Sensex, Nifty ends near flat line; consumer durables shares in demand

The domestic equity indices ended near the flatline on Tuesday. The Nifty settled above the 25,250 mark. Consumer durables, financial services and bank shares advanced while media, metal and realty stocks declined.

As per provisional closing, the barometer index, the S&P BSE Sensex, fell 4.40 points or 0.01% to 82,555.44. The Nifty 50 index rose 1.15 points or 0.00% to 25,279.85. The Nifty50 rallied 4.73% for the 14 consecutive trading sessions.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index gained 0.54%.

The market breadth was positive. On the BSE, 2,006 shares rose and 1,930 shares fell. A total of 118 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.96% to 13.93.

New Listing:

Shares of Premier Energies closed at Rs 839.65 on the BSE, representing a premium of 15.27% as compared with the issue price of Rs 450.

The scrip was listed at Rs 991, exhibiting a significant premium of 120.22% to the issue price.

The stock has hit a high of 993.45 and a low of 801.60. On the BSE, over 50.27 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Baazar Style Retail received 9,96,64,424 bids for shares as against 49,96,74,084 shares on offer, according to stock exchange data at 15:20 IST on Tuesday (2 September 2024). The issue was subscribed 33.24 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 initial public offer (IPO) of Gala Precision Engineering received 9,41,41,012 bids for shares as against 22,23,830 shares on offer, according to stock exchange data at 15:20 IST on Tuesday (2 September 2024). The issue was subscribed 42.33 times.

The issue opened for bidding on Monday (2 September 2024) and it will close on Wednesday (4 September 2024). The price band of the IPO is fixed between Rs 503 to Rs 529 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index fell 1.44% to 2,064.40. The index declined 2.85% in the five trading sessions.

Zee Entertainment Enterprises (down 3.59%), Sun TV Network (down 1.54%), TV18 Broadcast (down 1.51%), Dish TV India (down 1.37%), Network 18 Media & Investments (down 1.25%), Saregama India (down 1.09%), Hathway Cable & Datacom (down 1.05%), Tips Industries (down 0.75%) and Nazara Technologies (down 0.16%) slipped.

Stocks in Spotlight:

Tata Consultancy Services (TCS) fell 0.19%. The company announced that it has expanded its partnership with Google Cloud to offer two new cyber security solutions for customers.

Vedanta added 2.27% after the companys board of directors has approved second interim dividend of Rs 20 per equity share for the financial year 2024-25, amounting to Rs 7,821 crore.

Maruti Suzuki India fell 0.30%. The car manufacturer announced that its total production increased 2.15% to 168,953 units in August 2024 as against 165,402 units recorded in August 2023.

Hindustan Aeronautics (HAL) rallied 3.05% after the Cabinet Committee on Security (CCS) approved the proposal for procurement of 240 aero-engines for Su-30 MKI aircraft of the Indian Air Force (IAF) at a cost of over Rs 26,000 crore.

Kaynes Technology India advanced 3.98% after the company informed that the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of Kaynes Semicon to setup a semiconductor unit in Sanand, Gujarat.

KPI Green Energy rose 0.94%. The company said that its wholly owned subsidiary Sun Drops Energia has received letters of intent for executing solar power projects with a cumulative capacity of 7 MW under the Captive Power Producer (CPP) business segment of the company.

Matrimony.com soared 6.24% after the company informed that its board will meet on 5 September 2024, to consider and approve, the proposal for buy back of fully paid up equity shares of the company.

Gensol Engineering rose 0.20%. The company and Matrix Gas & Renewables, has emerged as the lowest bidder for EPC for developing Indias first Bio-Hydrogen project for Indias leading power generation company.

Adani Green Energy (AGEL) shed 0.70%. The company announced that its board has approved the execution of binding documents for a joint venture agreement between Adani Renewable Energy Sixty Four and Total Energies Renewables Singapore.

The new joint venture company will house a 1,150 megawatt alternating current (MWac) portfolio, which will comprise of mix of operational and under execution solar assets. The portfolio will feature both merchant-based and Power Purchase Agreement (PPA) based projects. The said projects are located at the worlds largest renewable energy plant in Khavda, Gujarat.

Brigade Enterprises fell 0.89%. The company informed that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,164.70 per share.

Global Markets:

European market declined while most Asian stocks ended lower on Tuesday.

South Koreas headline inflation eased to 2% in August from 2.6% in July, its lowest level on a year-on-year basis since March 2021.

Traders in Asia will be keeping a close eye on fresh signs of economic troubles in China. Data on Saturday showed Chinese factory activity had contracted for a fourth straight month in August, the latest signal that the worlds second-largest economy may struggle to meet this years growth target.

Wall Street will reopen later Tuesday, following the Labor Day public holiday.

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