Image source: Alexey Belozersky/www.istockphoto.comIndia’s leading indices remained subdued throughout the rest of trading, but ended the day unchanged.
Sensex and Nifty were little changed on Friday, with markets reflecting a stall in the global equity rally as investors await Federal Reserve Chairman Jerome Powell’s speech and hope for confirmation on a possible US interest rate cut in September.
At the close of trading on Friday, the BSE Sensex was 33 points higher.
Meanwhile, the NSE Nifty rose 23 points (plus 0.1%).
The biggest winners included Bajaj Auto, Coal India and Tata Motors.
ONGC, Wipro and Asian Paints were among the biggest losers.
For information on the influence of Bank Nifty companies and a comprehensive overview of the index, see Equitymaster’s list of Bank Nifty companies.
The BSE MidCap index closed 0.7% lower and the BSE SmallCap index closed 0.2% higher.
Sector indices traded mixed, with stocks in the automobile and telecom sectors witnessing a buying spree. At the same time, stocks in the real estate and IT sectors faced selling pressure.
Gold prices for the latest contract on the MCX were trading 0.5% higher at Rs 71,536 at the time of market closure in India on Friday.
Today at 8:10 am, the Gift Nifty was trading 62 points lower at 24,905.
Indian stock markets are headed for a positive start today, following the trend of Gift Nifty.
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Top stocks trending today
Kaynes Tech’s share price will be in focus today.
Electronics system design and solutions provider Kaynes Tech inaugurated an electronics manufacturing facility in Hyderabad on August 23.
The facility would serve the industrial, automotive, medical electronics, aerospace and telecommunications sectors, among others.
Tata Tech will also be one of the most sought-after stocks.
Tata Technologies saw a major block trade on the stock exchanges on August 23 when private equity firm Alpha TC Holdings sold over 75 lakh shares in the range of Rs 1,010-1,020 per share, according to media reports.
The buyers in this trade are domestic funds and high net worth individuals (HNIs), while ICICI Securities is likely to act as an intermediary in the deal.
Sun Pharma launches STARIZO
On August 23, 2024, the company announced that it had launched an antibacterial treatment in India under the brand name STARIZO (Tedizolid Phosphate).
This new medicine is intended to combat acute bacterial skin and skin structure infections (ABSSSI), particularly those caused by drug-resistant bacteria such as methicillin-resistant Staphylococcus aureus (MRSA).
Sun Pharma has acquired the rights to develop, manufacture and commercialize tedizolid phosphate in India from Merck, Sharp & Dohme (MSD).
ABSSSIs are a common type of infection and accounted for approximately 29–32% of all infections in India during 2018-19. MRSA rates are increasing every year in India.
STARIZO is a once-daily oral medication that only needs to be taken for six days, whereas the current standard of care often requires twice-daily dosing for 10 to 14 days.
Tedizolid phosphate is available in India under a licensing agreement with Merck Sharp & Dohme Singapore Trading Pte Ltd.
Ecos India Mobility IPO
Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality on August 23 said it had set a price band of Rs 318-334 per share for its Rs 601 crore IPO.
The initial public offering of shares will begin on August 28 and end on August 30. Anchor investor bids will be accepted for one day on August 27.
The company’s first public issue will be an offer for sale (OFS) of 18 million equity shares valued at Rs 6 billion at the upper end of the price band by promoters Rajesh Loomba and Aditya Loomba, with no new issue components.
Since it is an OFS, the Delhi-based company does not receive any proceeds from the IPO; the money goes to the promoters who sell the shares.
Half of the issue volume is reserved for qualified institutional investors, 35% for private investors and the remaining 15% for non-institutional investors.
Investors can bid a minimum of 44 common shares, and thereafter a multiple of 44 common shares.
The company has been offering chauffeured car rental (CCR) and employee transportation services (ETS) to corporate clients for more than 25 years and has a fleet of more than 9,000 vehicles, ranging from mid-range to luxury.
Nifty50 reshuffle
Tata Group’s lifestyle company Trent (TRENT) and state-owned Bharat Electronics (BEL) were the latest to be included in the Nifty 50 index, while LTI Mindtree (LTIM) and Divi’s Laboratories have exited the index.
The Index Maintenance Sub-Committee (Equity) of NSE Indices on Friday made the changes to the 50-share index, which will be effective from September 30, 2024.
The Nifty Next 50 includes the following companies: Bharat Heavy Electricals (BHEL), Divi’s Laboratories, JSW Energy, LTIMindtree, Macrotech Developers, NHPC and Union Bank of India.
Meanwhile, Berger Paints India, Bharat Electronics, Colgate Palmolive (India), Marico, SBI Cards and Payment Services, SRF and Trent are excluded.
The Nifty 50 index is reviewed twice a year, based on the data of the six months ending January 31 and July 31. The index represents 50 stocks based on free float market capitalization and liquidity, with average impact cost of 0.50% or less for 90% of observations with a basket size of Rs 100 million. The next index restructuring will be effective from September 30.
The report states that the above changes are expected for the September rebalancing based on the average free float market capitalization prevailing between February 1 and July 31.
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