As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 100.26 points or 0.15% to 65,880.52. The Nifty 50 index added 36.15 points or 0.18% to 19,611.05. In four trading sessions, the Sensex rose 1.62% while the Nifty 50 climbed 1.86%.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index fell 0.24%.

The market breadth was positive. On the BSE, 1,955 shares rose and 1,687 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 1.27% to 10.68.

IPO Update:

The initial public offer (IPO) of Ratnaveer Precision Engineering received bids for 106.70 crore shares as against 1.17 crore shares on offer, according to stock exchange data at 15:42 IST on Wednesday (6 September 2023). The issue was subscribed 90.52 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.

The initial public offer (IPO) of Jupiter Life Line Hospitals received bids for 51.51 lakh shares as against 84.97 lakh shares on offer, according to stock exchange data at 15:39 IST on Wednesday (6 September 2023). The issue was subscribed 0.61 times.

The issue opened for bidding on Wednesday (6 September 2023) and it will close on Friday (8 September 2023). The price band of the IPO is fixed at Rs 695-735 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.

Stocks in Spotlight:

GAIL (India) rose 0.89%. The Central Bureau of Investigation (CBI) has taken into custody an executive director of GAIL (India) following a bribery case involving a sum of Rs 50 lakh. No quantifiable impact on the financial, operational, or other activities of GAIL can be determined at this stage, stated the company.

The arrest was made on 5 September 2023. As reported in the CBI arrest cum search memo, several individuals have been implicated, including K B Singh, executive director (ER & projects), GAIL; Surendra Kumar Sharma, CEO of Advance Infrastructures.; Harsh Yadav; Suryavesh; Davinder Singh, CGM, GAIL; Sunil Kumar, Sr. GM, Mecon, along with other unidentified public servants and private persons.

Tata Power Company skid 0.33% while Tata Motors declined 0.13%. Tata Motors and Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power have entered into a Power Purchase Agreement (PPA) to develop a new 12MWp on-site solar project at Tata Motors' Pune commercial vehicle manufacturing facility.

Jio Financial Services (JIOFIN) declined 0.86%, following its exclusion from the Nifty 50 and other NSE indices effective from 7 September 2023.

Union Bank of India lost 2.21% while Bank of Baroda shed 0.43%. The Indian Renewable Energy Development Agency (IREDA) has signed memorandum of understanding with Union Bank of India (UBI) and Bank of Baroda (BoB) to co-finance renewable energy projects, including both established and emerging RE technologies.

Power Grid Corporation of India fell 0.24%. The company said that it has has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project in the state of Rajasthan.

Ind-Swift Laboratories was locked in an upper circuit of 20% after the board approved the slump sale of Active Pharmaceutical Ingredients and CRAMS Business of the company to Synthimed Labs at a total enterprise value of Rs 1,650 crore.

ABB India rose 1.11% while Tata Steel shed 1.67%. Tata Steel and ABB India signed a memorandum of understanding (MoU) and will work together to co-create innovative models and technologies to help reduce the carbon footprint of steel production.

Mahindra Finance added 0.79% while State Bank of India slipped 0.43%. Mahindra & Mahindra Financial Services said that it has executed a master agreement for co-lending with State Bank of India (SBI) for providing priority sector loans and periodical assignments of loan portfolios.

Global Markets:

Markets in Europe declined across the board while Asian stocks ended mixed on Wednesday after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.

Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Australia's gross domestic product expanded 2.1% in the second quarter from a year ago, lower than the 2.3% year-on-year growth recorded in the first quarter.

US stocks ended lower on Tuesday as the rise in crude oil prices weighed on stocks.

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