As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 267.43 points or 0.41% to 65,216.09. The Nifty 50 index added 83.45 points or 0.43% to 19,393.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.87% while the S&P BSE Small-Cap index advanced 0.71%.

The market breadth was positive. On the BSE, 2,092 shares rose and 1,630 shares fell. A total of 185 shares were unchanged.

New Listing:

Jio Financial Services debuted on the stock exchanges on August 21, listing at Rs 265 - close to the discovered price of Rs 261.85. The scrip was locked at 5% lower circuit at Rs 251.75 on the BSE.

The Reliance Industries arm started trading at Rs 262 on the NSE, while the price on the BSE stood at Rs 265. The market capitalisation of the NBFC was estimated at Rs 1.66 lakh crore at the time of listing.

On July 21, the exchanges had conducted a special pre-open session for the demerged entity in which the discovered price for the stock worked out to be Rs 261.85 and the implied market cap was Rs 1.65 lakh crore.

The stock will be in the trade-to-trade segment for the next 10 sessions.

Jio Financial Services will primarily operate in the NBFC market and credit market segments and has strategic plans to expand its operations into insurance, digital payment, and asset management verticals.

Stocks in Spotlight:

Titan Company gained 0.93%. The company stated that it has entered into a share purchase agreement to acquire the entire shares held by the founder of CaratLane and his family members representing 27.18% of its total share capital on a fully diluted basis for Rs 4,621 crore. The indicative time period for completion of the acquisition would be 31 October 2023.

Infosys rose 1.14%. The Commonwealth of Massachusetts, Pennsylvania Department of Revenue have imposed a penalty of $1124.6 and $12.28 on the company. There is no material impact on financials, operations or other activities of the company.

Larsen & Tourbo advanced 0.91% The energy hydrocarbon arm of L&T has secured 'significant' order from Saipem & Clough JV (SCJV), Australia for fabrication and supply of process and piperack modules for 2.3 MMTPA of Perdaman Chemicals and Fertilisers Pty urea plant.

PNB Housing Finance jumped 3.98% after the firm said that it has resolved and fully recovered its large corporate non-performing account of Rs 784 crore, which translates into around 1.3% of its total loan asset as on 30 June 2023.

Tanla Platforms tumbled 5.71% after the company said that its partnership with Vodafone Idea will not continue beyond the initial term of two years, ending in November 2023.

Lemon Tree Hotels added 2.56%. The company announced the opening of its sixth property in Gujarat under the brand 'Lemon Tree Hotel'. The hotel is managed by Carnation Hotels, a wholly owned subsidiary and the hotel management arm of Lemon Tree Hotels.

ABB India rose 0.96% said that it has secured a major automation contract from Reliance Life Sciences (RLS), to automate their new biopharmaceutical manufacturing plants in Nashik, Maharashtra.

United spirits advanced 0.60%.The spirits maker on Friday announced that it has entered into an extra-neutral alcohol (ENA) manufacturing contract with Capovitez for a tenure of three years.

Global Markets:

Markets in Europe edged higher while Asian stocks traded mixed. China slashed its one-year loan prime rate, but kept its five-year rate unchanged on Monday.

The People's Bank of China cut its one-year loan prime rate by 10 basis points to 3.45%, but held the five-year LPR at 4.2%.

U.S. stocks mostly fell Friday as the recent rise in bond yields and China's economic woes left major benchmarks with another losing week.

Federal Reserve Chairman Jerome Powell will be delivering an address at the central bank's symposium in Jackson Hole, Wyo., next week. The Fed announced that Powell will speak Friday, 25 August 2023. He will deliver a speech, but there will be no question-and-answer session afterwards.

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