The headline equity indices ended with minor gains on Monday, snapping a two-day losing streak. The Nifty traded a tad above the 19,300 level after hitting the day's low of 19,249.70 in morning trade. Realty, pharma and healthcare stocks were in demand while IT, FMCG and oil & gas shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex gained 110.09 points or 0.17% to 64,996.60. The Nifty 50 index added 40.25 points or 0.21% to 19,306.05.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index gained 0.67%.
The market breadth was positive. On the BSE 2,061 shares rose and 1,677 shares fell. A total of 169 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.60% to 12.40.
Economy:
India's foreign exchange reserves declined by $7.273 billion to a near two-month low of $594.89 billion as of Aug. 18 and posted their steepest weekly fall in more than six months, data from the country's central bank showed on Friday.
Gold reserves were down by $515 million to $43.824 billion, the RBI said. The Special Drawing Rights (SDRs) were down by $119 million to $18.205 billion, the apex bank said.
The country's reserve position with the IMF was also down by $25 million to $5.072 billion in the reporting week, the apex bank data showed.
IPO Update:
The initial public offer (IPO) of Vishnu Prakash R Punglia received bids for 184.36 crore shares as against 2.19 crore shares on offer, according to stock exchange data at 15:27 IST on Monday (28 August 2023). The issue was subscribed 84.07 times.
The issue opened for bidding on Thursday (24 August 2023) and it will close on Monday (28 August 2023). The price band of the IPO is fixed at Rs 94-99 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index rose 0.94% to 537.95. The index decliend 1.31% in the past trading session.
Indiabulls Real Estate (up 3.56%), Godrej Properties (up 2.34%), Sobha (up 2.13%), Phoenix Mills (up 1.73%) and DLF (up 1.49%), Prestige Estates Projects (up 0.54%), Oberoi Realty (up 0.11%) edged higher.
On the other hand, Macrotech Developers (down 1.7%), Brigade Enterprises (down 0.77%) and Mahindra Lifespace Developers (down 0.59%) declined.
Stocks in Spotlight:
Procter & Gamble Hygiene & Health Care surged 6.47% after the company's net profit zoomed to Rs 151.24 crore in June 2023 quarter as against Rs 42.55 crore posted in June 2022 quarter. The company said that the jump in profit after tax (PAT) was because of strong base business growth and one-time help.
Revenue from operations rose 9.8% to Rs 852.53 crore in the quarter ended June 2023 as compared with a year ago, driven by strong brand fundamentals and integrated growth strategy.
HDFC Bank rose 1.02% after the bank announced that its board has approved the re-appointment of Sanmoy Chakrabarti as the chief risk officer (CRO) of the Bank, for a further period of 5 years, with effect from 14 December 2023 to 31 December 2028.
Patel Engineering was locked in an upper circuit of 5% after the company along with JV partner has received letter of award (LoA) for Dibang multipurpose project for construction of civil works for Lot-4. The LoA is received from NHPC, which was declared as L1 earlier. The project is to be completed in 86 months. The value of the project stood at Rs 3,637.12 crore. The company being 50% partner in the JV, its share in the project is Rs 1,818.56 crore.
Sprayking Agro Equipment locked in an upper circuit of 5% after the company received repeat order worth Rs 1.5 crore for supplying Brass parts.
Gland Pharma gained 1.40%. The US drug regulator conducted a pre-market inspection covering its quality system/current good manufacturing practice regulations for medical devices (21 CFR Part 820) at the company's Pashamylaram Facility at Hyderabad from 23 August 2023 to 26 August 2023. The inspection concluded with two observations on Form 483 with respect to ANDA filed for the product to be manufactured in a PEN device.
Bharat Electronics (BEL) added 1.24%. BEL said that it has received order worth Rs 1,075 crore from Hindustan Shipyards for supply of CMS, Communication Systems, EW Systems and other sensors for Fleet Support Ships.
BEML gained 2.85% after the company received contract for export order from KAMSS, Russia, for BEML Dozer BD355 valuing at $19.71 million. The contract is to be executed in different phases starting from August 2023, for which purchase order has been received by the company.
Venus Remedies rallied 4.45% after the company has received marketing approval from Saudi Arabia, the largest pharmaceutical market in the Gulf Cooperation Council (GCC) region, for its product Enoxaparin in pre-filled syringes.
LT Foods rose 1.69% after the company clarified that the recent notification by the Government of India regarding the minimum export price of Basmati Rice does not impact its exports.
Indian Bank added 0.51% after the bank said that a meeting of directors is scheduled on 30 August 2023 to consider the modes/modalities of raising the equity capital within the limit of Rs 4,000 crore (including premium). The public sector bank may raise equity capital of the bank through QIP/FPO/rights issue or in combination thereof.
CCL Products (India) fell 2.04% after the company reported the breakdown of a key equipment at its wholly-owned subsidiary, Ngon Coffee Company in Vietnam. In a recent announcement, CCL Products (India) has revealed a significant setback at its wholly-owned subsidiary, Ngon Coffee Company in Vietnam. The company reported the breakdown of a key equipment, which is expected to result in a temporary interruption of production during the upcoming quarter.
Global Markets:
Markets in Europe and Asia advanced on Monday after China's support for its equities market revived positive sentiment and as Jerome Powell said the Federal Reserve would ?proceed carefully? on whether to raise interest rates again.
Chinese equities rose as the government lowered stamp duty on stock trades for the first time since 2008 and pledged to slow the pace of initial public offerings.
Meanwhile, shares of the world's most indebted property developer China Evergrande Group plunged as much as 87% on its open on Monday, trading for the first time since 21 March 2022. In July, the beleaguered company filed for Chapter 15 bankruptcy protection in a U.S. court.
US stocks rallied Friday as traders cheered comments from Federal Reserve Chairman Jerome Powell at the annual central bank conference in Jackson Hole, Wyoming, that point to stronger-than-expected economic growth.
U.S. Federal Reserve chair Jerome Powell said that inflation remains ?too high? and that the central bank is ?prepared to raise rates further if appropriate.?
Speaking at Jackson Hole over the weekend, Powell acknowledged that progress has been made on inflation and that the Fed will remain flexible as it contemplates further moves, but gave little indication that it's ready to start easing rates anytime soon.
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