As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 333.35 points or 0.50% to 66,598.91. The Nifty 50 index added 92.90 points or 0.47% to 19,819.95. In six trading sessions, the Sensex rose 2.73% while the Nifty 50 climbed 2.94%.

In the broader market, the S&P BSE Mid-Cap index gained 0.92% while the S&P BSE Small-Cap index rose 0.43%.

The market breadth was positive. On the BSE, 2,055 shares rose and 1,638 shares fell. A total of 127 shares were unchanged.

Economy:

The Reserve Bank of India (RBI) on 8 September said it has decided to discontinue the incremental cash reserve ratio (I-CRR) in a phased manner.

I-CRR to be phased out gradually, 25% of the I-CRR maintained would be released on 9 September 2023, another 25% would be released on 23 September 2023 and the rest 50% would be released on 7 October 2023.

The central bank said that the impounded funds will be released in stages to prevent sudden shocks to the system and money markets are expected to function smoothly.

Meanwhile, India's external debt as a proportion of GDP declined to 18.9% by end March 2023 from 20% at end March 2022, according to the MoF's annual status report. In absolute terms, the debt increased by 0.9% to $624.7 billion from $619.1 billion in March 2022.

IPO Update:

The initial public offer (IPO) of Jupiter Life Line Hospitals received bids for 53.88 crore shares as against 84.97 lakh shares on offer, according to stock exchange data at 15:42 IST on Friday (8 September 2023). The issue was subscribed 63.41 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.

The initial public offer (IPO) of EMS received bids for 2.85 crore shares as against 1.07 crore shares on offer, according to stock exchange data at 15:42 IST on Friday (8 September 2023). The issue was subscribed 2.65 times.

The issue opened for bidding on Friday (8 September 2023) and it will close on Tuesday (12 September 2023). The price band of the IPO is fixed at Rs 200-211 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.

Stocks in Spotlight:

Mazagon Dock Shipbuilders surged 6.28% after the company announced that it has signed a master ship repair agreement (MSRA) with the US Government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka.

JSW Steel shed 0.42%. The company said that its consolidated crude steel production for the month of August 2023 grew by 19% YoY to 22.86 Lakh tonnes from 19.22 lakh tonnes.

Kotak Mahindra Bank added 0.36%. The private bank said that the Reserve Bank of India (RBI) has approved the appointment of Dipak Gupta as the interim managing director & CEO of the bank, for a period of two months, with effect from 2 September 2023.

Landmark Cars jumped 12% after the company signed letter of intent with Mahindra and Mahindra (M&M) for opening dealership in Howrah in the state of West Bengal.

Shemaroo Entertainment hit a lower limit of 5%. The firm said that tax officials carried out search operations on its premises on 5 September 2023.

Indian Railway Catering and Tourism Corporation (IRCTC) rose 2.47% after the Ministry of Railways announced new catering arrangements for booked coaches and trains.

Bajaj Finserv gained 1.42% after the company said that its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for August was at Rs 1,677.87 crore, recording a growth of 64.27% YoY.

Meanwhile, Bajaj Allianz Life Insurance Company's total premium aggregated to Rs 926.41 crore for the month of August 2023, up 38.47% YoY as against Rs 669.02 crore recorded in the same period a year ago.

Sterlite Technologies (STL) advanced 1.72% after the company announced a partnership with TruVista to drive the growth and enhancement of South Carolina's rural connectivity infrastructure.

Global Markets:

Markets in Europe and Asia tumbled across the board on Friday.

Hong Kong cancelled trade for the whole day due to a storm warning.

Japan's economy grew 4.8% in the second quarter on a quarter-on-quarter annualized basis, a smaller growth than the 6% seen in the preliminary estimates.

Overnight in the U.S., the Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve's interest rate policy path, and whether policymakers will enact another hike this year.

The likelihood that inflation numbers are going to remain stubbornly high for a while could mean more interest rate increases, former St. Louis Federal Reserve President James Bullard reportedly said.

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