The Nifty 50 closed at 26,178.95, down by 37.1 points or 0.1%, after touching a new all-time high of Rs 26,277.4 in the morning session. The index saw its gains erode in the afternoon, following mixed global market signals. The broader market was also relatively flat, with BSE Sensex closing 0.3% lower at 85,571.85, and Nifty 500 ending almost unchanged at 24,489.55. The market breadth remained horizontal, as out of 2,284 traded stocks, 1,106 were positive, and 1,153 ended in the negative territory.

Notably, SJVN surged by 5.4%, buoyed by the news of signing two MoUs with the Government of Maharashtra to set up an 8,100 MW pumped storage project and a 505 MW floating solar project. This marked a significant step forward for SJVN, reaffirming the company's commitment to renewable energy development.

In sector performance, Nifty Metal and Nifty PSU Bank ended in the green, while Nifty Midcap 100 and Nifty Smallcap 100 both closed lower. However, the Oil & Gas sector emerged as the best performer, driven by a 2% gain, according to Trendlyne’s sector dashboard.

Meanwhile, on the global front, European indices traded higher, whereas Asian indices showed a mixed trend. US futures indicated a cautious opening ahead of the release of the personal consumption expenditures (PCE) index data, expected to rise by 0.2% MoM in August, with the YoY rate likely to ease to 2.3% from 2.5% in July.

In stock-specific news, Sequent Scientific touched a 52-week high of Rs 224.7, following an announcement of a merger with Viyash Life Sciences. The Rs 8,000 crore deal aims to create a global animal health platform with comprehensive end-to-end integrated capabilities, significantly enhancing both companies' market presence.

Foreign investors remained bullish, as per Trendlyne's FII dashboard, showing that foreign institutional investors (FII) purchased Rs 15,122.3 crore worth of equities over the past week. The highest inflow of Rs 56,514.9 crore was observed in index options, reinforcing foreign investor confidence in the Indian markets. On the other hand, mutual funds were net buyers, with inflows of Rs 3,790.9 crore during the same period.

In a notable partnership, Akme Fintrade and MAS Financial Services have teamed up for co-lending in the MSME sector, with Akme covering 20% of the loan exposure and MAS Financial taking on 80%. This co-lending model aims to boost credit access for MSMEs, enhancing financial inclusion for underserved businesses.

Alembic Pharma also made headlines by securing final US FDA approval for its Paliperidone extended-release tablets, the generic version of Janssen Pharma's Invega tablets, which had a market size of $48 million as of June 2024, according to IQVIA.

In acquisitions, Authum Investment and Mahi Madhusudan Kela have signed a deal to acquire a 46.9% controlling stake in Prataap Snacks for Rs 846.6 crore. The acquisition includes 1.13 crore shares at a price of Rs 746 per share.

On the brokerage side, Morgan Stanley upgraded Tata Power to ‘Overweight’ from ‘Underweight’, with a new target price of Rs 577. The brokerage cited the company's strong balance sheet and stable regulated business, which position it for accelerated investments in transmission, utility-scale renewable energy, and pumped storage projects.

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