The stock market saw small gains in mid-morning trade, with key equity indices trading slightly higher. The Nifty hovered above the 24,100 level, showing resilience in the face of market fluctuations. However, metal shares continued to face losses for the second consecutive trading session, indicating a challenging environment for this sector.
As of 11:27 IST, the S&P BSE Sensex was up 89.63 points or 0.12% at 79,045.66, while the Nifty 50 index added 7.15 points or 0.03% to reach 24,146.15. Despite these modest gains, the broader market underperformed, with the S&P BSE Mid-Cap index shedding 0.71% and the S&P BSE Small-Cap declining 0.96%.
The market breadth was weak, with more shares falling than rising. On the BSE, 1,315 shares rose, 2,404 shares fell, and 129 shares remained unchanged. Additionally, due to the observance of Independence Day on Thursday, 15 August 2024, the domestic market will be closed, leading to the shift of the Nifty weekly options expiry to today.
In IPO news, the initial public offer (IPO) of Saraswati Saree Depot received a strong response, with 26,74,03,680 bids for shares against 100,00,800 shares on offer. The issue was oversubscribed by 26.74 times, reflecting investor interest in the company. The IPO, which opened for bidding on 12 August 2024, will close on 14 August 2024, with a price band of Rs 152 to 160 per share.
In the buzzing index, the Nifty Metal index slipped 1.64% to 8,810.55, falling for the second consecutive trading session. Stocks like NMDC, Hindustan Copper, Tata Steel, and others in the metal sector saw declines, reflecting the challenges faced by this industry.
Moving on to individual stocks, FSN E-commerce Ventures (Nykaa) advanced 2.04% after reporting a jump in consolidated net profit in Q1 FY25. On the other hand, Texmaco Rail & Engineering slipped 3.46%, despite a surge in consolidated net profit. Piramal Enterprises tumbled 10.29% after posting a decline in total income in Q1 FY25.
In global markets, most Asian stocks advanced on Wednesday, following Wall Street’s rally on upbeat US inflation data. However, Chinese equities declined due to a contraction in bank loans to the real economy. US stocks surged on Tuesday, nearing record highs, after a milder-than-expected producer price index report.
In conclusion, the stock market showed resilience in the face of challenges, with key indices trading slightly higher. The IPO market saw strong investor interest, while individual stocks experienced mixed performance. Global markets also showed positive trends, with Asian and US stocks gaining momentum. Investors will be closely watching upcoming economic data for further market cues.
Disclaimer: No Business Standard Journalist was involved in the creation of this content.