As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 11.43 points or 0.02% to 65,087.25. The Nifty 50 index added 4.80 points or 0.02% to 19,347.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.83%.

The market breadth was strong. On the BSE, 2,304 shares rose and 1,337 shares fell. A total of 149 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.47% to 11.80.

Bombay Stock Exchange (BSE) on Wednesday announced the revision on the expiry day of S&P BSE Bankex derivatives contracts in equity derivatives segment. Effective from 16 October 2023, the expiry day of Bankex will shift from Friday to Monday. The new contracts of S&P BSE Bankex with Monday expiry will be generated on 13 October 2023 end of day and will be available for trading with effect from 16 October 2023.

Economy:

The Government slashed the price of Liquefied petroleum gas (LPG) cylinders for domestic use by Rs 200 per cylinder for all users, marking an 18% reduction in the price of a 14.2 kg cylinder.

Commerce and Industry minister Piyush Goyal said that the current year shows some challenges with the geopolitical situation across the world, concerns around inflation and slowing growth which is impacting certain sectors such as petroleum, natural diamonds, readymade garments and chemicals.

India said it has decided to allow export of rice to Singapore in view of the special relationship between the two countries.

IPO Update:

The initial public offer (IPO) of Rishabh Instruments received bids for 39.50 lakh shares as against 77.90 lakh shares on offer, according to stock exchange data at 15:18 IST on Wednesday (30 August 2023). The issue was subscribed 0.51 times.

The issue opened for bidding on Wednesday (30 August 2023) and it will close on Friday (1 September 2023). The price band of the IPO is fixed at Rs 418-441 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.

Stocks in Spotlight:

Lupin rose 0.24%. Lupin Pharma Canada, a wholly-owned subsidiary of Lupin announced the launch of Propranolol LA (long-acting) capsules, 60 mg, 80 mg, 120 mg and 160 mg, in Canada. Propranolol LA is a generic equivalent of Inderal LA, it provides an effective treatment solution since the discontinuation of Inderal LA for patients and healthcare practitioners.

SBFC Finance surged 3.63%. The company reported 46.5% jump in net profit to Rs 47 crore on a 43.6% rise in total income to Rs 229.9 crore in Q1 FY24 as compared with Q1 FY23.

G R Infraprojects rose 0.40%. The company's wholly owned subsidiaries signed concession agreements with National Highways Authority of India (NHAI) for the two hybrid annuity mode (HAM) projects aggregating to Rs 1,457.24 crore.

MTAR Technologies added 2.92% after the company said it received the Defence Industrial License for production of various mechancial and electronic subsystems.

PNC Infratech advanced 1.05% after civil construction firm said that its board approved appointment of Devendra Kumar Agarwal as chief financial officer (CFO) of the company with effect from 30 August 2023.

Shakti Pumps (India) hit an upper circuit of 20% after the company received work order from Haryana Renewable Energy Department (HAREDA) for Rs 358 crore.

Global Markets:

Most of European stocks declined while Asian shares advanced on Wednesday following overnight rally on Wall Street led by technology stocks.

Data released earlier Wednesday saw German import prices fall by 13.2% year-on-year in July, the sharpest drop since January 1987, suggesting inflationary pressures acting on the eurozone's largest economy are retreating rapidly.

The August eurozone CPI release is due later this week, and is expected to fall to 5.1% from 5.3% in July.

ECB President Christine Lagarde reportedly hinted that the region's central bank will pause its rate-hiking cycle in September, a view that was hardened by a sharper-than-expected contraction in eurozone business activity.

US stocks ended higher on Tuesday after weak monthly job openings data raised expectations of a pause in interest rate hikes by the US Federal Reserve.

US job openings dropped for a third straight month in July. Job openings, a measure of labor demand, declined 338,000 to 8.827 million on the last day of July, the lowest level since March 2021, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.

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