As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 180.96 points or 0.28% to 65,252.34. The Nifty 50 index lost 57.30 points or 0.29% to 19,386.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.11% while the S&P BSE Small-Cap index gained 0.21%.

The market breadth was negative. On the BSE, 1,784 shares rose and 1,831 shares fell. A total of 165 shares were unchanged.

IPO Updates:

The initial public offer (IPO) of Vishnu Prakash R Punglia received bids for 5.75 crore shares as against 2.19 crore shares on offer, according to stock exchange data at 15:24 IST on Thursday (24 August 2023). The issue was subscribed 2.62 times.

The issue opened for bidding on Thursday (24 August 2023) and it will close on Monday (28 August 2023). The price band of the IPO is fixed at Rs 94-99 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

The IPO of Aeroflex Industries received bids for 209.52 crore shares as against 2.32 crore shares on offer, according to stock exchange data at 15:27 IST on Thursday (24 August 2023). The issue was subscribed 90.24 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:

Vegetable prices in India have already begun to soften and inflation in this segment is likely to decline from September, RBI Governor Shaktikanta Das said in a speech.

The government has set a target to procure 521.27 lakh tonnes of rice being cultivated during the ongoing kharif season. It has procured 496 lakh tonnes of rice from last year's kharif crop.

Stocks in Spotlight:

Reliance Industries (RIL) shed 1.93%. RIL said that Qatar Investment Authority (QIA), through a wholly-owned subsidiary, will invest Rs 8,278 crore into the company's wholly owned subsidiary, Reliance Retail Ventures (RRVL).

Procter & Gamble Health (P&G Health) slipped 4.95% after the company's net profit declined 27.6% to Rs 29.82 crore in Q4 June 2023 as against Rs 41.19 crore recorded in Q4 June 2022. Revenue from operations rose marginally to Rs 301.18 crore during the quarter from Rs 295.89 crore posted in the same period a year ago.

Sandhar Technologies jumped 3.29%. The company, through its wholly owned subsidiary Sandhar Engineering, has successfully commissioned a state of art manufacturing plant at Mysore, Karnataka. The commercial production at the said plant is underway and it is expected to go into mass production by the beginning of October 2023.

Gujarat Ambuja Exports (GAEL) surged 4.35% after the company received consent to establish (NOC) from the Gujarat Pollution Control Board for setting up a milling plant in Gujarat.

Tata Power Company rose 1.63% after the firm's group company Tata Power EV Charging Solutions joined hands with Zoomcar for offering seamless EV charging infra solutions.

Suzlon Energy declined 2.51% after the company announced that it has received an order for the development of a 31.5 MW wind power project for Integrum Energy Infrastructure.

Ipca Laboratories rose 1.03 % after the US Food and Drug administration (USFDA) classified the company's Piparia (Silvassa) formulations manufacturing facility as Voluntary Action Indicated (VAI).

Global Markets:

Stocks in Europe and Asia advanced on Thursday, driven by technology stocks gaining on Nvidia Corp's better-than-expected quarterly earnings. However, concerns over China and high interest rates restricted market gains.

U.S. stocks surged on Wednesday, driven by Nvidia's strong quarterly earnings and positive after-hours trading for tech companies like Microsoft. Investors were hopeful that Nvidia's performance would further boost the rally in tech stocks.

The slight decline in 10-year U.S. Treasury yields and weak business activity data from the U.S. and eurozone also contributed to the market. Investors are eagerly awaiting comments from U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole conference for insights into interest rates. The Dow Jones rose 0.54%, the S&P 500 gained 1.10%, and the Nasdaq Composite added 1.59%.

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