Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Friday’s trading session in the positive territory. The NSE Nifty 50 gained 83.95 points or 0.33% to settle at 25,235.90, while the BSE Sensex soared 231.17 points or 0.28% to 82,365.78. The broader indices ended in green, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended higher by 198.25 points or 0.39% to settle at 51,351. Pharma and Realty stocks outperformed where Media stock shed.
Benchmark domestic indices BSE Sensex and NSE Nifty 50 closed in positive territory on Friday.
Zomato Limited, the Indian food delivery giant, saw its shares trade lower after disclosing two GST-related demands for the financial year 2019-20. The tax demands, issued by authorities in Tamil Nadu and West Bengal, allege excess input tax credit usage and non-payment of GST on delivery charges, respectively.
Prestige Estates Projects shares gains over 2% after Bengaluru-based real estate developer Prestige Estates Projects Ltd. has initiated a Qualified Institutional Placement (QIP) to sell shares to eligible institutional investors, aiming to raise up to Rs 5,000 crore.
Bajaj Finance, Coal India, BPCL, L&T, and Bajaj Finserv are the top gainers on NSE Nifty 50 index whereas the top laggards include Tata Motors, TCS, Sun Pharma, Tech Mahindra, and Bajaj-Auto.
The NSE Nifty 50 opens up by 97.75 points or 0.39% at 25,249.70, while the BSE Sensex jumps 502.42 points or 0.61% to 82,637.03 in the opening trade.
The state-owned company has announced that it has received a demand order from the Deputy Commissioner of State Tax, Mumbai, amounting to Rs 605.59 crore for the financial year 2019-20. The order includes Rs 294.43 crore in goods and services tax (GST), Rs 281.71 crore in interest, and a penalty of Rs 29.45 crore.
Commenting on Today’s Market Outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that This Friday, the Nifty may surge to new record highs, with Dalal Street poised for a strong rally. Key catalysts include Moody’s raising India’s 2024 GDP growth forecast to 7.2%, Mukesh Ambani’s AI-led roadmap for Reliance Industries, substantial FII buying, positive global cues, and upbeat US GDP data.
Tapse also added that As all eyes turn to the US PCE index, the potential for Federal Reserve rate cuts on September 18th remains the biggest driver. We recommend buying Nifty and Bank Nifty at current levels, with aggressive targets in sight, and highlight Persistent Systems as a strong buy on any early weakness.
The Directorate General of Civil Aviation (DGCA) has announced that a low-cost airline will be placed under enhanced surveillance with immediate effect due to ongoing issues with flight cancellations and mounting financial pressure. As part of this intensified monitoring, the DGCA will increase both spot checks and nighttime inspections of the airline’s operations.
Commenting on the Technical outlook of Nifty Kunal Kamble. Sr. Technical Research Analyst at Bonanza Portfolio, said that The Nifty 50 index closed above the 25,100 resistance level on Friday, indicating strong buyer dominance. The index is currently trading above 25,130, and there is potential for a move towards the 25,400 level. Support for the index is at 24,800. As long as the market remains above this support level, it is expected to continue trading higher.
A Tata Group company has acquired 13,000 equity shares, representing a 26% equity stake, in TP Parivart for Rs 1.3 lakh. TP Parivart is a subsidiary of Tata Power Renewable Energy.
Foreign institutional investors (FII) bought shares net worth Rs 3,259.56 crore. While, domestic institutional investors (DII) bought shares net worth Rs 2,690.85 crore on August 29, 2024, according to the provisional data available on the NSE.
The Adani group has infused about Rs 2,000 crore in the Dharavi Redevelopment Project (DRP), the largest slum redevelopment initiative in Asia, which covers 640 acres in Mumbai. The Dharavi Redevelopment Project (DRPPL) is a joint venture between Gautam Adani’s Adani Group and the Maharashtra government. As the lead partner, Adani is responsible for constructing residential and commercial units for the project. The group won the bid for the project in 2022 and received final approval last year.
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.01% at 101.35 on Friday morning.
US markets closed on a mixed note on Thursday. The Dow Jones Industrial Average index gained 243.63 points or 0.59%, to end at 41,335.05. The broader market index, the S&P 500 just below the flatline at 5,591.96. Similarly, the tech-heavy Nasdaq Composite fell 0.23% to settle at 17,516.43.
NTPC is planning to set up a new subsidiary to undertake nuclear projects, its chairman and managing director Gurdeep Singh said on Thursday. Speaking at the company’s 48th annual general meeting, he said NTPC is on the verge of commencing work on the 2.8-gigawatt (GW) Mahi Banswara nuclear project in Rajasthan through its joint venture with Nuclear Power Corporation of India — Anushakti Vidhyut Nigam (ASHVINI) – with an estimated investment of Rs 50,000 crore.