The key equity barometers ended with small gains on Friday. 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 tepid rise. Metals, consumer durables and PSU banks stocks were in demand. On the other hand, media, realty and private banks shares were under pressure.
The barometer index, the S&P BSE Sensex, rose 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.
Grasim Industries (up 3.58%), NTPC (up 2.96%), Adani Ports & SEZ (up 2.94%), JSW Steel (up 2.84%) and Titan Company (up 2.78%) were top Nifty gainers.
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, 1916 shares rose and 1506 shares fell. A total of 145 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, tumbled 6.92% to 18.22.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.2174 as compared with 7.292 at close in the previous trading session.
In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.84, compared with its close of 79.9250 during the previous trading session.
MCX Gold futures for 5 October 2022 settlement shed 0.55% to Rs 51,419.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, lost 0.23% to 108.22.
In the commodities market, Brent crude for October 2022 settlement rose $1.57 or 1.58% at $100.91 a barrel. The contract declined $1.88 or 1.86% to settle at $99.34 a barrel during the previous trading session.
Global Markets:
Most European shares declined while most Asian shares advanced on Friday as investors look ahead to Fed Chair Jerome Powell's speech at Jackson Hole later stateside.
Powell is due to speak later today 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. Powell is expected 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.
Politics:
Veteran Congress leader Ghulam Nabi Azad resigned from all party posts on Friday (26 August 2022). In a letter addressed to Congress President Sonia Gandhi, Azad said, with great regret and an extremely heavy heart, he has decided to sever his over half a century old association with the Indian National Congress. Congress has termed Ghulam Nabi Azad resignation saddening.
New Listing:
Shares of Syrma SGS Technology surged 19.48% at Rs 313.05 on the BSE, a premium of 42.30% 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.
The scrip hit a high of Rs 314.40 and a low of Rs 257 during the day. Over 54.77 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.
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.
Eicher Motors slipped 3.67%. 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.
HDFC Bank fell 0.03%. 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.
Adani Enterprises gained 2.37%. 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.
Gensol Engineering hit an upper circuit of 5% at Rs 1,706.65 after the company said it received various orders for building solar power projects worth Rs 153 crore.
Dr. Reddy's Laboratories skid 0.60%. 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 earlier issued a form 483 with two observations on 7 July 2022.
Granules India rose 0.49% 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 earlier issued form 483 with 6 observations to this facility.
Gland Pharma declined 0.93%. 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 0.97% after the company announced the resumption of operations at the company's Chhattisgarh-based Bilaspur unit. The company had temporarily shut its Bilaspur unit and Paradeep unit for maintenance work.
UltraTech Cement rose 0.63%. As part of its ongoing expansion plan, the company announced the commissioning of cement capacity of 1.3 mtpa at Dalla Cement Works, Uttar Pradesh, resulting in the Unit's capacity increasing to 1.8 mtpa. This is part of 1st phase of capacity expansion announced in December 2020. With this commissioning, the company's total cement manufacturing capacity in India now stands at 115.85 mtpa.
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