Markets set to open flat; Infosys, InterGlobe Aviation in focus

The Indian equity benchmarks are set to open on a flat note as indicated by Nifty futures traded at Gift City in Gandhinagar. Nifty futures at Gift City fell 0.05 per cent or 7 points to 26,343 amid stable global cues.

Most of the Asian markets were trading higher as sentiment was boosted by China's latest stimulus measures. Japan's Nikkei rose 0.26 per cent, Hong Kong's Hang Seng advanced 2.23 per cent, China's Shanghai Composite rose 1 per cent while South Korea's KOSPI declined 0.3 per cent.

Overnight, S&P 500 scored a record closing high and the Dow and Nasdaq rose on Thursday, as Micron Technology shares rallied and a strong US jobless claims report eased labor market concerns.

A string of robust US economic data eased concerns that the Federal Reserve may be cutting rates aggressively to curb any slowdown.

Weekly jobless claims fell more than anticipated, signaling a steady labor market, while the final reading of gross domestic product confirmed that the economy grew 3 per cent in the second quarter.

The benchmark S&P 500 closed up 23.11 points, or 0.40 per cent, at 5,745.37, after rising to a record intraday high of 5,767.37.

Dow Jones rose 260.36 points, or 0.62 per cent, to 42,175.11 and Nasdaq advanced 108.09 points, or 0.60 per cent, to 18,190.29.

Back home, Sensex and Nifty surged to fresh record highs on Thursday with Nifty closing at an all-time high of 26,216.05 and Sensex closed at record high of 85,836.12.

Foreign institutional investors bought shares worth Rs 630 crore on Thursday and domestic institutional investors purchased shares worth Rs 2,405 crore, data from the National Stock Exchange showed.

FIIs have so far this month purchased shares worth Rs 48,822 crore, according to NSDL data.

Stocks to Watch

Infosys : Infosys announced strategic engagement with Sally Beauty Holdings Inc., a specialty beauty retailer based in the US. The partnership will create IT efficiency through hyper-automation by delivering business value faster with the adoption of Infosys Topaz.

InterGlobe Aviation: InterGlobe Aviation appointed Isidro Pablo Porqueras Orea as Chief Operating Officer, InterGlobe Aviation. Effective from 1 November, 2024, he replaces Wolfgang Prock-Schauer who is retiring at the end of this year.

Torrent Pharmaceuticals: Torrent Pharmaceuticals rebutted allegations that its drug, Shelcal 500, had failed a CDSCO quality test. The company said that the sample being discussed was a counterfeit and not manufactured by Torrent, and all its products are developed in compliance with GMP and regulatory norms.

LIC: The insurer has announced the resignation of S Sunder Krishnan as Chief Risk Officer effective 25th September, 2024.

Indian Bank: The bank's board has approved the raising of up to Rs 5,000 crore through long-term infrastructure bonds in one or more tranches during the current or next financial year. This is in addition to the Rs 5,000 crore already raised in fiscal 2025.

Piramal Enterprises: Piramal Capital & Housing Finance, a subsidiary of Piramal Enterprises, has sold its immovable property in Santacruz, Mumbai, for Rs 187 crore to Shoquba Realty.

Systematix Corporate Services: At the company's Annual General Meeting, shareholders approved a stock split, converting one equity share of Rs 10 face value into 10 shares of Re 1 face value.