Share Market Highlights: Markets end higher! Nifty near 24,550, Sensex gains over 1300 points led by IT and Realty stocks

Several stocks hit 52-week highs, with Vinny leading the gains at 20%. Other notable performers include Suprajit, up 9.62%; Zaggle, up 9.29%; Khaitan, up 4.99%; and MCX, up 3.53%.

Ola Electric Mobility’s shares soared by 20% to a record Rs 133.80 after HSBC initiated coverage with a “buy” rating and a target price of Rs 140 per share, indicating a potential upside of 26% from Wednesday’s close.

Read More: Ola Electric shares hit 20% upper circuit after HSBC initiates coverage with ‘Buy’

Coromandel International‘s stock traded flat at ₹1,699.50 on the NSE following the receipt of permission from the Tamil Nadu Pollution Control Board. The board has authorized the company to resume operations at its allied units, including the Phosphoric Acid Plant and Sulphuric Acid Plant in Ennore, Chennai, without the need for an Ammonia Storage facility. The company has been advised to adhere to specified conditions.

The stock of HDFC Life Insurance fell 3.2% to an intraday low of Rs 664.65 from its previous close of Rs 686.35. The stock was the major loser in the Nifty 50. It touched its all-time low of Rs 511.40 on June 04, 2024.

“We raise our FY25 earnings estimate by 4%, factoring in better profitability in the company and reduced opex in Apollo 24/7. We value Apollo Hospitals on SOTP basis (30x 12 month forward EV/EBITDA hospital business, 12M fwd EV/EBITDA for the company, 22x 12M fwd EV/EBITDA for front end pharmacy) to arrive at a target price of Rs 7,940. The company is implementing efforts to commission acquired hospitals after refurbishing/adding medical equipment, get regulatory approval for a greenfield hospital project, and optimize Apollo 24/7 business. Accordingly, we estimate a 21% EBITDA CAGR and a 41% earnings CAGR over FY24-26,” said Motilal Oswal in a research report on Apollo Hospitals.

Shares of Wipro rose a bit over 3% to an intraday high of Rs 510.45 from its previous close of Rs 495.10. The stock was the top gainer in the Nifty 50. It touched its 52-week high of Rs 579.90 on July 19, 2024.

“We expect Hero MotoCorp to deliver a volume growth of 8% over FY24-26, driven by new launches in the 125cc, scooters and premium segments, and a rampup in exports. The company will also benefit from a gradual rural recovery, given strong brand equity in the economy and executive segments,” said Motilal Oswal in a research report. The brokerage firm maintained its “Buy” rating on the stock with a target price of Rs 5,865.

HDFC Life Insurance Company has received a Goods and Services Tax (GST) order from the Commercial Tax Officer, Ward 8, Chandigarh, demanding a total of ₹112.21 crore, including tax, interest, and penalty for the period from April 1, 2019, to March 31, 2020. The tax demand amounts to ₹56.73 crore, with an additional ₹49.80 crore in interest and ₹5.68 crore in penalties. Following the news, HDFC Life‘s stock declined by 2.05%, trading at ₹672.30 on the NSE.

Mahindra & Mahindra (M&M) shares jumped over 3% after the company unveiled its new ‘Thar Roxx’ SUV on Independence Day, August 15, 2024. The vehicle is priced starting at Rs 12.99 lakh.

commenting on the Derivative outlook Anand James, Chief Market Strategist, Geojit Financial Services said that the Nifty weekly contract has highest open interest at 24150 for Calls and 24150 for Puts while monthly contracts have highest open interest at 24500 for Calls and 24000 for Puts. Highest new OI addition was seen at 24150 for Calls and 24150 for Puts in weekly and at 24400 for Calls and 24150 for Puts in monthly contracts.

James also added that FIIs decreased their future index long position holdings by 0.03%, increased future index shorts by 3.27% and in index options by 48.81% decrease in Call longs, 34.35% decrease in Call short, 56.86% decrease in Put longs and 45.63% decrease in Put shorts.

Crude oil futures traded lower on Friday morning but remained poised for weekly gains as recent US economic data fueled expectations of an interest rate cut in September. As of 9:18 AM, October Brent oil futures were at $80.84, down 0.25%, while September WTI (West Texas Intermediate) crude oil futures were at $77.88, down 0.36%. On the Multi Commodity Exchange (MCX), August crude oil futures were trading at ₹6,541, up 0.83% from the previous close of ₹6,487, while September futures were at ₹6,455, up 0.84% from the previous close of ₹6,401.

Hindustan Zinc falls 8% after Vedanta Ltd. has announced plans to sell 13.37 crore shares of its subsidiary Hindustan Zinc Ltd. through an Offer for Sale (OFS). This transaction represents 3.17% of Hindustan Zinc’s total equity.

Ola Electric Mobility shares jumps over 12% to intra-day high after HSBC indicates coverage with Buy for target price of Rs 140/ share. The Company also reported a net loss of Rs 347 crore for the quarter ended June 30, 2024, reflecting a year-on-year increase of approximately 30%. Despite the widening losses, the company’s consolidated revenue from operations showed strong growth, rising 32% to Rs 1,644 crore, compared to Rs 1,243 crore in the corresponding quarter of the previous fiscal year.

Mahindra & Mahindra, Hindalco, Tech Mahindra, Tata Motors, and ONGC are the top movers on NSE Nifty 50 index

The NSE Nifty 50 opens up by 191.10 points or 0.79% at 24,334.85, while the BSE Sensex jumps 646.01 points or 0.82% to 79,751.85 in the opening trade.

Commenting on the market outlook today Prashanth Tapse, Senior VP (Research), Mehta Equities said that Nifty is poised for a potential uptick as bulls look to capitalise on positive momentum from Wall Street. Traders are likely to adopt a risk-on approach, driven by strong cues from Wall Street, the expectation of a rate cut by the Federal Reserve in September, and robust US retail sales figures, which have eased recession concerns. The July US CPI data further boosts confidence that inflation will return to the Fed’s 2% target.

Tapse also added that the risk appetite is expected to improve significantly only above the Nifty 24,497 mark. In Wednesday’s session, FIIs were net sellers by Rs 2,595 crore, while DIIs bought Rs 2,236 crore. Nifty options data suggests a trading range of 24,000-25,000, with 25,000 acting as a key resistance level. Key stocks to watch include Aurobindo Pharma, Bajaj Auto, Naukri, and TVS Motors, with a bullish outlook on Aurobindo Pharma for the month.

Stocks across Asia climbed on Friday, driven by strong US jobs and spending data that alleviated recession concerns and sparked a rally in global markets. Equity benchmarks in Japan surged over 2% at the open, while shares in Australia and South Korea also posted gains. US futures contracts edged higher after the S&P 500 and Nasdaq 100 saw gains, buoyed by better-than-expected retail sales data and the lowest jobless claims since early July.

Tata Steel has acquired 115.92 crore ordinary equity shares of its subsidiary, T Steel Holdings Pte, for $182 million (approximately Rs 1,528.24 crore). Following this acquisition, T Steel Holdings Pte will continue to operate as a wholly owned subsidiary of Tata Steel.

Ola Electric Mobility, which made its stock market debut last week, reported a net loss of Rs 347 crore for the quarter ended June 30, 2024, reflecting a year-on-year increase of approximately 30%. Despite the widening losses, the company’s consolidated revenue from operations showed strong growth, rising 32% to Rs 1,644 crore, compared to Rs 1,243 crore in the corresponding quarter of the previous fiscal year.

However, on a sequential basis, the company’s financial performance showed improvement, with net losses narrowing by 16% from Rs 416 crore reported in the March 2024 quarter. The company’s latest financial results were disclosed in its filings on the BSE on August 14.

GNFC, NMDC, Piramal Enterprises, Aarti Industries, Aditya Birla Capital, Aditya Birla Fashion and Retail, Bandhan Bank, Biocon, Birlasoft, Chambal Fertilisers and Chemicals, Granules India, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, Punjab National Bank, RBL Bank, SAIL, and Sun TV Network to remain in F&O Ban today on August 16.

SpiceJet reported a 20% decline in its consolidated net profit standing at Rs 158 crore in the first quarter ended June 2024. The same stood at Rs 198 crore in the last year. Revenue from operations fell 15% on year to Rs 1,708 crore as against Rs 2,003 crore in the same period of the previous year.

Vedanta on Wednesday announced that it has raised the Offer For Sale (OFS) proposal for Hindustan Zinc (HZL) and now intends to offload 3.31% of the issued and paid-up equity share capital of Hindustan Zinc, earlier it was 2.6%. This represents up to 14,00,00,000 equity shares of the HZL.

Foreign institutional investors (FII) sold shares net worth Rs 2,595.27 crore. Meanwhile, domestic institutional investors (DII) bought shares net worth Rs 2,236.21 crore on August 14, 2024, according to the provisional data available on the NSE.

Hindustan Aeronautics reported a 76.5% on year increase in consolidated net profit in Q1FY25 at Rs 1,437.14 crore Vs Rs 814.09 crore in Q1FY24. Total income for the quarter increased 17.54% YoY to Rs 5,083.85 crore from Rs 4,325.29 crore in the first quarter of FY24.

WTI crude prices were trading at $78.02 down by 0.19%, while Brent crude prices were trading at $80.88 down by 0.20%, on Friday morning.

Glenmark Pharmaceuticals reported its fiscal first-quarter earnings with profit at Rs 340.27 crore, posting a jump of 127% compared to Rs 149.93 crore during the corresponding quarter of FY24. The company said that the growth was driven by strong demand for its drugs and a marginal cost decrease. It recorded revenue from operations at Rs 3244.19 crore, up 6.9% as against Rs 3036.07 crore during the same period of the previous financial year. The company’s EBITDA stood at Rs 588.3 crore, up 34.5% on year.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.04% at 102.99 on Friday morning.

Suzlon Energy’s acquisition of operations and maintenance player Renom is expected to help it grow its market share and expand to new markets. The wind turbine manufacturer recently announced acquiring a 76% stake in Renom Energy Services, the country’s largest multi-brand renewable energy operations and maintenance service (OMS) company, from the Sanjay Ghodawat Group (SGG).

US markets closed on a higher note on Thursday as investors were relieved by the encouraging consumer and labor data, which helped to ease down recession worries. The broader market index, the S&P 500, closed 1.61% higher at 5,543.22. Similarly, the tech-heavy Nasdaq Composite advanced 2.34% to settle at 17,594.50. The Dow Jones Industrial Average added 554 points, or 1.39%, to end at 40,563.06.

Hindustan Zinc, a Vedanta group company, is reportedly planning a special dividend of Rs 8,000 crore to its shareholders in the current fiscal year, PTI reported, citing sources. The company’s board is expected to meet on Tuesday to approve the special dividend payment. The sources said that the total amount, approximately Rs 2,400 crore, or 30%, is projected to benefit the central government and contribute to its non-tax revenue for the fiscal year.