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After opening the day on a positive note, the Indian share market pared the gains as the session progressed and ended lower.

A solid start to the day found an anti-climactic end as the benchmark indices succumbed to the selling pressure exerted by financials and FMCG stocks.

At the closing bell, the BSE Sensex stood higher by 256 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 98 points (down 0.5%).

Maruti Suzuki and Cipla were among the top gainers today.

BPCL and Britannia were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,452, down by 27 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended flat and the BSE SmallCap index ended 0.8% higher.

Sectoral indices ended on a mixed note with stocks in the consumer durables sector and the realty sector witnessing most of the buying.

On the other hand, stocks from the oil and gas sector and FMCG sector witnessed selling pressure.

Shares of Maruti Suzuki and Coforge hit their 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a mixed note. The Nikkei ended 0.8% higher and Hang Seng ended 0.5% lower while the Shanghai Composite ended 0.6% lower.

The rupee is trading at 82.77 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 59500 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.4% at Rs 76,003 per kg.
 

Why Adani stocks are falling

In news, shares of listed Adani group companies fell up to 2% today, a day after the non-profit Organized Crime and Corruption Reporting Project (OCCRP) released new details on allegations that the Adani Family partners had invested millions to buy own group shares through opaque investment funds based in the island nation of Mauritius.

Further, it is categorically stated that all the Adani Group's publicly listed entities comply with all applicable laws including the regulation relating to public shareholdings.

The report alleges that documents reveal that considerable profits were made by buying and selling Adani stock through this offshore agreement that obscured their involvement.
 

Why did Nazara Technologies soar 8% today?

Moving on to news from the IT sector, shares of Nazara Technologies jumped over 8% to Rs 814 in early trade on 31 August after the company said it is considering raising funds by issuing equity shares on a preferential basis, by the Companies Act.

This is the second time in two months that the company has opted to raise capital. In July, the company decided to raise funds through the issue of equity shares. The board of directors approved raising its authorized share capital from Rs 300 to Rs 500 m.

In early August, the company said it would invest up to US$ 500,000 (around Rs 41.5 million) in Israel-based Snax Games as the diversified gaming and sports media firm looks to expand its portfolio.

The investment will be made by Nazara Technologies' Singapore subsidiary in one or two tranches in the form of a Simple Agreement for Future Equity (SAFE).

Following the agreement, Nazara Singapore will have the right to acquire equity shares in Snax Games at a future date.

Nazara is a gaming and sports media platform. It maintains a strong presence not only in India but also across emerging and well-established global markets like Africa and North America.

So far in 2023, the shares of the company jumped 26.5%.

Nazara Tech is one of the gaming stocks to add to your watchlist.
 

Aeroflex Industries lists at 83% premium

Moving on to news from the IPO space, Ashish Kacholia-backed Aeroflex Industries made a stellar stock market debut on Thursday. Aeroflex Industries shares were listed with a premium of 82.78% at Rs 197.40 apiece on the BSE as against the issue price of Rs 108 per share.

The initial public offering (IPO) of Aeroflex Industries, the manufacturer of metallic flexible flow solution products, received a strong response from investors during its subscription period from 22 August to 24 August 2023.

The Rs 3.5 bn worth Aeroflex Industries IPO was subscribed 97.11 times in total. It received a stunning 194.73 times subscription in the Qualified Institutional Buyers (QIBs) category and 126.13 times in the Non-Institutional Investors (NII) category. The retail quota was booked 34.41 times.

Aeroflex's IPO price band was Rs 102 to Rs108 per equity share. The IPO comprised of fresh issue of equity shares up to the value of Rs162 crore and an offer-for-sale (OFS) of up to 17.5 m equity shares by the promoters, selling shareholders, and promoter group.

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