BENCHMARKS TURN RANGEBOUND; CONSUMER DURABLES SHARES JUMP FOR 3RD DAY

The domestic equity indices traded with limited losses in mid-morning trade. The Nifty traded below the 24,350 level. Consumer Durables shares rallied for third consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 94.92 points or 0.13% to79,550.86. The Nifty 50 index declined 24.55 points or 0.10% to 24,322.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.08% and the S&P BSE Small-Cap index added 0.23%.

The market breadth was negative. On the BSE, 1,808 shares rose and 1,904 shares fell. A total of 140 shares were unchanged.

Economy

India�s CPI inflation in July 2024 stood at 3.54%, which is the lowest since August 2019, according to official data released on Monday, August 12. In the previous month of June 2024, India�s retail inflation had stood at 5.08%.

Meanwhile, India�s IIP recorded a growth of 4.2% in June 2024. The factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4% in June 2023.

IPO update:

The initial public offer (IPO) of Saraswati Saree Depot received 7,54,59,690 bids for shares as against 100,00,800 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (13 August 2024). The issue was subscribed 7.55 times.

The issue opened for bidding on 12 August 2024 and it will close on 14 August 2024. The price band of the IPO was fixed at Rs 152 to 160 per share.

Buzzing Index:

The Nifty Consumer Durables index advanced 1.21% to 39,094.40. The index jumped 2.71% for third consecutive trading session.

Blue Star (up 5.93%), Dixon Technologies (India) (up 2.78%), Kalyan Jewellers India (up 2.09%), Century Plyboards (India) (up 1.86%), Crompton Greaves Consumer Electricals (up 1.61%), V-Guard Industries (up 1.46%), Titan Company (up 0.9%), Rajesh Exports (up 0.78%), Voltas (up 0.41%) and Bata India (up 0.15%) advanced.

Stocks in spotlight:

Indian Railway Finance Corporation (IRFC) added 1.14% after the company�s net profit grew by 1.65% to Rs 1,576.83 crore in Q1 FY25 as against Rs 1,551.28 crore posted in Q1 FY24.

Senco Gold rallied 5.55% after the company�s consolidated net profit jumped 82% to Rs 51 crore in Q1 FY25 as compared with Rs 28 core in Q1 FY24. Revenue increased 7.6% YoY to Rs 1,404 crore in Q1 FY25.

AMI Organics rose 0.58%. The company�s consolidated net profit declined 34% to Rs 14.7 crore in Q1 FY25 as compared with Rs 22.2 crore in Q1 FY24. Revenue stood at Rs 177 crore in Q1 FY25, up 14.9% as compared with Rs 154 crore in Q1 FY24.

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