As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 245.86 points or 0.37% to 67,466.99. The Nifty 50 index added 76.80 points or 0.38% to 20,070.

In the broader market, the S&P BSE Mid-Cap index rose 0.19 % while the S&P BSE Small-Cap index gained 0.85%.

The market breadth was positive. On the BSE, 2,182 shares rose and 1,474 shares fell. A total of 128 shares were unchanged.

Economy:

India's index of industrial production (IIP) increased by 5.7% in July 2023, reaching a five-month high. This growth is compared to 3.7% in June 2023 and 2.2% in July 2022. The manufacturing sector, which holds a 77% weightage in the IIP, grew by 4.6%. Additionally, the Basic Metal sector saw a growth of 12.8%, mining output rose by 10.7%, and electricity production increased by 8% in July 2023.

On the other hand, India's retail inflation, measured by the Consumer Price Index (CPI), decreased to 6.83% in August 2023. Rural areas experienced a slightly higher inflation rate of 7.02% compared to urban areas at 6.59%. The decline in vegetable prices contributed to the decrease in CPI, which fell from a 15-month high of 7.44% in July. The Consumer Food Price Index (CFPI) for August stood at 9.94%, down from 11.51% in July.

Despite the decrease, retail inflation remains above the Reserve Bank of India's upper tolerance limit of 6%. The government has instructed the Central Bank to maintain retail inflation at 4% with a margin of 2% on either side.

IPO Update:

The initial public offer (IPO) of R R Kabel received bids for 22.69 lakh shares as against 1.33 crore shares on offer, according to stock exchange data at 15:24 IST on Wednesday (13 September 2023). The issue was subscribed 0.17 times.

The issue opened for bidding on Wednesday (13 September 2023) and it will close on Friday (15 September 2023). The price band of the IPO is fixed at Rs 983-1,035 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.

Stocks in Spotlight:

NTPC rose 0.89% after the company said that based on achievement of approved norms and due approvals, Unit-1 of 800 MW capacity of Stage-I (2 x 800 MW) of Telangana Super Thermal Power Project, has successfully completed trial operation and consequently included in the installed capacity of NTPC. With this, installed capacity of NTPC and NTPC group has become 57838 MW and 73824 MW respectively.

RITES added 2.33%. The company has signed a memorandum of understanding (MoU) with Caminho De Ferro De Moзвmedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock.

KEC International gained 2.95%. The infrastructure EPC major secured new orders of Rs 1,012 crore across its various businesses. With these orders, the company's YTD order intake stands at a record level of over Rs. 6,500 crore.

Indian Railway Catering and Tourism Corporation (IRCTC) shed 0.16%. The company announced that it has signed a memorandum of understanding (MoU) with NBCC Services, a wholly owned subsidiary company of NBCC on 12 September 2023. The MoU includes planning, designing and execution of interior works for its upcoming office space at World Trade Centre, Nauroji Nagar in Delhi. The tentative cost for the same is Rs 31.40 crore.

GMR Power & Urban Infra jumped 9.98% after the company's step down subsidiary, GMR Smart Electricity Distribution (GSEDPL) has received letter of award (LoA) from Dakshinanchal Vidyut Vitran Nigam to implement smart metering project.

Exide Industries rose 0.19%. The company's arm, Chloride Metals has entered into share subscription & shareholders agreement with Cleantech Solar India OA 2 and Zillica Renewables for purchase of solar energy from the captive power plant to be set up by Zillica.

Rail Vikas Nigam fell 1.50%. The company said that its joint venture (JV) with MPCC has emerged as the Lowest Bidder (L1) for a contract awarded by the Vadodara Division of Western Railway worth Rs 245.71 crore.

Zydus Lifesciences rallied 2.49% after the company announced the receipt of EIR report from the USFDA for the inspection conducted at the injectables manufacturing facility at Zydus Biotech Park, Changodar, Ahmedabad.

Global Markets:

European stocks declined across the board while most of the Asian shares traded lower on Wednesday as investors awaited key U.S. inflation data, while Chinese property stocks logged strong gains as embattled developer Country Garden clinched more extensions on its debt payments.

US stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week. Oracle shares dived to their lowest since June after the cloud-services provider forecast current-quarter revenue below targets and narrowly missed first-quarter expectations.

Investors are awaiting August consumer price index data due on Wednesday and producer prices reading scheduled for Thursday to gauge the outlook for U.S. interest rates. Investors will also monitor the European Central Bank's policy decision on Thursday, when it is seen holding rates after nine consecutive hikes.

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