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POST-MARKET REPORT
Indian equity markets continued their losing streak for the second straight day. The Sensex and Nifty closed in red on September 5, the day of the weekly expiry of Nifty derivative contracts.
At close, the Sensex was down 151 points or 0.2 percent at 82,201 and the Nifty 50 was down 54 points at 25,145. About 2,185 shares advanced, 1,585 shares declined, and 99 shares remained unchanged.
Titan Company, Coforge, Infosys, and Wipro were among the top gainers on the Nifty 50, with both stocks rising over a percent Whereas Coal India, Dr Reddy’s, and Cipla were among the major laggards on the Nifty 50, falling between 1.3-1.5 percent.
Automobile, and oil and gas stocks dragged the Nifty 50 down. On the positive side, Nifty IT and Nifty Media were the top sectoral gainers, rising 0.8 percent and 0.5 percent, respectively.
The broader market outperformed the benchmarks, with the BSE Midcap rising 0.3 percent and the BSE Smallcap index gaining 0.6 percent.
STOCKS TODAY
Interglobe Aviation: The stock rose almost a percent on September 5 after Jefferies maintained its ‘buy’ recommendation on the counter and raised the target price on positive levers for growth. With a new target price of Rs 5,225, the international brokerage sees an upside potential of 8.5 percent from the previous closing price on the National Stock Exchange.
PVR Inox: The stock surged close to 4 percent on September 5, extending gains to the third session in a row. The up move in the stock was triggered by upbeat sentiment around the company’s prospects following strong box office collections of recently released movies.
Century Textiles: The stock gained around 1.5 percent in the morning session on September 5 after the firm issued a corporate guarantee valued at Rs 400 crore in favor of Hindalco Industries. The corporate guarantee is the related acquisition of a land parcel situated at Kalwa, Thane from Hindalco Industries by Ekamaya Properties, a wholly-owned subsidiary of Birla Estates, which in turn is a wholly-owned subsidiary of Century Textiles.
AU Small Finance Bank: Shares ended 2 percent higher a day after AU Small Finance Bank submitted its application to the Reserve Bank of India to transition from a small finance bank to a universal bank, analysts at Goldman Sachs have initiated a ‘buy’ rating on the counter and set the target price at Rs 831 per share. The target price implies a potential upside of over 20 percent from current levels.
Linde India: The stock surged over 3 percent on September 5 after the company entered into an agreement with Tata Steel to acquire industrial gas supply assets at their Kalinganagar Phase 2 expansion project. The deal includes two 1800tpd Air Separation Units (ASUs).
Goldiam International: The stock rose 1 percent to hit a 52-week high of Rs 355 after the company informed the exchanges that it has secured export orders worth Rs 70 crores from a US retailer for diamond-studded gold jewelry, a majority of which involves lab-grown diamonds.