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POST-MARKET REPORT
Indian indices continued their winning run for a third straight session on August 22 amid buying across sectors, barring IT and power.
Investors are now keen to watch the unemployment claims, existing home sales, and PMI data from the US, ahead of Fed Chair Powell’s speech at Jackson Hole, for confirmation of the rate cut timing.
At close, the BSE Sensex was up 147.89 points or 0.18 percent at 81,053.19, and the Nifty was up 41.30 points or 0.17 percent at 24,811.50.
Grasim Industries, Tata Consumer Products, Tata Steel, Bharti Airtel, and Apollo Hospitals were among the major gainers on the Nifty, while losers were Tata Motors, Dr Reddy’s Labs, NTPC, Wipro and M&M.
Among sectors, the power index was down one percent, while pharma, oil & gas, auto, and IT ended marginally lower. On the other hand, bank, FMCG, metal, realty, and telecom indexes were up 0.5-1.4 percent. The Nifty Information Technology index touched a fresh high of 41,834 but ended marginally in red at 41,506.20.
The broader indices extended the gaining momentum for the fifth straight session on August 22, with the BSE midcap and smallcap indices rising 0.6 percent each.
STOCKS TODAY
PB Fintech: A surge in PB Fintech Ltd. has turned the Indian stock into the world’s best performer this year among major financial technology firms as green shoots emerge in unsecured lending after a central bank crackdown. The shares have risen about 110% in 2024, the most among companies with a minimum $1 billion market value in the 52-member Solactive FinTech Index.
BEML: Shares of BEML gained after the firm said it has inked a Memorandum of Understanding (MoU) with the Directorate of Marine Engineering, Indian Navy. “The agreement is important in enhancing bilateral cooperation for the Indigenous Design, Development, Manufacture, Testing, and Product Support of critical Marine Equipment and systems,” said BEML.
Dabur India: Dabur India plans to start its first manufacturing facility in South India by investing Rs 400 crore in the next 5 years. The home-grown FMCG major has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for the project with an approved Phase 1 investment of Rs 135 crore, scaling up to Rs 400 crore for 5 years.
IREDA: IREDA shares surge as the company announces plans to raise Rs 4,500 crore through qualified institutional placement (QIP), right issue, or other means. The board meeting in this regard will be held on Thursday, August 29, to take up the proposal for approval, IREDA informed.
Kalyan Jewellers: Several block deals involving a total of Rs 3,585 crore worth of shares in Kalyan Jewellers took place on the exchanges on August 22 with Highdell Investment likely selling part stake to promoter Trikkur Sitarama Iyer Kalyanaraman. After the block deal, shares of Kalyan Jewellers surged 9.5 percent.
PNB Housing Finance: Shares fell 3 percent after a block deal worth as much as Rs 715.60 crore took place in the counter, with Asia Opportunities V (Mauritius) being the likely seller in the transaction. Around 81 lakh shares, making up a 3.2 percent stake in the lender changed hands at a floor price of Rs 873 apiece.