Sensex, Nifty extend winning streak to sixth day; pharma, healthcare stocks shine

Domestic equities eked out modest gains on Thursday, stretching their winning streak to a sixth straight session. Optimism over a potential cut in Goods and Services Tax (GST) supported sentiment, though caution lingered ahead of the US Federal Reserve's annual symposium for cues on interest rate policy.

The Nifty closed above the 25,050 mark, lifted by strength in pharma and healthcare counters, while FMCG, PSU bank and auto stocks dragged on the upside.

The S&P BSE Sensex advanced 142.87 points or 0.17% to 82,000.71. The Nifty 50 index added 0.13 points or 0.33.20% to 25,083.75. In the six trading sessions, the Sensex and Nifty have jumped 2.19% and 2.43%, respectively.

ICICI Bank (up 1.09%), Bajaj Finance (up 0.90%) and Reliance Industries (up 0.86%) boosted gains in the Nifty.

In the broader market, the S&P BSE Mid-Cap index fell 0.12% and the S&P BSE Small-Cap index rose 0.01%.

The market breadth was almost even. On the BSE, 2094 shares rose and 2000 shares fell. A total of 163 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 3.50% to 11.37.

Economy:

The HSBC Flash India Composite PMI Output Index surged to 65.2 in August, up from 61.1 in July, signaling one of the fastest rates of expansion in over a year.

The services sector led the upturn, with the HSBC Flash India Services PMI Business Activity Index climbing to 65.6, compared to 60.5 in July. Meanwhile, the HSBC Flash India Manufacturing PMI Output Index rose to 64.2, up from 62.5 in July. The broader Manufacturing PMI, which includes new orders, employment, and inventories, edged up to 59.8, compared to 59.1 in the previous month.

Separately, India's eight core industries grew by 2% in July 2025 compared to the same month last year, according to data released by the Commerce and Industry Ministry on Wednesday. The growth was driven by higher production in steel, cement, fertilisers, and electricity.

The revised core sector growth for June 2025 stood at 2.2%, pointing to a steady industrial trend in the early months of the fiscal year.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 0.48% to 6.528 from the previous close of 6.497.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.2500 compared with its close of 87.0700 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement rose 0.04% to Rs 99,346.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 98.28.

The United States 10-year bond yield added 0.26% to 4.309.

In the commodities market, Brent crude for October 2025 settlement rose 65 cent or 0.97% to $67.49 a barrel.

Global Market:

The US Dow Jones index futures were currently down by 121 points, signaling a negative opening for US stocks today.

European stocks declined on Thursday as traders assessed the economic data from the region.

HCOB Flash Eurozone Composite PMI Output Index rose to 51.1 in August 2025, from 50.9 in July 2025. HCOB Flash Eurozone Manufacturing PMI rose to 50.5 in August 2025, from 49.8 in July 2025 while HCOB Flash Eurozone Services PMI Business Activity Index edged down to 50.7 in August 2025 from with 51.0 in July 2025.

Asian indices ended mixed as investors braced for three days of potentially market-moving news from the Federal Reserve's annual symposium in Jackson Hole.

Central bankers from around the world will attend the event, which begins later in the day, although the key focus will be Fed Chair Jerome Powell's speech on Friday as traders look for clues on the chances of a September rate cut.

Overnight stateside, two of the three key benchmarks ended the session on Wednesday in declines as tech stocks dragged the market lower.

The broad market S&P 500 index slipped 0.24%, while the tech-heavy Nasdaq Composite lost 0.67%. Wednesday marked a fourth day of losses for the S&P 500 and a second negative session for the Nasdaq. Meanwhile, the Dow Jones Industrial Average was the outlier, adding 0.04%.

Minutes from the Fed's July gathering released yesterday, when policymakers voted to keep rates steady, suggested that Fed Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller were alone in pushing for a rate cut at the meeting.

Fed Chair Powell had said he is reluctant to cut rates because of expected tariff-driven price pressures this summer.

Stocks in Spotlight:

Clean Science and Technology fell 2.76% after a trading error triggered extraordinary volumes, sparking investor jitters. The company later clarified to the exchanges that the chaos stemmed from a sell-side mistake by a domestic broker. Promoters had planned to offload up to 24% of their stake via block deals, in line with their July 17 disclosure. However, the broker mistakenly placed sell orders for a much larger quantity of shares than authorised, artificially inflating traded volumes.

Bajaj Finserv rose 1.12% to Rs 1979.45 after a foreign broker initiated coverage with a 'buy' rating and a target price of Rs 2,420, citing strong earnings visibility and limited threat from Jio Financial.

Nazara Technologies fell 1.31% after the Lok Sabha passed the Online Gaming Bill, 2025, which bans real money online games citing risks of gambling addiction, money laundering and financial fraud.

RACL Geartech surged 8.28% after the company won a long-term supply order for transmission gears for premium motorcycles from a leading Indian manufacturer.

Jupiter Wagons surged 4.12% after the company said that its material unlisted subsidiary, Jupiter Tatravagonka Railwheel Factory, has received a letter of intent (LoI) for the supply of wheelsets for the Vande Bharat train.

IndusInd Bank fell 1.38%. The bank has announced the signing of a memorandum of understanding (MoU) with the National Small Industries Corporation (NSIC), a Government of India enterprise under the Ministry of MSME.

Transrail Lighting added 0.30%. The company has secured a significant domestic transmission line EPC order and an international product supply order totalling to Rs 837 crore.

Shanti Gold International jumped 1.19% after the company's standalone net profit surged 174.08% to Rs 24.64 crore in Q1 FY26, compared with Rs 8.99 crore posted in Q1 FY25. Revenue from operations increased 22.07% YoY to Rs 292.77 crore in Q1 FY26.

Fedbank Financial Services rose 2.12% after the company's board is scheduled to meet on 25 August 2025, to consider raising Rs 2,500 crore via non-convertible debentures (NCDs).

IPO Update:

Mangal Electrical Industries' IPO received bids for 1,02,27,620 shares as against 52,53,301 shares on offer, according to stock exchange data at 16:50 IST on Thursday (21 August 2025). The issue was subscribed 1.95 times.

Shreeji Shipping Global's IPO received bids for 66,24,76,522 shares as against 1,14,08,600 shares on offer, according to stock exchange data at 16:50 IST on Thursday (21 August 2025). The issue was subscribed 58.07 times.

Vikram Solar's IPO received bids for 2,47,78,65,375 shares as against 4,53,61,650 shares on offer, according to stock exchange data at 16:50 IST on Thursday (21 August 2025). The issue was subscribed 54.62 times.

Patel Retail's IPO received bids for 74,76,66,864 shares as against 78,15,612 shares on offer, according to stock exchange data at 16:50 IST on Thursday (21 August 2025). The issue was subscribed 95.66 times.

Gem Aromatics' IPO received bids for 29,58,68,090 shares as against 97,82,363 shares on offer, according to stock exchange data at 16:50 IST on Thursday (21 August 2025). The issue was subscribed 30.25 times.

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