As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 152.12 points or 0.23% to 65,780.26. The Nifty 50 index added 46.10 points or 0.24% to 19,574.90. The Sensex rose 1.46% while the Nifty 50 climbed 1.67% in three trading sessions.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.09% while the S&P BSE Small-Cap index rose 0.61%.

The market breadth was positive. On the BSE, 2,146 shares rose and 1,525 shares fell. A total of 146 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.34% to 10.82.

Economy:

Despite falling from 62.3 in July to 60.1 in August, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated one of the strongest increases in output seen since mid-2010.

Meanwhile, in spite of falling from 61.9 in July to 60.9, the S&P Global India Composite PMI Output Index was indicative of a sharp rate of expansion that was among the strongest in over 12 years. Manufacturers overtook service providers as the best performers.

India's chief economic adviser, V Anantha Nageswaran, said that India's economy is strong enough to withstand high US interest rates, adding that India's medium-term growth rate of around 6.5% is sustainable, and private capital formation is evident.

The government on Monday said 36,250-tonne onion from its buffer stock has been released in the wholesale markets in 12 states and Union territories at prevailing rates in the last three weeks to arrest rising retail prices of the item.

Passenger vehicle manufacturing companies reported an all-time high vehicle dispatches to dealerships with volumes estimated at 360,000 units in August 2023.

New Listing :

Shares of Vishnu Prakash R Punglia settled at Rs 144.80 on the BSE, representing a premium of 46.26% as compared with the issue price of Rs 99.

The scrip was listed at Rs 163.30, exhibiting a premium of 64.95% to the issue price.

The stock has hit a high of 164.45 and a low of 144. On the BSE, over 24.40 lakh shares of the company were traded in the counter so far.

IPO Update:

The initial public offer (IPO) of Ratnaveer Precision Engineering received bids for 21.28 crore shares as against 1.17 crore shares on offer, according to stock exchange data at 15:36 IST on Tuesday (5 September 2023). The issue was subscribed 18.06 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:

Hero MotoCorp fell 0.14%. The board of directors of the company has approved an investment of up to Rs 550 crore in the rights issue of Ather Energy Private Limited. Investment is being made in Series E2 Compulsory Convertible Preference Shares.

Tata Power Company declined 0.29%. The company announced that its subsidiary, Tata Power Renewable Energy (TPREL) has signed a power delivery agreement (PDA) with Neosym Industry for 26 MW AC Group captive solar plant.

Cipla rose 0.19%. Cipla South Africa, a 100% owned subsidiary of Cipla signed a binding term sheet with Actor Holdings (Pty) Limited to acquire 100% of the issued ordinary shares of Actor Pharma (Pty) Limited (?Actor?). This is a strategic acquisition for Cipla South Africa to unlock the future growth opportunities and leverage cost synergies in the South African market.

One97 Communication (Paytm) added 3.36% after the company said that its lending business witnessed a 137% year on year growth in disbursement to Rs 10,710 crore ($1.3 billion) in quarter to date (July & August 2023).

Escorts Kubota gained 1.07%. The auto maker has announced that its Agri Machinery Business Division will implement a price increase on its range of tractors, effective from 16 September 2023. The price hike will vary across different models and variants as well as geographical locations.

Mahindra & Mahindra Financial Services shed 1.20%. The company announced that it has recorded an overall disbursement of approximately Rs 4,400 crore in August 2023, delivering a 15% year on year (YoY) growth.

Indian Energy Exchange (IEX) rose 0.77%. The company said that it has achieved 8,469 million units (MU) total electricity volume in August 2023, registering an increase of 21% on YoY basis.

Angel One tumbled 3.42%. The company said that its client base jumped 46.3% to 16.36 million in August 2023 as against 11.18 million in August 2022. On Sequential basis, the company's client base rose by 4.5% month on month (MoM) from 15.65 million in July 2023.

Global Markets:

Markets in Europe declined across the board while most of the Asian stocks declined on Tuesday ahead of Australia's central bank's rate decision, as well as inflation and business activity readings from across the region.

The Reserve Bank of Australia is expected to hold its benchmark policy rate for the third straight month, as per reports. Investors are also monitoring purchasing managers index readings from China and India.

Japan's service sector activity expanded at the fastest pace since May, according to a private survey from au Jibun bank. The country's service purchasing managers index stood at 54.3 in August, unchanged from the flash estimates released in late August and higher than the 53.8 in July.

US stocks were closed on Monday for the Labor Day holiday.

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