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POST-MARKET REPORT
The Indian benchmark indices extended gains for the second consecutive session to hit fresh all-time highs amid positive global cues and buying across the sectors.
At close, the Sensex was up 1,359.51 points or 1.63 percent at 84,544.31, and the Nifty was up 375.20 points or 1.48 percent at 25,791.
The biggest gainers on the Nifty were M&M, ICICI Bank, JSW Steel, Bharti Airtel, and L&T, while losers included Grasim Industries, SBI, IndusInd Bank, TCS, and Bajaj Finance.
On September 20, BSE Sensex and Nifty hit fresh highs of 84,694.46 and 25,849.25, respectively. For the week, both the benchmarks rose 2 percent each.
All the sectoral indices ended in the green with auto, bank, capital goods, healthcare, FMCG, power, telecom, metal, and realty rising 1-3 percent.
Broader markets, BSE midcap and smallcap indices, rose 1 percent each.
STOCKS TODAY
Jyothy Labs: Shares of Jyothy Labs Limited surged to Rs 556 in the morning trade on September 20 after the company announced the acquisition of ‘Quiclo’, a laundry service brand owned by Smartwash Solutions Private Limited. The acquisition includes Quiclo’s software and customer database, marking a strategic move to strengthen the company’s presence in the laundry service sector.
Patel Engineering: Patel Engineering shares rose over 5 percent after the company announced that it has secured a Rs 240-crore NHPC contract for Teesta-V Power Station. The contract involves civil and hydro-mechanical works for modifying the diversion tunnel into a tunnel spillway arrangement at the Teesta-V Power Station in Sikkim, the company said in a regulatory filing on Friday.
Suzlon Energy: Shares of Suzlon Energy edged higher as the renewable energy solutions provider’s stock has been excluded from the Stage 1 Additional Surveillance Measure (ASM) framework. The stock was earlier placed under this regulatory mechanism by the stock exchange. Stage 1 ASM is a regulatory framework used by Indian stock exchanges to monitor and control unusual price movements or volatility in stocks.
Force Motors: Shares of Force Motors Limited surged 10 percent to Rs 7,420 on September 20, registering their largest gain in nearly fifty days, following a four-day losing streak on the bourses. Trading volumes were robust, with over 71,000 shares changing hands—more than double the one-week and one-month average of 35,000 shares.
RITES: Shares of RITES jumped by up to 12 percent as buying interest surged on the ex-bonus and ex-dividend trading day. The record date for eligibility for the 1:1 bonus and Rs 5 per share dividend is set for September 20. Investors need to purchase RITES shares to ensure their names are included on the shareholders’ list by the record date.
Interglobe Aviation: Shares of Interglobe Aviation declined after Investec downgraded the low-cost carrier to ‘sell’ from ‘hold’ and shared a target price of Rs 4,050, implying a further slide of 15 percent from current levels. The downgrade by Investec comes on the back of an “out-of-sync valuation” that ignores margin risk. Moreover, the brokerage firm feels that the airline operator exhibits unexciting earnings growth over the next three years and premium valuations.