BAROMETERS HITS NEW RECORD HIGH; PSU BANK SHARES RALLY

The key equity indices traded with limited gains in mid-morning trade. The Nifty traded above the 26,050 mark and hit record high of 26,087.80. PSU Bank shares advanced after declining in the past two consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex rose 209.87 points or 0.23% to 85,372.62. The Nifty 50 index added 62.35 points or 0.24% to 26,066.50.

The Sensex and Nifty clocked an all-time high of 85,462.62 and 26,087.80, respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.49% and the S&P BSE Small-Cap index shed 0.31%.

The market breadth was negative. On the BSE, 1,653 shares rose and 2,119 shares fell. A total of 144 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Diffusion Engineers received bids for 1,21,52,272 shares as against 65,98,500 shares on offer, according to stock exchange data at 11:30 IST on Thursday (26 September 2024). The issue was subscribed 1.84 times.

The issue opened for bidding on Thursday (26 September 2024) and it will close on Monday (30 September 2024). The price band of the IPO is fixed between Rs 159 to Rs 168 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.

The initial public offer (IPO) of KRN Heat Exchanger and Refrigeration received bids for 38,86,03,930 shares as against 1,09,93,000 shares on offer, according to stock exchange data at 11:30 IST on Thursday (26 September 2024). The issue was subscribed 35.35 times.

The issue opened for bidding on Wednesday (25 September 2024) and it will close on Friday (27 September 2024). The price band of the IPO is fixed between Rs 209 to Rs 220 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.

Buzzing Index :

The Nifty PSU Bank index rose 0.61% to 6,777.20. The index fell 1.71% in past two consecutive trading sessions.

Punjab National Bank (up 1.83%), Punjab & Sind Bank (up 1.79%), Central Bank of India (up 1.02%), UCO Bank (up 0.91%), Canara Bank (up 0.79%), Bank of Baroda (up 0.64%), State Bank of India (up 0.59%), Bank of Maharashtra (up 0.58%), Indian Overseas Bank (up 0.51%) and Bank of India (up 0.35%) advanced.

Stocks in Spotlight :

KPI Green Energy declined 2.37%. The company said that it has received a letter of award (LoA) for the development of a 66.20 MW hybrid power project under the captive power producer (CPP) segment of the company.

Zaggle Prepaid Ocean Services jumped 3.38% after the company�s board approved to acquire 26% stake in Mobileware Technologies for total consideration of Rs 15.6 crore. Meanwhile, the board has also approved to acquire 98.32% stake in Span Across IT Solutions. The company will acquire 10,66,314 equity shares with a face value of Rs 10 each at a price of Rs 300.80 per share.

Global Markets:

Dow Jones Futures were up 121 points, indicating a positive opening in the US stock market today.

Asian stocks advanced on Thursday, driven by continued optimism surrounding China`s recent stimulus measures and a robust rally in technology stocks, particularly semiconductor manufacturers. The latter was fueled by strong earnings from U.S. chipmaker Micron.

Chinese markets have been on a roll this week following Beijing`s announcement of a series of stimulus measures, including a reduction in bank reserve requirements and lower mortgage rates. These measures have sparked a wave of bargain buying, as Chinese markets had been lagging behind global peers for some time due to concerns about a slowing economy.

U.S. stocks experienced a pullback on Wednesday, with the three major indices closing mixed as investors weighed the health of the economy and the likelihood of further interest rate cuts. The Dow Jones Industrial Average declined by around 0.7%, while the S&P 500 fell 0.19% and Nasdaq Composite (+0.04%) saw more modest gains.

On the economic data front, new home sales in the United States decreased in August compared to the previous month, primarily due to high mortgage rates and elevated prices deterring potential buyers. However, mortgage applications rose to their highest level since 2022, driven by homeowners seeking to refinance their loans as interest rates decline.

This week`s market focus is on Federal Reserve Chair Jerome Powell`s upcoming speech and the release of the PCE price index, the Fed`s preferred inflation gauge.

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