BAROMETERS TRIM GAINS; METAL SHARES RALLY FOR 3RD DAY

The key equity indices pared gains in mid-morning trade. The Nifty traded below the 25,400 level after hitting the day`s high of 25,445.70 in morning trade. Metal shares rallied for three consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 70.06 points or 0.09% to 82,961.09. The Nifty 50 index rose 22.60 points or 0.09% to 25,379.85.

The Sensex and Nifty clocked an all-time high of 83,184.34 and 25,445.70, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.01% and the S&P BSE Small-Cap index rose 0.13%. The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit a record high of 49,506.01 and 57,502.74 respectively.

The market breadth was positive. On the BSE, 2,069 shares rose and 1,818 shares fell. A total of 148 shares were unchanged.

Economy :

India`s forex reserves jumped $ 5.248 billion to a new all-time high of $ 689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by $ 2.299 billion to a record $ 683.987 billion for the previous reporting week. For the week ended September 6, foreign currency assets, a major component of the reserves, increased by $ 5.107 billion to $ 604.144 billion, the data showed.

IPO Update :

The initial public offer (IPO) of Western Carriers (India) received 4,27,92,429 bids for shares as against 2,08,68,467 shares on offer, according to stock exchange data at 11:15 IST on Monday (16 September 2024). The issue was subscribed 2.05 times.

The issue opened for bidding on Friday (13 September 2024) and it will close on Wednesday (18 September 2024). The price band of the IPO is fixed between Rs 163 to Rs 172 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

The initial public offer (IPO) of Northern Arc Capital received 1,01,23,314 bids for shares as against 2,14,78,290 shares on offer, according to stock exchange data at 11:15 IST on Monday (16 September 2024). The issue was subscribed 0.47 times.

The issue opened for bidding on Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof.

The initial public offer (IPO) of Arkade Developers received 2,58,94,770 bids for shares as against 2,37,75,719 shares on offer, according to stock exchange data at 11:15 IST on Monday (16 September 2024). The issue was subscribed 1.09 times.

The issue opened for bidding Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.

Buzzing Index :

The Nifty Metal index rose 0.67% to 9,433.40. The index jumped 4.48% in the third consecutive trading sessions.

Vedanta (up 1.75%), National Aluminium Company (up 1.68%), Ratnamani Metals & Tubes (up 1.02%), Adani Enterprises (up 0.96%), JSW Steel (up 0.77%), Hindalco Industries (up 0.63%), Tata Steel (up 0.59%), NMDC (up 0.34%), Hindustan Copper (up 0.05%) and Jindal Steel & Power (up 0.03%) edged higher.

On the other hand, Welspun Corp (down 1.13%), Jindal Stainless (down 0.95%) and APL Apollo Tubes (down 0.62%) edged lower.

Stocks in Spotlight :

The Phoenix Mills advanced 2.97% after the company said that its board has approved issuance of one bonus equity share for every one existing equity share held (1:1).

Exide Industries fell 0.34%. The company informed that it has invested Rs 99.99 crore in its wholly owned subsidiary, Exide Energy Solutions (EESL) by way of subscription to share capital on right basis.

Oriental Rail Infrastructure rose 0.51%. The company announced that it has secured an order worth Rs 1.42 crore from Integral Coach Factory (ICF), Chennai, Indian railways. The project entails supply and installation of 16 sets of seats and berths with hardwares for LWSCN PP coach.

Global Markets :

Asian stocks were traded lower on Monday, with Hong Kong stocks falling as investors assessed downbeat economic data from China, while several key markets were closed for holidays.

China`s economy continued to weaken in August, with factory output, consumption, and investment all declining more than expected. Home prices fell at the fastest pace since 2014, prompting the People`s Bank of China to signal more monetary easing and a heightened focus on combating deflation.

Sentiment in Asia was also dampened following a second assassination attempt on US presidential candidate Donald Trump. He was later taken to safety.

US stocks closed higher on Friday ahead of the Federal Reserve`s upcoming policy meeting. The S&P 500 gained 0.54%, the tech-heavy Nasdaq Composite added 0.65%, and the Dow Jones Industrial Average jumped 0.72%, marking their fifth consecutive winning day.

Wall Street is now looking ahead to the Fed`s meeting on September 17-18, where a 25-basis-point interest rate cut is widely expected. The current target rate stands at 5.25% to 5.5%.

Economic data indicating a moderation in inflation further supports the case for a rate cut. The consumer price index in August rose 2.5% year-over-year, the lowest level since February 2021. Wholesale prices increased by 0.2% in August, in line with expectations.

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