As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 320.09 points or 0.49% to 65,828.41. The Nifty 50 index added 114.75 points or 0.59% to 19,638.30.
In the broader market, the S&P BSE Mid-Cap index rose 1.31% while the S&P BSE Small-Cap index gained 0.57%.
The market breadth was positive. On the BSE, 2,351 shares rose, and 1,276 shares fell. A total of 154 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 10.68% to 11.45.
Stock markets will remain closed on Monday, 2 October 2023 on account of Mahatma Gandhi Jayanti.
IPO Update:
The initial public offer (IPO) of Plaza Wires received bids for 3.45 crore shares as against 94.96 lakh shares on offer, according to stock exchange data at 11:18 IST on Friday (29 September 2023). The issue was subscribed 3.64 times.
The issue opened for bidding on Friday (29 September 2023) and it will close on Thursday (5 October 2023). The price band of the IPO is fixed at Rs 51-54 per share. An investor can bid for a minimum of 277 equity shares and in multiples thereof.
The initial public offer (IPO) of Valiant Laboratories received bids for 1.20 crore as against 76.23 lakh shares on offer, according to stock exchange data at 15:36 IST on Friday (29 September 2023). The issue was subscribed 1.58 times.
The issue opened for bidding on Wednesday (27 September 2023) and it will close on Tuesday (3 October 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 105 equity shares and in multiples thereof.
Stocks in Spotlight:
Larsen & Toubro (L&T) rose 0.41%. The EPC major announced that its construction arm has secured 'mega' order for its Heavy Civil Infrastructure business. As per L&T's classification, the value of the 'mega' project is more than Rs 7,000 crore. The said order has been received from Mumbai Metropolitan Region Development Authority (MMRDA), for the design and construction of an underground road tunnel project between Orange gate, Eastern Free Way to Marine Drive Coastal Road at Mumbai.
Emami rallied 5.01%. The company announced its foray into juice category with 'AloFrut' through strategic investment in Axiom Ayurveda (Axiom) and its subsidiaries/associates by acquiring 26% equity stake for an undisclosed amount. Axiom markets beverage products under the brand ?AloFrut?.
SBI Life Insurance Company gained 1.82%. The life insurer announced the appointment of Amit Jhingran as new managing director and CEO, following the transfer of the existing MD and CEO, Mahesh Kumar Sharma, to a post at State Bank of India.
Multi Commodity Exchange of India declined 2.30% after the company informed that market regulator SEBI has advised the Exchange to keep the proposed Go-Live of Commodity Derivatives Platform (CDP) in abeyance.
Ashok Leyland added 1.64%. The company announced that it has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC).
Piramal Pharma jumped 4.41%. The pharma company on Thursday announced that the United States Food and Drug Administration (USFDA) issued a Form 483, with two observations after the inspection of its Bethlehem facility.
Khadim India advanced 4.63% after the company's board approved hiving off its distribution business into a new wholly owned subsidiary, KSR footwear.
Lupin gained 3.06% after the company said that it has received establishment inspection report (EIR) from the United States Food and Drug Administration (USFDA) for its Nagpur unit-1 manufacturing facility.
Hindustan Zinc rose 3.13% after the company said it has authorized a board committee to evaluate measures for unlocking potential value.
Global Markets:
The Dow Jones index futures were up 138 points, indicating a positive opening in the US stocks today.
Markets in Europe and Asia advanced across on the board on Friday.
Investors will be looking for euro zone inflation numbers on Friday, after preliminary German inflation figures showed inflation slowing more than expected on Thursday.
The Chinese markets were closed for a holiday and are on a break next week.
US stocks rallied on Thursday, with investors closely monitoring developments in Washington regarding a potential government shutdown. Lawmaker negotiations on a U.S. spending bill continue before a October 1 shutdown deadline for the government. Investors will now switch their attention to U.S. personal consumption expenditures price index later on Friday for the latest view on inflation.
The real gross domestic product (GDP) of the United States expanded at an annual rate of 2.1% in the second quarter, the US Bureau of Economic Analysis' (BEA) final estimate showed on Thursday, 28 September 2023. The update primarily reflected a downward revision to consumer spending that was partly offset by upward revisions to nonresidential fixed investment, exports, and inventory investment, the BEA said.
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