As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 213.27 points or 0.33% to 65,433.30. The Nifty 50 index rose 47.55 points or 0.25% to 19,444. In the past three consecutive sessions, the Sensex climbed 0.75% while the Nifty advanced 0.69%.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.42% while the S&P BSE Small-Cap index gained 0.60%.

The market breadth was strong. On the BSE, 2,083 shares rose and 1,540 shares fell. A total of 160 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Aeroflex Industries received bids for 42.50 crore shares as against 2.32 crore shares on offer, according to stock exchange data at 15:42 IST on Wednesday (23 August 2023). The issue was subscribed 18.31 times.

The issue opened for bidding on Tuesday (22 August 2023) and it will close on Thursday (24 August 2023). The price band of the IPO is fixed at Rs 102-108 per share. An investor can bid for a minimum of 130 equity shares and in multiples thereof.

Economy:

Crude oil imports dropped 1.2% month-on-month to 19.32 million metric tons in July. The decline was in line with lower consumption due to monsoon rains and lower shipments from Russia and Saudi Arabia.

Global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in India for the coming months, the finance ministry said in a report.

India is on track to achieve a $150 billion bio-economy by 2025, up from over $100 billion in 2022, Union Ministry Jitendra Singh stated.

Stocks in Spotlight:

Piramal Enterprises rose 1.52%. The board of directors approved the public issuance of secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,000 each for an amount aggregating up to Rs 3,000 crore in one or more tranches, through public issue, subject to regulatory and statutory approvals, as applicable.

Brightcom Group declined 4.96%. The Sebi barred the company's chairman & CEO, Suresh Kumar Reddy and CFO, Narayan Raju from company boards for fraud and allegedly misrepresenting the financial statements of the firm.

Linde India advanced 2.94%. The company received letter of acceptance (LoA) by Indian Oil Corporation (IOCL) for setting-up of Air Separation Unit (ASU) on a site licensed by IOCL within its Panipat Refinery Complex.

Hindalco Industries rallied 2.37% after the aluminium major planned capex of Rs 4,000 crore in copper, e-waste facility and Indian Railways project. The mining company said that it is making an investment of Rs 2,000 crore to establish the copper and e-waste recycling facility in India.

The company also planned an investment of Rs 2,000 crore in a project with Indian Railways to set up a new extrusion facility for the development of freight wagons, and coaches of Vande Bharat trains.

Larsen & Toubro (L&T) rose 1.51% after the EPC major announced that its construction arm has secured new large orders for its power transmission & distribution business in the Middle East. As per L&T' classification, the value of the 'Large' project is Rs 2,500 crore to Rs 5,000 crore.

JB Chemicals & Pharmaceuticals surged 3.90% after the company said the United States Food and Drug Administration (USFDA) approved its abbreviated new drug application (ANDA) for Doxepin Hydrochloride capsules.

Shriram Properties (SPL) surged 6.86% after the company & ASK Property Fund announced a joint investment of Rs 206 crore towards 100% of development rights in an ongoing project in Chennai, via SPL's subsidiary, Shrivision Elevations.

Global Markets:

European and Asian stocks advanced on Wednesday as investors assess private business activity surveys from Australia and Japan, as well as inflation figures from Singapore.

According to the latest PMI release by S&P Global, the seasonally adjusted HCOB Flash Eurozone Composite PMI Output Index, based on approximately 85% of usual survey responses, fell to 47.0 in August 2023, hitting its lowest since November 2020. The index has fallen from its level of 48.6 recorded in July 2023.

The S&P Global/CIPS flash U.K. composite PMI fell to a 31-month low of 47.9 in August from 50.8 in July.

Australia's business activity contracted at the fastest pace in 19 months, according to Juno Bank, with its flash composite purchasing managers index coming in at 47.1 for August. Japan saw a faster expansion in its business activity, with its flash PMI for August at 54.3 compared to July's 53.8.

US stocks ended mixed on Tuesday ahead of a key speech later this week from Federal Reserve Chairman Jerome Powell.

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