Nifty 50 closed at 25,151.95 (99.6, 0.4%) , BSE Sensex closed at 82,134.61 (349.1, 0.4%) while the broader Nifty 500 closed at 23,631.40 (15.5, 0.1%). Market breadth is overwhelmingly negative. Of the 2,242 stocks traded today, 665 were on the uptrend, and 1,553 went down.
Indian indices closed in the green, with the benchmark Nifty 50 index closing at 25,151.9 points. The Indian volatility index, Nifty VIX, declined by 1.2% and closed at 13.8 points. InterGlobe Aviation’s promoter, Rakesh Gangwal, has reportedly sold 2.3 crore shares (5.8% stake) worth Rs 10,300 crore in a block deal.
Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. S&P BSE Midsmallcap & S&P BSE Large MidCap were among the top index gainers today. According to Trendlyne’s Sector dashboard, Oil & Gas emerged as the best-performing sector of the day, with a jump of over 1.2%.
Asian indices closed mixed while European indices are trading higher. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures are trading in the red. Oil prices declined due to new indications of reduced summer crude demand, following a lower-than-expected drop in weekly U.S. crude supplies. Additionally, a rebound in the US Dollar Index put further pressure on prices, as investors have largely factored in anticipated U.S. rate cuts starting next month.
Britannia Industries sees a long buildup in its August 29 futures series, with open interest increasing by 64.7% and a put-call ratio of 0.3.
LT Foods' board of directors approves the acquisition of a 17.5% stake in Nature Bio-Foods for Rs 110 crore from India Agri Business Fund II. This acquisition makes the company a wholly-owned subsidiary of LT Foods.
SpiceJet reportedly struggles with financial troubles, denying passengers boarding in Dubai due to unpaid dues. Employees also face delays, with July salaries arriving in August.
Reliance Industries rises as its board of directors is scheduled to meet on September 5 to consider issuing 1:1 bonus shares to its equity shareholders.
Morgan Stanley maintains an 'Overweight' rating on HCL Technologies with a target price of Rs 1,705, citing the management’s favorable short-term outlook, especially in financial services. The brokerage highlights the company’s diversified portfolio and efforts to increase wallet share.
Indian Renewable Energy Development Agency is rising as its board approves raising Rs 4,500 crore in one or more tranches through a follow-on public offer (FPO), qualified institutional placement (QIP), preferential issue, or other modes.
NLC India signs a 25-year power usage agreement with Telangana state DISCOMs to supply 200 MW of solar power under the central public sector undertaking (CPSU) scheme. The project generates around 1,300 crore units of green energy and reduces carbon emissions by 90 lakh tonnes.
NBCC sells 3.5 lakh sq. ft. of commercial space at Down Town, Sarojini Nagar, New Delhi, for Rs 1,342.3 crore via a bulk e-auction for the Ministry of Housing and Urban Affairs.
One97 Communications' subsidiary, Paytm Payment Services (PPSL), receives Foreign Direct Investment (FDI) approval from the Government of India. PPSL will now resubmit its payment aggregator license application following this approval.
Intellect Design Arena is rising as it enters a partnership with Wipro to use its eMACH.ai platform to provide IT solutions in the banking & financial services industry.
Sharekhan maintains its 'Buy' call on CESC with a higher target price of Rs 236 per share. This indicates a potential upside of 23.2%. The brokerage expects revenue growth driven by renewable energy capex revival and turnaround of the distribution business. It expects the company's revenue to grow at a CAGR of 9.4% over FY25-26.
TV18 Broadcast and Network18 Media & Investments rise as the Competition Commission of India (CCI) approves the merger of RIL and Disney's Indian media assets, setting the stage for a new media giant. As per the deal entered in February, Viacom18 merged with Star India through a court-sanctioned scheme. The joint venture, valued at Rs 70,350 crore ($8.5 billion), will receive Rs 11,500 crore ($1.4 billion) from Reliance Industries to support its growth.
Sonata Software rises sharply as it secures a multi-million IT outsourcing deal with a US-based healthcare and wellness company. The deal aims to help clients optimize IT budgets and modernize their technology using AI and automation.
Reports suggest that 97 lakh shares (2.1% stake) of PB Fintech, amounting to Rs 1,610 crore, have changed hands in a block deal. Tencent Cloud Europe BV is the likely seller in the transaction.
Tata Steel acquires an additional 178.3 crore shares in its subsidiary, Tata Steel Holdings, for $280 million (approx. Rs 2,349.5 crore).
Citi maintains its 'Buy' rating on Vodafone Idea with a price target of Rs 22. The brokerage is optimistic that the Supreme Court will agree to review the firm's AGR Curative petition. It believes a favorable decision could substantially alleviate the company's AGR debt. The potential benefits are estimated to be between Rs 4-5 per share or possibly more than a 25% increase over the current market price.
Aarti Drugs' board approves a Rs 59.9 crore buyback of up to 6.7 lakh equity shares at Rs 900 per share. It sets September 5 as the record date for the buyback.
Welspun Living's promoter reportedly plans to sell a 4.6% stake worth Rs 889.5 crore at a floor price of Rs 197 per share in a block deal.
JSW Energy's subsidiary, JSW Neo Energy, receives a letter of award (LoA) from Maharashtra State Electricity Distribution (MSEDCL) for an additional 400 MW wind-solar hybrid power project under the greenshoe option of Phase-III.
UBS initiates a 'Buy' on power financiers REC and Power Finance Corp, given India’s high growth in renewable power generation and infra push. The brokerage estimates that around 20% of these companies’ total loan books are now in renewables and infrastructure, and expects it to reach 40% by FY29.
Biocon rises as its subsidiary, Biocon Biologics, signs an agreement with Janssen Biotech, Janssen Biotech Ireland and Johnson & Johnson (collectively known as Janssen). The agreement will help Biocon commercialize its Bmab 1200, a proposed biosimilar to Stelara, in Europe, UK, Canada, and Japan.
InterGlobe Aviation falls as its promoter, Rakesh Gangwal, reportedly plans to sell 2.3 crore shares (5.8% stake) worth Rs 10,300 crore in a block deal.
KEC International is surging as it wins two orders worth Rs 1,171 crore to supply a 400 Kv transmission line in UAE and a 380 Kv transmission line in Saudi Arabia.
Genus Power Infrastructure rises sharply as it bags three orders worth Rs 4,469 crore to design an advanced metering infrastructure (AMI) and supply 5.59 million smart prepaid meters.
Nifty 50 was trading at 25,029 (-23.4, -0.1%), BSE Sensex was trading at 81,739.56 (-46, -0.1%) while the broader Nifty 500 was trading at 23,604.50 (-11.5, -0.1%).
Market breadth is horizontal. Of the 1,953 stocks traded today, 994 were on the uptrend, and 920 went down.
Riding High:
Largecap and midcap gainers today include Tata Motors Ltd. (1,121.65, 4.4%), One97 Communications Ltd. (554.50, 3.1%) and Tata Motors Limited (DVR) (768.65, 2.9%).
Downers:
Largecap and midcap losers today include Tata Elxsi Ltd. (7,922.45, -3.7%), Tube Investments of India Ltd. (4,004.55, -3.6%) and FSN E-Commerce Ventures Ltd. (209.55, -3.5%).
Volume Rockets
26 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included TV18 Broadcast Ltd. (51.59, 7.7%), Whirlpool of India Ltd. (2,194.80, 5.8%) and Concord Biotech Ltd. (1,705.60, 5.8%).
Top high volume losers on BSE were Welspun Living Ltd. (196.50, -5.2%), Kama Holdings Ltd. (2,770, -3.5%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,540, -2.7%).
KEC International Ltd. (900.75, 3.8%) was trading at 17.3 times of weekly average. Sonata Software Ltd. (656.90, 5.2%) and ZF Commercial Vehicle Control Systems India Ltd. (15,329.25, 0.8%) were trading with volumes 11.8 and 8.8 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
29 stocks took off, crossing 52 week highs,
Stocks touching their year highs included - Abbott India Ltd. (29,900, -0.2%), Bajaj Auto Ltd. (10,807.85, 1.4%) and Bajaj Finserv Ltd. (1,755.65, 2.5%).
10 stocks climbed above their 200 day SMA including TV18 Broadcast Ltd. (51.59, 7.7%) and Mahindra Holidays & Resorts India Ltd. (414.75, 2.7%). 22 stocks slipped below their 200 SMA including Tanla Platforms Ltd. (939.60, -3.3%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,540, -2.7%).