Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a flat note on August 19. The BSE Sensex rose 10.30 points or 0.01% to finish the day’s trading at 80,447.14. The NSE Nifty 50 closed 38.40 points or 0.16% higher at 24,579.55. The Bank Nifty closed the day 0.19% or 98 points lower at 50,418.85. The Nifty Midcap 100 closed 171.40 points or 0.30% higher at 57,827.40.
Piramal Enterprises announced on Monday that an entity from the promoter group acquired 6.16 lakh equity shares, constituting 0.27% of the company’s total paid-up share capital, on August 16.
Genus Power Infrastructures shares were locked in a 5% upper circuit on Monday after the company’s wholly-owned subsidiary secured three significant Letters of Award (LoAs). According to an exchange filing over the weekend, the subsidiary won contracts valued at Rs 2,925.5 crore for Advanced Metering Infrastructure Services. The contracts involve the design, supply, installation, and commissioning of approximately 3.75 million Smart Prepaid Meters on a Design-Build-Finance-Operate-Transfer (DBFOOT) basis.
Hindustan Zinc shares opened lower for the fourth consecutive session on Monday, recording losses of over 5% at the start of trading. The ongoing decline has seen the stock drop more than 20% over the last four trading days. Monday’s fall brought the stock price close to its Offer For Sale (OFS) floor price of Rs 486 per share.
Reliance Power shares surged 5% on Monday, hitting the upper circuit at Rs 32.81 per share on the BSE. The sharp rise followed reports that Adani Power, a company under the Gautam Adani Group, is in talks to acquire Reliance Power’s 600 MW thermal plant.
Jefferies has reiterated its ‘Buy’ rating on Sunteck Realty with a target price of Rs 690. The revival of a long-stalled joint venture in Dubai has significantly boosted the company’s net asset value (NAV), adding nearly 25% to its valuation—a key positive highlighted in the first-quarter results.
The report also said that FY25 has begun on a strong note for Sunteck Realty, with a 30% growth in sales and a 32% increase in operating cash flow. However, the profit and loss statement was affected by a one-off event.
Despite this, Jefferies sees strong potential for the company, underpinned by the positive developments in its Dubai JV and robust early performance in FY25.
The stock of Hindalco rises 2.34% to an intraday high of Rs 649 from its previous close of Rs 634.15. Shares of Hindlaco touched their all-time high of Rs 715.25 on June 03, 2024. The upper band for the stock is placed at Rs 697.55.
ONGC, BPCL, NTPC, Hindalco, and Shriram Finance were the top gainers in the Nifty 50. While, Mahindra & Mahindra, Tech Mahindra, Nestle India, TCS, and Infosys were the major losers in the Nifty 50 on August 19.
The NSE Nifty 50 opened 0.35% higher at 24,627, while the BSE Sensex opened 0.25% higher at 80,637.77.
“On Friday, global markets closed higher for the second consecutive day. Indian markets are expected to open on a positive note. The Nifty Index has surpassed its resistance level of 24,500, which will now serve as strong support. On the upside, the markets could potentially move towards new highs. Traders holding long positions should maintain a trailing stop loss at 24,350 on a closing basis,” said Hardik Matalia, Research Analyst at Choice Broking.
“Markets are likely to trade higher as bulls will aim to take over the positive baton from solid higher leads from Wall Street. All eyes will now be on the Jackson Hole Economic Symposium, where Fed chair Powell will deliver a highly anticipated speech on Friday, August 23. We suspect Powell is likely to set the stage for the first rate cut in years. Hopefully, this September unemployment report gets the Fed to cut interest rates by 50 basis points. Among the positive catalysts, the fear of slowdown and fear of inflation in the US is off the front pages. Technically, Nifty has support at 24101 with aggressive targets at 24900-25100 zone,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
The company is exploring various options for industrial land to establish a greenfield facility. An investment intent has been submitted to the Government of Uttar Pradesh for land acquisition. The company estimates a phased investment of over Rs 4,500 crore and aims to achieve annual production revenue exceeding Rs 10,000 crore at full capacity. The project is expected to create direct and indirect employment opportunities for over 14,000 people once fully operational.
Khiroda Chandra Jena has stepped down from his role as Chief Financial Officer of the company, effective August 17. He has resigned to pursue professional opportunities outside the organization.
The company has secured orders worth Rs 107.09 crore from domestic and international customers. These orders pertain to the supply of electronic kits and cable & wire harness assemblies.
Commenting on the Technical outlook of Nifty Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said that Nifty on Friday opened with a huge gap up today and after the initial bout of volatility, it traded with a positive bias to close the day up ~410 points. On the daily charts, we can observe that the Nifty has held on to the 40-day average (24150) and has witnessed a sharp pullback.
Gedia also added that the Nifty is now heading towards the 24626 – 24650 zone where the 61.82% Fibonacci retracement level and the gap area formed on the 5th Aug is placed. Considering the sharp pullback, we change the short-term trend to sideways from negative and the range of consolidation is likely to be 2400 – 24200.
The company plans to raise Rs 800 crore by issuing non-convertible debentures (NCDs). Initially, Rs 400 crore will be raised, with the option to retain oversubscription of up to an additional Rs 400 crore.
Foreign institutional investors (FII) bought shares worth Rs 766.52 crore, while domestic institutional investors (DII) mopped shares worth Rs 2,606.18 crore on August 16, 2024, according to the provisional data available on the NSE.
The NSE added Aarti Industries, Aditya Birla Fashion and Retail, Bandhan Bank, Biocon, Chambal Fertilisers and Chemicals, GNFC, Granules India, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, NMDC, Piramal Enterprises, Punjab National Bank, RBL Bank, SAIL, Sun TV Network in the F&O Ban on August 19, 2024.
The 24 carat gold rate in India was Rs 71,410 per 10 grams on August 19. The rate for 24 carat gold per gram is Rs 7,141. The rate of 22 carat gold was Rs 65,459 per 10 grams.
The rate of 24 carat gold has jumped by 2.20% in the last one week, and the yellow metal has risen by 3.70% in the last ten days. The silver is currently quoted at Rs 834.6 per 10 grams.
Read More: Here are latest prices of your city
The company is expected to incur a one-time impact of Rs 850 crore on its profitability in the September quarter, following the restatement of an accounting provision for deferred tax liability. This adjustment is prompted by changes in taxation policy, including the withdrawal of the indexation benefit and the revision of the tax rate on debt mutual funds. The tax rate has been altered from 20% plus surcharge and cess with indexation to 12.5% plus surcharge and cess without indexation, making the restatement necessary.
The U.S. Dollar Index (DXY), which measures the dollar’s value against a basket of six major currencies, traded 0.03% higher at 102.43.
WTI crude prices are trading at $76.53, down 0.16%, while Brent crude prices are at $79.55, also down 0.16%, on Monday morning.
U.S. stocks closed higher on Friday, continuing their strongest weekly percentage gains of the year as concerns over an economic downturn eased. Investors turned their attention to the upcoming Jackson Hole Economic Symposium, according to a report by Returns. The tech-heavy Nasdaq Composite rose by 37.22 points, or 0.21%, to close at 17,631.72. The S&P 500 gained 11.03 points, or 0.20%, ending at 5,554.25, while the Dow Jones Industrial Average climbed 96.70 points, or 0.24%, to finish at 40,659.76.
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