Business News Highlights: From Macroeconomic Data Releases To Global Cues, Factors Driving Market On August 29

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Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, Economy, and Corporate.

Key Factors Set To Drive Stock Market On August 29

The two key equity benchmarks, Sensex and Nifty, on Monday, closed in the green after a two-day losing run. The S&P BSE Sensex closed at 64,996, up 110 points. On the other hand, the NSE Nifty ended up 40 points to 19,306. Market analysts expect a consolidation phase this week due to upcoming events like domestic GDP release, macro data, and F&O expiry (Thursday, August 31). 

In the upcoming week, the government agencies will be releasing crucial macroeconomic data including the Q1 GDP figures, fiscal deficit data, and infrastructure sector output for the month of July. These key statistics are scheduled to be unveiled on August 31.

Globally, attention will turn to the release of Q2 GDP numbers from the US. Additionally, Manufacturing Purchasing Managers' Indices (PMI) data, which serve as indicators of economic trends, will be disclosed for August from major economies including the US, the UK, Japan, China, and the Eurozone.

During the Jackson Hole Economic Policy Symposium the US Fed Chair Jerome Powell's comments, where he expressed contentment with policy progress and a commitment to managing inflation within target limits, were as per analysts' expectations, various reports suggest. 

According to Vinod Nair, Head of Research at Geojit Financial Services, as per an Economic Times report, anticipation of a rate hike in the November Fed meeting has been heightened.

On Monday, positive trading pervaded global markets, with Asian markets taking the lead, buoyed by China's actions to bolster the property sector, Nair noted. 

IPOs Ahead

The C P S Shapers IPO is open for subscription from August 29 to August 31, offering equity shares at a price range of Rs 185 per equity share with a face value of Rs 10 each. Bids start at 600 shares and multiples of 600 thereafter. The issue price, as per the Red Herring Prospectus, is 18.5 times the face value. The IPO entails 6,00,000 fresh equity shares, amounting to Rs 11.10 crore, with no offer for sale (OFS) component. The company intends to utilise the proceeds for various purposes, including IT software upgrades, machinery acquisition, buying a commercial vehicle, funding a solar power system, and repaying borrowings.

On August 29, the Aeroflex Industries IPO allotment is also set to take place. Refunds for non-allottees will commence on August 30, while allotted shares will be credited to demat accounts on August 31.