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Stocks rose broadly on Thursday, while bonds fell following signs that the US economy remains robust despite high Federal Reserve rates. Nvidia Corp. dropped 4% as its outlook failed to match the enthusiasm generated by its recent rally.
Despite the decline in Nvidia’s shares, the equity market continued to climb. Driven by economic data highlighting consumer resilience, the S&P 500 extended its August gains, and the Nasdaq 100 increased by 1.2%. These developments are gaining significance as investors await the Fed's preferred inflation gauge.
S&P 500 and Nasdaq 100 rose 0.85% and 1.05%, respectively, as of 1:05 p.m. Dow Jones Industrial Average was up 1%.
Brent crude was trading 1.20% higher at $79.85 a barrel. Gold rose 0.87% to $2,526.44 an ounce.
India's benchmark stock indices ended at a fresh record high on Thursday, with the NSE Nifty 50 posting the best winning streak in nearly 17 years, tracking gains in Reliance Industries Ltd. and Tata Motors Ltd.
The NSE Nifty 50 settled 99.60 points, or 0.40%, higher at 25,151.95, and the BSE Sensex ended 349.05 points, or 0.43%, higher at 82,134.61. Intraday, the Nifty hit a fresh high of 25,192.90, and the Sensex rose to a lifetime high of 82,285.83.
Overseas investors turned net buyers of Indian equities on Thursday after a day. Foreign portfolio investors bought stocks worth Rs 3,259.6 crore, while domestic investors remained net buyers and bought equities worth Rs 2,690.9 crore, according to provisional data from the National Stock Exchange.
The Indian currency settled 8 paise higher at 83.87 against the US Dollar on Thursday.
Trade Setup For Aug. 30: Nifty Eyes 25,370 As Bulls Hold Above 25,100
Stocks to Watch
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Infosys: The company expands collaboration with Nvidia to introduce high-performance generative AI-powered telco solutions based on Nvidia NIMs.
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Great Eastern Shipping: The company has contracted to sell its 2011-built Supramax dry bulk carrier, Jag Rani to an unaffiliated third party. The vessel will be delivered to the new buyer by the third quarter of the financial year 2025.
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NLC India: The company to enter a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam for setting up of lignite-based thermal power station in Rajasthan. The JV is for developing renewable power projects of capacity up to 2,000 MW.
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Sammaan Capital: The Board approved raising up to Rs 30,000 crore via NCDs.
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Life Insurance Corporation of India: The company received GST demand and penalty orders worth Rs 606 crore from the Mumbai tax authority.
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Poonawalla Fincorp: The company approved the appointment of Bhaskar Pandey as Chief Risk Officer for five years.
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Lemon Tree Hotels: The company signed a license agreement for a 72-room hotel in Ayodhya.
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GE Power India: The company appointed Puneet Bhatla as MD effective September 1.
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Steel Strips Wheels: The company has called off discussions for establishing a JV in India with Israel’s Redler Technologies due to the ongoing Israel war, which has raised uncertainties.
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NTPC: The company’s unit commenced commercial operations for 160 MW capacity out of the 320 MW Jaisalmer solar project.
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Rallis India: Bhaskar Bhat ceased to be Chairman effective Aug. 30 as per the retirement age policy.
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Technocraft Industries (India): Buyback to open on Sept. 2, and close on Sept. 6.
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Shipping Corporation of India: The company received a GST demand and penalty order worth Rs 160 crore from the Mumbai tax authority.
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3M India: NCLT approved the merger of Co. with 3M Electro & Communication.
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Jai Corporation: The company approved the buyback of a 1.65% stake at Rs 400 per share. The record date for the buyback is set as Sept. 10.
Infosys And NVIDIA To Develop Gen-AI Solutions For Telecom Operators
IPO Offering
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Premier Energies: The public issue was subscribed to 74.38 times on day 3. The bids were led by qualified institutional investors (216.67 times), non-institutional investors (50.04 times), portions reserved for employees (11.43 times) and retail investors (7.69 times).
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ECOS (India) Mobility & Hospitality: The public issue was subscribed to 9.56 times on day 2. The bids were led by non-institutional investors (23.47 times), retail investors (8.99 times) and qualified institutional investors (0.10 times).
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Baazar Style Retail: The company will offer its shares for bidding on Friday. The price band is set from Rs 370 to Rs 389 per share. The Rs 834.68 crore. The IPO issue is a combination offer for sale for Rs 686.68 crore and the rest is a fresh issue. The company raised 250crores from anchor investors.
Block Deals
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PB Fintech: Tencent Cloud Europe BV sold 97 lakh shares (2.13%) at Rs 1,719.75 apiece. Europacific Growth Fund bought 25 lakh shares (0.55%), SBI Mutual Fund bought 25.52 lakh shares (0.55%) and Goldman Sachs (Singapore) PTE.- ODI bought 12.14 lakh shares (0.26%) at Rs 1719.75 apiece. Marshall Wace Investment Strategies Eureka Fund, Copthall Mauritius Investment ODI and Societe Generale Owere among the other buyers.
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Welspun Living: Welspun Group Master Trust sold 3.81 crore (3.92%) at Rs 205.21 apiece. On the other hand, Copthall Mauritius Investment Ltd. bought 1.09 crore shares (1.12%), SBI Life Insurance Company bought 97 lakh shares (1%) and Authum Investment & Infrastructure Ltd. bought 55 lakh shares (0.57%) at Rs 205.21 apiece. Aditya Birla Sun Life Mutual Fund and Indus India Fund Mauritius Ltd were among the other buyers.
Bulk Deals
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Interglobe Aviation: The Chinkerpoo Family Trust sold 2.02 crore shares (5.25%) at Rs 4,715.89 apiece and Morgan Stanley Asia (Singapore) Pte. Ltd. bought 28.54 lakh shares (0.74%) at Rs 4,714.9 apiece.
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Amber Enterprises: Small Cap World Fund Inc. bought 1.85 lakh shares (0.55%) at Rs 4522.45 apiece.
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TCNS Clothing: Rajasthan Global Securities sold 3.26 lakh shares (0.51%) at Rs 570.38 apiece.
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Electronics Mart: Motilal Oswal Mutual Fund sold 73.99 lakh shares (1.92%) at Rs 217.04 apiece, and Sbi Mutual Fund bought 57.45 lakh shares (1.49%) at Rs 217 apiece.
PB Fintech Block Deal: SBI Mutual Fund, Goldman Sachs, Societe Generale Among Buyers
Insider Trades
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Ion Exchange (India): Promoter Mahabir Prasad Patni sold 94,000 shares between Aug 14 and 23.
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Paisalo Digital: Promoter Equilibrated Venture Cflow bought 15.58 lakh shares Aug. 28.
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Usha Martin: Promoter Peterhouse Investments India sold 8 lakh shares between Aug 26 and 28.
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Sapphire Foods: Promoter Sagista Realty Advisors sold 36,580 shares between Aug. 26 and 27.
Trading Tweaks
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Price band change from no band to 20%: The India Cements.
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Ex/record dividend: Vijaya Diagnostic Centre, Shyam Metallics and Energy, JTL Industries, Salzer Electronics, Ganesh Housing, Moil, Oil India, NCC, Cantabil Retail India, PFC, ITD Cementation India, Sarda Energy, Jindal Stainless.
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Ex/record AGM: Salzer Electronics, Shyam Metallics and Energy, EPACK Durable.
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Moved in short term ASM Framework: Supriya Lifescience,
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Moved out of short term ASM Framework: Angel One, GMR Power and Urban Infra, Goldiam International, Neuland Laboratories, RPSG Ventures.
F&O Cues
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Nifty September futures up by 0.43% to 25,270 at a premium of 118 points.
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Nifty September futures open interest up by 56%.
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Nifty Bank September futures up by 0.14% to 51,500 at a premium of 348 points.
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Nifty Bank September futures open interest up 10.6%.
NLC Signs 200-MW Solar Power Agreement With Telangana Discoms
Money Market
The Indian rupee strengthened against the US dollar on Thursday amid expectation of foreign fund inflows owing to a change in the MSCI index.
However, the broader decline among most Asian currencies and month-end dollar demand from importers continued to weigh on the rupee. But intervention by the Reserve Bank of India through dollar sales by state-run banks will keep the local currency from breaching the critical psychological level at Rs 84.
The local currency appreciated 8 paise to close at 83.87 after opening at Rs 83.92, according to Bloomberg data. It had closed at Rs 83.96 on Wednesday.
Sammaan Capital To Raise Rs 30,000 Crore Via Bonds
Research Reports
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Baazar Style IPO – Investment Rationale, Issue Details, Strategies, Financials, Risks And More: DRChoksey
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Indraprastha Gas – Long-Term Volume Growth Outlook Intact Despite Near Term Concerns: HDFC Securities
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HCLTech – Well-Stacked To Capture Demand Across ER&D, IT Services: Motilal Oswal
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Arvind Fashions – FY24 Annual Report Analysis; Maintaining A Buy: Anand Rathi
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L&T Technology – Reorganising Strength For $3 Billion+ Revenue By 2030: Nirmal Bang
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Maruti Suzuki – Scaling To A 4m Capacity To Maintain Leadership Position: Motilal Oswal
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Data Patterns – Positive Outlook For FY25: Nirmal Bang
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