KEY HIGHLIGHTS
FPIs Remain Net Buyers For Second Straight Day
Overseas investors remained net buyers of Indian equities on Friday for the second consecutive session.
Foreign portfolio investors mopped up stocks worth Rs 164.42 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers and bought equities worth Rs 1,938.57 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,30,519 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Higher
The yield on the 10-year bond closed 7 bps higher at 7.20% on Friday.
Source: Bloomberg
Indian Rupee Weakens Against The U.S. Dollar
The local currency weakened 14 paise to close at Rs 83.18 against the U.S dollar on Friday.
It closed at 83.04 on Thursday.
Source: Bloomberg
Sensex, Nifty Stretch Gains To Third Week After Record Close: Market Wrap
India's benchmark stock indices scaled fresh life highs on Friday to ends at a record close. Nifty advanced for the third session, whereas Sensex rose for the 11th day, the longest streak of gains since October 2007.
Intraday, the S&P BSE Sensex Index rose as much as 0.60% to hit a lifehigh of 67,927.23 points, whereas Nifty advanced 0.46% to the record of 20,222.45 points. On a weekly basis, the indices advanced in a row for the third week.
Auto, I.T. stocks rose whereas, realty and fast moving consumer goods shares were under pressure.
The S&P BSE Sensex closed up 320 points, or 0.47%, at 67,838.63 points, while the NSE Nifty 50 was 89 points of 0.44% higher at 20,192.35 points.
European stocks and commodities rallied after better-than-expected economic data in China fueled hopes stimulus measures are paying off.
Europe’s Stoxx 600 added 0.9%, following Asian peers higher, after Chinese industrial production and retail sales statistics beat estimates. Brent crude climbed above $94 per barrel. U.S. equity futures, meanwhile, pared gains.
Stocks in Europe are set to follow Asian peers higher following better-than-expected Chinese economic data and after the central bank took further measures to support the struggling economy.
HDFC Bank Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and Bajaj Auto Ltd., were positively adding to the change in the Nifty 50 Index.
Whereas, Hindustan Unilever Ltd., Asian Paints Ltd., ITC Ltd., Larsen & Toubro Ltd., and Kotak Mahindra Bank Ltd. were negatively contributing to the change.
The broader market indices ended higher; the S&P BSE MidCap Index was up 0.09%, whereas S&P BSE SmallCap Index was also 0.27% higher.
Nine out of 20 sectors compiled by BSE advanced, while the other 11 sectors declined. S&P BSE Telecommunication and S&P BSE Auto rose the most and S&P BSE Oil & Gas fell the most.
The market breadth was skewed in the favour of the buyers. About 1930 stocks rose, 1697 declined, while 159 remained unchanged on the BSE.
Nifty IT and Nifty Bank advanced the most this week, whereas Nifty Media and Nifty Realty dropped the most.
On a weekly basis, the headline indices advanced for the third week in a row. The S&P BSE Sensex rose 1.88% and NSE Nifty 50 was higher by 1.86%, this week.
Last week, S&P BSE Sensex had rose 1.85% and NSE Nifty 50 was higher by 1.98%, as well.
Sensex, Nifty At Fresh Record High
Sensex, Nifty At Fresh Record High
Nifty 50 advanced 0.49% to hit record high at 20,202.60 points.
Sensex rose 0.51% to scale a new high at 67,861.61 points.
Source: Bloomberg
Crisil To Acquire Bridge To India Energy Private
To acquire Bridge To India Energy Pvt.
Alert: Bridge to India Private is a renewable energy consulting and knowledge services provider.
Source: Company release
Zydus Lifesciences Gets U.S. FDA Approval For Ortho Evra Generic
Gets U.S. FDA final approval Norelgestromin and Ethinyl Estradiol Transdermal.
Alert: Norelgestromin and Ethinyl Estradiol Transdermal is a medication used to prevent pregnancy
Source: Exchange filing
Yield On The 10-Year Bond Rises
The yield on the 10-year rose 5 basis points to 7.18% on Friday, as of 2:14 p.m.
The yield rose the closed at 7.13% on Thursday.
Source: Bloomberg
Ashok Leyland To Invest In Uttar Pradesh Greenfield Bus Plant
Company signs MoU for setting up integrated CV bus manufacturing facility focused on EV in Uttar Pradesh.
Investment required is Rs 200 crore initially.
Proposed capacity of 2,500 buses per annum.
Proposed capacity may be expanded to 5,000 vehicles per annum on market demand.
Facility to be added in 18 months from date of acquisition of land.
Source: Exchange Filing
European Markets Open Higher
Stocks At 52-Week High Intraday
Talking Point: Pockets Of Opportunities In Small & Midcap Spaces
Sensex, Nifty Up After Setting Fresh Record, HDFC Bank, TCS Lead: Midday Market Update
India's benchmark stock indices held on to steady gains after hitting fresh life-highs intraday on Friday. Nifty was on course to advance for the third day, whereas Sensex is poised to rise for 11th day, the longest streak of gains since October 2007.
Intraday, the S&P BSE Sensex Index rose as much as 0.48% to hit a life high of 67,843.29 points, whereas Nifty advanced 0.46% to the record of 20,196.45 points. I.T. stocks rose whereas, realty and media shares were under pressure.
As of 12:46 p.m., the S&P BSE Sensex was up 166 points, or 0.25%, at 67,685.02 points, while the NSE Nifty 50 was 47 points or 0.23% higher at 20,150.10 points.
Stocks in Europe are set to follow Asian peers higher following better-than-expected Chinese economic data and after the central bank took further measures to support the struggling economy.
European equity futures rose 0.7% as Asian shares rallied after Chinese industrial production and retail sales data beat estimates. The People’s Bank of China kept the interest rate on its one-year medium-term lending facility unchanged.
U.S. equity futures edged upwards, signaling an extension of Thursday’s gains following retail sales and producer prices data that beat estimates.
HDFC Bank Ltd., Tata Consultancy Services Ltd., Bajaj Auto Ltd., Infosys Ltd., and HCL Technologies Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Hindustan Unilever Ltd., Asian Paints Ltd., NTPC Ltd., Tata Steel Ltd., and State Bank of India were negatively contributing to the change.
The broader market indices were marginally higher; the S&P BSE MidCap Index was up 0.01%, whereas S&P BSE SmallCap Index was also 0.07% higher.
Ten out of 20 sectors compiled by BSE advanced, while the other ten declined. S&P BSE Auto rose the most and S&P BSE Realty fell the most.
The market breadth was skewed in the favour of the buyers. About 1,891 stocks rose, 1,601 declined, while 182 remained unchanged on the BSE.
Patel Engineering Jumps 4.92% After Its JV Gets Irrigation Project Orders Worth Rs 452.26 Crore
Shares of Patel Engineering Ltd. jumped nearly 5% to be locked in the upper band at Rs 55.4 per share after its joint venture received two orders worth Rs 452.26 crore.
The JV received an order worth Rs 202.30 crore on Friday for work involving the construction of pipe line distribution network. The project is to be completed in a period of 30 months. The said project is located in the state of Maharashtra's Satara district. Patel Engineering is a 40% JV partner and thus it shall receive Rs 80.92 crore from this package.
On Thursday, the joint venture was declared as the lowest bidder for the same irrigation project's first package worth of Rs 249.96 crore from Maharashtra Krishna Valley Development Corp. Its share in the contract is Rs 99.98 crore.
Patel Engineering Ltd. shares in both the projects combined stands at Rs 180.90 crore.
Shares of Patel Engineering Ltd. rose 4.92% to Rs 55.4 apiece as of 12:14 p.m., as compared to a 0.46% advance in the NSE Nifty 50.
It has risen 221.21% on a year-to-date basis. The total traded volume stood at 2.4 times its 30-day average. The relative strength index was at 55.6. Bloomberg covers no analyst tracking the company.
Tp Movers On The Nifty 50 Indexo
Sensex, Nifty At Fresh Record High
Nifty 50 advanced 0.45% to hit record high at 20,192.95 points
Sensex rose 0.46% to scale a new high at 67,827.84 points
as of 11:34 a.m.
Nykaa Has 26.5 Lakh Shares Change Hands
26.6 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 152.20 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Indus Tower Has 10 Lakh Shares Change Hands
10 lakh shares changed hands in a large trade.
0.04% equity changed hands at Rs 186.30 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Restaurant Brands Shares Rise Over 14% After Large Trade
About 8.39 crore shares or 17% equity changed hands in a single pre-market large trade
Alert: Everstone Capital-owned QSR Asia Pte, promoter of the company, holds 40.8% stake; the rest is held by public
Bharat Forge To Produce Armoured Vehicles In India; Shares Hit Record High
Shares of Bharat Forge Ltd. hit a record high on Friday after its unit won an award to produce armoured vehicles in India for Paramount, a global defence company.
Kalyani Strategic Systems' partnership with Paramount includes the development and production of 4x4 and 6x6 infantry combat vehicles for global customers.
"The partnership between Paramount and Bharat Forge and its subsidiary, Kalyani Strategic Systems, has to date resulted in the successful development and production of large volumes of the locally-made KM4 armoured vehicles for the Indian Army," according to the exchange filing on Thursday.
Shares of Bharat Forge rose as much as 3.60% to hit a record high of Rs 1,148 apiece. The stock is trading 0.45% higher at Rs 1,113.20 per share, compared to a 0.24% advance in the benchmark NSE Nifty 50 as of 10:17 a.m.
The stock has risen 26.75% on a year-to-date basis. The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 70.31
Of the 31 analysts tracking Bharat Forge, 22 maintain a 'buy' rating on the stock, two suggest a 'hold', and seven recommend a 'sell', according to Bloomberg. The average of 12-month price targets given by analysts implies a potential downside of 9.9%.
Most Hotel Company Stocks Advance
Strides Pharma Science Jump Over 11% To 21-Month High After Receiving U.S. FDA Approval For HIV Tablets
Shares of Strides Pharma Science Ltd. rose to its highest level in 21 months high after the drugmaker's Singapore unit received tentative U.S. drug regulator's approval for Dolutegravir 50-mg tablets.
The medicine is an equivalent of Tivicay tablets used for antiretroviral therapy in HIV patients. The approval adds to a list of products that Strides has approved under the U.S. President’s Emergency Plan for AIDS Relief pathway, taking the total to 13 products.
The scrip rose 8.21% at Rs 506.6 apiece, as compared to a 0.22% advance in the NSE Nifty 50. The share price advanced as much as 11.66% intraday to hit Rs 522.75 per share, the highest level since Nov. 29, 2021.
The stock has risen 45.49% on a year-to-date basis. The total traded volume stood at 31 times its 30-day average. The relative strength index was at 72, implying that the stock maybe overbought.
Out of the two analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold,' while none suggest to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 4%.
Shakti Pumps Surge 12% After Bagging Rs 293 Crore Order
Shares of Shakti Pumps (India) Ltd. jumped on Friday, after the company bagged an order worth Rs 293 crore.
The submersible pumps manufacturer received a Letter of Award for 10,000 pumps, under PM- KUSUM III scheme, under component-B, from Department of Agriculture, Uttar Pradesh.
The company will supply, install and commission solar water pumping systems. The order is to be executed within 90 days period from the date of issue.
The stock has gained 115.7%% on a year-to-date basis. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 64.3, implying that the stock may be overbought.
Shares of the company surged 14.81%, before paring gains to trade 12.16% higher at 10:01 a.m., compared to 0.25% rise in the Nifty 50 Index.
Lemon Tree Hotel Shares Hit Life High After Signs Two New Properties In Gujarat & Nepal
Shares of Lemon Tree Hotels Ltd. rose to a life-high on Friday after it signed licence agreements for two hotel properties in Junagadh, Gujarat, and Chitwan, Nepal, under the brands "Lemon Tree Hotel" and "Lemon Tree Resort," respectively.
The former is expected to be operational by FY25 and the latter by FY24 itself, and both will be managed by Carnation Hotels.
The Junagadh hotel will feature 64 rooms, a restaurant, a banquet hall, meeting room and other public areas and is expected to be operational by FY25. The Tigerland Safari Resort in Nepal will feature 35 rooms, one restaurant, banquet hall, meeting rooms and other public areas and is expected to be operational in FY24 itself.
The scrip rose 1.14% at Rs 124.1 apiece, as compared to a 0.29% advance in the NSE Nifty 50, as of 10:10 a.m. The share price advanced as much as 2.28% intraday to hit an all-time high at Rs 125.5 per share.
The stock has risen 44.72% on a year-to-date basis. The total traded volume stood at 11 times its 30-day average. The relative strength index was at 81, implying that the stock maybe overbought.
Out of the 17 analysts tracking the company, 15 maintain a 'buy' rating, none recommend a 'hold,' while two suggest to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 4.9%.
Auto Companies Lead Advance
Shares of most auto companies advanced on Friday morning led by Bajaj Auto Ltd. and Hero MotoCorp Ltd.
Tata Steel Has 11.4 Lakh Shares Change Hands
11.4 lakh shares changed hands in a large trade.
0.01% equity changed hands at Rs 131.80 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Shakti Pumps Gets Order For 10,000 Pumps Worth Rs 293 Crore
Gets order for 10,000 pumps at Rs 293 crore from Uttar Pradesh Agriculture Department.
Order for supply, installation and commissioning of solar water pumping systems.
Order to be executed within 90 days period from the date of issue.
Source: Exchange Filing
Broader Markets Open Higher
The broader market indices opened higher; the S&P BSE MidCap Index was up 0.41%, whereas S&P BSE SmallCap Index was also 0.50% higher.
Sixteen out of 20 sectors compiled by BSE advanced, while four declined. S&P BSE Information Technology and S&P BSE Auto rose the most.
The market breadth was skewed in the favour of the buyers. About 1,808 stocks rose, 677 declined, while 108 remained unchanged on the BSE.
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices scaled fresh life highs in early trade on Friday after advancing for the second record-setting day on Thursday.
At pre-open, the S&P BSE Sensex was up 140 points, or 0.21%, at 67,658.59 points, while the NSE Nifty 50 was 53 points of 0.27% higher at 20,156.45 points.
Stocks in Asia advanced following better-than-expected Chinese economic data and after the central bank took further measures to support the struggling economy.
Shares in mainland China swung to a gain after industrial production and retail sales data beat estimates, adding to evidence earlier stimulus measures are starting to have an effect. The Australian dollar and Chinese yuan both strengthened. Equities in Australia, Japan, South Korea and Hong Kong have all been higher from their open following a rally in U.S. stocks Thursday.
Most Asian benchmark share indexes had gained earlier, after the S&P 500 and Nasdaq both rose 0.8% on Thursday and the Dow Jones Industrial Average climbed almost 1% as US retail sales and producer prices beat estimates. US stock futures extended gains in Asia.
NHPC Has 13 Lakh Shares Change Hands
13 lakh shares or 0.01% equity changed hands in a pre-market large trade.
Buyers and sellers not known immediately.
Source: Bloomberg
Sensex, Nifty Rise In Pre-Market Trade
At pre-open, the S&P BSE Sensex was up 140 points, or 0.21%, at 67,658.59 points, while the NSE Nifty 50 was 53 points of 0.27% higher at 20,156.45 points.
Source: Bloomberg
Yield On The 10-Year Flat
The yield on the 10-year bond at 7.14% on Friday.
Source: Bloomberg
India Rupee Opens Flat Against The U.S Dollar
The local currency opened flat at Rs 83.04 against the U.S dollar on Friday.
Source: Bloomberg
Nifty At 20K: Tailwinds For Further Upmoves: Chakri Lokapriya
Asian Markets Trade Higher
Infosys Signs MoU With A Global Company For Enhanced Digital Experience
Infosys signs an MoU with a global company for enhanced digital experiences.
The total client target spend over 15 years is estimated at $1.5 billion.
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 105.3
U.S. 10-year bond yield at 4.28%
Brent crude up 0.64% at $94.30 per barrel
Nymex crude up 0.74% at $90.83 per barrel
GIFT Nifty up 21 points or 0.10% at 20,238.5 as of 8:05 a.m.
Bitcoin down 0.09% at $26,554.90
Trading Tweaks
Ex-date Dividend: Apollo Pipes, Cantabil Retail India, Indian Railway Finance Corp., Jyoti Resins & Adhesives, Multi Commodity Exchange of India, Monarch Networth Capital, Sangam (India), Techno Electric & Engineering Co., Andhra Sugars, Bigbloc Construction, Everest Kanto Cylinder, DPSC, Garden Reach Shipbuilders & Engineers, HBL Power Systems, HMA Agro Industries, Indraprastha Medical Corp, Krsnaa Diagnostics, Jindal Stainless, Phoenix Mills, Vardhman Textiles, Vardhman Special Steels, Uttam Sugar Mills, Supriya Lifescience, SP Apparels, Talbros Automotive Components, Salasar Techno Engineering, National Aluminium Co.
Ex-date AGM: Indian Railway Finance Corp., Andhra Sugars, Bigbloc Construction, Dynamatic Technologies, Eris Lifesciences, Everest Kanto Cylinder, DPSC, Garden Reach Shipbuilders & Engineers, Gokul Agro Resources, Goldiam International, HBL Power Systems, HMA Agro Industries, Indraprastha Medical Corp., Krsnaa Diagnostics, Jindal Stainless, KIOCL, Phoenix Mills, Vardhman Textiles, Vardhman Special Steels, Utttam Sugar Mills, Supriya Lifescience, SP Apparels, Sindhu Trade Links, Talbros Automotive Components, Salasar Techno Engineering, Monarch Networth Capital, Optiemus Infracom, National Aluminium Co, Pennar Industries.
Record-date Dividend: Cantabil Retail India, Indian Railway Finance Corp, Jyoti Resins & Adhesives, Multi Commodity Exchange of India, Monarch Networth Capital, Sangam (India), Sangam (India), Techno Electric & Engineering Co., Krsnaa Diagnostics
Move Into Short-Term ASM Framework: Rane (Madras), PDS
Move Out Of Short-Term ASM Framework: Cyient DLM
Insider Trades
Usha Martin: Promoters Brij Family Trust and Neutral Publishing House bought 97,672 and 2.75 lakh shares, respectively, between Sept. 8 and 11.
Shyam Metalics and Energy: Promoters Subham Buildwell and Narantak Dealcomm sold 95.1 lakh and 65.76 lakh shares, respectively, between Sept. 11 and 12.
Page Industries: Promoters Sunder Genomal and Ramesh Genomal sold 19,856 each between Sept. 11 and 13.
ADF Foods: Promoter Krish Bhavesh Thakkar sold 26,600 shares between Sept. 8 and 11.
Bulk Deals
Bajaj Healthcare: Escorp Asset Management sold 1.5 lakh shares (0.54%) at Rs 416.06 apiece.
Birla Cable: Silver Line Ventures Private sold 1.65 lakh shares (0.55%) at Rs 362.23 apiece.
CMS Info Systems: Small Cap World Fund Inc. sold 18.57 lakh shares (1.2%) at Rs 355.16 apiece.
India Pesticides: Sudha Agarwal sold 7.85 lakh shares (0.7%) at Rs 300 apiece.
RattanIndia Power: Abarc-Ast-002-Trust sold 2.9 crore shares (0.54%) at Rs 6.62 apiece.
Suven Pharmaceuticals: Rambabu Chirumamilla sold 38 lakh shares (1.5%) at Rs 530.68 apiece.
Stocks To Watch: Adani, NTPC, Tata Power, Bharat Forge, Yatra Online, RR Kabel, Alkem Labs In Focus
Adani Enterprises: Adani New Industries' wind energy solutions unit announced its 5.2 MW wind turbine generator has been enlisted in the revised list of models and manufacturers published by the Ministry of New and Renewable Energy. The listing enables the commercial availability of Adani Wind's 5.2 MW wind turbines.
NTPC: The state-run power producer has signed a supplementary joint venture deal with UPRVUNL to take up joint development of two thermal projects in Uttar Pradesh.
Tata Power: Subsidiary Tata Power Renewable Energy signed a power delivery agreement with Xpro India to develop a 3.125 MW AC group captive solar plant in Achegaon, Maharashtra.
Alkem Laboratories: The Income Tax Department conducted a survey at some of the company's offices and subsidiaries. The drugmaker said it is fully cooperating with the officials and that there has been no impact on its operations.
Bharat Forge: The company and its unit, Kalyani Strategic Systems, signed a pact to produce armoured vehicles in India for clients of global defence company Paramount. The partnership includes the development and production of 4x4 and 6x6 infantry combat vehicles for global customers.
Godrej Properties: The developer plans to raise Rs 1,500 crore via two NCD issues.
Bank of Maharashtra: The lender has received total bids of Rs 760 crore for its issue of Basel III-compliant Tier 2 bonds on a private placement basis. - It has accepted a bid of Rs 515 crore, including a base issue of Rs 250 crore and a green shoe option retained up to Rs 265 crore, at a coupon rate of 7.98%.
Sona BLW Precision Forgings: The board approved an investment of $1.6 million in one or more tranches in the form of share capital in its wholly owned subsidiary in Mexico.
United Spirits: The company has filed an appeal against an order passed by the Additional Commissioner of Commercial Taxes (Enforcement) in the matter of the applicability of the GST rate on royalty income for the period September 2017 to September 2021. The quantum of claims is Rs 57.8 crore.
PI Industries: The company entered into a strategic alliance with Koppert to foster advancements in sustainable agriculture practices and jointly innovate in the domain of agriculture biologicals.
Lemon Tree Hotels: The company signed licence agreements for two hotel properties in Junagadh, Gujarat, and Chitwan, Nepal, under the brands "Lemon Tree Hotel" and "Lemon Tree Resort," respectively. The former is expected to be operational by FY25 and the latter by FY24 itself, and both will be managed by Carnation Hotels.
Schneider Electric Infrastructure: The company appointed Udai Singh as MD and CEO for three years, with effect from Sept. 15. Further, Arnab Roy resigned as a non-executive director.
Strides Pharma Science: The drugmaker's Singapore unit received tentative U.S. FDA approval for Dolutegravir 50mg tablets, which are equivalent to Tivicay tablets used for antiretroviral therapy in HIV patients. The approval adds to a list of products that Strides has approved under the PEPFAR pathway, taking the total to 13 products.
SeQuent Scientific: The drugmaker will sell its active pharmaceutical ingredient unit at Thane.
Clean Science and Technology: The company has subscribed to an additional 11.70 lakh equity shares, each at a premium of Rs 588, aggregating to Rs 70 crore by way of subscription to the rights issue of Clean Fino-Chem, a wholly owned subsidiary. The additional capital will be used to fund its greenfield projects.
GMM Pfaudler: The company will acquire Canada-based Professional Mixing Equipment (MixPro) for $7 million through its U.S. subsidiary. MixPro designs and manufactures innovative mixing solutions for a wide range of industrial applications.
Shoppers Stop: The retailer has started operations from its new Intune Store at Irrum Manzil, Hyderabad.
Gufic Biosciences: The company has been granted a patent for an invention for a term of 20 years, effective April 19, 2021.
Patel Engineering: The company, in a joint venture, has been declared the lowest bidder for an irrigation project of Rs 249.96 crore from Maharashtra Krishna Valley Development Corp. to construct a pipeline distribution network in Satara. PEL's share in the contract is Rs 99.98 crore, or 40%.
IPO Offerings
RR Kabel: The IPO was subscribed 1.39 times on its second day. The bids were led by non-institutional investors, who subscribed 2.10 times; institutional investors, 1.65 times; portions reserved for employees, 1.52 times; and retail investors, 0.95 times, or 95%.
Zaggle Prepaid Ocean Services: The IPO was subscribed 0.19 times, or 19%, on its first day. The bids were led by retail investors, who subscribed 0.87 times, or 87%, and non-institutional investors, who subscribed 0.11 times, or 11%. It received zero bids from institutional investors.
Samhi Hotels: The IPO was subscribed 0.07 times, or 7%, on its first day. The bids were led by retail investors, who subscribed 0.34 times, or 34%, and non-institutional investors, who subscribed 0.02 times, or 2%. It received zero bids from institutional investors.
Yatra Online: The online travel agency will open its IPO on Friday to raise Rs 775 crore. It consists of a fresh issue of Rs 602 crore and an offer for sale of Rs 173 crore, which will offload a total of 1.22 crore equity shares. The fixed price band is Rs 135–142 apiece. The company has mopped up Rs 348.75 crore from 33 anchor investors.
GIFT Nifty Signals Higher Opening For Benchmarks
Stocks in Asia followed U.S. benchmarks higher ahead of a slew of Chinese data after strong U.S. economic reports revived speculation the Federal Reserve will be able to engineer a soft landing.
Equities in Australia rallied the most in two weeks, while Japanese and Korean shares also climbed. Futures in Hong Kong advanced, and contracts for U.S. stocks rose following gains on the S&P 500 and Nasdaq 100 on Thursday as retail sales and producer prices beat estimates.
In Asia, investors will be closely monitoring a slew of economic data out of China today after the nation’s central bank cut the amount of cash lenders must hold in reserve for the second time this year.
Brent crude prices were trading above $94 a barrel, whereas WTI crude was above the $90 mark. The yield on the 10-year U.S. bond was trading at 4.28%, and Bitcoin was below the $27,000 level.
At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 21 points, or 0.10%, at 20,238.5.
India's benchmark stock indices fluctuated through Thursday after scaling record highs in early trade. The indices advanced for the second day after being dragged down by the small and mid-cap rout on Tuesday.
Sensex rose 0.45% to scale a new high at 67,771.05 points intraday, while Nifty 50 advanced 0.49% to hit a record high of 20,167.65 points. Broader markets were outperforming larger peers as the Nifty Smallcap 250 rose as much as 1.47% and the Nifty Midcap 150 advanced 1.05% intraday.
PSU banks, metal, real estate, and auto sectors led while fast-moving consumer goods, media, and consumer durables were under pressure.
Overseas investors turned net buyers of Indian equities after two days on Thursday. Foreign portfolio investors mopped up stocks worth Rs 294.7 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors became net sellers and offloaded stocks worth Rs 50.8 crore after being net buyers for five consecutive days, the NSE data showed.
The local currency weakened 5 paise to close at Rs 83.04 against the U.S. dollar on Thursday.
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