NIFTY ABOVE 24,550 MARK; BROADER MKT OUTPERFORMS

The headline equity benchmarks traded with minor gains in afternoon trade. The Nifty traded above the 24,550 mark after hitting the day�s low of 24,522.95 in mid-morning trade. Oil & gas, PSU bank and metal shares advanced while auto, private bank and financial services shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 52.09 points or 0.06% to 80,486.46. The Nifty 50 index added 40.10 points or 0.16% to 24,581.25.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 0.41% and the S&P BSE Small-Cap index rallied 1.25%.

The market breadth was strong. On the BSE, 2,707 shares rose and 1,251 shares fell. A total of 147 shares were unchanged.

Economy:

India�s forex reserves declined $4.8 billion to $670.119 billion for the week ended August 9, according to the latest RBI data.

In the previous reporting week, the country�s foreign exchange reserves had increased $7.533 billion to an all-time high of $674.919 billion.

For the week ended August 9, foreign currency assets, a major component of the reserves, decreased by $4.079 billion to $587.96 billion.

Gold reserves declined by $860 million to $59.239 billion during the week. The special drawing rights (SDRs) were up by $121 million to $18.282 billion.

India�s reserve position with the IMF increased by $18 million to $4.638 billion in the reporting week, the central bank data showed.

Gainers & Losers:

Hindalco Industries (up 3.48%), Bharat Petroleum Corporation (up 2.84%), Tata Steel (up 2.83%), LTIMindtree (up 2.36%) and Shriram Finance (up 2%) were major Nifty gainers.

Mahindra & Mahindra (down 1.80%), SBI Life Insurance Company (down 1.11%), Axis Bank (down 0.99%), Bharti Airtel (down 0.93%) and Grasim Industries (down 0.84%) were major Nifty losers.

Stocks in Spotlight:

Piramal Enterprises (PEL) rallied 3.27% after the NBFC informed that its promoter group entity purchased 6.16 lakh equity shares, representing 0.27% of the total paid-up share capital of the company.

Meanwhile, the board of PEL will meet on Wednesday, 21 August 2024 to consider issuing non-convertible debentures (NCDs) aggregating up to Rs 150 crore on private placement basis.

Glenmark Pharmaceuticals gained 3.79% after the company�s subsidiary Glenmark Therapeutics Inc., USA, announced the launch of OTC product Olopatadine Hydrochloride Ophthalmic Solution.

DCX Systems was locked in an upper circuit of 5% after the company informed that it has received orders worth Rs 107.08 crore from domestic and overseas customers.

Veranda Learning Solutions advanced 3.56% after the company said that it has partnered with Jumeira University Connect, the training arm of Jumeira University, to introduce a Chartered Accountancy (CA) preparation course for students in the UAE.

Genus Power Infrastructures was locked in an upper circuit of 5% after the company announced that its wholly-owned subsidiary received three letters of awards (LOA) worth totaling to Rs 2,925.52 crore.

Tejas Networks rose 1.40% after the company�s wholly owned subsidiary, Saankhya Labs has received an order from NewSpace India for supplying two-way Mobile Satellite Service (MSS) Terminals for various purposes.

Caplin Point Laboratories surged 12.66% after the Brazilian Health Regulatory Agency (ANVISA) concluded its inspection at Gummidipoondi facility, in Chennai in Tamil Nadu with zero observations.

JNK India rallied 3.24% after the heating equipment maker on Friday announced that it has received a `major� order from Hindustan Petroleum Corporation (HPCL).

Techno Electric & Engineering Company (Techno Electric) jumped 4.50% after the company partnered with IndiGrid to develop two IndiGrid�s Greenfield interstate transmission Systems (ISTS) projects.

Global Markets:

Europeans stocks declined while Asian stocks traded mixed on Monday as investors weighed optimism about a US economic soft landing against concerns over the global growth outlook.

Expectations of cooling inflation and a potential easing cycle by the Federal Reserve buoyed sentiment. However, investors remained cautious ahead of key US economic data this week and Federal Reserve Chair Jerome Powell`s speech on Friday.

In Asia, market participants will closely monitor central bank meetings in Indonesia and South Korea for potential rate adjustments. Thailand`s policy decision is particularly awaited given uncertainties surrounding the new government`s economic plans.

US stocks rebounded from earlier losses to close higher on Friday, as a report showing improved consumer sentiment boosted investor confidence. The Dow Jones Industrial Average rose 0.24%, the S&P 500 climbed 0.20% and the Nasdaq Composite gained 0.21%.

The University of Michigan�s gauge of consumer sentiment rose to 67.8 in a preliminary August reading, up from 66.4 in the prior month. It is the first gain after four months of declines.

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