Share Market Highlights: Markets end flat! Nifty holds 25,000, Sensex at 81,700; Media and pharma stocks shine

“Lack of upside momentum prompts Nifty to stare at the possibilities of a drop to 24700. However, as long as 24919-870 holds, we could still retain hopes of a push towards our first objective of 25075 or 25150,” said Anand James, Chief Market Strategist at Geojit Financial Services.

“There are both headwinds and tailwinds for the market now. Headwinds are coming from the escalation of the geopolitical tensions in the Middle East and Ukraine. Brent crude has shot up above $ 81. The strongest tail wind comes from the expected rate cuts by the Fed which will spill over to other central banks including the RBI. The Indian economy now needs monetary stimulus through rate cuts and this is likely in the next policy meeting,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The company has received letters of intent for 13.30 MW of green energy projects. Its wholly-owned subsidiary Sun Drops Energia will develop the projects, said KPI Green Energy in a regulatory filing.

The company’s fundraising committee has given a nod for a qualified institutional placement (QIP) to raise funds. It set the floor price for the QIP at Rs 183.83 per equity share. The company may offer a discount of up to 5% on the floor price at its discretion.

Lemon Tree Hotels has signed a license agreement under its upscale brand, Aurika Hotels & Resorts, with Aurika, Surat in Gujarat. The property shall be operated by Carnation Hotels, a subsidiary and management arm of Lemon Tree Hotels and is expected to open in FY30.

Akums Drugs and Pharmaceuticals reported its fiscal Q1 earnings with a profit of Rs 61.21 crore in comparison to a loss of Rs 187.43 crore recorded during the corresponding quarter of the previous financial year. It posted revenue from operations at Rs 1019.11 crore, up 5.1 per cent as against Rs 969.89 crore during the same period of FY24.

PI Industries said that Manikantan Viswanathan, Chief Financial Officer, retires from the company having attained the age of superannuation from the closing of business hours of August 26. The board has appointed Sanjay Agarwal, as Group Chief Financial Officer of the company.

HCLTech has extended its strategic AI-driven engineering services and digital process operations (DPO) partnership with Xerox, said the company in an exchange filing on Monday. The company will assist Xerox with its fundamental and structural redesign to position the company for long-term profitable and sustainable growth.

UltraTech Cement has raised $500 million through a sustainability-linked loan with contributions from six banks, said the company in an exchange filing on Monday. The fundraise marks the Aditya Birla Group-backed cement maker’s second sustainability-linked financing after it raised $400 million in 2021.

“Nifty and Sensex continue their upward surge unabated, with Nifty marking seven consecutive days of gains. Bulls celebrate as Nifty surpasses the psychological milestone of 25,000 once again, eyeing an all-time-high target of 25,078.30. A break above this level could trigger significant short covering and rally among aggressive bulls, further elevating market expectations. Meanwhile, Nifty’s crucial support rests at 24,750. The market’s optimism is bolstered by Jerome Powell’s clear signal of potential rate cuts, expected at the Fed’s September meeting, contingent on upcoming inflation and employment reports,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Mumbai-based property developer Sunteck Realty is looking to double the gross development value (GDV) of its portfolio from 30,000 crore to 60,000 crore in three years on the back of a boom in residential sales in the city. GDV is the estimated revenue or sale anticipated from the completed development. The Dubai project, with a GDV of Rs 9,000 crore, marks the first milestone on the path to achieving this goal, said Kamal Khetan, chairman and managing director.

Bharat Heavy Electricals Limited (BHEL) on Monday announced that it has secured orders worth more than Rs 11,000 crore from Adani Power and its subsidiary, Mahan Energen, for supply of equipment (Boiler, Turbine, Generator) and supervision of erection & commissioning for three power projects at Kawai, Rajasthan and Mahan, Madhya Pradesh. Each of the three projects, it added, will be of 2×800 MW rating.

Aarti Industries, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Birlasoft, Chambal Fertilisers and Chemicals, Indian Energy Exchange, India Cements, and RBL Bank to remain in F&O Ban today on August 27.

US-based proxy advisory firm Glass Lewis has advised the shareholders of Godfrey Phillips to vote “against” the special resolution seeking the reappointment of Bina Modi as Managing Director at the Annual General Meeting on September 6. Glass Lewis has backed Samir Modi’s presence on the board. Godfrey Phillips India has scheduled its Annual General Meeting on September 6, 2024, in which it has put five ordinary resolutions and one special resolution for approval from its shareholders.

Foreign institutional investors (FII) bought shares net worth Rs 483.36 crore. Meanwhile, domestic institutional investors (DII) bought shares net worth Rs 1,870.22 crore on August 26, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $77.09 down by 0.44%, while Brent crude prices were trading at $81.21 down by 0.28%, on Tuesday morning.

The commissions paid by Reliance Jio to its dealers in FY24 were the lowest compared to spending by peers Bharti Airtel and Vodafone Idea, according to estimates from Jefferies. The telecom operator’s dealer commissions were at 3% of sales compared to Bharti Airtel’s 4% and Vodafone Idea at 8.4%.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.23% at 100.92 on Tuesday morning.