SENSEX, NIFTY HIT NEW LIFE HIGHS; BANK SHARES RALLY FOR 5TH DAY

The key equity indices traded with minor gains in mid-morning trade. The Nifty scaled above the 25,450 level. Bank shares extended gains for the fifth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 163.21 points or 0.19% to 83,242.56. The Nifty 50 index rose 32.50 points or 0.13% to 25,451.05.

The Sensex and Nifty clocked an all-time high of 83,310.32 and 25,478.60, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.32% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was weak. On the BSE, 1,749 shares rose and 2,002 shares fell. A total of 166 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Western Carriers (India) received bids for 22,71,20,112 shares as against 2,08,68,467 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (18 September 2024). The issue was subscribed 10.88 times.

The issue opened for bidding on Friday (13 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 163 to Rs 172 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

The initial public offer (IPO) of Northern Arc Capital received bids for 28,00,14,210 shares as against 2,14,78,290 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (18 September 2024). The issue was subscribed 13.04 times.

The issue opened for bidding on Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof.

The initial public offer (IPO) of Arkade Developers received bids for 46,95,66,350 shares as against 2,37,75,719 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (18 September 2024). The issue was subscribed 19.75 times.

The issue opened for bidding Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.

Buzzing Index :

The Nifty Bank index rose 0.90% to 52,684.70. The index advanced 3.28% in the five consecutive trading sessions.

Bandhan Bank (up 1.85%), HDFC Bank (up 1.56%), State Bank of India (up 1.14%), ICICI Bank (up 0.76%) and IndusInd Bank (up 0.52%), Kotak Mahindra Bank (up 0.5%), Axis Bank (up 0.49%), Punjab National Bank (up 0.2%) edged higher.

On the other hand, IDFC First Bank (down 1.2%), AU Small Finance Bank (down 0.17%) and Federal Bank (down 0.1%) edged lower.

Stocks in Spotlight :

Mankind Pharma fell 0.55%. The pharma major informed that a meeting of its board is scheduled to be held on Friday, 20 September 2024 to mull the fund raising proposal for an amount as may be decided.

GPT Infraprojects declined 1.14%. The said that it has bagged a contract worth Rs 204 crore for construction of road over bridge from CAO Construction, South Eastern Railway, Kolkata.

Global Markets :

Most Asian shares traded higher on Wednesday as investors await the Federal Reserve�s rate decision due Wednesday stateside and assessed economic data from Japan. Indonesian central bank�s rate decision is also due later in the day.

While Chinese markets remained relatively stable after resuming trading from an extended break, investors also looked ahead to the Bank of Japan`s policy meeting later in the week. The BoJ is expected to maintain current interest rates but may adopt a more hawkish stance, signaling potential future rate hikes.

Japan�s imports and exports in August rose 2.3% and 5.6%, respectively, from a year ago, according to Japan�s Ministry of Finance.

In the United States, stock markets closed mixed on Tuesday as uncertainty persisted regarding the magnitude of the Federal Reserve`s anticipated rate cut. The Dow Jones Industrial Average fell 0.04% while the S&P 500 rose 0.3%, reversing momentum from earlier in the day, when they were at or near record levels. The Nasdaq Composite, meanwhile, finished higher by 0.2%.

Market participants are widely expecting the Fed to reduce interest rates, with opinions divided between a 25 or 50 basis point cut. However, bets on a larger 50 basis point reduction have been gaining momentum. Additionally, the Fed`s announcement is anticipated to signal the beginning of an easing cycle, which is generally positive for risk-oriented stock markets.

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