Domestic equity benchmarks ended a volatile session with moderate losses on Thursday, snapping a three-day gaining streak. Trading was volatile as the August 2023 F&O contracts expired today, 31 August 2023.The Nifty settled near the 19,250 mark after hitting the day's high of 19,388.20 in morning trade. Consumer durables, realty and IT shares were in demand while PSU bank, oil & gas and FMCG shares witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 255.84 points or 0.39% to 64,831.41. The Nifty 50 index lost 93.65 points or 0.48% to 19,253.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index gained 0.79%.

The market breadth was positive. On the BSE, 1,837 shares rose and 1,784 shares fell. A total of 147 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.22% to 12.06.

IPO Update:

The initial public offer (IPO) of Rishabh Instruments received bids for 1.42 crore shares as against 77.90 lakh shares on offer, according to stock exchange data at 15:36IST on Thursday (31 August 2023). The issue was subscribed 1.83 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.

New Listing:

Shares of Aeroflex Industries closed at Rs 163.15 on the BSE, representing a premium of 51.06% compared with the issue price of Rs 108.

The scrip was listed at a price of Rs 197.40, at a premium of 82.78% as compared to the issue price. The stock has hit a high of 197.40 and a low of 162.10. On the BSE, over 33.15 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty PSU Bank index fell 1.33% to 4,467.20. The index slipped 2.14% in three trading sessions.

Bank of Baroda (down 2.61%), Bank of India (down 1.94%), Central Bank of India (down 1.69%), Canara Bank (down 1.55%), State Bank of India (down 1.37%), UCO Bank (down 1.27%), Union Bank of India (down 1.21%), Punjab & Sind Bank (down 1%), Bank of Maharashtra (down 0.9%) and Indian Overseas Bank (down 0.81%) declined.

Stocks in Spotlight:

Sula Vineyards slipped 3.74% after block deals early today. According to the media reports, Verlinvest Asia likely offloaded upto 12.56% stake in Sula Vineyards for Rs 539.2 crore via block deal.

Bharat Heavy Electricals (BHEL) gained 2.82%. The company has secured the order from NTPC for setting up the 2x800 MW Supercritical Thermal Power Project Stage-II at Lara in Chhattisgarh through International Competitive Bidding.

Rail Vikas Nigam rose 1.94%. The company has emerged as the lowest bidder (L1) for projects worth Rs 256.19 crore from Maharashtra Metro Rail Corporation.

Zen Technologies advanced 3.63%. The company announced an order win from the Ministry of Defence, Government of India valued at Rs 72.29 crore.

Mahindra Logistics shed 0.26%. The company announced that its board approved the appointment of Saurabh Taneja, as chief financial officer (CFO) and key managerial personnel (KMP) of the company with effect from 1 September 2023.

Tata Power Company declined 0.49%. Tata Power Renewable Energy through its subsidiary TP Alpha (SPV) signed a power delivery agreement with Sanyo Special Steel Manufacturing India (SSMI) for setting up of 28.125 MW (AC) captive solar plant in Aachegaon in Maharashtra. Tata Power Renewable Energy is a subsidiary of Tata Power Company.

Epigral (formerly known as Meghmani Finechem) fell 2.69%. The company has announced its expansion into chlorinated polyvinyl chloride (CPVC) compounds with the CPVC Compound manufacturing plant, which is is expected to get commissioned by Q4 FY24 at Dahej, Gujarat, and has a capacity of 35,000 TPA.

Zydus Lifesciences declined 0.13%.The drug maker announced that it has received final approval from the United States Food and Drug Administration (USFDA) for Isotretinoin capsules.

Global Markets:

Most of the markets in Europe declined as euro zone inflation came in higher than expected for August, according to preliminary data, remaining unchanged from July at 5.3%.

Data from Germany and Spain on Wednesday suggested that inflation was slowing at a disappointingly sluggish pace.

Additionally, data released earlier Thursday from France saw consumer prices rise 1.0% on the month in August, an annual gain of 4.8%, way ahead of expectations.

Meanwhile, Asian stocks ended mixed on Thursday as China's factory activity contracted for a fifth straight month in August.

The official manufacturing purchasing managers index came in at 49.7, representing a softer rate of contraction compared with July's figure of 49.3.

US stocks rose on Wednesday after latest GDP data hinted at pause in interest rate hike.

The United States' second quarter GDP growth was revised downward from an initial estimate of 2.4% to 2.1% annualised, according to the Bureau of Economic Analysis. The downward revision mostly reflects lower estimates for corporate expenditure, which is partially offset by an upward revision for state and local government spending.

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