The key equity benchmarks ended almost flat on Tuesday. The Nifty settled near the 19,400 level. Metal, consumer durables and FMCG shares advanced while PSU bank, pharma and IT stocks declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 3.94 points or 0.01% to 65,220.03. The Nifty 50 index advanced 2.85 points or 0.01% to 19,396.45.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.94% while the S&P BSE Small-Cap index gained 0.89%.
The market breadth was strong. On the BSE, 2,210 shares rose and 1,443 shares fell. A total of 132 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.17% to 11.75.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9600, compared with its close of 83.1325 during the previous trading session.
IPO Update:
The initial public offer (IPO) of Aeroflex Industries received bids for 11.32 crore shares as against 2.32 crore shares on offer, according to stock exchange data at 15:15 IST on Tuesday (22 August 2023). The issue was subscribed 4.88 times.
The issue opened for bidding on Tuesday (22 August 2023) and it will close on Thursday (24 August 2023). The price band of the IPO is fixed at Rs 102-108per share. An investor can bid for a minimum of 130 equity shares and in multiples thereof.
The IPO of Pyramid Technoplast received bids for 12.42 crore shares as against 75.60 lakh shares on offer, according to stock exchange data at 15:15 IST on Tuesday (22 August 2023). The issue was subscribed 16.44 times.
The issue opened for bidding on Friday (18 August 2023) and it will close on Tuesday (22 August 2023). The price band of the IPO is fixed at Rs 151-166 per share. An investor can bid for a minimum of 90 equity shares and in multiples thereof.
Buzzing Index:
The Nifty metal index rose 0.85% to 6,634.40. The index jumped 2.37% in the past three trading sessions.
Hindustan Copper (up 5.96%), Adani Enterprises (up 2.21%), NMDC (up 2.03%), APL Apollo Tubes (up 1.8%) and Welspun Corp (up 1.7%) were the top gainers.
Among the other gainers were National Aluminium Company (up 0.97%), Ratnamani Metals & Tubes (up 0.93%), Jindal Stainless (up 0.76%), Tata Steel (up 0.56%) and Hindustan Zinc (up 0.38%).
Stocks In Spotlight:
One 97 Communications (Paytm) added 2.32% after the company said that Paytm is investing in AI with an eye on building Artificial General Intelligence software stack.
Tata Power Company rose 1.75%. Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, signed a Power Purchase Agreement (PPA) for 9MWp on campus solar plant with Tata Motors Pantnagar plant in Uttarakhand.
Union Bank of India declined 2.02%. A meeting of the Committee of Directors for Raising Capital Funds is scheduled to be held on 24 August 2023 to, inter alia, consider and approve the issue price, including a discount, if any for the equity shares to be allotted to Qualified Institutional Buyers, pursuant to the Issue.
Eris Lifesciences fell 0.94%. The company has entered into term loan agreement to avail the Rupee Term Loan facility amounting to Rs 120.82 crore from Citi Bank N.A..
Newgen Software Technologies rallied 5.38% after the company announced that it has received a purchase order for the License Product, implementation and support services from an international client.
Lemon Tree Hotels advanced 1.66% after the company has signed License Agreement's for two properties in Bhubaneswar and Kasauli under the company's brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively
Patel Engineering fell 1.10%. The company along with its joint venture partner has been declared as lowest bidder (L1) for urban infrastructure development project of Rs 1,275.30 crore from Madhya Pradesh Jal Nigam.
Global Markets:
European and Asian stocks edged higher on Tuesday following the overnight rally in big tech that spurred a rebound in Wall Street stocks, though elevated Treasury yields kept risk sentiment in check.
South Korea's consumer sentiment weakened in August for the first time in six months, according to a survey from the Bank of Korea. The consumer sentiment index fell to 103.1 from 103.2 the previous month.
In US, the Nasdaq Composite snapped a four-day losing streak on Monday, even as Treasury yields reached levels not seen in over a decade. The benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007.
Investors are now focused on a speech by Federal Reserve Chair Jerome Powell, scheduled for Friday. The Jackson Hole, Wyoming, setting for his speech has been the site of major policy announcements in the past by the Fed, and is one of the most important events each year for central bankers globally.
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