Indian markets slumped today. Nifty 50 closed at 17,396.90 (-188.3, -1.1%) , BSE Sensex closed at 58,490.93 (-525.0, -0.9%) while the broader Nifty 500 closed at 14,826.75 (-200.5, -1.3%)
Market breadth is overwhelmingly negative. Of the 1818 stocks traded today, 356 were gainers and 1424 were losers.
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Shriram City Union Finance, Phoenix Mills, Kansai Nerolac Paints, and WABCO India are trading with higher delivery volumes compared to Friday.
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Kotak Mahindra Bank will purchase 1.6 crore shares (9.9% stake) in KFin Technologies (formerly Karvy Fintech) for Rs 310 crore. The acquisition will be completed by the end of October.
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Indian Hotels Company, Gujarat Narmada Valley Fertilizers & Chemicals, Lemon Tree Hotels, and Rail Vikas Nigam are trading with more than five times their average weekly trading volume.
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KEC International will acquire a 100% stake in Spur Infrastructure, and engineering, procurement, and construction in the oil and gas sector, for Rs 62 crore.
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Larsen & Toubro's wholly owned subsidiary L&T Hydrocarbon Engineering wins an order worth Rs 1,000-2,000 crore from Petronet LNG to build two LNG storage in Gujarat.
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Indian Hotels Company, EIH, Chalet Hotels, and Taj GVK Hotels & Resorts are rising due to a pick up in travel as the economy opens up. In August 2021, domestic air traffic improved by 33% MoM to 67 lakh passengers.
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SpiceJet is rising as the airline operator receives Rs 300 crore as a lease rental waiver for four of its Boeing 737 Max airplanes.
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Private equity firm Advent International will acquire a 72.5% stake in Forbes & Company's wholly owned subsidiary Eureka Forbes for Rs 4,400 crore. Eureka Forbes will demerge from Forbes & Company and list on exchanges.
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Eicher Motors is falling as reports suggest as the company's Chief Commercial Officer Lalit Malik and Global Marketing Head Shubranshu Singh are set to leave the company.
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Blackrock Group buys over 3 lakh shares (0.03%) in Zee Entertainment Enterprises in an open market transaction on Wednesday. Last week, Rakesh Jhunjhunwala's Rare Enterprises and Bank of America Securities bought 50 lakh and 48.6 lakh shares in the company, respectively.
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ICICI Securities maintains a 'Buy' rating on Sunteck Realty and increases its target price upside by 22% following the realty company announcing its upcoming 1 crore square ft residential project in Shahad located within the Mumbai Metropolitan Region (MMR).
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Nazara Technologies' esports subsidiary Nodwin Gaming acquires OML Entertainment's gaming and live events business for Rs 73 crore.
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DishTV India's board of directors approve an application to postpone its annual general meeting from the original date of September 27. Last week, the company's institutional investor Yes Bank submitted a notice to remove five directors from DishTV India's board.
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Nifty 50 was trading at 17,507.30 (-77.9, -0.4%) , BSE Sensex was trading at 58,877.12 (-138.8, -0.2%) while the broader Nifty 500 was trading at 14,944.20 (-83.1, -0.6%)
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Market breadth is overwhelmingly negative. Of the 1745 stocks traded today, 506 showed gains, and 1160 showed losses.
Riding High:
Largecap and midcap gainers today include Indian Hotels Company Ltd. (161.05, 8.05%), GMR Infrastructure Ltd. (34.05, 7.92%) and Hindustan Unilever Ltd. (2800.35, 2.87%).
Downers:
Largecap and midcap losers today include Tata Steel Ltd. (1253.10, -9.58%), Jindal Steel & Power Ltd. (351.10, -9.18%) and Steel Authority of India (SAIL) Ltd. (105.80, -8.12%).
Movers and Shakers
16 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Indian Hotels Company Ltd. (161.05, 8.05%), GMR Infrastructure Ltd. (34.05, 7.92%) and Timken India Ltd. (1803.25, 7.16%).
Top high volume losers on BSE were Tata Steel Ltd. (1253.10, -9.58%) and Lemon Tree Hotels Ltd. (39.30, -2.48%).
EIH Ltd. (110.80, 3.12%) was trading at 8.3 times of weekly average. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (355.25, 6.25%) and Chalet Hotels Ltd. (183.50, 1.89%) were trading with volumes 8.2 and 7.2 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
23 stocks took off, crossing 52 week highs,
Stocks touching their year highs included - Allcargo Logistics Ltd. (244.30, 2.00%), Dabur India Ltd. (645.65, -1.27%) and Escorts Ltd. (1439.45, -0.90%).
6 stocks climbed above their 200 day SMA including EPL Ltd. (245.90, 3.23%) and Whirlpool of India Ltd. (2289.90, 1.91%). 21 stocks slipped below their 200 SMA including Jindal Steel & Power Ltd. (351.10, -9.18%) and NMDC Ltd. (136.00, -7.73%).
