Nifty 50 closed at 25,052.35 (34.6, 0.1%), BSE Sensex closed at 81,785.56 (73.8, 0.1%) while the broader Nifty 500 closed at 23,615.95 (11.1, 0.1%). Market breadth is in the red. Of the 2,239 stocks traded today, 871 were on the uptrend, and 1,335 went down.
Indian indices erased their gains from the afternoon session to close flat. The Indian volatility index, Nifty VIX, rose 2.3% and closed at 13.9 points. Advait Infratech surged to its 5% upper circuit limit as it secured an order worth Rs 296 crore from Solar Energy Corporation of India to set up manufacturing capacities for 200 MW of electrolysers.
Nifty Smallcap 100 and Nifty Midcap 100 closed flat. Nifty IT and Nifty Healthcare Index were among the top index gainers today. According to Trendlyne’s Sector dashboard, Retailing emerged as the best-performing sector of the day, with a rise of 1.7%.
Asian indices closed mixed. European indices are trading in the green, except for Russia’s RTSI and MOEX which are trading in the red. US index futures are trading flat, indicating a cautious start to the trading session. Brent crude oil futures are trading lower.
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Relative strength index (RSI) indicates that stocks like Tata Elxsi, Glenmark Pharmaceuticals, Krishna Institute of Medical Sciences, and Gujarat State Petronet are in the overbought zone.
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Sharekhan retains its 'Buy' call on Zydus Wellness with a target price of Rs 3,000 per share. The brokerage remains positive due to strong cash flow, with FCF at Rs 218 crore in FY25 and improving return ratios. It projects the company's revenue and PAT to grow at a CAGR of 14% and 34%, respectively, over FY25-26.
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JBM Auto rises sharply as its subsidiary, JBM Electric Vehicles, bags an order from LeafyBus to supply 200 electric luxury buses. The expected time of delivery is 24 months.
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The recent cut in gold import duties from 15% to 6% is expected to drive a substantial rise in gold purchases, especially during the forthcoming festive and wedding season. Rajeev Yadav, Deputy CEO of AU Small Finance Bank, said, “The reduction in gold import duties has greatly increased demand in the Indian market, resulting in a significant drop in domestic gold prices, exceeding expectations.”
#Gold demand in India: The recent reduction in gold import duties from 15% to 6% is likely to ignite a significant increase in gold purchases across the country, particularly during the upcoming festive and wedding seasonhttps://t.co/PX9h7jXMWD
— Mint (@livemint) August 28, 2024
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Ahluwalia Contracts (India) surges as it secures an order worth Rs 350.4 crore from Bharat Aluminium Company (BALCO) to design and build 756 two-bedroom apartments on an EPC basis in Korba, Chhattisgarh.
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Wipro rises sharply as it announces an expanded collaboration with Dell Technologies, integrating the Dell AI Factory into its Enterprise AI-Ready Platform. This expansion, involving NVIDIA technologies, aims to enhance AI adoption across cloud, data centers, and edge environments.
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Shoppers Stop rises sharply as it announces a strategic collaboration with makeup brand Max Factor. This partnership will introduce the Hollywood label into India’s brick-and-mortar retail market through House of Beauty.
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GRM Overseas acquires a 44% equity stake in Swmabhan Commerce (Rage Coffee) through primary infusion and secondary buyouts. Rage Coffee is co-owned by Bharat Sethi, Sixth Sense Ventures, and prominent figures such as cricketer Virat Kohli.
GRM Overseas enters the Coffee space via acq of Rage Coffee today, co is currently is one of the top Basmati rice exporters in India
Co earlier announced that 10X Ventures, its strategic platform will capitalize on GRM's expansive infrastructure and entrepreneurial spirit to… pic.twitter.com/mrtOebRHnS— Yatin Mota (@YatinMota) August 28, 2024
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Indian Oil Corp signs a memorandum of understanding (MoU) with Rashtriya Ispat Nigam (RINL) to supply oils and greases to the Visakhapatnam steel plant for five years and provide technical support for lubrication and oil management.
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Advait Infratech surges to its 5% upper circuit as it bags an order worth Rs 296 crore from Solar Energy Corp of India to set up manufacturing capacities of 200 MW of electrolysers.
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Indostar Capital Finance rises as it sells a significant portion of its stressed loans, amounting to Rs 356.8 crore, to Pridhvi Asset Reconstruction and Securitisation Company (PARAS) as part of its retail-focused strategy. The sale, resolved on August 27, was conducted under RBI's Swiss Challenge method.
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GQG Partners acquires an additional 4.5 crore shares (0.4% equity) of GMR Airports, raising its stake to around 5.2% as of August 23.
GQG Partners, best known on Dalal Street as an Adani bull, has increased the stake in GMR Airports Infra from 4.74% to 5.17% last weekhttps://t.co/XimqmaUXzS
— ETMarkets (@ETMarkets) August 28, 2024
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IT stocks like LTIMindtree, Wipro, Coforge, L&T Technology Services, and MphasiS rise more than 3% in trade. All constituents of the broader Nifty IT index are trading in the green, helping it touch its all-time high of 42,707.7.
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DCX Systems surges as it receives a purchase order worth approximately Rs 187.3 crore from an overseas customer to supply electronic kits.
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NBCC rises sharply as its board of directors is set to meet on August 31 to consider the issuance of bonus shares to its equity shareholders.
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Indus Towers' board approves the buyback of 5.67 crore equity shares, which will increase Bharti Airtel's shareholding from 48.9% to over 50%. Post-buyback, Indus Towers will become a subsidiary of Bharti Airtel.
Indus Towers Limited will become a subsidiary of Bharti Airtel under the provisions of the Companies Act, 2013 #BhartiAirtel #IndusTowershttps://t.co/cvbKgo8HSu
— businessline (@businessline) August 28, 2024
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Orient Technologies' shares debut on the bourses at a 39.8% premium to the issue price of Rs 206. The Rs 214.8 crore IPO received bids for 151.7 times the total shares on offer.
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Skipper rises as its board of directors approves raising funds worth Rs 600 crore by issuing equity and debt instruments.
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Servotech Power Systems rises as it partners with 62 DISCOMs across India under the Pradhan Mantri-Surya Ghar Mufti Bijli Yojana. This partnership strengthens Servotech’s role in renewable energy and helps consumers access government subsidies for solar solutions.
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UBS maintains its ‘Neutral’ rating on Bharti Airtel and ‘Buy’ on Vodafone Idea, anticipating potential relief measures from the government. The brokerage also expects 60-75% of the tariff hikes taken by the telecom companies to translate into revenue over the next three quarters.
#BrokerageRadar | UBS on Telecom: Maintain Neutral on Airtel and Buy on VIL as a play on potential government relief measures@UBS pic.twitter.com/quu61qUoLv
— ET NOW (@ETNOWlive) August 28, 2024
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Zydus Lifesciences rises as the US FDA approves its Amantadine extended-release capsules for treating dyskinesia in Parkinson’s patients undergoing levodopa therapy.
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Aditya Birla Capital invests Rs 300 crore in Aditya Birla Housing Finance by subscribing to the company's rights to meet its funding requirements and improve its leverage ratio.
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ICICI Prudential Life Insurance falls as it gets a GST demand worth Rs 429.1 crore from the Deputy Commissioner of State Tax, Maharashtra.
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PNC Infratech is rising as it emerges as the lowest bidder for a Rs 380 crore project from the National Highways Authority of India (NHAI). The project involves the construction of an additional 3-lane bridge over River Ganga to connect Buxar and Bharauli on NH-922 in Uttar Pradesh and Bihar on hybrid annuity mode (HAM).
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Nifty 50 was trading at 25041.45 (23.7, 0.1%) , BSE Sensex was trading at 81786.13 (74.4, 0.1%) while the broader Nifty 500 was trading at 23638.40 (33.6, 0.1%)
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Market breadth is overwhelmingly positive. Of the 1,947 stocks traded today, 1,358 were in the positive territory and 559 were negative.
Riding High:
Largecap and midcap gainers today include LTIMindtree Ltd. (6,127.55, 6.5%), Trent Ltd. (7,242.10, 5.4%) and L&T Technology Services Ltd. (5,678.60, 3.5%).
Downers:
Largecap and midcap losers today include Tata Elxsi Ltd. (8,227.50, -8.3%), Hindustan Zinc Ltd. (511.25, -4.0%) and FSN E-Commerce Ventures Ltd. (217.15, -3.7%).
Movers and Shakers
27 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included NBCC (India) Ltd. (195.71, 10.2%), LTIMindtree Ltd. (6,127.55, 6.5%) and Trent Ltd. (7,242.10, 5.4%).
Top high volume losers on BSE were Tata Investment Corporation Ltd. (7,190.45, -2.6%), Aditya Birla Fashion and Retail Ltd. (314.85, -2.2%) and Esab India Ltd. (6,152.55, -0.8%).
GMM Pfaudler Ltd. (1,401.75, 3.3%) was trading at 55.5 times of weekly average. Intellect Design Arena Ltd. (981.95, 1.1%) and JBM Auto Ltd. (1,953.35, 2.9%) were trading with volumes 9.6 and 9.6 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
39 stocks took off, crossing 52 week highs,
Stocks touching their year highs included - Abbott India Ltd. (29,955.25, 0.7%), Akzo Nobel India Ltd. (3,539.35, 2.8%) and Aurobindo Pharma Ltd. (1,564.20, 0.8%).
10 stocks climbed above their 200 day SMA including Engineers India Ltd. (225.55, 4.9%) and GMM Pfaudler Ltd. (1,401.75, 3.3%). 6 stocks slipped below their 200 SMA including Adani Energy Solutions Ltd. (1,027.15, -1.8%) and R R Kabel Ltd. (1,601.55, -1.2%).
