Indian Markets Take a Breather After Recent Rally
Energy, healthcare, and pharma sectors led the gains, while media, real estate, and private banks lagged. The market's overall upward momentum remains strong, supported by ample domestic liquidity.
Indian MarketsStocksIpoSensexNiftyRupeeDollarGlobal MarketsReal Estate NewsSep 27, 2024
Real Estate News:The domestic equities closed slightly lower on Friday, snapping a recent rally fueled by the U.S. interest rate cut. Energy, healthcare, and pharma sectors led the gains, while media, real estate, and private banks lagged.
Despite the minor setback, the market's overall upward momentum remains strong, supported by ample domestic liquidity. In the barometer index, the S&P BSE Sensex slipped 264.27 points or 0.31% to 85,571.85. The Nifty 50 index lost 37.10 points or 0.14% to 26,178.95.
ICICI Bank (down 1.83%), HDFC Bank (down 1.65%) and Larsen & Toubro (down 1.49%) were major drags. The Sensex and Nifty clocked an all-time high of 85,978.25 and 26,277.35, respectively in mid-morning trade.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.29% and the S&P BSE Small-Cap index added 0.07%. The market breadth was positive. On the BSE, 1,979 shares rose and 1,957 shares fell. A total of 124 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.62% to 11.93.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6875, compared with its close of 83.6600 during the previous trading session.
Global Markets
European shares advanced as France showed the country's harmonized inflation rate fell sharply in September. Harmonized consumer prices came in at 1.5% in September, down from 2.2% in August, according to the French statistics office Insee.
Most Asian stocks ended higher on Friday as Tokyo's inflation rate for September eased to 2.2% from 2.6%, while core inflation rate came in at 2%, declining from 2.4% in August.
China's central bank cut its 7-day reverse repurchase rate to 1.5% from 1.7%, as well as lowered the reserve requirement ratio for banks by 50 basis points.
Stocks in Spotlight
PTC Industries gains 5% on receiving a significant production order from BAE Systems for the supply of Titanium castings for the M777 Ultra-Lightweight Howitzer (ULH), including Spade Trails and Blades.
SJVN jumped 6.03% after the company said that it has signed two memorandums of understandings (MoUs) with Government of Maharashtra for development of pumped storage projects (PSP) and floating solar projects in Maharashtra.
Thangamayil Jewellery rallied 3.61% after the company announced that its board has approved to raise funds aggregating upto Rs 600 crore through rights issue.
RailTel Corporation of India rose 1.40% after the company announced that it has received the work order from Rural Development Department, Mantralaya, Maharashtra, amounting to Rs 155.71 crore.
PC Jeweller hits upper circuit of 5% after the Bank of India submitted its approval to the One Time Settlement (OTS) proposal submitted by the company to settle the outstanding dues.
Bondada Engineering added 1.63% after the company has received an order from KPI Green Energy for supply of material for solar power generation plant.
Biocon shed 1%. The company said that it has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.
Rail Vikas Nigam (RVNL) rose 0.83%. The company announced that it has signed memorandum of understanding (MoU) with Engineers India (EIL) to explore global business opportunities.
Indian Bank added 0.8%. The bank said that its board, at the meeting held on Thursday (26 September 2024) has approved for raising additional long term infrastructure bonds aggregating up to Rs 5000 crore, in one or more tranches.
Genesys International Corporation shed 0.43%. The company has received two new contracts from NEOM and the Saudi Geological Survey Authority to adopt geospatial technology for infrastructural development in Saudi Arabia.
IPO Update
The initial public offer (IPO) of Diffusion Engineers received bids for 17,93,02,816 shares as against 65,98,500 shares on offer, according to stock exchange data at 17 00 IST on Friday (27 September 2024). The issue was subscribed 27.17 times.
The issue opened for bidding on Thursday (26 September 2024) and it will close on Monday (30 September 2024). The price band of the IPO is fixed between Rs 159 to Rs 168 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.
KRN Heat Exchanger and Refrigeration's IPO received bids for 2,32,72,85,090 shares as against 1,09,93,000 shares on offer, according to stock exchange data at 17 00 IST on Friday (27 September 2024). The issue was subscribed 211.71 times.
The issue opened for bidding on Wednesday (25 September 2024) and it will close on Friday (27 September 2024). The price band of the IPO is fixed between Rs 209 to Rs 220 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.
Despite the minor setback, the market's overall upward momentum remains strong, supported by ample domestic liquidity. In the barometer index, the S&P BSE Sensex slipped 264.27 points or 0.31% to 85,571.85. The Nifty 50 index lost 37.10 points or 0.14% to 26,178.95.
ICICI Bank (down 1.83%), HDFC Bank (down 1.65%) and Larsen & Toubro (down 1.49%) were major drags. The Sensex and Nifty clocked an all-time high of 85,978.25 and 26,277.35, respectively in mid-morning trade.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.29% and the S&P BSE Small-Cap index added 0.07%. The market breadth was positive. On the BSE, 1,979 shares rose and 1,957 shares fell. A total of 124 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.62% to 11.93.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6875, compared with its close of 83.6600 during the previous trading session.
Global Markets
European shares advanced as France showed the country's harmonized inflation rate fell sharply in September. Harmonized consumer prices came in at 1.5% in September, down from 2.2% in August, according to the French statistics office Insee.
Most Asian stocks ended higher on Friday as Tokyo's inflation rate for September eased to 2.2% from 2.6%, while core inflation rate came in at 2%, declining from 2.4% in August.
China's central bank cut its 7-day reverse repurchase rate to 1.5% from 1.7%, as well as lowered the reserve requirement ratio for banks by 50 basis points.
Stocks in Spotlight
PTC Industries gains 5% on receiving a significant production order from BAE Systems for the supply of Titanium castings for the M777 Ultra-Lightweight Howitzer (ULH), including Spade Trails and Blades.
SJVN jumped 6.03% after the company said that it has signed two memorandums of understandings (MoUs) with Government of Maharashtra for development of pumped storage projects (PSP) and floating solar projects in Maharashtra.
Thangamayil Jewellery rallied 3.61% after the company announced that its board has approved to raise funds aggregating upto Rs 600 crore through rights issue.
RailTel Corporation of India rose 1.40% after the company announced that it has received the work order from Rural Development Department, Mantralaya, Maharashtra, amounting to Rs 155.71 crore.
PC Jeweller hits upper circuit of 5% after the Bank of India submitted its approval to the One Time Settlement (OTS) proposal submitted by the company to settle the outstanding dues.
Bondada Engineering added 1.63% after the company has received an order from KPI Green Energy for supply of material for solar power generation plant.
Biocon shed 1%. The company said that it has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.
Rail Vikas Nigam (RVNL) rose 0.83%. The company announced that it has signed memorandum of understanding (MoU) with Engineers India (EIL) to explore global business opportunities.
Indian Bank added 0.8%. The bank said that its board, at the meeting held on Thursday (26 September 2024) has approved for raising additional long term infrastructure bonds aggregating up to Rs 5000 crore, in one or more tranches.
Genesys International Corporation shed 0.43%. The company has received two new contracts from NEOM and the Saudi Geological Survey Authority to adopt geospatial technology for infrastructural development in Saudi Arabia.
IPO Update
The initial public offer (IPO) of Diffusion Engineers received bids for 17,93,02,816 shares as against 65,98,500 shares on offer, according to stock exchange data at 17 00 IST on Friday (27 September 2024). The issue was subscribed 27.17 times.
The issue opened for bidding on Thursday (26 September 2024) and it will close on Monday (30 September 2024). The price band of the IPO is fixed between Rs 159 to Rs 168 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.
KRN Heat Exchanger and Refrigeration's IPO received bids for 2,32,72,85,090 shares as against 1,09,93,000 shares on offer, according to stock exchange data at 17 00 IST on Friday (27 September 2024). The issue was subscribed 211.71 times.
The issue opened for bidding on Wednesday (25 September 2024) and it will close on Friday (27 September 2024). The price band of the IPO is fixed between Rs 209 to Rs 220 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.
Frequently Asked Questions
What were the major gainers in the Indian market on Friday?
Energy, healthcare, and pharma sectors led the gains.
What was the closing price of the S&P BSE Sensex on Friday?
85,571.85
What was the closing price of the Nifty 50 index on Friday?
26,178.95
Which company received a significant production order from BAE Systems?
PTC Industries
What is the price band of the Diffusion Engineers IPO?
Rs 159 to Rs 168 per share
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