced while media, PSU bank and metal stocks declined.

As per provisional closing, the S&P BSE Sensex, was up 90.88 points or 0.11% to 83,079.66. The Nifty 50 index rose 34.80 points or 0.14% to 25,418.55.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index fell 0.13%.

The market breadth was weak. On the BSE, 1,709 shares rose and 2,241 shares fell. A total of 108 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.04% to 12.59.

Economy :

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 1.31% (Provisional) for the month of August, 2024 (over August, 2023). Positive rate of inflation in August, 2024 is primarily due to increase in prices of food articles, processed food products, other manufacturing, manufacture of textiles and manufacture of machinery & equipment etc. However, this is the lowest WPI inflation in last four months.

New Listing:

Shares of P N Gadgil Jewellers closed at Rs 792.80 on the BSE, representing a premium of 65.17% as compared with the issue price of Rs 480.

The scrip was listed at Rs 834, exhibiting a premium of 73.75% to the issue price.

The stock has hit a high of 843.80 and a low of 782 On the BSE, over 23.72 lakh shares of the company were traded in the counter.

IPO Update :

The initial public offer (IPO) of Western Carriers (India) received bids for 17,45,23,566 shares as against 2,08,68,467 shares on offer, according to stock exchange data at 15:15 IST on Tuesday (17 September 2024). The issue was subscribed 8.36 times.

The issue opened for bidding on Friday (13 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 163 to Rs 172 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

The initial public offer (IPO) of Northern Arc Capital received bids for 17,08,44,732 shares as against 2,14,78,290 shares on offer, according to stock exchange data at 15:15 IST on Tuesday (17 September 2024). The issue was subscribed 7.95 times.

The issue opened for bidding on Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof.

The initial public offer (IPO) of Arkade Developers received bids for 32,46,42,670 shares as against 2,37,75,719 shares on offer, according to stock exchange data at 15:15 IST on Tuesday (17 September 2024). The issue was subscribed 13.65 times.

The issue opened for bidding Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty rose 0.61% to 1,066.20. The index added 3.85% in the four consecutive trading sessions.

Sobha (up 3.75%), Prestige Estates Projects (up 3%), Oberoi Realty (up 0.61%), Godrej Properties (up 0.55%) and Macrotech Developers (up 0.46%), Brigade Enterprises (up 0.26%) edged higher.

On the other hand, Sunteck Realty (down 2.2%), Mahindra Lifespace Developers (down 1.17%) and Phoenix Mills (down 1.14%) edged lower.

Stocks in Spotlight:

Droneacharya Aerial Innovations declined 2.83%. The company said that it has secured an export order for the supply of Drone components for heavy payload logistic drones, valued at USD 240,000.

Torrent Power shed 0.57%. The company entered into a memorandum of understanding (MoU) with the Government of Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka District in Gujarat.

Carborundum Universal (CUMI) rallied 3.57% after the company entered into share purchase agreement (SPA) to acquire 100% stake in Silicon Carbide Products (SCP), Inc. USA for total consideration of Rs 56 crore.

Firstsource Solutions rose 0.24%. The company announced collaboration with Microsoft to deliver cutting-edge digital transformation services to clients worldwide.

RailTel Corporation of India added 0.78%. The company informed that it has received a work order from Health Insurance TPA of India for service aggregating to Rs 48.70 crore.

Dreamfolks Services added 1.37% after the company has announced the launch of its newest service highway dining for travellers, which would be available at over 600 outlets along key highways across the country.

JBM Auto fell 1.95%. The company informed that its wholly-owned subsidiary, JBM Ecolife Mobility has successfully secured a $100 million strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

Global Markets:

The Dow Jones index futures were up 121 points, indicating a positive opening in the US stocks today.

European market advanced and Most of Asia-Pacific markets ended higher on Tuesday as investors as investors awaited for the Federal Reserve to kick off its monetary loosening cycle.

Regional markets were influenced by a mixed performance on Wall Street, where technology stocks pulled down the Nasdaq Composite. Conversely, the Dow Jones Industrial Average reached a new high, driven by optimism about lower interest rates.

Trading volumes were subdued due to market holidays in China and South Korea. Sentiment towards China was dampened by concerns about a potential escalation in trade tensions with the West.

The Fed is set to meet Tuesday and Wednesday and is widely anticipated to lower rates for the first time since it began its hiking cycle in March 2022. Markets are pricing in at least 100 basis points of cuts this year.

In the United States, the S&P 500 gained 0.13%, while the Dow Jones Industrial Average rose 0.55%, notching a record close. The tech-heavy Nasdaq Composite declined by 0.52%.

Apple shares fell by 2.8% following analyst reports suggesting weaker demand for iPhone 16 Pro models compared to the previous year. Chip stocks, such as Nvidia, which led the market rebound last week, also faced selling pressure as investors took profits.

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