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POST-MARKET REPORT
The Indian equity indices snapped a six-day losing streak and ended higher with Nifty above 25,000 on October 8 led by buying across the sectors barring metals and ahead of RBI policy outcome tomorrow.
At close, the Sensex was up 584.81 points or 0.72 percent at 81,634.81, and the Nifty was up 217.40 points or 0.88 percent at 25,013.20.
Trent, Adani Enterprises, Adani Ports, Bharat Electronics, and M&M were among the top gainers on the Nifty, while losers were Tata Steel, SBI Life Insurance, Titan Company, JSW Steel, and Bajaj Finserv.
Except for metal, all other sectoral indices ended in the green with auto, bank, healthcare, realty, capital goods, power, telecom, and media up 1-2 percent.
The BSE midcap index added nearly 2 percent and smallcap index rose 2.5 percent.
STOCKS TODAY
NMDC: Shares of metal companies, with NMDC leading the losses, fell up to 4.3 percent after China’s state planner announced a roadmap to boost the economy, but lacked new plans for major stimulus. This utterly disappointed investors who were hoping for more fuel to fast-track the economic revival and clarity on plans to deliver already announced measures.
Tata Steel: Tata group firm Tata Steel languished in the red, along with the rest of the metals pack, after the lack of a fresh stimulus coming out of China. The stock fell over 3 percent despite brokerage Morgan Stanley upgrading the counter to ‘equal-weight’ last week.
HEG: The stock surged over 10 percent after the company acquired an 8 percent stake in industry rival GrafTech International for Rs 250 crore. GrafTech specializes in the production of graphite electrodes, a segment closely aligned with HEG’s core business.
Varun Beverages: Shares of Pepsico bottler Varun Beverages surged 9 percent, snapping a three-day losing streak. The gain in the stock comes a day ahead of the board meeting to consider a proposal to raise funds via Qualified Institutions Placement (QIP).
Skipper: The stock zoomed over 13 percent after Nuvama Institutional Equities initiated coverage on the stock with a buy call with a target price of Rs 650 per share. This implies a 46 percent upside from the last closing price.
SpiceJet: The stock jumped more than 8 percent after the airline announced plans to induct 10 new aircraft into its fleet by the end of November, in continued turnaround efforts following a significant Rs 3,000-crore fundraise.