INDICES TURN RANGEBOUND; CONSUMER DURABLES SHARES ADVANCE

The key equity indices traded in a narrow range with small gains in mid-morning trade. The Nifty traded above the 24,950 mark. Consumer durables shares extended gains for the fourth consecutive trading session. Trading could be volatile due to weekly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 91.39 points or 0.13% to 81,614.55. The Nifty 50 index added 50.50 points or 0.20% to 24,968.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.67% and the S&P BSE Small-Cap index gained 0.33%.

The market breadth was positive. On the BSE, 2,126 shares rose and 1,593 shares fell. A total of 163 shares were unchanged.

IPO Update :

The initial public offer (IPO) of P N Gadgil Jewellers received 17,71,50,895 bids for shares as against 1,68,85,964 shares on offer, according to stock exchange data at 11:15 IST on Thursday (12 September 2024). The issue was subscribed 10.49 times.

The issue opened for bidding on Tuesday (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.

Buzzing Index :

The Nifty Consumer Durables index gained 0.98% to 42,545.15. The index rallied 2.44% in four consecutive trading sessions.

Kalyan Jewellers India (up 3.05%), Titan Company (up 1.07%), Havells India (up 0.97%), Blue Star (up 0.77%), Dixon Technologies (India) (up 0.73%), Kajaria Ceramics (up 0.70%), Voltas (up 0.69%), Crompton Greaves Consumer Electricals (up 0.65%), Cera Sanitaryware (up 0.4%) and Bata India (up 0.36%) advanced.

On the other hand, V-Guard Industries (down 0.88%), Whirlpool of India (down 0.66%) and Century Plyboards (India) (down 0.14%) edged lower.

Stocks in Spotlight :

JSW Steel added 0.66%. The company said that its consolidated crude steel production for the month of August 2024 was at 23.16 Lakh tonnes, which is higher by 1% as compared with 22.86 lakh tonnes in August 2023.

Shriram Finance advanced 1.94% after the company�s board has approved and allotted non-convertible debentures (NCDs) on private placement basis for an issue size of Rs 1,000 crore with green shoe option of Rs 500 crore.

Global Markets :

Most Asian stocks advanced on Thursday, driven by a surge in technology stocks. Meanwhile, Japanese markets soared as a softer-than-expected producer price inflation reading undermined the Bank of Japan`s hawkish stance.

The gains in Japanese stocks were fueled by the August producer price index (PPI) data, which came in at a lower-than-anticipated 2.5% year-over-year increase. This marked the slowest PPI growth since May, contrasting with the previous month`s 3.0% rise.

Regional technology stocks followed their U.S. counterparts, buoyed by Nvidia CEO Jensen Huang`s optimistic outlook on strong artificial intelligence demand. Chipmakers were particularly prominent among the gainers.

However, a stronger-than-expected consumer inflation reading tempered expectations for interest rate cuts. Markets are now positioning for a 25-basis-point rate cut by the Federal Reserve next week.

The annual core consumer price inflation rate in the United States, excluding volatile items like food and energy, stood at a three-year low of 3.2% in August 2024, matching July`s figure.

U.S. stocks rebounded on Wednesday after a volatile trading session, as investors assessed the implications of the latest inflation data for Federal Reserve policy. Tech shares led the recovery from earlier lows. The S&P 500 gained 1.07%, the Dow Jones Industrial Average added 0.31%, and the Nasdaq Composite rose 2.17%.

The US Labor Department reported the consumer price index (CPI) rose 0.2% last month, in line with July. Core CPI, excluding volatile food and energy components, rose 0.3% on a monthly basis, exceeding expectations.

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