Nifty holds 25,000 level; private bank shares advance

The key equity indices traded with decent gains in mid-morning trade. The Nifty traded above the 25,000 level. Private bank shares advanced after declining in the past trading session. Trading could be volatile due to weekly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex rose 166.71 points or 0.20% to 81,629.17. The Nifty 50 index added 36.65 points or 0.15% to 25,018.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.20% and the S&P BSE Small-Cap index gained 0.64%.

The market breadth was strong. On the BSE, 2,399 shares rose and 1,295 shares fell. A total of 157 shares were unchanged.

Ratan Tata, the Chairman Emeritus of Tata Sons and a recipient of India's second-highest civilian honor, the Padma Vibhushan, passed away on Wednesday at Mumbai's Breach Candy Hospital. He was 86 years old. Tata had been in critical condition and under intensive care. On Monday, he had disclosed that he was undergoing routine medical examinations due to his age and associated health conditions.

IPO Update:

The initial public offer (IPO) of Garuda Construction and Engineering received bids for 9,86,41,530 shares as against 1,99,04,862 shares on offer, according to stock exchange data at 11:20 IST on Thursday (10 October 2024). The issue was subscribed 4.96 times.

The issue opened for bidding on Tuesday (08 October 2024) and it will close on Thursday (10 October 2024). The price band of the IPO is fixed between Rs 90 to Rs 95 per share. An investor can bid for a minimum of 157 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Private Bank index gained 0.64% to 25,525.65. The index shed 0.02% in the past trading session.

RBL Bank (up 2.68%), Kotak Mahindra Bank (up 1.68%), IDFC First Bank (up 1.3%), Axis Bank (up 0.88%), IndusInd Bank (up 0.72%), City Union Bank (up 0.71%), HDFC Bank (up 0.48%), Federal Bank (up 0.45%) advanced.

Stocks in Spotlight:

PNC Infratech rallied 4% the company announced that it has been declared as the lowest (L1) bidder for an EPC project of Rs 2,090.59 crore from City & industrial Development Corporation of Maharashtra (CIDCO).

Indian Railway Finance Corporation (IRFC) shed 0.85%. The company has appointed Manoj Kumar Dubey as chairman, managing director and chief executive officer (CEO) for a term of 5 years.

Global Markets:

Asian stocks climbed on Thursday, buoyed by Wall Street's gains and anticipation for Beijing's additional fiscal stimulus measures. The region's markets were positively influenced by the Dow Jones Industrial Average hitting a new record closing high after the Federal Reserve's September meeting minutes indicated a preference for a 50-basis-point interest rate cut. However, the minutes also clarified that the Fed has not committed to a specific pace of rate reductions.

In the U.S., the S&P 500 rose 0.7% on Wednesday, while the Dow Jones Industrial Average surged 1% to a record closing high of 42,512.0. The NASDAQ Composite gained 0.6%. Investors are now closely watching the third-quarter earnings season, with several major banks scheduled to report on Friday. Additionally, concerns about potential damage from Hurricane Milton are being monitored.

The key focus has shifted to the consumer price index data due on Thursday, which will provide valuable insights into inflation trends and their implications for interest rates. Persistent inflation could limit the Fed's ability to rapidly cut rates.