At 11:30 IST, the barometer index, the S&P BSE Sensex added 153.32 points or 0.19% to 81,851.43. The Nifty 50 index gained 54.10 points or 0.22% to 25,064.70.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.44% and the S&P BSE Small-Cap index gained 0.55%.
The market breadth was strong. On the BSE, 2,302 shares rose and 1,445 shares fell. A total of 137 shares were unchanged.
IPO update :
The initial public offer (IPO) of Premier Energies received 1,89,46,389 bids for shares as against 4,46,40,825 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (27 August 2024). The issue was subscribed 0.42 times.
The issue opened for bidding on 27 August 2024 and it will close on 29 August 2024. The price band of the IPO was fixed between Rs 427 to 450 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.
Buzzing Index :
The Nifty Media index added 0.83% to 2,081.50. The index fell 1.70% in the past three consecutives trading sessions.
Nazara Technologies (up 3.17%), Tips Industries (up 3.02%), TV18 Broadcast (up 1.85%), Network 18 Media & Investments (up 1.63%), Zee Entertainment Enterprises (up 0.59%), PVR Inox (up 0.43%), Hathway Cable & Datacom (up 0.33%) and Sun TV Network (up 0.28%) advanced.
Stocks in Spotlight :
Adani Power added 0.57%. The power generation company announced that it has incorporated a wholly owned subsidiary, Adani Power Middle East in Abu Dhabi.
Ceigall India rallied 3.25% after the company's consolidated net profit from continued operaions stood at Rs 77.85 crore in Q1 FY25, registering a growth of 76.53% as against Rs 44.10 crore posted in Q1 FY24. Revenue from operations stood at Rs 822.39 crore in the quarter ended 30 June 2024, up 26.49% as against Rs 650.17 crore posted in corresponding quarter last year.
Global Markets :
Most Asian stocks declined on Tuesday, driven by rising tensions in the Middle East and concerns over global supply chains. The exchange of fire between Israel and Lebanon's Hezbollah on Sunday heightened geopolitical risks, leading investors to seek safer assets.
Additionally, Canada's imposition of tariffs on Chinese electric vehicles, steel, and aluminum, mirroring similar moves by the United States and European Union, further dampened sentiment.
Investors are closely watching Nvidia's earnings report for insights into AI-related investments.
In the U.S., the Dow Jones Industrial Average reached a new high on Monday, recovering from a recent sell-off. However, the S&P 500 and Nasdaq Composite declined. A shift from technology stocks to other sectors was evident.
Market participants are now focused on the upcoming release of the U.S. personal consumption expenditure price index (PCE) on Friday and the August payrolls report next week.
Federal Reserve Chair Jerome Powell's speech on Friday signaled an imminent start to interest rate cuts, with markets fully pricing in a 25-basis-point reduction in September. Expectations for further easing in the coming months have also increased.
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