Indices trim gains, Nifty below 17,650 mark
Published on Aug 25, 2022 11:31
The headline equity indices pared some gains in the mid-morning trade. The Nifty traded a tad below the 17,650 mark after hitting the days high of 17,716.35 in the morning trade. PSU bank, realty and consumer durables shares advanced while pharma, IT and healthcare stocks were under pressure.
At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 156.19 points or 0.26% to 59,241.62. The Nifty 50 index gained 42.85 points or 0.24% to 17,647.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index gained 0.59%.
The market breadth was strong. On the BSE, 2,182 shares rose and 1,046 shares fell. A total of 136 shares were unchanged.
The initial public offer (IPO) of Dreamfolks Services received bids for 2,68,40,172 shares as against 94,83,302 shares on offer, according to stock exchange data at 11:18 IST on Thursday (25 August 2022). The issue was subscribed 2.83 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.
The Nifty Consumer Durables index rose 0.97% to 26,720.05. The index shed 0.12% in the past trading session.
Crompton Greaves Consumer Electricals (up 5.25%), TTK Prestige (up 2.27%), Whirlpool of India (up 2.22%), Rajesh Exports (up 0.95%), Titan Company (up 0.75%), V-Guard Industries (up 0.72%), Bata India (up 0.7%), Havells India (up 0.63%), Dixon Technologies (India) (up 0.6%) and Blue Star (up 0.42%) advanced.
Stocks in Spotlight:
Macrotech Developers rose 0.28% after the company said its board will consider raising of funds upto Rs 250 crore on 29 August 2022. The board of directors of the company will consider raising funds through issuing non-convertible debentures in one or more tranches
Lupin declined 1.52%. The pharma major announced that it has entered into a deed of assignment with Boehringer Ingelheim International GmbH for the acquisition of brands Ondero and Ondero Met, including trademark rights associated with the brands. The brands Ondero and Ondero Met are related to medicines for the diabetic segment. The pharma major said that this will enable the company to provide comprehensive treatment options for diabetes management. The cost of acquisition of these brands stood at Rs Euro 26 million and the indicative time period for acquisition is expected to be completed by the end of August 2023.
Asian stocks traded higher on Thursday ahead of the Jackson Hole symposium kicking off stateside. Hong Kong`s session resumed in the afternoon after trading was delayed in the morning due to a typhoon warning. In South Korea, the Bank of Korea raised its benchmark interest rate by 25 basis points to 2.50%.
Wall Street ended higher on Wednesday, lifted by gains in energy stocks and Intuit while investors awaited the US Federal Reserve`s Jackson Hole conference this week.
Investors are awaiting the three-day Jackson Hole economic symposium that starts Thursday with Federal Reserve Chair Jerome Powell slated to speak Friday morning. 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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