The Indian stock market continued its upward trajectory on Tuesday, marking its second consecutive day of gains. This bullish sentiment was fueled by a strong performance on Wall Street overnight, fueled by optimism surrounding a potential Federal Reserve rate cut next week. The IT and pharma sectors led the charge, with the Nifty IT index surging by 5% on the back of positive news from domestic brokerage firm Motilal Oswal. The Nifty 50 index also saw a positive day, closing above the 25,000 mark at 25,041 points, representing a 0.42% increase. Mid-cap and small-cap indices also outperformed the benchmark.
Meanwhile, the IPO market continues to be active. The initial public offering (IPO) for Aditya Ultra Steel, a manufacturer of TMT bars, commenced on Monday, September 9th, and will conclude on Wednesday, September 11th. The company’s IPO received a strong response, with subscriptions reaching 4.34 times the offered shares by the second day. Vision Infra Equipment Solutions, which offers services related to airports, smart cities, irrigation, and various other infrastructure projects, also saw a successful IPO launch. The company’s IPO opened on Friday, September 6th, and is set to close on Tuesday, September 10th. As of the third day, the IPO has been subscribed 66.73 times, demonstrating strong investor interest in the company’s growth prospects.
In other news, junior doctors in West Bengal have decided to continue their strike action, seeking justice for a trainee doctor at RG Kar hospital who was recently raped and murdered. This decision comes despite a Supreme Court directive for the doctors to resume work by 5 pm on Tuesday. The doctors maintain that they will not return to work until their demands for justice and safety are met.
On a lighter note, Korean tech giant Samsung took a playful jab at Apple following the Cupertino-based company’s iPhone 16 launch event. Samsung revived a 2022 tweet, subtly reminding Apple that it’s not the only company that innovates, using a clever tagline, ‘Let us know when it folds.’ This playful rivalry highlights the ongoing competition between the two tech giants.
