As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 240.98 points or 0.37% to 65,628.14. The Nifty 50 index added 93.50 points or 0.48% to 19,528.80.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.96% while the S&P BSE Small-Cap index rose 0.84%.

The market breadth was strong. On the BSE, 2,303 shares rose and 1,441 shares fell. A total of 194 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.54% to 10.96.

IPO Update:

The initial public offer (IPO) of Ratnaveer Precision Engineering received bids for 4.57 crore shares as against 1.17 crore shares on offer, according to stock exchange data at 15:24 IST on Monday (4 September 2023). The issue was subscribed 3.88 times.

The issue opened for bidding on Monday (4 September 2023) and it will close on Wednesday (6 September 2023). The price band of the IPO is fixed at Rs 93-98 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Stocks in Spotlight:

Kotak Mahindra Bank shed 0.36%. The private lender informed that Uday Kotak resigned from his position of managing director (MD) & chief executive officer (CEO) of the bank with effect from 1 September 2023. Meanwhile, as an interim arrangement, Dipak Gupta, the joint managing director, will carry out the duties of MD & CEO until 31 December 2023, subject to the approval of the Reserve Bank of India (RBI) and the members of the bank.

Maruti Suzuki India added 0.27%. The car major announced that its total production grew 3.5% to 1,65,402 units in August 2023 compared with 1,59,815 units recorded in August 2022.

Eicher Motors rallied 0.84%. Eicher Motors' total motorcycles (Royal Enfield) sales grew 11% to 77,583 units in August 2023 from 70,112 units sold in August 2022.

Hero MotoCorp rose 0.69%. The two-wheeler major's total sales increased by 5.64% to 4,88,717 units in August 2023 from 4,62,608 units in August 2022.

JSW Steel gained 0.47%. The O. P. Jindal Group company said that it has submitted a notice for surrender of mining lease for one of its iron ore mining leases in the State of Odisha due to un-economic operations. The steel maker stated that it has four iron ore mining leases in the state of Odisha which were acquired through auction in 2020.

Adani Ports and Special Economic Zone added 0.18%. The company said that it has handled cargo volumes of 34.2 million metric tonnes (MMT) in August 2023, implying YoY growth of 17%. The company said that growth in cargo volumes was supported by solid growth in containers (+27.6%) and liquids & gas (+69%) cargo types.

Coal India jumped 4.71% after the company said that it had produced 52.3 million tonnes (MTs) of coal in August 2023 registering a strong 13.2% over 46.2 MTs of coal produced in August 2022.

Hindalco Industries rallied 2.78% after the company entered into shareholder's agreement & power purchase agreement with Seven Renewable Power (SRPPL) to acquire 26% stake in SRPPL.

IDFC First Bank spurted 5.74% after GQG Partners Emerging Markets Equity Fund, GQG Partners International Opportunities Fund bought a 2.6% stake in the lender through bulk deals on 1 September 2023.

GMR Power and Urban Infra hit an upper circuit of 20% after the company's stepdown subsidiary, GMR Smart Electricity Distribution has received letter of award (LoA) from Purvanchal Vidyut Vitran Nigam to implement smart metering project.

Rail Vikas Nigam (RVNL) surged 11.65% after the company received letter of acceptance (LoA) from Madhya Gujarat Vij Company (MGVCL) for full turnkey contract worth Rs 282.11 crore.

Global Market:

Markets in Europe and Asia advanced across the board on Monday.

The Reserve Bank of Australia will release its rate decision on Tuesday, while China is expected to release its trade balance for August on Thursday and its inflation rate next weekend.

US stocks ended mixed on Friday as traders weighed the latest U.S. jobs report. The unemployment rate jumped to 3.8% in August, the U.S. Department of Labor said Friday. Nonfarm payrolls grew by a seasonally adjusted 187,000 in August. However, job numbers first reported for June and July were revised down by a combined 110,000.

Powered by Capital Market - Live News