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Indices trade with modest gains, Dreamfolks Services IPO subscribed 9.39 times

Published on Aug 26, 2022 11:31

The domestic equity barometers continued to trade with modest gains in the mid-morning trade. The Nifty traded a tad above the 17,600 level. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the green.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 248.2 points or 0.42% to 59,022.92. The Nifty 50 index gained 81.60 points or 0.47% to 17,604.05.

In the broader market, the S&P BSE Mid-Cap index gained 0.71% while the S&P BSE Small-Cap index rose 0.66%.

The market breadth was strong. On the BSE, 2,096 shares rose and 1,904 shares fell. A total of 166 shares were unchanged.

Investors focused on Federal Reserve Chair Jerome Powell`s speech at the central bank`s economic symposium at Jackson Hole, Wyoming, for clues about the bank`s outlook for the economy and interest rates.

IPO Updates:

The initial public offer (IPO) of Dreamfolks Services received bids for 8,90,08,620 shares as against 94,83,302 shares on offer, according to stock exchange data at 11:18 IST on Friday (26 August 2022). The issue was subscribed 9.39 times.

The IPO, with a price band of Rs 308-326 a share, will remain open for public subscription during 24 to 26 August 2022. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index rose 1.48% to 27,062.45. The index added 2.26% in two trading sessions.

Titan Company (up 2.95%), Crompton Greaves Consumer Electricals (up 0.98%), TTK Prestige (up 0.89%), V-Guard Industries (up 0.85%), Havells India (up 0.74%), Bata India (up 0.57%), Dixon Technologies (India) (up 0.33%), Voltas (up 0.31%), Rajesh Exports (up 0.25%) and Amber Enterprises India (up 0.21%) advanced.

On the other hand, Kajaria Ceramics (down 0.77%), Whirlpool of India (down 0.75%) and Orient Electric (down 0.06%) edged lower.

Stocks in Spotlight:

Gland Pharma declined 0.19%. The drug maker said that the United States Food and Drug Administration (US FDA) had conducted a pre-market inspection at the company`s Dundigal facility at Hyderabad from 22 to 25 August 2022. The inspection covered US FDA`s quality system/current good manufacturing practice regulations for medical devices. The inspection was done. The company has received 1 (ONE) observation on Form 483 with respect to ANDA filed for the product to be manufactured at the said Facility. There is no data integrity observation.

Goa Carbon advanced 3.68% after the company announced the resumption of operations at the company`s Chhattisgarh-based Bilaspur unit. "The Kiln has been lit up from today. After preliminary heat up and commencement of feeding of raw material, normal production is likely to resume shortly,� the carbon rod maker said in a statement. Earlier this week, the company had announced the temporary shut-down of its Bilaspur unit and Paradeep unit for maintenance work.

Shares of Gensol Engineering were locked in an upper circuit of 5%. The company received various orders for building solar power projects worth Rs 153 crore. The purchase orders are for the development of solar power projects aggregating to a capacity of around 55.8 MWp in the states of Jammu & Kashmir, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana.

Global Markets:

Asian stocks traded higher on Friday as investors look ahead to Fed Chair Jerome Powell`s speech at Jackson Hole later stateside.

Wall Street ended sharply higher on Thursday, lifted by gains in Nvidia and other technology-related stocks as investors focused on the Federal Reserve`s Jackson Hole conference for clues about the central bank`s policy outlook.

Investors are awaiting the Jackson Hole economic symposium with Federal Reserve Chair Jerome Powell slated to speak Friday. Fed watchers expect him to reinforce the central bank`s goal of squashing inflation and keeping expectations about future price gains in check.

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