As per provisional closing data, the barometer index, the S&P BSE Sensex declined 202.36 points or 0.31% to 64,948.66. The Nifty 50 index lost 55.10 points or 0.28% to 19,310.15.

In the broader market, the S&P BSE Mid-Cap index slipped 0.41% while the S&P BSE Small-Cap index shed 0.23%.

The market breadth was negative. On the BSE, 1,529 shares rose and 2,082 shares fell. A total of 137 shares were unchanged.

Economy:

Total cost of projects sanctioned by banks and financial institutions jumped 85% to Rs 2.66 lakh crore in FY23 from Rs 1.43 lakh crore in FY22, RBI Bulletin showed.

The risk of stagflation, a combination of economic stagnation with high inflation remains low in India despite a surge in prices, the RBI said in its August bulletin.

The Centre will have spent 60% of the Rs 10 trillion capex budget for the current fiscal by September, Finance Secretary TV Somanathan has reportedly said.

New Listing:

Shares of Concord Biotech closed at Rs 941.85 on the BSE, representing a premium of 27.11% compared with the issue price of Rs 741.

The scrip was listed at a price of Rs 900.05, at a premium of 21.46% as compared to the issue price.

So far, the stock has hit a high of 987.05 and a low of 900. On the BSE, over 15.40 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

Adani Enterprises gained 3.93% after the company said that its step down subsidiary Mundra Solar Energy has received the 'commercial operational date' certificate from Solar Energy Corporation of India (SECI) for solar PV cells and solar PV modules manufacturing plant.

South Indian Bank advanced 6.45% after the company received RBI approval for appointment of P R Seshadri as managing director & CEO of the bank for a period of three years with effect from 1 October 2023.

Confidence Petroleum India jumped 4.41% after the company said that it has unveiled the addition of 13 new Auto LPG Dispensing Stations (ALDS) to their network. The expansion is aimed at catering to the growing demand from car owners and auto rickshaw drivers seeking affordable and eco-friendly fuel alternatives.

Yatharth Hospital and Trauma Care Services (Yatharth Hospitals) rallied 9.99% after the company's consolidated net profit jumped 73% to Rs 190 crore in Q1 FY24 as compared with Rs 110 crore in Q1 FY23. Revenue from operations increased 39% to Rs 154.50 crore during the quarter as compared with Rs 111.10 crore posted in corresponding quarter last year.

LTIMindtree shed 0.07%. The company said that it has been selected by Aflac Incorporated to digitally transform the organization by leveraging the cloud-native services of Amazon Web Services (AWS).

NLC India fell 1.48%. The company has signed power usage agreement (PUA) with Rajasthan Urja Vikas Nigam for supply of solar power to the state of Rajasthan for next 25 years.

Zydus Lifesciences added 0.48%. The drug maker announced that it has received final approval from the United States Food and Drug Administration (USFDA) for Doxepin tablets. The said drug is equivalent to reference listed drug, Silenor tablets.

Indian Hume Pipe Company rallied 5.22% after the company received letter of award (LoA) from rural water supply & sanitation, Odisha for execution of rural piped water supply project.

Global Markets:

Markets in Europe and Asia declined on Friday as investors assessed Japan's July inflation data and fresh blows to China's real estate sector. Japan's core inflation for July fell to 3.1% from June's figure of 3.3%, in line with expectations. The headline inflation rate for July came in at 3.3%, unchanged from June's figure.

Meanwhile, embattled Chinese real estate giant Evergrande has filed for bankruptcy protection in a U.S bankruptcy court on Thursday as the real estate crisis in China deepens. With debts estimated to total more than $300 billion, it was the world's most heavily indebted property developer, as per reports.

US stocks ended lower on Thursday as investors continued to grapple with minutes from the U.S. Federal Reserve that showed it remains concerned about inflation, and more rate hikes may be needed.

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