Market closes higher, IDBI Bank files an insolvency case against Zee Entertainment
By Trendlyne Analysis

 

Nifty 50 closed at 24,973.10 (104.5, 0.4%) , BSE Sensex closed at 81,425.15 (323.8, 0.4%) while the broader Nifty 500 closed at 23,074.15 (125.1, 0.5%). Market breadth is in the green. Of the 2,544 stocks traded today, 1,459 were gainers and 1,041 were losers.

Indian indices closed higher amid optimism over India-US trade talks, as President Trump signaled a more conciliatory approach. The Indian volatility index, Nifty VIX, declined 1.4% and closed at 10.5 points. IDBI Bank filed an insolvency case against Zee Entertainment at the National Company Law Tribunal (NCLT), Mumbai. The bank alleged a default of Rs 225.2 crore, along with interest and other charges.

Nifty Midcap 100 & Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty IT and Nifty India Defence were among the top index gainers today. According to Trendlyne’s Sector dashboard, Software & Services emerged as the best-performing sector of the day, with a rise of 2.4%.

Asian indices closed in the green, while European indices are trading higher except Russia’s MOEX & RTSI indices. US index futures traded mixed. JPMorgan CEO Jamie Dimon voiced caution over the US economic outlook, warning that the full impact of tariffs and rising geopolitical tensions may still lie ahead. Meanwhile, oil prices edge higher as tensions escalate between Israel and Qatar, and fears mount over potential new western sanctions on Russia following major airstrikes on Ukraine in recent months.

  • Relative strength index (RSI) indicates that stocks like Eicher Motors, TVS Motor, Netweb Technologies and Hero MotoCorp are in the overbought zone.

  • IDBI Bank files an insolvency case against Zee Entertainment Enterprises at the National Company Law Tribunal (NCLT), Mumbai. The bank alleges a default of Rs 225.2 crore, along with interest and other charges, under the Insolvency and Bankruptcy Code.

  • Laxmi Organic Industries enters a five-year deal with Switzerland-based Hitachi Energy to supply eco-efficient gas for high-voltage switchgear. The company plans a capital expenditure of around Rs 75 crore under the agreement.

  • Healthcare Global Enterprises is rising as nearly 3.2 crore shares (4.5% stake), worth Rs 437.9 crore, reportedly change hands in a block deal.

  • According to data released by the Association of Mutual Funds in India (AMFI), mutual funds' net equity inflows decline 21% MoM to Rs 33,430 crore in August. Meanwhile, total assets under management (AUM) decrease to Rs 75.2 lakh crore from 75.4 lakh crore in July.

  • Syrma SGS Technology receives 26.7 acres of land in Andhra Pradesh to set up India's largest multi-layer printed circuit board (PCB) manufacturing facility for an investment of Rs 1,595 crore.

  • Sun Pharmaceutical Industries receives 'official action indicated' (OAI) classification from the US FDA following an inspection at its Halol facility. The status indicates the facility is not fully compliant with certain current good manufacturing practices (CGMP) standards.

  • CLSA maintains an 'Outperform' rating on UltraTech Cement with a target price of Rs 13,500. The brokerage expects a revival in demand due to tax cuts and price adjustments. The company sees 10–11% growth in H2 FY25, driven by higher discretionary spending from income tax cuts, lower interest rates, and GST relief. It adds that replacing the coal cess with GST could also cut costs by Rs 20 per tonne.

  • Hindustan Aeronautics rises over 2% as it signs a technology transfer agreement for Small Satellite Launch Vehicle (SSLV) technology with the Indian National Space Promotion and Authorisation Centre, NewSpace India and Indian Space Research Organisation. HAL CMD D.K. Sunil says the company will work with the agencies to absorb and commercialise SSLV tech, ensuring reliable small satellite launches.

  • ICICI Securities maintains its 'Buy' call on CESC, with a target price of Rs 204 per share, indicating a potential upside of 26.7%. The brokerage expects CESC to double profits by FY30, driven by renewable energy expansion, distribution asset investments, and solar manufacturing. It highlights growth opportunities from DISCOM privatisation in Uttar Pradesh and the first phase of 3.2GW RE capacity addition.

  • Goldiam International is rising as it receives an order worth Rs 100 crore from an international client to manufacture and export lab-grown diamond jewellery.

  • Goodluck India falls sharply after it cuts its FY26 revenue growth forecast to 12% from 20%, citing uncertainties in the business environment.

  • Fitch Ratings raises its FY26 GDP growth forecast for India to 6.9% from 6.5%, citing strong domestic demand. It expects robust consumer spending and easier financial conditions to drive investment. Fitch also notes that recent GST reforms modestly boost consumption, with household spending remaining the main growth driver.

  • Rajesh Power Services is rising as it receives an order worth Rs 143.1 crore from Dakshin Gujarat Vij (DGVCL). The contract involves converting the existing high-voltage 11/22kV network to underground cables under the system improvement scheme in Valsad City, Valsad Rural, and Surat Rural.

  • Sri Lotus Developers and Realty is rising as it secures an ultra-luxury re-development project in Bandra West, Mumbai.

  • Thermax is rising after it infuses Rs 115 crore in its subsidiary First Energy to support investments in its step-down unit First Energy 10. The funding will support new renewable energy projects under FE10 in solar, wind, and hybrid segments.

  • CarTrade Tech declines over 9% as JM Financial downgrades its rating to 'Sell' with a revised target price of Rs 2,350. The brokerage believes the company's valuation is high because it still depends entirely on B2B revenue. It adds that CarTrade has B2C platforms, but they don't shield it from the cyclical nature of B2B spending. JM Financial also adds that while the OLX recovery is a positive sign, it was expected and doesn't justify a change to their forecast.

  • Vodafone Idea rises as it files a fresh plea in the Supreme Court over the adjusted gross revenue (AGR) case. The company seeks a re-evaluation of AGR dues, challenging the current computation of the amount owed.

  • Seafood stocks like Avanti Feeds and Apex Frozen Foods surge as the European Union approves exports from 102 more Indian units, lifting the total to 604. The move is expected to boost seafood exports by about 20% and offset pressure from US shrimp tariffs.

  • Textile stocks like Welspun Living, Gokaldas Exports and Vardhman Textiles rise sharply as hopes of an India-US trade deal revive. The optimism comes after Donald Trump said trade talks are continuing and discussions with Prime Minister Modi are expected.

  • Noumura maintains a 'Buy' rating on Cummins India with a higher target price of Rs 4,500. The brokerage notes Cummins' focus on industrial stationary storage over large utility-scale battery energy storage systems (BESS). The company will still rely on China for most of its manufacturing, but it aims to add value through differentiated features, with BESS expected to enhance its overall product offering.

  • Blue Jet Healthcare is falling as its promoter, Akshay Bansarilal Arora, plans to sell a 6.8% stake (or 1.2 crore shares) worth Rs 800 crore through an offer for sale (OFS) at a floor price of Rs 675.

  • Vikram Solar surges to its all-time high of Rs 408 as its net profit grows 4.8X YoY to Rs 133.4 crore in Q1FY26. Revenue increases 79.7% YoY to Rs 1,133.6 crore, helped by backward integration into solar cell production. The company appears in a screener of stocks with improving net cash flow over the past two years.

  • MTAR Technologies surges as it secures an order worth $43.9 million (approximately Rs 386 crore) from Bloom Energy to supply fuel cell components and assemblies.

  • Sterling and Wilson Renewable Energy is rising as it receives an order worth Rs 415 crore from a leading private independent power producer (IPP). The project involves setting up a 300 MW solar plant in Rajasthan along with a power substation.

  • Markets rise on early trading, Nifty 50 was trading at 24,962.65 (94.1, 0.4%), BSE Sensex was trading at 81,504.36 (403.0, 0.5%) while the broader Nifty 500 was trading at 23,062.75 (113.7, 0.5%).

  • Market breadth is ticking up strongly. Of the 2,092 stocks traded today, 1,589 were on the uptick, and 446 were down.

Riding High:

Largecap and midcap gainers today include Oracle Financial Services Software Ltd. (9,264.50, 10.1%), Waaree Energies Ltd. (3,477.80, 6.7%) and Persistent Systems Ltd. (5,419, 5.6%).

Downers:

Largecap and midcap losers today include Swiggy Ltd. (423.90, -2.9%), MRF Ltd. (1,45,255, -2.7%) and Avenue Supermarts Ltd. (4,631.30, -2.7%).

Movers and Shakers

33 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Oracle Financial Services Software Ltd. (9,264.50, 10.1%), Welspun Living Ltd. (125.53, 9.9%) and Vardhman Textiles Ltd. (442.95, 8.1%).

Top high volume losers on BSE were Supreme Industries Ltd. (4,282.50, -2.2%), Poly Medicure Ltd. (1,970, -1.7%) and Kalpataru Projects International Ltd. (1,258.50, -1.0%).

Himadri Speciality Chemical Ltd. (468.40, 4.0%) was trading at 13.9 times of weekly average. International Gemmological Institute (India) Ltd. (373.55, 7.1%) and Trident Ltd. (29.16, 3.7%) were trading with volumes 13.2 and 9.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Bosch Ltd. (41,060, -1.1%), Cummins India Ltd. (4,015.90, 0.1%) and Indian Bank (692.40, 3.3%).

33 stocks climbed above their 200 day SMA including Zensar Technologies Ltd. (825.30, 6.1%) and Intellect Design Arena Ltd. (1,015.65, 5.8%). 6 stocks slipped below their 200 SMA including Kansai Nerolac Paints Ltd. (244.76, -1.6%) and Voltas Ltd. (1,394.90, -1.2%).

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