SENSEX CROSSES 82,000 MARK; IT SHARES ADVANCES
Published on Sep 10, 2024 13:34
The key equity indices traded with major gains in afternoon trade. The Nifty scaled above the 25,100 level after hitting the day�s low of 24,896.80 in morning trade. All the sectoral indices on NSE were in the green with IT, media and metal shares gaining the most.
At 13:30 IST, the barometer index, the S&P BSE Sensex, jumped 616.27 points or 0.75% to 82,182.49. The Nifty 50 index gained 184.05 points or 0.74% to 25,120.55.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.75% and the S&P BSE Small-Cap index gained 1.24%.
The market breadth was strong. On the BSE, 2,580 shares rose and 1,265 shares fell. A total of 127 shares were unchanged.
Economy:
The GST Council has slashed the GST rate on cancer drugs from 12% to 5% to ease the financial burden on patients. It also reduced GST on selected snacks and exempted research funds for universities. A GoM has been formed to explore reducing tax rates on life and health insurance, and another to address compensation cess. The council received status reports on rate rationalization, real estate, and online gaming. Car seat GST increased to 28%, while RMPU air conditioners for railways and approved flying training courses were exempted from GST.
Gainers & Losers:
Divi`s Laboratories (up 4.11%), LTIMindtree (up 4%), Bharti Airtel (up 2.09%), Infosys (up 2.07%) and Tech Mahindra (up 1.79%) were major Nifty gainers.
HDFC Life Insurance Company (down 3.57%), Bajaj Finserv (down 1.80%), Sbi Life Insurance Company (down 1.69%), Shriram Finance (down 1.41%) and Bajaj Finance (down 1.33%) were major Nifty losers.
Stocks in Spotlight:
JSW Energy rose 1.85% after the company�s wholly owned subsidiary, JSW Neo Energy received a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for setting up 600 MW Wind-Solar Hybrid Power Project. The company will set up 600 MW of Wind-Solar Hybrid Power Project including 400 MW allotted under green shoe option
H.G. Infra Engineering rallied 4.18% after the company announced that it has received the letter of award (LoA) from the Ministry of Road Transport & Highways (MoRTH) for upgrading the existing road in Gujarat. The contract involves up-gradation of existing 6 lane road of 10.630 km stretch of National Highway 47 (NH-47) from Narol to Sarkhej junctions in Gujarat on Hybrid annuity mode (HAM).
ITI jumped 5.26% after the company has received an order around Rs 300 crore from Bihar Renewable Energy Development Authority (BREDA) for supply and installation of 1,00,000 numbers of solar street light systems in Bihar. The said order is in addition to 80,000 solar street light systems the company is currently executing in Bihar for BREDA.
Dixon Technologies (India) rose 0.0.96%. The company�s wholly owned subsidiary, Padget Electronics (Padget) has entered into an MOU with HP India Sales for manufacturing electronic gadgets. Under this agreement, Padget Eelectronics will manufacture notebooks, desktops, and all-in-one PCs.
SEPC soared 6.87% after the company announced that it has been awarded a work order for Rs 182.56 crore by the Executive Engineer, Irrigation Division, Government of Bihar. The project entails conducting a detailed survey and investigation, planning and designing, supplying materials, labor, equipment, and machinery, constructing, executing, and installing, testing, commissioning within 12 months, and providing a successful trial run for 3 months.
AGS Transact Technologies added 1.23% after the company has implemented and commenced managing the prepaid card platform for �XtraPower�, the fuel and fleet management program of Indian Oil Corporation (IOCL). The company will received a fixed fee for these services, generating an estimated revenue of approximately Rs 58 crore over five years.
Awfis Space Solutions gained 4.36% after the company has entered into a business transfer agreement (BTA) with SMS integrated facility services for selling facility management business, Awfis Care for Rs 27.5 crore on a slump sale.
Global Markets:
Europeans and Asian stock traded mixed on Tuesday, as investors eagerly awaited upcoming inflation data for hints on potential interest rate cuts.
China`s exports grew by 8.7% year-on-year in August, while imports increased by 0.5%, according to customs data released on Tuesday. This compares to the previous growth rates of 6.5% for exports and 2% for imports.
While Chinese markets participated in the regional uptrend, they underperformed due to several factors. The recent passage of a U.S. bill imposing fresh restrictions on Chinese biotechnology companies dampened sentiment. Additionally, a series of mixed economic indicators released over the past week weighed on Chinese stocks.
The primary focus this week is on the key US consumer price index inflation data, which is expected to influence the outlook for interest rates.
U.S. stocks rallied on Monday as investors bought the dip, anticipating a potential Federal Reserve rate cut later this month to support the slowing economy. Technology stocks, which were among the hardest hit last week, led the rebound. The Dow Jones Industrial Average surged 1.2%, the S&P 500 gained 1.16%, and the Nasdaq Composite jumped 1.16%.
Powered by Capital Market - Live News