INDICES PARE LOSSES; EUROPEAN MKT ADVANCE

The key equity indices reversed all early losses and traded with minor gains in afternoon trade. The Nifty traded above the 25,250 mark. Consumer durables, pharma and FMCG shares advanced while media, PSU bank and metal stocks declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex added 26.52 points or 0.03% to 82,583.95. The Nifty 50 index rose 5.50 points or 0.02% to 25,284.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.24% and the S&P BSE Small-Cap index gained 0.69%.

The market breadth was positive. On the BSE, 2,081 shares rose and 1,798 shares fell. A total of 110 shares were unchanged.

Gainers & Losers:

Nestle India (up 1.65%), Hero MotoCorp (up 1.37%), Wipro (up 0.90%), Hindustan Unilever (up 0.82%) and Tata Consumer Products (up 0.80%) were major Nifty gainers.

Bajaj Finance (down 1.98%), Hindalco Industries (down 0.64%), Bajaj Auto (down 0.57%), Axis Bank (down 0.50%), JSW Steel (down 0.50%) were major Nifty losers.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.51%. The company announced that it has expanded its partnership with Google Cloud to offer two new cybersecurity solutions for customers.

Hindustan Aeronautics (HAL) rallied 3.34% after the Cabinet Committee on Security (CCS) approved the proposal for procurement of 240 aero-engines for Su-30 MKI aircraft of the Indian Air Force (IAF) at a cost of over Rs 26,000 crore.

Kaynes Technology India advanced 3.13% after the company informed that the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of Kaynes Semicon to setup a semiconductor unit in Sanand, Gujarat.

KPI Green Energy rose 1.08% after the company said that its wholly owned subsidiary Sun Drops Energia has received letters of intent for executing solar power projects with a cumulative capacity of 7 MW under the �Captive Power Producer (CPP)� business segment of the company.

Matrimony.com soared 11.80% after the company informed that its board will meet on 5 September 2024, to consider and approve, the proposal for buy back of fully paid up equity shares of the company.

Global Markets:

European market advanced while most Asian stocks traded lower on Tuesday.

South Korea�s headline inflation eased to 2% in August from 2.6% in July, its lowest level on a year-on-year basis since March 2021.

Traders in Asia will be keeping a close eye on fresh signs of economic troubles in China. Data on Saturday showed Chinese factory activity had contracted for a fourth straight month in August, the latest signal that the world�s second-largest economy may struggle to meet this year�s growth target.

Wall Street will reopen later Tuesday, following the Labor Day public holiday.

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