BENCHMARKS TRADE WITH DECENT GAINS; EUROPEAN MKT OPENS HIGHER

The key equity indices traded with minor gains in afternoon trade. The Nifty traded above the 24,950 mark. All the sectoral indices on NSE were in the green with metal, PSU bank and auto shares gaining the most. Trading was volatile due to weekly F&O series expiry today.

At 13:30 IST, the barometer index, the S&P BSE Sensex was up 159.54 points or 0.20% to 81,674.97. The Nifty 50 index added 81.75 points or 0.33% to 24,993.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1% and the S&P BSE Small-Cap index gained 0.55%.

The market breadth was positive. On the BSE, 2,171 shares rose and 1,650 shares fell. A total of 135 shares were unchanged.

Gainers & Losers:

Shriram Finance (up 3.08%), Hero Motocorp (up 2.17%), Hindalco Industries (up 1.78%), NTPC (up 1.71%) and Mahindra And Mahindra (up 1.56%) were major Nifty gainers.

Nestle India (down 1.22%), ITC (down 1.03%), Tata Motors (down 0.97%), Tata Consultancy Services (down 0.74%) and Divi`s Laboratories (down 0.63%) were major Nifty losers.

Shriram Finance advanced 3.08% after the company�s board has approved and allotted non-convertible debentures (NCDs) on private placement basis for an issue size of Rs 1,000 crore with green shoe option of Rs 500 crore.

Stocks in Spotlight:

JSW Steel added 0.73%. The company said that its consolidated crude steel production for the month of August 2024 was at 23.16 Lakh tonnes, which is higher by 1% as compared with 22.86 lakh tonnes in August 2023.

Adani Ports and Special Economic Zone added 1.09% after the company said that it has signed a concession agreement with DPA to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat.

NBCC (India) advanced 2.21% after the company announced that it has signed a memorandum of understanding (MoU) worth Rs 1,600 crore with Mahanagar Telephone Nigam (MTNL) to develop a 13.88-acre land parcel in New Delhi.

GE T&D India rose 0.62%. The company received orders aggregating to 155 million Euros from Grid solutions, Middle East FZE, Dubai and SAS France.

Kalpataru Projects International rose 0.68%. The company along with its international subsidiaries has secured new orders worth Rs 2,774 crore.

Hindustan Petroleum Corporation (HPCL) added 0.63%. The company announced that it has received an approval from its board for the construction of pipeline from Visakh to Raipur at an estimated cost of Rs 2,212 crore.

Systematix Corporate Services advanced 2.27% after its board is scheduled to meet on Saturday, 14 September 2024 to approve fund raising by way of issue of equity shares on preferential basis.

Nazara Technologies gained 2.39% after the company�s wholly owned subsidiary, Nazara Dubai FZ entered into share purchase agreement to acquire 15.86% stake in GetStan Technologies (STAN) for Rs 18.4 crore or $2.2 million.

Global Markets:

The Dow Jones index futures were up 90 points, indicating a positive opening in the US stocks today.

Europeans and Asian stocks advanced on Thursday, driven by a surge in technology stocks. Meanwhile, Japanese markets soared as a softer-than-expected producer price inflation reading undermined the Bank of Japan`s hawkish stance.

The gains in Japanese stocks were fueled by the August producer price index (PPI) data, which came in at a lower-than-anticipated 2.5% year-over-year increase. This marked the slowest PPI growth since May, contrasting with the previous month`s 3.0% rise.

Regional technology stocks followed their U.S. counterparts, buoyed by Nvidia CEO Jensen Huang`s optimistic outlook on strong artificial intelligence demand. Chipmakers were particularly prominent among the gainers.

However, a stronger-than-expected consumer inflation reading tempered expectations for interest rate cuts. Markets are now positioning for a 25-basis-point rate cut by the Federal Reserve next week.

The annual core consumer price inflation rate in the United States, excluding volatile items like food and energy, stood at a three-year low of 3.2% in August 2024, matching July`s figure.

U.S. stocks rebounded on Wednesday after a volatile trading session, as investors assessed the implications of the latest inflation data for Federal Reserve policy. Tech shares led the recovery from earlier lows. The S&P 500 gained 1.07%, the Dow Jones Industrial Average added 0.31%, and the Nasdaq Composite rose 2.17%.

The US Labor Department reported the consumer price index (CPI) rose 0.2% last month, in line with July. Core CPI, excluding volatile food and energy components, rose 0.3% on a monthly basis, exceeding expectations.

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