The equity indices showed decent gains in afternoon trade, with the Nifty hovering above the 24,800 level. Consumer durables, PSU bank, and private bank shares saw advances, while IT, oil & gas, and media stocks declined. The trading session was marked by volatility due to the weekly F&O series expiry.
As of 13:30 IST, the S&P BSE Sensex gained 155.19 points or 0.27% to reach 81,124.04, while the Nifty 50 index added 47.10 points or 0.19% to 24,817.30. The broader market outperformed the frontline indices, with the S&P BSE Mid-Cap index rising by 0.41% and the S&P BSE Small-Cap index gaining 0.42%.
Market breadth was strong, with 2,459 shares rising, 1,399 shares falling, and 135 shares remaining unchanged. The latest HSBC flash PMI survey highlighted a sharp upturn in new business intakes, solid job creation, and positive growth expectations. The headline HSBC Flash India Composite Output Index stood at 60.5 in August, indicating a sharp rate of expansion above its long-run trend level.
The HSBC Flash India Manufacturing PMI slipped to 57.9 in August, while the Services PMI rose to 60.4. Gainers on the Nifty included Grasim Industries, Tata Consumer Products, Bharti Airtel, ICICI Bank, and Hero MotoCorp, while Tata Motors, NTPC, Mahindra & Mahindra, Dr. Reddy’s Laboratories, and Tata Consultancy Services were among the losers.
In the spotlight, Procter & Gamble Health saw a decline in net profit, while Indian Renewable Energy Development of India surged after announcing plans to raise funds. Zomato shed some value after announcing an acquisition, while Rail Vikas Nigam signed an MoU to expand operations. Aarti Drugs announced a buyback proposal, and Welspun Enterprises received a significant contract.
Global markets saw European markets advancing, with most Asian stocks trading higher. Japan’s stock market performed well, supported by strong services sector data. In the US, stock markets closed higher, with expectations for a rate cut in September. However, concerns arose over a potential economic slowdown following a downward revision in US payrolls data.
Investors are now eagerly awaiting Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday. The article was powered by Capital Market – Live News and carries a disclaimer stating that no Business Standard Journalist was involved in its creation.
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