Indian Stocks Decline for 3rd Week: Nifty, Sensex Drop
By Market Desk
Indian benchmarks Nifty 50 and Sensex closed higher Friday but fell 0.5% weekly for the third consecutive week amid mixed global cues.
The Indian stock market concluded Friday with the Nifty 50 closing 0.35% higher at 24,175.65 and the Sensex gaining 0.43% to reach 77,264.51.
Despite these daily gains, both key benchmarks registered a 0.5% weekly decline, marking the third consecutive week of losses for Indian equities.
US Markets Await Fed Insights
In the US, stock futures displayed mixed movements as investors anticipated Federal Reserve Chair Kevin Warsh’s address at Jackson Hole for economic and interest rate guidance.
- The Nasdaq 100 traded slightly lower.
- The Dow Jones Industrial Average and S&P 500 posted modest gains.
Notable individual stock movers included Salesforce Inc., McDonald’s Corp, Nike, and Amazon, which saw rises. Conversely, Johnson & Johnson, Boeing Co., and Visa Inc. recorded declines.
Key Corporate Developments
Several Indian companies were in focus due to significant corporate announcements and operational updates.
HDFC Bank confirmed its CEO is not seeking reappointment, while SBI’s arm initiated proceedings to dilute its stake in NSE. Union Bank and Canara Bank are challenging an NCLT decision.
- MCX reported a record turnover, driven by a surge in gold prices.
- Gujarat’s plan for underground power cables could benefit power cable manufacturers.
- Tea auction prices fell 17%, impacting tea sector stocks.
Further corporate news included Sterlite Technologies securing a $288 million contract. Oil India’s subsidiary signed a Memorandum of Understanding for waste-to-clean-energy projects, and SpiceJet temporarily halted Boeing 737 MAX operations.
Ola Electric Mobility commenced bookings for its S1Z scooter, indicating new product pushes in the EV segment.
IPO Subscription Status
The IPO segment saw varied subscription levels for ongoing public offerings, with one particularly oversubscribed issue.
- Augmont Enterprises IPO was oversubscribed 111.18 times.
- ESDS Software, Priority Jewels, Lumino Industries, and Annu Projects also recorded subscription activity.
Purple Style Labs’ IPO, with a total issue size of Rs 680 crore, opened for subscription on August 31 and is scheduled to close on September 2.
Upcoming Board Meetings and Market Activity
Numerous companies have scheduled board meetings to consider various corporate actions, alongside significant bulk and block deals.
- Apollo Pipes, PVR INOX, Virtuoso Optoelectronics, Kiri Industries, and Can Fin Homes are set to consider fundraising or buybacks.
- Significant bulk and block deals occurred in Ather Energy (Hero MotoCorp acquisition), Genus Power Infrastructures, Lenskart Solutions, S.P. Apparels, Strides Pharma Science, Alok Industries, Federal-Mogul Goetze (India), Ratnaveer Precision Engineering, Religare Enterprises, Xtranet Technologies, and APL Apollo Tubes.
Mangal Electric Industries faces a one-year lock-in, and insider trades were noted in Confidence Petroleum, Rubicon Research, and Jindal Steel & Power. Imagicaaworld Entertainment has been shortlisted for short-term Additional Surveillance Measure (ASM), while Sun Pharma Advanced Research and Prabha Energy were excluded from the ASM framework. Nifty September futures were up, with LICHSGFIN and SAIL in the F&O ban period.