Nifty hits record high; IT shares rally; VIX rises 2.32%

The domestic equity indices ended with minor gains on Wednesday. The Nifty settled above the 25,050 mark. IT and pharma shares advanced while media, PSU bank and FMCG stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex rose 73.80 points or 0.09% to 81,785.56. The Nifty 50 index added 34.60 points or 0.14% to 25,052.35.

The Nifty clocked an all-time high of 25,129.60 in mid-afternoon trade.

In the broader market, The S&P BSE Mid-Cap index rose 0.04% and the S&P BSE Small-Cap index shed 0.12%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 49,099.45 and 56,416.31 respectively.

 

The market breadth was negative. On the BSE, 1,825 shares rose and 2,138 shares fell. A total of 93 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.32% to 13.95.

New Listing:

Shares of Orient Technologies closed at Rs 304.45 on the BSE, representing a premium of 47.79% as compared with the issue price of Rs 206.

The scrip was listed at Rs 290, exhibiting a premium of 40.77% to the issue price.

The stock has hit a high of 304.45 and a low of 285.10. On the BSE, over 6.22 lakh shares of the company were traded.

IPO update:

The initial public offer (IPO) of Ecos (India) Mobility & Hospitality received 2,94,04,716 bids for shares as against 1,26,00,000 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (28 August 2024). The issue was subscribed 2.33 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.

The initial public offer (IPO) of Premier Energies received 25,98,22,662 bids for shares as against 4,46,40,825 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (28 August 2024). The issue was subscribed 5.82 times.

The issue opened for bidding on 27 August 2024 and it will close on 29 August 2024. The price band of the IPO was fixed between Rs 427 to 450 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index jumped 1.64% to 42,394.40. The index rallied 3.17% in three consecutive trading sessions.

LTIMindtree (up 6.51%), L&T Technology Services (up 3.45%), Wipro (up 3.23%), Coforge (up 2.73%), Mphasis (up 1.92%), Infosys (up 1.91%), Persistent Systems (up 1.65%), HCL Technologies (up 0.37%), Tata Consultancy Services (up 0.09%) and Tech Mahindra (up 0.08%) advanced.

Stocks in Spotlight:

Ashok Leyland shed 0.72%. The company informed that its step-down subsidiary, Ohm International Mobility, U.K. has been voluntarily liquidated with effect from 27 August 2024.

Indian Oil Corporation rose 0.29%. The firm said that it has entered into a memorandum of understanding (MoU) with Rashtriya Ispat Nigam (RINL) for suppling of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.

Aditya Birla Capital (ABCL) shed 0.58%. The company announced that it has made an investment of Rs 300 crore in its wholly-owned subsidiary, Aditya Birla Housing Finance (ABHFL), through rights issue of equity shares.

Ahluwalia Contracts (India) advanced 2.11% after the civil construction company announced that it has secured an order worth Rs 350.35 crore from Bharat Aluminium Company (BALCO) to build housing complex at Chhattisgarh.

NBCC (India) surged 9.77% after the company said that its board will meet on 31 August 2024 to consider a proposal for issue of bonus shares to equity shareholders.

Advait Infratech was locked in 5% upper circuit after the company announced that it has received an order worth Rs 296 crore from the Solar Energy Corporation of India (SECI).

DCX Systems was locked in 5% upper circuit after the company announced that it has received an order worth Rs 187.29 crore from overseas customer.

PNC Infratech shed 0.16%. The civil construction company announced that it has been declared as L1 (first lowest) bidder for highway cum bridge project worth Rs 380 crore from National Highways Authority of India (NHAI).

Awfis Space Solutions jumped 3.14% after the company said that it has partnered with Nyati group for an additional 3 lakh square feet (Sq.ft) of grade-A workspace to enhance its current managed aggregation (MA) model in Pune.

Global Markets:

Most European market advanced while Asian stocks ended mixed on Wednesday.

Australias Consumer Price Index (CPI) rose by 3.5% year-on-year, slightly above the 3.4% increase and down from the 3.8% rise recorded in June.

While Wall Street's major indices reached new highs, the Nasdaq Composite lagged, reflecting cautiousness about Nvidia's earnings. Anticipation of lower interest rates led to a shift away from technology stocks and toward more economically sensitive sectors. The Dow Jones Industrial Average rose 0.02%, the S&P 500 gained 0.16%, and the Nasdaq Composite climbed 0.17%.

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