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POST-MARKET REPORT
Indian markets closed Friday’s session flat as investors engaged in profit booking. Both front indices briefly touched Thursday’s record highs but were unable to hold those levels, as weakness in pharma and FMCG stocks weighed on the market, despite strong support from IT stocks.
The Nifty 50 ended the session down by 0.13%, closing at 25,356 points, while the S&P BSE Sensex also closed nearly flat, slipping 0.09% to 82,890 points.
The top gainers were Bajaj Finance, Bajaj Finserv, IndusInd Bank, Axis Bank, Tata Steel, and Grasim Industries, which saw gains ranging between 1% and 2.3%.
Among the sectoral indices, the Nifty Realty index rose by 1.75%, and the Nifty Media index increased by 1.74%. The Nifty PSU Bank index also gained 1.25%. In contrast, the Nifty Oil & Gas, Nifty FMCG, and Nifty Energy indices each fell by more than 0.6%.
Mid-cap and small-cap stocks extended their winning streak for a second consecutive session on Friday. The Nifty Midcap 100 index crossed the 60,000 mark for the first time, closing at 60,189 points with a 0.66% gain, and the Nifty Smallcap 100 index rose by 0.78%, closing at 19,505 points.
STOCKS TODAY
Adani Stocks: Adani group stocks fell into a sea of red after reports suggested that Swiss authorities froze more than $310 million across multiple Swiss bank accounts as part of the investigation into entities allegedly linked to the Adani Group.
Transformers & Rectifiers (India): Transformers & Rectifiers shares gained around 3 percent after bagging an order win worth Rs 114 crore. The order is from RRVPNL or Rajasthan Rajya Vidyut Prasaran Nigam Limited for power transformers of 50 MVA, 132/33 KV.
DLF: Shares of the company surged 4 percent after international brokerage CLSA decided to maintain its ‘hold’ rating real estate giant DLF with a target price of Rs 775, citing the company’s focus on profitable growth and execution. According to CLSA, DLF is targeting a 15 percent growth in presales and rental income over the medium term. The firm also forecasts EBITDA and cash flow to grow at an even higher rate.
Gold Financiers: Shares of gold financiers Muthoot Finance and Manappuram Finance surged up to 3 percent each as gold prices soared to a record high. Gold prices surged to a record high on Friday, surging past the $ 2,550 mark, as the dollar weakened, driven by expectations of imminent cuts in US interest rates.
Godfrey Phillips: Shares surged as much as 11 percent in the run-up to the company’s board meeting to discuss the proposal for a bonus issue. The company stated that its board will meet on September 20 to approve the bonus issue in the ratio of 2:1, meaning two bonus shares will be issued for each share held.
Narayana Hrudayalaya: Shares tanked close to 5 percent after HSBC initiated coverage with a ‘reduce’ call. HSBC anticipates Narayana Hrudayalaya to face a considerable margin drag due to costs associated with its new hospital in the Cayman Islands. “Benefits from current initiatives are likely at least three years away,” HSBC wrote in a note.