Indian equity benchmark indices witnessed their best week in two months after gaining for six straight sessions on Friday. Intraday, the NSE Nifty 50 surpassed the 19,800 level, and the BSE Sensex jumped beyond the 66,700 level for the first time in more than six week since 27 July. In the broader market, the BSE midcap and smallcap indexes touched their all-time highs on Friday.
On Friday, the BSE benchmark jumped 333.34 points or 0.50 per cent to settle at 66,598.91 and the NSE Nifty climbed 92.90 points or 0.47 per cent to close at 19,819.95.
"Domestic indices experienced a gradual rally throughout the week, buoyed by strong domestic macroeconomic data such as robust GDP and PMI figures, which painted a positive outlook for the domestic market. Despite a mixed global trend marked by weak cues, Indian equities remained resilient, supported by this strong economic outlook. Global concerns were sparked by a surge in crude oil prices, August's US jobless claims data, weak Chinese service PMI and trade figures, and rising gas prices due to strikes in Australia,” said Vinod Nair, Head of Research at Geojit Financial services.
“However, in the broad market, mid- and small-cap stocks attracted strong buying interest, even though their valuations were relatively high. Moreover, heightened order inflows made sectors like infrastructure and realty particularly attractive to investors during the week. Currently, the market is eagerly awaiting data on inflation and industrial production to provide further guidance," he added.
Billionaire Gautam Adani-led promoter group has raised its stake in two of the group’s listed companies, as the conglomerate continues to work on a claw back strategy after being hit by damaging reports. The promoter group has increased stake in Adani Enterprises to 71.93 per cent from 69.87 per cent, according to BSE data. The promoter group has also increased stake in Adani Ports and Special Economic Zone Ltd (APSEZ) from 63.06 per cent to 65.23 per cent, the data showed.
The company has entered into partnership with US-based chipmaker Nvidia to develop India’s own language model, trained on regional languages for tailored generative AI apps. Nvidia will give Reliance Jio Infocomm access to its most advance supercomputing service on the cloud to build AI applications for its 45 crore telecom subscribers and stakeholders in India’s technology space.
The public sector lender has increased lending rates by 5 basis points (bps) across tenures. The bank revised the marginal cost of fund-based lending rates with effect from 10 September. However, other benchmark rates comprising repo linked rate, base rate and BPLR remain unchanged.
Subsidiary NTPC Green Energy and VO Chidambaranar Port Authority will join hands to develop a green hydrogen hub at Tuticorin in Tamil Nadu. Green Hydrogen and its derivatives such as ammonia and green methanol will be produced at the hub to be built on the land provided by VOCPA.
The company’s subsidiary SJVN Green Energy has signed a power purchase agreement with Bhakra Beas Management Board (BBMB) for 18 MW Solar power project. The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab. The project is scheduled to be commissioned by August 2024.