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Are markets headed for a new high

by | Aug 26, 2024

New Delhi: The week gone by had plenty of action and markets built on the super booster dose of August 16, when it registered super gains of over 1,300 points on BSE Sensex and 400 points on Nifty. This week saw no jump but, they built on the head start and inched upwards to set up what could be a flourish in the coming week.

BSE Sensex gained 649.37 points or 0.81 per cent to close at 81,086.21 points while Nifty gained 282 points or 1.15 per cent to close at 24,823.15 points. The broader markets saw BSE 100, BSE 200 and BSE 500 gain 1.26 per cent, 1.31 per cent and 1.53 per cent respectively. BSE Midcap was up 1.96 per cent while BSE Smallcap gained 3.39 per cent. During the week, BSE Sensex gained in four sessions and lost a tad in the opening session of the week, while Nifty gained in all five trading sessions. Markets are within striking distance of all-time highs made on August 1, earlier this month.

The Indian Rupee gained 7 paise or 0.08 per cent to close at Rs 83.89. Dow Jones had a decent showing backed by a superlative effort on Friday, the closing day of the week when it gained 462 points. This helped Dow gain 515.32 points or 1.27 per cent to close at 41,175.08 points. Dow gained on three of the five trading sessions and lost on two.

There is a lot of activity happening in the primary markets. Shares of Saraswati Saree Depot Limited which were issued at Rs 160, listed on Tuesday, August 20, debuted at Rs 200 and closed at an upper circuit of Rs 209.95 on day one. The gains made were Rs 49.95 or 31.21 per cent. By Friday, the share witnessed profit-taking and closed at Rs 180.10, a gain of Rs 20.10 or 12.56 per cent on BSE. On NSE, the share closed lower at Rs 177.95, a gain of Rs 17.95 or 11.21 per cent.

The issue from Interarch Building Products Limited which had opened on August 19, and closed on August 21, received excellent response. The price band was Rs 850-900. The issue consisted of a fresh issue of Rs 200 crore and an offer for sale of 44,47,630 shares. The issue was subscribed 93.81 times overall with the QIB portion subscribed 197.29 times, the HNI portion subscribed 130.93 times and the retail portion subscribed 19.5 times. There were 24.42 lakh applications in all.

The second issue to tap the capital markets was Orient Technologies Limited which opened its issue on August 21 and closed on August 23. The issue consists of a fresh issue of Rs 120 crore and an offer for sale of 46 lakh shares, in a price band of Rs 195-206.

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