Sensex, Nifty Rise Over 2.5% Led By Banking, Realty Stocks; FPIs Turn Net Buyers
The 30-stock gauge added about 1,560 points to close at 59,537.07. The Nifty 50 ended 17,759.3, close to its day's high of 17,777.
Foreign Investors Net Buyers
Overseas investors snapped two days of net selling to turn net buyers of Indian Equities on Tuesday.
The longest buying stretch by FPIs, this year so far, lasted 13 days from July 28 to August 17.
As per data from the National Stock Exchange, foreign portfolio investors net bought equities worth Rs 4,165.86 crore today. This is also the highest worth of Indian equities bought by FPIs in this year so far.
Domestic institutional investors, on the contrary, emerged out of two days of net buying and net sold equities worth Rs 656.72 crore today.
Institutions net bought Rs 14,956.61 crore worth of equities in the month of August and net sold equities worth Rs 33,483.08 till date in 2022.
Closing Update In Charts: Sensex, Nifty Rise Over 2% Led By Banking Stocks
India's stock benchmarks sustained gains, rising over 2.5% aided by realty and banking stocks.
The 30-stock gauge added about 1,560 points to close at 59,537.07. The Nifty 50 ended 17,759.3, close to its day's high of 17,777.65. All Nifty 50 and Sensex 30 stocks rose in today's trade.
The larger indices outperformed their broader peers. The S&P BSE LargeCap gained 2.59%, while the MidCap gauge gaining 1.9% and SmallCap measure jumping 1.4%.
All of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Bankex and Finance gaining over 3%.
The market breadth is skewed in the favour of bulls. About 2,409 stocks rose, 1,012 fell and 131 remained unchanged.
TD Power Systems Approves Stock Split, Shares Surge
Shares of TD Power Systems Ltd. gained as much as 9.3% after the company's board approved the splitting of one share of face value of Rs 10 each into five each of face value of Rs 2.
The split is subject to the approval of shareholders of the company and regulators/statutory approvals. The record date will be decided post ensuing AGM and intimated to the stock exchanges.
APL Apollo Tubes Falls For 7th Day
Shares of APL Apollo Tubes Ltd. fell for the seventh consecutive session, on track for the longest losing streak since the period ended Dec. 26, 2018. It has lost 11% during the streak, compared to a 0.8% decline for the S&P BSE Sensex.
Winning Streaks: Coal India, Rossari Biotech
Coal India Ltd. is up for the seventh straight day, on track for the longest winning streak since the period ended Dec. 3, 2020. It has gained 7.6% during the streak, compared to a 0.8% decline for the S&P BSE Sensex.
Rossari Biotech Ltd. is up for the sixth straight day, on track for the longest winning streak since the period ended May 27, 2021. It has gained 5% during the streak, compared to a 0.7% gain for the S&P BSE Sensex.
Sensex, Nifty Build On Gains, Rise 2%
European Markets Open Higher
European stocks rose on Tuesday as investor sentiment stabilized following a rout sparked by the Federal Reserve’s signal of a sustained period of restrictive monetary policy to quell inflation.
KIMS Shares Gain On Hospital Stake Purchase Deal
Shares of Krishna Institute of Medical Sciences Ltd. gained the most in two months after it said it has entered into an agreement to acquire 51% in SPANV Medisearch Lifesciences, Nagpur, that runs a multi-specialty Kingsway Hospital, having over 300+ beds.
Post-acquisition, the hospital will be renamed KIMS Kingsway Hospitals. The acquisition was done for Rs 80 crore.
Nazara Tech Gains After WildWorks Acquisition
Shares of Rakesh Jhunjhunwala-backed Nazara Technologies Ltd. gained after the company acquired 100% of U.S.-based children’s interactive entertainment company WildWorks for about Rs 83 crore.
The stock gained as much as 7.1%, the most since Aug. 2. The acquisition will help Nazara grow in the gamified learning space. Two of WildWorks’ original founders will remain with the company and lead its next phase of growth as part of the “Friends of Nazara” network.
Source: Exchange filing
CESC Shares Up Most In 2 Weeks
Shares of CESC Ltd. gained the most in nearly two weeks after the company had 16.7 lakh shares change hands in a bunched trade.
Shares of the company gained as much as 4.04%.
Midday Market Update: Sensex, Nifty Hold Gains; Realty Leads
India's stock benchmarks sustained gains aided by realty, power and auto stocks. The Sensex and Nifty 50 both rose 1.5%.
The 30-stock gauge had added about 850 points to hover around 58,800. The Nifty 50 traded around 17,600. Today 49 of Nifty 50 stocks rose while one fell.
The broader indices mainly mirrored the larger peers with MidCap gauge gaining 1.5% and SmallCap measure jumping 1.1%.
All of the 19 sectoral indices compiled by BSE Ltd. advanced with Realty index gaining 2.3%.
The market breadth is skewed in the favour of bulls. About 2,438 stocks rose, 810 fell and 155 remained unchanged.
Ramkrishna Forgings Rises On Rs 20-Crore Order Win
Shares of Ramkrishna Forgings Ltd. gained as much as 4.3% after it informed the exchanges that it has won an order wirth Rs 20.5 crore annually from a "market leader in rubber tracks for farm equipment and snowmobiles, as well as in solid and bias tyres for material handling equipment."
Ramkrishna Forgings, while not revealing the company, said it has been awarded the contract for metal bars. "This order has a potential to become an annual business of Rs 80 crore."
Shares of the company gained as much as 4.3% to Rs 205.7 apiece.
Hindustan Oil Exploration Approves Rs 250 Crore Fund Raising Plan
Shares of Hindustan Oil Exploration Ltd. gained after the board approved a proposal to raised funds of up to Rs 250 crores by issuance of equity shares/other securities in accordance with SEBI regulations.
The company also approved an increase in the borrowing limits of the board upto a sum of Rs 500 crore.
Shares of the company gained as much as 2.5%, before paring some gains to trade 1.8% lower.
Prasol Chemicals Gets SEBI Nod For IPO
Prasol Chemicals Ltd. has received SEBI's approval to float its initial public offering. The IPO will be a combination of a fresh issue of shares and an offer-for-sale.
It received an observation letter from SEBI, an equivalent of an approval, on Aug. 23.
Granules India Shares Gain As FDA Approves Its Imodium Equivalent
Shares of Granules India Ltd. gained as much as 1.95% after the U.S. Food and Drug Administration approved its Abbreviated New Drug Application (ANDA) for Loperamide Hydrochloride and Simethicone Tablets.
In an exchange filing, the company said the drug is the bioequivalent to the reference listed drug product, Imodium, which is made by Johnson & Johnson Consumer Inc.
"Loperamide Hydrochloride and Simethicone Tablets are indicated to relieve symptoms of diarrhea plus bloating, pressure and cramps, commonly referred to as gas. The Imodium brand and store brands had combined U.S. sales of approximately $60 million for the most recent twelve months," it said.
Page Industries Up Most In Three Months
Shares of Page Industries Ltd. gained as much as 4.2%, the most since June 15.
The stock traded moved to as much as Rs 51,500 apiece on Tuesday. The stock of the maker of Jockey garments in India was the best performer among peers.
BLS International Climbs To Record High As Nomura Buys 11 Lakh Shares
Shares of visa processing company BLS International Ltd. gained as much as 18.4% to a record high after Nomura Singapore bought 11 lakh shares of the company, according to data on the National Stock Exchange.
That translates to about a 0.5% stake in the company.
Shares of the company gained the most since June 14 to Rs 270 apiece.
Tamilnad Mercantile Bank IPO To Open On Sept. 5
IPO consists of:
Fresh Issue: 1.58 crore shares
Price Band: Rs 500-525 per share
Issue Size: Rs 792-832 crore
Book Managers: Axis Capital, Motilal Oswal, SBI Capital Markets
Source: Tamilnad Mercantile Bank
Rupee Retreats From 80-Mark Against U.S. Dollar
The Indian rupee gained to 79.88 after hitting its lowest level against a U.S. dollar that strengthened on Jerome Powell's hawkish remarks at Jackson Hole.
The rupe gained as much as 19 paise to 79.77 against the greenback, rebouding from an all-time low of 80.13 on Monday.
Eicher Shares Gain As BofA Reiterates 'Buy', Raises Price Target
Shares of Eicher Motors Ltd. gained the most in a week after BofA Securities reiterated its 'buy' rating and upped its target price for the automaker as it sees growth "finally coming back" at Royal Enfield.
The brokerage, led by analysts Gunjan Prithyani and Anuja Chauhan, said Eicher's new Royal Enfield Hunter is performing well and this momentum is "being further topped up by Eicher via targeted influencer led marketing and aggressive financing push for other models too."
"It does seem to us that the Hunter name plate has potential to surpass the 10,000-12,000 monthly run rate expectations on the street. Beyond Hunter, there remain growth levers on replacement demand (existing Royal Enfield customer base of 50 lakh+), new launches including Bullet platform rollover and export scale up. Net net, growth is finally coming back at Royal Enfield."
Further, it said that margin concerns at the company seem "exaggerated" with operating leverage and raw material tailwind yet to play out.
It raised its earnings per share estimates by 4% for FY24, and revise its price target upwards to Rs 3,900 on improving growth outlook. That implies a potential upside of 16.2%.
Of the 48 analysts tracking the company, 34 maintain a ‘buy’, nine suggest a ‘hold’ and five recommend a ‘sell’, according to Bloomberg data. The 12-month consensus price target implies a 2.1% upside.
Tata Teleservices Maharashtra Up Most In At Least A Year
Shares of Tata Teleservices Maharashtra Ltd. gained as much as 20%, the most in at least a year.
This came as about 55.4 lakh shares of the company changed hands in four bunch trades, according to Bloomberg. That equates to about 0.3% equity of the company.
Shares of the company gained as much as 19.97%. The stock has gained over 180% in the last 52 weeks, beating gains in both benchmark indices.
CDSL Shares Up Most In Three Months
Shares of CDSL Ltd. rose as much as 8%, the most since May 30.
Trading volume was double the average for this time of the day. The stock was the best perfomer among its peers.
Of the 10 analysts tracking the company, six maintain a ‘buy’, one suggests a ‘hold’ and three recommend a ‘sell’, according to Bloomberg data. The 12-month consensus price target implies a 4.7% downside.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 1bps to 7.24%, at the open.
Source: Bloomberg
Rupee Rises Against The U.S. Dollar
Indian currency appreciated 13 paise to 79.85, during the session.
Source: Bloomberg
Nazara Technologies Acquires Children’s Interactive Entertainment Company WildWorks.
Nazara has acquired 100% of U.S.-based children’s interactive entertainment company WildWorks for about Rs 83 crore.
Acquisition to help Nazara grow in the gamified learning space, it said.
Two of WildWorks’ original founders will remain with the company and lead its next phase of growth as part of the “Friends of Nazara” network.
Source: Exchange filing
Opening Bell: Sensex, Nifty Open Higher; Auto, Banking, Power, Metal Stocks Rise
India's stock benchmarks opened higher, aided by gains in auto, banking, power, metal stocks.
The S&P BSE Sensex rose nearly 500 points to 58,449.65. The NSE Nifty 50 gained over 0.8% to 17,460.40. Bajaj Finserv, IndusInd Bank were among the top gainers.
The broader indices outperformed their larger peers with mid and small cap gauges gaining over 1%. All 19 sectoral indices compiled by BSE Ltd. advanced with Oil & Gas, Power, Auto, Metal and Banking stocks gaining the most.
The market breadth is skewed in the favour of bulls. About 2,165 stocks rose, 451 fell and 93 remained unchanged.
Trade Setup For Tuesday
Stocks To Watch
Adani Enterprises/NDTV: Adani Enterprises said that its arm Vishvapradhan Commercial Pvt. has sought a clarification from the market regulator SEBI on the conversion of NDTV's warrants required for acquisition of stake.
India Grid Trust: The company appointed Harsh Shah as the Chief Executive Officer for a term of five years starting Aug. 30.
Krishna Institute of Medical Sciences: The company t has entered into a definitive agreement to acquire 51% in SPANV Medisearch Lifesciences, Nagpur, that runs a multi-specialty hospital ‘Kingsway Hospitals’, having over 300+ beds. Post-acquisition, the hospital will be renamed ‘KIMS Kingsway Hospitals.’
ICRA: The company has appointed Venkatesh Viswanathan as a Group Chief Financial Officer with effect from Aug. 30.
Zomato: CEO Deepinder Goyal said he has no plan of moving away from day-to-day operations at the company and renaming of Zomato to 'Eternal' isn't in the pipeline yet.
Sensex, Nifty Open Higher; Auto, Banking, Power, Metal Stocks Rise
Asian equities decline led by struggles in traction on Tuesday, amid subdued sentiment due to the Federal Reserve’s commitment to a sustained period of restrictive monetary policy.
Japanese acquires. But China tech stocks in Hong Kong slid. U.S. futures fluctuated after Wall Street equities added to a slump that began Friday when Chair Jerome Powell stressed the Fed is willing to let the economy suffer to cool price pressures.
At 8:20 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 0.33% higher at 17,437.50 points.
Oil was near the highest since late July amid potential Libyan production outages that could likely global energy crunch.