Market Recap for 10th September

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▲ Nifty: 11,449 (+1.52%)       Sensex: 38,840 (+1.69%)


Today, the Indian markets were upbeat owing to a bounce back in the US markets, with 30 of the Nifty50 stocks closing in the green. Most indices witnessed gains, with the Nifty Energy (+3.98%) and the Nifty PSU Bank (+2.46%) indices leading the pack. Only the Nifty Metal (-1.14%) and Nifty Pharma (-0.01%) indices ended lower. The rise in the Indian markets comes amidst the ongoing geopolitical tensions between India and China, which could keep the markets on tenterhooks. 

Here are the top stories for the day.


IPO frenzy hits the market, Happiest Minds oversubscribed 151 times

After a pandemic-induced hiatus (with only 2 IPOs in 2020), the IPO market is back in action. The Happiest Minds public issue, which closed yesterday, was oversubscribed by a whopping 151 times. Similarly, the Route Mobile IPO, which was launched yesterday, has already been subscribed more than two times on the second day. The massive demand for IPOs is likely due to the opening of lakhs of new demat accounts over the last few months and the recent correction in listed stocks. The encouraging response to these issues could boost prospects for upcoming IPOs such as UTI AMC, CAMS, Equitas SFB, and LIC among others. 


Dilip Buildcon surges after bagging large highway project

Road construction major, Dilip Buildcon (DBL) has received a letter of acceptance (LoA) for a ₹1,905-crore project involving the construction and upgradation of National Highway 131A in Bihar. DBL's share price jumped 6.5% after the news. At the end of Q1FY21, the company had an overall order book of around ₹26,000 crore, out of which nearly 50% are projects for roads, highways and bridges. The road construction sector is showing signs of growth. The National Highways Authority of India (NHAI) recently revealed that for the April-August period, the cumulative length of national highway projects awarded surpassed the figure of the last three years. This feat during the pandemic is commendable, we say.    


Reliance Industries hits all-time high

The buzz around India's largest company doesn't seem to end. After receiving a ₹7,500 crore investment from Silver Lake in its retail subsidiary, Reliance Industries (RIL) is reportedly trying to rope in other investors (who also invested in Jio platforms). Today, RIL gained 7.2%, as its share price hit a new lifetime high, taking its market capitalization above $200 billion (including partly paid shares). RIL is the first Indian firm to reach this milestone. As per another report, the company could sell a ~$20 billion stake in its retail arm to Amazon, for which the BSE has sought clarification from the company. 


Closing bell

A string of global data releases could dictate the movement of Indian markets tomorrow. The European Central bank will announce its monetary policy statement and interest rate decision today. Meanwhile, in the US, two key data sets will be released today: the producers price index (PPI), which provides cues on the consumer price inflation, and the initial jobless claims, which indicates the employment situation.

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