BENCHMARKS TRADE WITH MINOR CUTS; NIFTY SLIPS BELOW 25,200 LEVEL

The key domestic indices traded with small losses in mid-morning trade. The Nifty traded below 25,200 level. Consumer durables shares advanced after declining in the past trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, declined 93.26 points or 0.11% to 82,259.59. The Nifty 50 index fell 19.35 points or 0.08% to 25,179.35.15.

In the broader market, the S&P BSE Mid-Cap index jumped 0.35% and the S&P BSE Small-Cap index gained 0.58%.

The market breadth was strong. On the BSE, 2,305 shares rose and 1,409 shares fell. A total of 142 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Sree Tirupati Balajee Agro Trading Company received 1,39,58,820 bids for shares as against 1,43,08,000 shares on offer, according to stock exchange data at 11:18 IST on Thursday (5 September 2024). The issue was subscribed 0.98 times.

The issue opened for bidding on Thursday (5 September 2024) and it will close on Monday (9 September 2024). The price band of the IPO is fixed between Rs 78 to 83 per share. An investor can bid for a minimum of 180 equity shares and in multiples thereof.

Buzzing index:

The Nifty Consumer Durables index rose 0.74 % to 41,906.05. The index fell 0.27% in the past trading session.

Titan Company (up 2.81%), Amber Enterprises India (up 1.81%), Rajesh Exports (up 1.42%), Crompton Greaves Consumer Electricals (up 1.1%) and Kalyan Jewellers India (up 0.81%) were the top gainers. Among the other gainers were Whirlpool of India (up 0.75%), Kajaria Ceramics (up 0.69%), Blue Star (up 0.62%), Voltas (up 0.45%) and Bata India (up 0.22%) advanced.

Stocks in Spotlight:

Linde India jumped 3.73% after the company announced that it has entered into the plant sale agreement with Tata Steel for acquiring their industrial gas supply assets

RailTel Corporation of India was flat. The company informed that it has received a work order from Northern Railways for Railway Telecom Project aggregating to Rs 10.92 crore.

Global Markets:

Asian markets mostly decline on Thursday, as investors assessed July pay data out of Japan. Average monthly cash earnings in the country rose 3.6% year-on-year, a softer rise compared to the 4.5% climb seen in June. Investors are looking ahead for other economic data coming from the region include trade data from Australia and Singapore�s retail sales numbers.

The US job openings data for July, at 7.67 million, fell below estimates. This marked the lowest level since early 2021, indicating a potential challenge in achieving a soft landing for the world`s largest economy. Market participants will closely monitor the upcoming August economic report on Friday, which could further influence the magnitude of rate cuts.

China`s economic difficulties intensified as JPMorgan strategists downgraded the country`s stock outlook. Citing a challenging economic landscape and heightened volatility surrounding the US election, they lowered their rating from overweight to neutral. In an attempt to stimulate the property market and broader economy, China is considering interest rate cuts on a significant portion of its mortgage debt.

A notable development saw India surpass China as the largest weighting in the MSCI EM investable market index (IMI).

US stock markets experienced a mixed start to September. The S&P 500 and Nasdaq Composite declined for a second consecutive day Wednesday, while the Dow Jones Industrial Average gained slightly. A temporary return to a normal yield curve provided some support to US stocks, easing recession concerns that had previously plagued investors.

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