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The key equity indices ended a volatile session with modest gains on Thursday. Trading was volatile due to August F&O series expiry today. The Nifty settled near the 25,150 mark after hitting the day's low of 24,998.50 in late trade. Oil & gas, FMCG and auto shares advanced while metal, pharma and media stocks declined. As per provisional closing data, the barometer index, the S&P BSE Sensex rose 349.05 points or 0.43% to 82,134.61. The Nifty 50 index added 99.60 points or 0.40% to 25,151.95. The Sensex and Nifty clocked an all-time high of 82,285.83 and 25,192.90, respectively in late trade. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.27% and the S&P BSE Small-Cap index declined 0.72%. The market breadth was weak. On the BSE, 1,435 shares rose and 2,510 shares fell. A total of 102 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.16% to 13.79. IPO update: The initial public offer (IPO) of Ecos (India) Mobility & Hospitality received 10,59,37,172 bids for shares as against 1,26,00,000 shares on offer, according to stock exchange data at 15:30 IST on Thursday (29 August 2024). The issue was subscribed 8.41 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 2,83,98,21,798 bids for shares as against 4,46,40,825 shares on offer, according to stock exchange data at 15:30 IST on Thursday (29 August 2024). The issue was subscribed 63.61 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 Oil & Gas index gained 0.94% to 13,416.45. The index shed 0.04% in the past trading session. Gujarat State Petronet (up 6.14%), Bharat Petroleum Corporation (up 2.57%), Hindustan Petroleum Corporation (up 2.47%), Oil India (up 1.85%), Indian Oil Corporation (up 1.81%), Reliance Industries (up 1.43%), Indraprastha Gas (up 1.1%), Oil & Natural Gas Corpn (up 0.64%) and Gujarat Gas (up 0.57%) advanced. On the other hand, Castrol India (down 3.1%), Adani Total Gas (down 1.37%) and GAIL (India) (down 1.23%) turned lower. Reliance Industries advanced 1.43% after the company said that its board will meet on Thursday, 5 September 2024 to consider a proposal for issue of bonus shares to equity shareholders. Stocks in Spotlight: Tata Consultancy Services (TCS) shed 0.10%. The company informed that it has extended its partnership with Primark for the next five years to transform Primark's technology operations to support the retailer's ambitious plans for global growth. Procter & Gamble Hygiene & Health Care declined 2.54% after the company's standalone net profit declined 46.4% to Rs 81.06 crore in Q4 FY24 as against Rs 151.24 crore posted in same quarter last year. Revenue increased 9.3% YoY to Rs 927.43 crore during the quarter. One 97 Communications (Paytm) rallied 3.08% after the company said that it has received a nod from Finance Ministry for downstream investment into Paytm Payment Services. Paytm payment services will resubmit the payment aggregator license and will continue to provide online payment aggregation services to existing partners. Gillette India rose 0.24%. The company reported 26.4% rise in net profit to Rs 115.97 crore in Q4 June 2024 as against Rs 91.75 crore reported in Q4 June 2023. Revenue from operations grew by 4.18% year on year to Rs 645.33 crore during the quarter. Sonata Software jumped 5.61% after the company announced that it has received a large multi-year, multi-million-dollar IT outsourcing contract from a US-based healthcare and wellness company. Genus Power Infrastructure hit an upper circuit of 5% after the company's wholly owned subsidiary has received three orders worth Rs 4,469.04 crore for the appointment of advanced metering infrastructure services providers. The company's total order book stood at Rs 32,500 crore. KEC International jumped 4.12% after the company has received new orders worth Rs 1,171 crore for its transmission and distribution business in UAE and Saudi Arabia. Indian Renewable Energy Development Agency (IREDA) added 0.32%. The financial services company announced that its board has approved raising of funds aggregating up to Rs 4,500 crore through a further public offer, qualified institutional placement, rights issue, preferential issue, or any other permitted mode. Global Markets: The Dow Jones index futures were up 244 points, indicating a positive opening in the US stocks today. European stocks advanced as investors looking forward to economic data from across the region and assessed Nvidia's earnings. Asian stocks ended mixed on Thursday, mirroring the overnight slump in Nvidia. The AI darling's tepid guidance on revenue and margins fueled concerns about the broader AI sector. Investors are now keenly awaiting U.S. weekly jobless claims and inflation readings from Germany and Spain. These economic indicators will offer insights into the Federal Reserve's potential rate-cut trajectory beyond September, given its emphasis on the labor market's health. U.S. stocks experienced a pullback on Wednesday. The Nasdaq Composite shed 1.12%, while the S&P 500 (-0.6%) and Dow Jones Industrial Average (-0.4%) saw more modest losses. Nvidia's shares plunged as much as 8.5% in after-hours trading following its earnings report. While the company delivered a profit beat and announced a $50 billion buyback, investors were disappointed by the weaker-than-expected outlook for the current quarter's revenue and gross margin. Powered by Capital Market - Live News
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