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POST-MARKET REPORT
The Indian indices ended on a strong note as bulls came with a force that made Nifty surpass the 24,700 level on August 20.
The Sensex was up 378.18 points or 0.47 percent at 80,802.86, and the Nifty was up 126.10 points or 0.51 percent at 24,698.80.
The biggest Nifty gainers included SBI Life Insurance, HDFC Life, Bajaj Finserv, Shriram Finance and IndusInd Bank, while losers were ONGC, Bharti Airtel, Adani Enterprises, Cipla and Apollo Hospitals.
Except for FMCG, all other sectoral indices ended in the green with bank, healthcare, IT, metal, and power up by 0.5-1 percent.
The BSE midcap index rose 1 percent while the smallcap index added 0.5 percent.
STOCKS TODAY
Poly Medicure: Shares rose over 3 percent after CNBC-TV18 reported citing sources that the company has launched a Qualified Institutional Placement (QIP) to raise Rs 1,000 crore. As per the report, the QIP is expected to lead to a 5.54 percent equity dilution for the company as compared to the pre-issue outstanding capital.
Nucleus Software Exports: Shares were locked in 20 percent upper circuit at Rs 1,411 apiece as the company plans to mull the buyback of its equity shares two days later. This will be the third buyback, if approved, for Nucleus after 2017 and 2021.
IndusInd Bank: Shares gained 2.6 percent after the Reserve Bank of India (RBI) approved a plan to set up a wholly-owned asset management subsidiary. Nomura is viewing this as a positive step, marking the bank’s entry into direct para-banking, potentially paving the way for smaller banks to follow suit. However, it adds that one should expect only a modest impact on valuations over the medium term.
KEI Industries: Shares rose nearly 8 percent after international brokerage UBS initiated coverage on the cables and wire major with a bullish call. The brokerage believes the favorable demand-supply dynamics will benefit the industry leaders.
Ola Electric Mobility: Shares slipped nearly 6 percent to trade over 14 percent lower from the record high of Rs 157.4, hit early in the day on the National Stock Exchange (NSE). Since its listing earlier this month, the stock has surged 107 percent over its issue price of Rs 76, more than doubling investors’ capital.
Mazagon Dock Shipbuilders: Shares fell 9 percent as ICICI Securities extended the streak of maintaining a ‘sell’ recommendation on the stock while it anticipates a sharp downside of around 77 percent for the company’s share price.