Sensex Rallies Over 200 Points, Lukewarm Debut For Jio Financial

Equity benchmark indices rebounded on Monday snapping two days of declining spree amid mixed global cues. The 30-share BSE Sensex rose 236.91 points or 0.36% to 65,185.57. Nifty 50 gained 76.8 points to 19,386.95 till 11:51 am.

Today, shares of Jio Financial have also been listed on the bourses but witnessed a lukewarm debut. Shares of Jio Financial Services Ltd (JFS) hit 5% lower circuit on BSE within the first hour of listing. Current market price of JFS share is Rs 251.75 apiece with intraday fall of 5.00%. JFS stock opened at Rs 265.00 apiece, touched the day's high of Rs 278.20 apiece, and day's low of Rs 251.75 apiece, respectively.

Jio Financial Services Ltd (JFS), the demerged financial business of Reliance Industries Ltd, have been listed at Rs 265 per share on BSE, 1.18% premium over the discovered price of Rs 261.85 apiece on July 20. Meanwhile, JFS shares have been listed on NSE at Rs 262 apiece.

The top gainers on Nifty include Adani Ports (2.58% gain), Bajaj Finance (2.52% gain), Power Grid Corporation (2.07% gain), Hindalco (2.04% gain), and Adani Enterprises (1.99% gain). The top losers on Nifty include Reliance Industries (1.17% down), Mahindra & Mahindra (0.56% down), Britannia Industries (0.38% down), Larsen (0.20% down), and Maruti Suzuki (0.16% down).

Meanwhile, the top performing stocks on BSE Sensex include Bajaj Finance (2.53% gain), Power Grid Corp (2.24% gain), Bajaj Finserv (1.50% gain), NTPC (1.49% gain), and JSW Steel (1.24% up).

The laggards on the BSE on Monday are Reliance Industries (1.11 down), Mahindra & Mahindra ( 0.46% down), Maruti Suzuki ( 0.20% down), Larsen (0.04% down), and SBI (0.01% down).

Rupee also witnessed a rally today, recovering from record-low levels, as the domestic unit gained 5 paise to 83.05 against US Dollar on Monday tracking positive sentiments prevailing in the domestic equities.

Rupee opened at 83.10, hit the high of 83.05 against the greenback, posting a surge of 5 paise over its last closing.

Earlier, On Friday, the Dow Jones Industrial Average gained 0.07%, S&P 500 ended marginally lower, and Nasdaq Composite fell 0.2%. It is worth noting that Nasdaq dipped for 3 consecutive weeks for the first time since December 2022. European Markets ended lower on Friday as FTSE & DAX fell 0.7% each.

Japan's Nikkei 225 declined 0.55% thus ending the week at 31,450.76. Topic ended 0.7% down at 2,237.29 soon after inflation data was released. Meanwhile, Hong Kong's Hang Seng index fell 1.97% and CSI 300 index fell 1.23% to end at 3,784.

Asian stock markets are up after China reduced the prime rate on one-year loans on Monday but left the rate on five-year loans unchanged. The one-year LPR decreased from 3.55% to 3.45% by 10 basis points, while the five-year LPR stayed at 4.2%. A benchmark for mortgages is also provided by the five-year LPR, according to Geojit Financial Services Limited.

Oil prices remained steady on August 21 with Brent staying above $80 a barrel amid tightening supply pushed by OPEC+ cuts with concerns prevailing about global demand growth amid high interest rates.

Brent crude declined 8 cents to $84.72 a barrel by 0033 GMT. U.S. West Texas Intermediate crude was at $81.28 a barrel, up 3 cents.