The key equity indices ended with minor gains on Friday. Metal, consumer durables and PSU bank stocks were in demand. On the other hand, media, realty and private bank shares were under pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 59.15 points or 0.10% to 58,833.87. The Nifty 50 index gained 36.45 points or 0.21% to 17,558.90.
The Nifty opened higher and hit the day's high of 17,685.85 in the early trade. It pared gains as the session progressed and settled with small gains.
In the broader market, the S&P BSE Mid-Cap index gained 0.40% while the S&P BSE Small-Cap index rose 0.35%.
The market breadth was strong. On the BSE, 2,003 shares rose and 1,414 shares fell. A total of 150 shares were unchanged.
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Investors focused on Federal Reserve Chair Jerome Powell's speech at the central bank's economic symposium at Jackson Hole, Wyoming, for clues about the bank's outlook for the economy and interest rates.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 6.92% to 18.22.
IPO Updates:
The initial public offer (IPO) of Dreamfolks Services received bids for 44,38,45,352 shares as against 94,83,302 shares on offer, according to stock exchange data at 15:24 IST on Friday (26 August 2022). The issue was subscribed 46.80 times.
The IPO, with a price band of Rs 308-326 a share, will remain open for public subscription during 24 to 26 August 2022. An investor can bid for a minimum of 46 equity shares and in multiples thereof.
New Listing:
Shares of Syrma SGS Technology hit an upper circuit limit of 20% at Rs 314.40 on the BSE, a premium of 42.91% compared with the issue price of Rs 220.
The scrip was listed at Rs 262, representing a premium of 19.09% compared with the issue price.
So far, the scrip has hit a high of Rs 314.40 and a low of Rs 257. Over 54.76 lakh shares of the company have changed hands in the counter till now.
The initial public offer (IPO) of electronic manufacturing services firm Syrma SGS Technology was subscribed 32.61 times.
Buzzing Index:
The Nifty Auto index rose 0.45% to 12,936.15. The index shed 0.37% in past two trading sessions.
Escorts Kubota (up 4.53%), Tube Investments of India (up 1.93%), Ashok Leyland (up 1.32%), Sona BLW Precision Forgings (up 1.21%), Tata Motors (up 1.2%), Mahindra & Mahindra (up 1.18%), Bharat Forge (up 0.94%), Hero MotoCorp (up 0.9%), TVS Motor Company (up 0.52%) and Bosch (up 0.15%) advanced.
On the other hand, Eicher Motors (down 3.58%), Balkrishna Industries (down 1.06%) and Bajaj Auto (down 0.24%) declined.
Eicher Motors slipped 3.58%. The auto maker said that Kaleeswaran Arunachalam has tendered his resignation from the chief financial officer (CFO) and key managerial personnel position. Arunachalam's resignation will take effect after working hours on 2 September 2022. The company stated that the appointment of a new CFO in his place would be intimated in due course.
Stocks in Spotlight:
Nelco hit an upper circuit limit of 10%. Intelsat, operator of one of the world's largest integrated satellite and terrestrial network and leading provider of inflight connectivity (IFC), announced the beginning of Intelsat's inflight connectivity services in Indian skies through an agreement with Nelco, India's leading satellite communication service provider.
Nelco has been offering the Aero IFC services for more than two years with plans to introduce these services to more airlines in collaboration with its global partners. Nelco will provide these services using Intelsat's IS-33e high throughput satellite. Intelsat's IS-33e satellite is approved by Indian government regulators, paving the way for coverage with no interruptions or blackout zones. The service is available on Intelsat partner airlines and their passengers on aircraft now.
HDFC Bank rose 0.22%. The private lender on Thursday announced that it has entered into an indicative and non-binding term sheet with Go Digit Life Insurance, to acquire 9.94% stake in the company. In an exchange filing, HDFC Bank said that it has proposed an investment of between Rs 49.9 crore to Rs 69.9 crore, in two tranches, by subscribing to equity shares of the company, for an equity stake of up to 9.944% of the paid-up equity share capital of the company.
Dr. Reddy's Laboratories skid 0.40%. The drug major on Thursday (25 August) announced that its formulations manufacturing facility (FTO 11) in Srikakulam, Andhra Pradesh received the Establishment Inspection Report (EIR) from the US drug regulator. The inspection was conducted from 30 June, 2022 to 7 July, 2022 and the agency had issued a form 483 with two observations on 7 July 2022.
Adani Enterprises gained 2.46%. The company on Friday (26 August) contended that RRPR is not a party to the Sebi order dated 27 November 2020 and and it is not under any restrain by the market regulator. Adani Group's subsidiary Vishvapradhan Commercial Private Limited (VCPL) responded to the stock exchange filing by RRPR-promoter group vehicle of New Delhi Television (NDTV). It said that the contentions raised by NDTV promoter RRPR Holding are legally untenable and devoid of merit. RRPR is therefore bound to immediately perform its obligation and allot the equity shares as specified in the warrant exercise notice.
Granules India rose 0.65% after the USFDA classified Granules Pharmaceuticals, Inc's Virginia facility as Voluntary Action Indicated (VAI). Granules Pharmaceuticals, Inc is a wholly-owned foreign subsidiary of the company located in Chantilly, Virginia, USA. The US drug regulator on 23 July 2022 had issued form 483 with 6 observations at this facility.
Gland Pharma declined 0.62%. The drug maker said that the United States Food and Drug Administration (US FDA) had conducted a pre-market inspection at the company's Dundigal facility at Hyderabad from 22 to 25 August 2022. The inspection covered US FDA's quality system/current good manufacturing practice regulations for medical devices. The inspection was done. The company has received 1 (ONE) observation on Form 483 with respect to ANDA filed for the product to be manufactured at the said Facility. There is no data integrity observation.
Goa Carbon added 0.61% after the company announced the resumption of operations at the company's Chhattisgarh-based Bilaspur unit. "The Kiln has been lit up from today. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume shortly, the carbon rod maker said in a statement. Earlier this week, the company had announced the temporary shut-down of its Bilaspur unit and Paradeep unit for maintenance work.
Global Markets:
Shares in Europe tumbled while most Asian stocks traded higher on Friday as investors look ahead to Fed Chair Jerome Powell's speech at Jackson Hole later stateside.
Powell is due to speak at 3 p.m. London time and investors around the world will be tuning in for clues as to the pace and trajectory of the central bank's monetary policy tightening efforts as it looks to rein in inflation. Fed watchers expect him to reinforce the central bank's goal of squashing inflation and keeping expectations about future price gains in check.
In Europe, a German consumer sentiment reading for September is due Friday along with French and Italian consumer confidence data for August.
U.K. energy regulator Ofgem also announced its latest increase in the country's energy price cap, offering a bleak insight into the path of the deepening cost of living crisis and the U.K. inflation outlook.
Wall Street ended sharply higher on Thursday, lifted by gains in Nvidia and other technology-related stocks as investors focused on the Federal Reserve's Jackson Hole conference for clues about the central bank's policy outlook.
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