NIFTY50 at 20K, ITI hits 52-week high, four IPOs open this week & more

NIFTY50: 19,996 ▲ 176 (+0.8%)
SENSEX: 67,127 ▲ 528 (+0.7%)

• Benchmark indices rose to all-time highs; NIFTY50 breached the 20,000 mark for the first time
• In all, 46 of the NIFTY50 stocks closed in the green
• Brent crude oil futures rose 0.7% trading above $91 per barrel amid tightening global oil supplies.

Among the NIFTY sectoral indices, PSU Bank (+3.1%) and Metal (+1.8%) were the top gainers, while Media (-0.3%) was the sole loser. 

What’s trending

⭐ ITI hits 52-week high 

Shares of telecom equipment maker touched a new 52-week high, rising nearly 20% after the company announced its foray into the computer hardware segment. The company has developed a laptop and a micro personal computer under the brand-name SMAASH in collaboration with Intel Corporation. 

⭐ Praj Industries rise on new business opportunities  

Praj Industries shares closed 13% higher after the Indian government launched the Global Biofuel Alliance (GBA) to reduce the use of fossil fuels and promote sustainable biofuels. Praj Industries gained on the expectation of new business opportunities as it is one of the leading developers of ethanol plants in India. 

⭐ HFCL gains on new order win 

HFCL shares rose more than 1% today after the company secured a new order worth over ₹83 crore from a telecom operator to supply various types of optical fiber cables. The order expected to be completed by November 2023.   

⭐ Multiple IPOs lined up this week 

As many as four IPOs set to open for subscription this week. Wire and cable maker, RR Kabel will launch its ₹1,964 crore IPO from Wednesday, 13 September. Meanwhile, SAMHI Hotels and Zaggle Prepaid Ocean Services IPO opens between 14 to 18 September. Lastly, IPO of hotel and ticket booking provider Yatra Online will be available for subscription from 15 September onwards. To know more and apply for these IPOs, click here

In Focus

NIFTY50 conquers Mt 20K  

Indian markets scaled new highs today, with the benchmark NIFTY50 breaching 20,000 level for the first time, while SENSEX closed above the 67,000 mark. Domestic markets shrugged off high inflation, rising crude oil prices and a patchy monsoon to outperform their global peers in recent weeks. What’s fueling this market rally? Let's explore. 

Strong macroeconomic data

One of the key factors for the recent gains in the markets is the resilient domestic economy. In August 2023, India’s manufacturing PMI rose to a three-month high of 58.6 aided by an increase in new orders. Meanwhile, GST collection in August increased by 11% YoY to ₹1.59 lakh crore. 

Robust auto sales and bank credit growth

In addition, overall wholesale vehicle sales increased by 3% to 19.4 lakh units in August 2023 according to data released by Society of Indian Automobile Manufacturers (SIAM).  Besides this, India’s credit growth continues to make new highs as bank credit reported a growth of 9.1% to ₹124.5 lakh crore during the April to August period in 2023. This despite high interest rates. 

G20 booster shot

Moreover, market sentiments were on new highs bolstered by the historic consensus achieved at the G20 summit, which instilled confidence among investors and boosted India’s diplomatic ties. As a result, indices logged gains for the seventh straight day.

Rising institutional investments

Another key factor behind the recent market rally is rising investments from retail and domestic institutional investors. Last week, domestic institutional investors (DIIs) remained net buyers and purchased shares worth ₹4,572 crore even as foreign investors continue to remain net sellers so far this month. 

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