Indices trade near flat line; Nifty fails to hold 24,300 level; Realty shares drops

The key domestic benchmarks traded near flat line with negative bias in morning trade. The Nifty slipped below the 24,300 level. Realty shares declined after rallying for two consecutive trading session.

At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 189.74 points or 0.06% to79,459.36. The Nifty 50 index declined 57.25 points or 0.24% to 24,289.75.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% and the S&P BSE Small-Cap index added 0.07%.

The market breadth was negative. On the BSE, 1,738 shares rose and 1,847 shares fell. A total of 143 shares were unchanged.

Results today:

Hero MotoCorp(up 1.45%), Hindalco Industries(down .17%), Godrej Industries(down 0.34%), IRCTC(down 0.20%), FSN E-Commerce Ventures(donw 2.26%), SJVN(up 0.60%), Texmaco Rail and Engineering(up 1.93%), AllCargo Logistics(up 0.76%), Anupam Rasayan India(up 0.01%), Apollo Hospital Enterprise(up 1.40%), Ashoka Buildcon(down 0.43%), Astra Microwave Products(fone 1.89%), Dilip Buildcon(down 1.05%), Gujarat Fluorochemical(up 0.71%), Landmark Cars (down 0.14%), Nazara Technologies(up 0.37%).

Economy

India’s CPI inflation in July 2024 stood at 3.54%, which is the lowest since August 2019, according to official data released on Monday, August 12. In the previous month of June 2024, India’s retail inflation had stood at 5.08%.

Meanwhile, India’s IIP recorded a growth of 4.2% in June 2024. The factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4% in June 2023.

IPO Listing :

Shares of Brainbees Solutions (Firstcry) were currently trading at Rs 670.80 at 10:10 IST on the BSE, representing a premium of 44.26% as compared with the issue price of Rs 465.

The scrip was listed at Rs 625, exhibiting a premium of 34.41% to the issue price.

So far, the stock has hit a high of 707.05 and a low of 625. On the BSE, over 13.72 lakh shares of the company were traded in the counter so far.

The issue opened for bidding on 6 August 2024 and it closed on 8 August 2024. The price band of the IPO was fixed at Rs 440 to 465 per share. It was subscribed 2.31 times.

Shares of Unicommerce eSolutions were currently trading at Rs 222 at 10:16 IST on the BSE, representing a premium of 105.56% as compared with the issue price of Rs 108.

The scrip was listed at Rs 230, exhibiting a significant premium of 112.96% to the issue price.

So far, the stock has hit a high of 256.15 and a low of 215. On the BSE, over 38.44 lakh shares of the company were traded in the counter so far.

The issue opened for bidding on 6 August 2024 and it closed on 8 August 2024. The price band of the IPO was fixed at Rs 102 to 108 per share. The issue was subscribed 168.39 times.

Buzzing Index:

The Nifty realty index declined 0.53% to 1,030.25. The index jumped 2.89% in the past two trading session.

Oberoi Realty (down 3.4%), Mahindra Lifespace Developers (down 2.13%), Brigade Enterprises (down 2.09%), Prestige Estates Projects (down 0.81%), DLF (down 0.8%), Sobha (down 0.75%) and Sunteck Realty (down 0.53%) declined.

Stocks in spotlight:

Hindustan Copper gained 2.66% after its consolidated net profit surged 139.85% to Rs 113.40 crore in Q1 FY25 as compared with Rs 47.28 crore posted in Q1 FY24. Revenue from operations rose 33.07% YoY to Rs 493.60 crore in the quarter ended 30 June 2024.

Inox Wind zoomed 9.02% after the company announced that it has bagged an order for 51 MW from Everrenew Energy, a leading player servicing commercial & industrial (C&I) customers. This is an equipment supply order for IWL’s latest 3 MW wind turbine generators (WTGs). Additionally, Inox Wind will provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed in the state of Tamil Nadu.

Doms Industries fell 1.72%. The company’s consolidated net profit jumped 50% to Rs 54 crore during the quarter as compared with Rs 36 crore in Q1 FY24. Revenue stood at Rs 445 crore, up 17.41% as compared with Rs 379 crore in Q1 FY24.