Sensex, Nifty trade with limited gains; Realty shares edge higher.

The key equity indices traded with limited gains in mid-morning trade. The Nifty hovered near the 20,100 level. Realty shares extended their wining streak for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 33.72 points or 0.05% to 67,500.71. The Nifty 50 index added 27.55 points or 0.14% to 20,097.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.67% while the S&P BSE Small-Cap index gained 1.24%.

The market breadth was weak. On the BSE, 2471 shares rose and 990 shares fell. A total of 150 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 1.62% to 590.55. The index has gained 2.30% in two sessions.

Indiabulls Real Estate (up 2.77%), Godrej Properties (up 2.42%), DLF (up 1.85%), Oberoi Realty (up 1.83%) and Macrotech Developers (up 1.76%) were the top gainers.

Among the other gainers were Sobha (up 1.58%), Prestige Estates Projects (up 1.57%), Phoenix Mills (up 0.65%).

On the other hand, Brigade Enterprises (down 0.23%), Mahindra Lifespace Developers (down 0.07%), moved lower.

Buzzing Index:

The Nifty Metal index advanced 2.09% to 7,088.70. The index has gained 2.52% in two sessions.

Hindalco Industries (up 4.48%), Welspun Corp (up 4.23%), NMDC (up 3.66%), Tata Steel (up 3.2%) and Steel Authority of India (up 3.02%) were the top gainers.

Among the other gainers were Jindal Steel & Power (up 2.75%), National Aluminium Company (up 2.11%), Hindustan Copper (up 1.99%), Vedanta (up 1.52%) and APL Apollo Tubes (up 1.45%).

Stocks in Spotlight:

Sun Pharmaceutical Industries shed 0.43%. The company announced that one of its wholly owned subsidiary has entered into a license agreement with Pharmazz Inc., a U.S. based biopharmaceutical company to commercialise Tyvalzi (Sovateltide) drug in India.

NBCC (India) surged 11.24%. The company announced that it received a work order worth Rs 180 crore for consultancy & project management services at SAIL's Bokaro Steel plant.

Bajaj Healthcare advanced 2.69%. The company announced that it has received the establishment inspection report (EIR) from the US drug regulator for its API manufacturing facility located at Vadodara, Gujarat.

ACC shed 0.38%. The cement major on Thursday announced the commencement of commercial production of clinker at Ametha cement plant in Madhya Pradesh. The Ametha integrated cement plant has a clinker capacity of 3.3 million tonnes per annum (MTPA) and a cement capacity of 1 MTPA.

KPI Green Energy added 2.93%. The company said that it has successfully commissioned 7.80MW wind-solar hybrid power project comprising 4.20MW wind through KPI Green Energy Limited and 3.60MWdc solar capacity through its wholly owned subsidiary KPIG Energia Private Limited for client Mono Steel India.

Venus Remedies jumped 4.98%. The company announced its recent registration with the Department of Scientific and Industrial Research (DSIR), an Indian government body. This will help the company to avail customs duty exemptions.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.54% to 7.133 from its previous close of 7.172.

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 83.0150 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement declined 0.08% to Rs 58,547.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 104.62.

The United States 10-year bond yield fell 0.38% to 4.232.

In the commodities market, Brent crude for November 2023 settlement rose 45 cents or 0.49% to $92.33 a barrel.

Global Markets:

Overseas, Asian stocks are trading higher on Thursday even as inflation in the U.S. inflation rate in August came in hotter than expected.

US stocks ended mixed on Wednesday as traders weighted the hot August inflation report. Markets are now waiting on key economic indicators before the Fed issues its next rate move on September 20. The Bureau of Labor Statistics is slated to release the August Producer Price Index before the opening bell on Thursday.

Month-on-month, the consumer price index rose 0.6% in August, in line with expectations. In July, the CPI rose 3.2% year-on-year and 0.2% month-on-month. However, excluding volatile food and energy costs, the core CPI rose 4.3%, in line with estimates and down from 4.7% in July.

The domestic equity barometers traded sideways in mid-morning trade. The Nifty traded below the 20,000 level. IT shares witnessed some bit of profit booking.

The barometer index, the S&P BSE Sensex, was down 70.63 points or 0.11% to 67,291.76. The Nifty 50 index added 31.35 points or 0.16% to 20,024.55.

In the broader market, the S&P BSE Mid-Cap index fell 0.61% while the S&P BSE Small-Cap index slipped 0.18%.

The market breadth was negative. On the BSE, 1595 shares rose and 1840 shares fell. A total of 148 shares were unchanged.

Economy:

India's retail inflation eased to 6.83% in August from 7.44% in July as vegetable prices cooled somewhat compared to the previous month, the National Statistical Office (NSO) data showed on Tuesday. On the other hand, India's industrial output grew by 5.7% in July from 3.8% in June.

IPO Update:

The initial public offer (IPO) of EMS received bids for 12.41 lakh shares as against 1.33 crore shares on offer, according to stock exchange data at 12:21 IST on Wednesday (13 September 2023). The issue was subscribed 0.09 times.

The issue opened for bidding on Wednesday (13 September 2023) and it will close on Friday (15 September 2023). The price band of the IPO is fixed at Rs 983-1,035 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index fell 0.54% to 32,799.70. The index had advanced 1.73% in the past two sessions.

Persistent Systems (down 1.59%), Coforge (down 1.28%), L&T Technology Services (down 1.28%), Mphasis (down 1.04%) and HCL Technologies (down 0.96%) were the top losers.

Among the other losers were Tech Mahindra (down 0.9%), Infosys (down 0.51%), Tata Consultancy Services (down 0.33%), LTIMindtree (down 0.19%) and Wipro (down 0.09%).

Buzzing Index:

The Nifty PSU Bank index fell 0.61% to 4,709.20. The index has declined 2.98% in two sessions.

Punjab & Sind Bank (down 1.69%), UCO Bank (down 1.63%), Central Bank of India (down 1.33%), Bank of Maharashtra (down 1.22%) and Indian Overseas Bank (down 1.08%) were the top losers.

Among the other losers were Bank of Baroda (down 0.83%), State Bank of India (down 0.73%), Canara Bank (down 0.69%), Indian Bank (down 0.55%) and Bank of India (down 0.36%).

Stocks in Spotlight:

GE Power India added 3.92%. The company has received a purchase order for NOX Reduction order at Vedanta, Lanjigarh CGPP unit 3 x 30 MW. The base value of order is Rs 25 crores.

Waaree Renewable Technologies rose 0.43%. The company has received a letter of intent for engineering, procurement and construction (EPC) services in respect of setting up of a solar power project of 52.6 MWp capacity.

Tata Power Company shed 0.17%. Tata Power Solar Systems (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy, signed a memorandum of understanding (MoU) with Small Industries Development Bank of India (SIDBI) to offer easy financing to MSMEs for solar adoption.

Global Markets:

Asian stocks are trading lower on Wednesday as investors awaited key U.S. inflation data, while Chinese property stocks logged strong gains as embattled developer Country Garden clinched more extensions on its debt payments.

US stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week. Oracle shares dived to their lowest since June after the cloud-services provider forecast current-quarter revenue below targets and narrowly missed first-quarter expectations.

Investors are awaiting August consumer price index data due on Wednesday and producer prices reading scheduled for Thursday to gauge the outlook for U.S. interest rates. Investors will also monitor the European Central Bank's policy decision on Thursday, when it is seen holding rates after nine consecutive hikes.

Equity benchmarks hit fresh intraday high; auto shares in demand.

The domestic equity benchmarks extended their early gains and hit fresh intraday high in morning trade. The Nifty continued to hold above the 19,900 level. Auto stocks managed to edge higher for third day in a row.

The barometer index, the S&P BSE Sensex, was up 330.39 points or 0.50% to 66,929.30. The Nifty 50 index advanced 110.50 points or 0.56% to 19,930.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.88% while the S&P BSE Small-Cap index added 0.77%.

The market breadth was strong. On the BSE, 2,243 shares rose and 1,213 shares fell. A total of 204 shares were unchanged.

Prime Minister Narendra Modi, in his role as the host of the G20 Summit, concluded the two-day event. Indian Prime Minister Narendra Modi and U.S. President Joe Biden pledged to deepen the partnership between both countries in their second bilateral meeting in less than six months.

New Listing:

Shares of Rishabh Instruments were currently trading at Rs 460.25 on the BSE, representing a premium of 4.37% as compared with the issue price of Rs 441.

The scrip was listed at Rs 460, exhibiting a premium of 4.31% to the issue price.

So far, the stock has hit a high of 469.65 and a low of 432.25. On the BSE, over 3.49 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Rishabh Instruments was subscribed 31.65 times. The issue opened for bidding on 30 August 2023 and it closed on 1 September 2023. The price band of the IPO was fixed at Rs 418-441 per share.

Shares of Ratnaveer Precision Engineering were currently trading at Rs 129.15 on the BSE, representing a premium of 31.79% as compared with the issue price of Rs 98.

The scrip was listed at Rs 128, exhibiting a premium of 30.61% to the issue price.

So far, the stock has hit a high of 134 and a low of 123. On the BSE, over 9.20 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Ratnaveer Precision Engineering was subscribed 93.99 times. The issue opened for bidding on 4 September 2023 and it closed on 6 September 2023. The price band of the IPO was fixed at Rs 93-98 per share.

Buzzing Index:

The Nifty Auto rose 0.97% to 16,258.45. The index has added 2.12% in three sessions.

Tube Investments of India (up 5.6%), Maruti Suzuki India (up 1.14%), Tata Motors (up 1%), Samvardhana Motherson International (up 0.7%) and Hero MotoCorp (up 0.61%) were the top gainers.

Among the other gainers were Balkrishna Industries (up 0.52%), Ashok Leyland (up 0.49%), MRF (up 0.38%), Mahindra & Mahindra (up 0.3%) and TVS Motor Company (up 0.3%).

On the other hand, Bosch (down 0.51%), Bharat Forge (down 0.34%) and Sona BLW Precision Forgings (down 0.24%) moved lower.

Stocks in Spotlight:

IRB Infrastructure Developers rallied 3.17%. The company's gross toll collection jumped 24% to Rs 417 crore in August 2023 as compared with Rs 336 crore in August 2022.

Gateway Distriparks fell 1.21%. The company announced that its chief financial officer (CFO), Sandeep Kumar Shaw has tendered his resignation, effective from the close of business hours on 28 November 2023.

Reliance Industries (RIL) rose 0.53%. Jio Platforms on Friday 8 September 2023, announced its partnership with NVIDIA to develop a cloud-based AI compute infrastructure. This infrastructure aims to bolster India's position in the field of artificial intelligence. The new AI cloud infrastructure will provide access to accelerated computing, high-speed networking, and secure cloud services to various individuals and organizations in India, such as researchers, developers, startups, scientists, and AI practitioners.

Adani Enterprises gained 1.71%. Adani Global Pte. Ltd., Singapore, a step down wholly owned subsidiary of the Company (AGPTE) has signed Joint Venture Agreement with Kowa Holdings Asia Pte. Ltd., Singapore (KOWA) on 8th September 2023. The agreement is for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed Territory.

Strides Pharma Science added 0.81%. The company said that its step-down wholly owned subsidiary, Strides Pharma Global has received approval for Sevelamer Carbonate for oral suspension USP, 0.8g and 2.4g, from the United States Food & Drug Administration (USFDA).

SJVN jumped 4.69%. The company said that its wholly owned subsidiary SJVN Green Energy (SGEL) has signed PPA with Bhakra Beas Management Board (BBMB) for 18 MW Solar Power.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.15% to 7.188 from its previous close of 7.173.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9200, compared with its close of 83.0275 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement added 0.10% to Rs 58,955.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.36% to 104.72.

The United States 10-year bond yield rose 0.90% to 4.294.

In the commodities market, Brent crude for November 2023 settlement lost 14 cents or 0.15% to $90.51 a barrel.

Global Markets:

Asian stocks are trading mixed on Monday where key economic data from major economies will take center stage.

On Tuesday, India will release its inflation and industrial output figures for August, while China will announce its industrial output, retail sales, and most notably, house sale prices on Friday.

US stocks closed higher on Friday as Apple and other tech and growth stocks witnessed some buying after the recent fall due to China's ban on iPhones for government employees.

https://www.streetinvestment.in/training/

Domestic equity indices were trading with minor gains in early trade. The Nifty traded above the 19,7500 level. Barring the Nifty Healthcare index, all the other sectoral indices on the NSE traded in the green.

The barometer index, the S&P BSE Sensex, was up 211.14 points or 0.32% to 66,476.70. The Nifty 50 index shed 63.25 points or 0.32% to 19,790.30.

In the broader market, the S&P BSE Mid-Cap index lost 0.53% while the S&P BSE Small-Cap index rose 0.65%.

The market breadth was strong. On the BSE, 2,032 shares rose and 693 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 758.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 28.11 crore in the Indian equity market on 7 September, provisional data showed.

Stocks in Spotlight:

LTIMindtree rose 0.01%. The company has launched two industry solutions, AdSpark and Smart Service Operations, to accelerate the time-to-market for businesses on the Salesforce platform.

Ashok Leyland added 0.80%. The company unveiled the Electric Light Commercial Vehicles from Switch Mobility - the IeV Series. The IeV Series is India's first electric commercial vehicles in its category and aims to provide efficient and eco-friendly solutions for last mile transportation needs.

Sterlite Technologies jumped 2.40%. The company has partnered with TruVista, a 125-year-old provider of broadband services and applications, to drive the growth and enhancement of South Carolina's rural connectivity infrastructure.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.03% to 7.171 from its previous close of 7.173.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.16, compared with its close of 83.23 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement gained 0.23% to Rs 59,131.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 104.89.

The United States 10-year bond yield declined 0.83% to 4.229.

In the commodities market, Brent crude for November 2023 settlement lost 52 cents or 0.58% to $89.40 a barrel.

Global Markets:

Asian stocks are trading lower on Friday as Japan released revised second quarter gross domestic product figures. Hong Kong cancelled the morning trading session due to a storm warning. Japan's economy grew 4.8% in the second quarter on a quarter-on-quarter annualized basis, a smaller growth than the 6% seen in the preliminary estimates.

Overnight in the U.S., the Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve's interest rate policy path, and whether policymakers will enact another hike this year.

The likelihood that inflation numbers are going to remain stubbornly high for a while could mean more interest rate increases, former St. Louis Federal Reserve President James Bullard reportedly said.

Domestic equity indices were trading with minor losses in early trade. The Nifty traded below the 19,600 level. PSU bank, media and realty shares advanced while metal, IT and FMCG stocks declined.

The barometer index, the S&P BSE Sensex, was down 164.03 points or 0.25% to 65,716.49. The Nifty 50 index shed 47.75 points or 0.24% to 19,563.30.

In the broader market, the S&P BSE Mid-Cap index added 0.40% while the S&P BSE Small-Cap index rose 0.37%.

The market breadth was strong. On the BSE, 1,756 shares rose and 876 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,245.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 247.46 crore in the Indian equity market on 6 September, provisional data showed.

Buzzing Index:

The Nifty FMCG index declined 0.31% to 51,901.70. The index advanced 1.74% in past two trading sessions.

Tata Consumer Products (down 2.26%), Radico Khaitan (down 0.88%), Hindustan Unilever (down 0.69%), Nestle India (down 0.6%), Britannia Industries (down 0.44%), ITC (down 0.38%), Marico (down 0.25%) and United Spirits (down 0.15%) slipped.

On the other hand, United Breweries (up 2.05%) ,Godrej Consumer Products (up 1.43%) and Procter & Gamble Hygiene and Health Care (up 1.28%) edged higher.

Stocks in Spotlight:

Biocon rose 0.17%. The biopharmaceutical company announced that its subsidiary, Biocon Biologics (BBL) has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada), effective 1 September 2023.

REC advanced 1.56% after the company announced that it has signed a foreign currency term loan agreement for $100 million with Export Import Bank of India (Exim Bank).

Force Motors hit an upper limit of 5% to Rs 3633.25 after the firm reported August output at 3,032 units with domestic sales of 2,601 units.

Vedanta declined 1.12%. A wholly owned subsidiary of the company, in the name of Sesa Iron and Steel has been incorporated on 6 September 2023 for growth projects and to undertake expansion of its operations.

Lupin added 0.40%. The pharma major forged a unique collaboration with Mark Cuban Cost Plus Drug Company (Cost Plus Drugs), a pioneer in affordable medicines, and the COPD Foundation, dedicated to enhancing the lives of COPD patients. This collaboration aims to bolster access to healthcare by expanding the availability of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, to COPD patients in the US.

AU Small Finance Bank rose 0.44%. AU Small Finance Bank has entered into bancassurance tie-up with: Star Health and Allied Insurance Company for Health Insurance solution to Bank's customers. The bank has also entered into bancassurance tie-up with Bajaj Allianz Life Insurance Company for Life Insurance solution to bank's customers.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.35% to 7.185 from its previous close of 7.210.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1525, compared with its close of 83.13 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement shed 0.07% to Rs 59,048.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 104.81.

The United States 10-year bond yield declined 0.02% to 4.292.

In the commodities market, Brent crude for November 2023 settlement lost 19 cents or 0.21% to $90.41 a barrel.

Global Markets:

Asian stocks are trading mixed on Thursday, following a sell off on Wall Street and ahead of trade data from China and Australia.

US stocks saw a sell off on Wednesday as concerns mounted that the Federal Reserve may not be done hiking interest rates.

The Institute for Supply Management's U.S. services index climbed to a six-month high in August, while the price segment ticked up to 58.9%, a report Wednesday showed. The ISM index's price barometer hit a four-month high.

Street Investment

Key equity barometers traded with small losses in mid-morning trade. The Nifty traded below the 19,600 level after hitting day's high of 19,604.85 in morning trade. Metal shares witnessed profit booking after rising in the past three trading sessions.

The barometer index, the S&P BSE Sensex, was down 31.49 points or 0.05% to 65,748.77. The Nifty 50 index lost 5.85 points or 0.3% to 19,569.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index gained 0.29%.

The market breadth was positive. On the BSE, 2,019 shares rose and 1,440 shares fell. A total of 159 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Ratnaveer Precision Engineering received bids for 37.17 crore shares as against 1.17 crore shares on offer, according to stock exchange data at 11:30 IST on Wednesday (6 September 2023). The issue was subscribed 31.53 times.

The issue opened for bidding on Monday (4 September 2023) and it will close on Wednesday (6 September 2023). The price band of the IPO is fixed at Rs 93-98 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index declined 1.05% to 6,965.25. The index jumped 5.70% in three trading sessions.

Hindustan Copper (down 2.52%), Steel Authority of India (down 2.21%), National Aluminium Company (down 2.05%), Jindal Steel & Power (down 2.02%), Hindalco Industries (down 1.97%), NMDC (down 1.92%), Tata Steel (down 1.78%), APL Apollo Tubes (down 1.24%), JSW Steel (down 0.97%) and Hindustan Zinc (down 0.66%) slipped.

Buzzing Index:

The Nifty Pharma index rose 1.31% to 15,417.60. The index gained 2.70% in three trading sessions.

Torrent Pharmaceuticals Ltd (up 1.89%), Aurobindo Pharma Ltd (up 1.64%), Cipla Ltd (up 1.59%), Divis Laboratories Ltd (up 1.39%), Alkem Laboratories Ltd (up 1.21%), Ipca Laboratories Ltd (up 1.09%), Lupin Ltd (up 1.08%), Zydus Lifesciences Ltd (up 0.8%), Gland Pharma Ltd (up 0.68%) and Pfizer Ltd (up 0.59%) advanced.

Stocks in Spotlight:

GAIL (India) rose 1.13%. The Central Bureau of Investigation (CBI) has taken into custody an executive director of GAIL (India) following a bribery case involving a sum of Rs 50 lakh. No quantifiable impact on the financial, operational, or other activities of GAIL can be determined at this stage, stated the company.

The arrest was made on 5 September 2023. As reported in the CBI arrest cum search memo, several individuals have been implicated, including K B Singh, executive director (ER & projects), GAIL; Surendra Kumar Sharma, CEO of Advance Infrastructures.; Harsh Yadav; Suryavesh; Davinder Singh, CGM, GAIL; Sunil Kumar, Sr. GM, Mecon, along with other unidentified public servants and private persons.

Gensol Engineering added 2.85% after the company's board on Tuesday, 5 September 2023, approved a 2:1 bonus share issue.

NBCC (India) advanced 2.88% after the company announced that it has signed MoU with Kerala State Housing Board (KSHB), Govt. of Kerala, for a project worth approximately Rs 2000 crore.

Shriram Finance were down 0.21%. The NBFC informed that it has allotted 8,500 non-convertible debentures (NCDs) on a private placement basis for an issue size of Rs 75 crore plus a greenshoe option of Rs 150 crore.

Jio Financial Services (JIOFIN) fell 0.74%, following its exclusion from the Nifty 50 and other NSE indices effective from 7 September 2023.

Global Markets:

Asian stocks traded mixed on Wednesday after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.

Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Australia's gross domestic product expanded 2.1% in the second quarter from a year ago, lower than the 2.3% year-on-year growth recorded in the first quarter.

US stocks ended lower on Tuesday as the rise in crude oil prices weighed on stocks.

Best Share Market Institute

Indian equity indices ended with major gains on Friday. After opening at 19,258.15, the Nifty 50 index marched higher as the session progressed to settle above the 17,400 level. Metal, auto and PSU bank stocks witnessed buying demand while healthcare and pharma shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex rallied 555.75 points or 0.86% to 65,387.16. The Nifty 50 index added 181.50 points or 0.94% to 19,435.30.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index gained 0.75%.

The market breadth was strong. On the BSE, 2,177 shares rose and 1,488 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.78% to 11.37.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose to 58.6 in August from 57.7 in July, indicating second-best improvement in the health of the sector for nearly three years.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: The PMI results for India painted a vibrant picture of the nation's manufacturing landscape in August. Robust and accelerated increases in new orders and production suggest that the sector looks set to provide a strong contribution to second quarter (fiscal) economic growth.?

Meanwhile, India's gross domestic product (GDP) grew by 7.8% in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1% in the previous January-March quarter of fiscal 2022-23, according to official data shared by the National Statistical Office.

Output of eight key infrastructure sectors, known as the core sector, marginally slowed to 8% in July from 8.3% in June. This is due to a low base effect and positive growth in all the eight sectors during the month. In July last year, the core sector had grown by 4.8%. The print for June 2023 was also revised slightly upwards to 8.3% from 8.2% estimated earlier.

IPO Update:

The initial public offer (IPO) of Rishabh Instruments received bids for 21.66 crore shares as against 77.90 lakh shares on offer, according to stock exchange data at 15:30 IST on Friday (1 September 2023). The issue was subscribed 27.81 times.

The issue opened for bidding on Wednesday (30 August 2023) and it will close on Friday (1 September 2023). The price band of the IPO is fixed at Rs 418-441 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.

August Auto Sales Impact:

Tata Motors rose 1.56%. The auto major's domestic and international sales for August 2023 stood at 78,010 vehicles, down 1.06% compared to 78,843 units sold in August 2022.

Mahindra & Mahindra added 0.76%. The car manufacturer said that its overall auto sales for the month of August 2023 stood at 70,350 vehicles, registering a growth of 19.14% as against 59,049 vehicles sold in August 2022. Further, M&M's total tractor sales (domestic + exports) rose 1% YoY to 21,676 units in August 2023 from 21,520 units sold in August 2022.

Bajaj Auto gained 1.19% said that its total sales declined 15% to 3,41,648 units in August 2023 as compared with 4,01,595 units sold in same quarter last year.

TVS Motor Company advanced 2.48% after the company registered a sales growth of 4% increasing from 3,33,787 units in August 2022 to 3,45,848 units in August 2023.

Eicher Motors added 1.88% after the auto maker's unlisted subsidiary, VE Commercial Vehicles (VECV) reported 29.4% year on year jump in commercial vehicles (CV) sales to 6,476 units in August 2023.

Maruti Suzuki India rallied 3.25% after its total sales in the month of August 2023 grew 14.48% to 189,082 units as compared with 165,173 units sold in the same period last year.

Ashok Leyland added 0.16%. The company announced that total vehicle sales jumped by 10% to 15,576 units in August 2023 from 14,121 units in August 2022.

Escorts Kubota fell 0.87%. The company's Agri Machinery segment sold 5,593 tractors in August 2023, up 8.5% as compared with 6,111 tractors sold in August 2022.

VST Tillers Tractors declined 1.50%. The tractor manufacturer's total sales increased 12.08% to 4,037 units in August 2023 from 3,602 units sold in August 2022.

Steel Strips Wheels shed 1.89% after the company announced that it has achieved net turnover of Rs 389.77 crore in August 2023, recording a growth of 10.44% on YoY basis.

Stocks in Spotlight:

HCL Technologies rose 1.12%. The company had completed the acquisition effective 31 August 2023 of 100% stake in ASAP Group, an automotive engineering services provider headquartered in Germany.

ITD Cementation India jumped 7.59% after the company announced that it has secured a marine contract worth approximately Rs 3,290 crore.

Oil and Natural Gas Corporation rallied 3.93% after Fitch Ratings affirmed the company's long-term foreign-currency issuer default rating (IDR) at 'BBB-' with 'stable' outlook.

NCC shed 0.41% after the company received 4 new orders aggregating to Rs 8,398 crore in the month of August 2023 relating to Electrical Division.

Container Corporation of India (CONCOR) gained 2.48% after the company informed the appointment of Sanjay Swarup as chairman & managing director of CONCOR from the date of his assumption of charge of the post on or after 1 October 2023.

Balaji Amines fell 0.58%. The company announced that its consolidated net profit declined 57.1% to Rs 52.73 crore in Q1 FY24 from Rs 122 crore posted in Q1 FY23. Revenue from operations slumped 30.8% to Rs 463.67 crore in Q1 FY24 as compared with Rs 670.17 crore in Q1 FY23.

Aeroflex Industries added 0.89% after the company announced that it has repaid the entire outstanding Kotak Mahindra Bank loan amounting to Rs. 32.49 crore from the proceeds of initial public offer and internal accruals.

Global Markets:

The Dow Jones futures were up 123 points, indicating a positive opening in the US stock market today.

Markets in Europe and Asia edged higher on Friday as investors await a key U.S. jobs report with the intent to gauge the outlook for Federal Reserve policy.

China's official manufacturing purchasing managers index came in at 49.7, representing a softer rate of contraction compared to July's figure of 49.3.

Meanwhile, China's central bank announced first reserve ratio cut in 2023 to counter Yuan depreciation. The People's Bank of China (PBOC) said it would cut the foreign exchange reserve requirement ratio (RRR) by 200 basis points (bps) to 4% from 6% beginning September 15, as per reports.

US stocks ended mixed on Thursday after inflation and weekly jobless data. Investors are keenly awaiting employment data due on Friday for clues on the Fed's monetary policy outlook.