INDICES TRADE WITH DECENT GAINS; IT SHARES RALLY

The headline equity benchmarks traded with modest gains in mid-morning trade. The Nifty traded near the 25,000 level after hitting the day�s low of 24,896.80 in morning trade. IT shares advanced after declining in previous two consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 210.15 points or 0.25% to 81,766.23. The Nifty 50 index added 59.20 points or 0.24% to 24,995.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index gained 1.14%.

The market breadth was strong. On the BSE, 2,594 shares rose and 1,153 shares fell. A total of 126 shares were unchanged.

Economy:

The GST Council has slashed the GST rate on cancer drugs from 12% to 5% to ease the financial burden on patients. It also reduced GST on selected snacks and exempted research funds for universities. A GoM has been formed to explore reducing tax rates on life and health insurance, and another to address compensation cess. The council received status reports on rate rationalization, real estate, and online gaming. Car seat GST increased to 28%, while RMPU air conditioners for railways and approved flying training courses were exempted from GST.

IPO Update :

The initial public offer (IPO) of P N Gadgil Jewellers received 54,12,693 bids for shares as against 1,68,85,964 shares on offer, according to stock exchange data at 11:10 IST on Tuesday (10 September 2024). The issue was subscribed 0.32 times.

The issue opened for bidding on Tuedsady (10 September 2024) and it will close on Thursday (12 September 2024). The price band of the IPO is fixed between Rs 456 to Rs 480 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof.

The initial public offer (IPO) of Kross received 2,00,42,926 bids for shares as against 1,53,50,877 shares on offer, according to stock exchange data at 11:10 IST on Tuesday (10 September 2024). The issue was subscribed 1.31 times.

The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 228 to Rs 240 per share. An investor can bid for a minimum of 62 equity shares and in multiples thereof.

The initial public offer (IPO) of Tolins Tyres received 2,01,69,204 bids for shares as against 74,88,372 shares on offer, according to stock exchange data at 11:10 IST on Tuesday (10 September 2024). The issue was subscribed 2.69 times.

The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 215 to 226 per share. An investor can bid for a minimum of 66 equity shares and in multiples thereof.

The initial public offer (IPO) of Bajaj Housing Finance received 2,20,27,82,464 bids for shares as against 72,75,75,756 shares on offer, according to stock exchange data at 11:10 IST on Tuesday (10 September 2024). The issue was subscribed 3.03 times.

The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 66 to 70 per share. An investor can bid for a minimum of 214 equity shares and in multiples thereof.

Buzzing Index :

The Nifty IT index gained 1.17% to 42,409.40. The index fell 1.70% in past two consecutive trading sessions.

Coforge (up 3.45%), LTIMindtree (up 1.86%), Mphasis (up 1.57%), Infosys (up 1.45%), Persistent Systems (up 1.18%), Tata Consultancy Services (up 0.86%), HCL Technologies (up 0.8%), Tech Mahindra (up 0.73%), L&T Technology Services (up 0.66%) and Wipro (up 0.48%) advanced.

Stocks in Spotlight :

H.G. Infra Engineering jumped 4.55% after the company announced that it has received the letter of award (LoA) from the Ministry of Road Transport & Highways (MoRTH) for upgrading the existing road in Gujarat.

Awfis Space Solutions advanced 2.66% after the company has entered into a business transfer agreement (BTA) with SMS integrated facility services (SMS IFS), for selling facility management business, Awfis Care for Rs 27.5 crore on a slumps.

Global Markets :

Most Asian stock markets climbed on Tuesday, mirroring a previous night`s surge in Wall Street as investors eagerly awaited upcoming inflation data for hints on potential interest rate cuts.

China`s exports grew by 8.7% year-on-year in August, while imports increased by 0.5%, according to customs data released on Tuesday. This compares to the previous growth rates of 6.5% for exports and 2% for imports.

While Chinese markets participated in the regional uptrend, they underperformed due to several factors. The recent passage of a U.S. bill imposing fresh restrictions on Chinese biotechnology companies dampened sentiment. Additionally, a series of mixed economic indicators released over the past week weighed on Chinese stocks.

The primary focus this week is on the key US consumer price index inflation data, which is expected to influence the outlook for interest rates.

U.S. stocks rallied on Monday as investors bought the dip, anticipating a potential Federal Reserve rate cut later this month to support the slowing economy. Technology stocks, which were among the hardest hit last week, led the rebound. The Dow Jones Industrial Average surged 1.2%, the S&P 500 gained 1.16%, and the Nasdaq Composite jumped 1.16%.

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