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POST-MARKET REPORT
Benchmark indices Nifty and Sensex ended the week on a strong note buoyed by optimism over a potential rate cut by the US Federal Reserve next month. This sentiment was driven by better-than-expected US inflation data, retail sales figures, and jobless claims.
At close, the Sensex was up 1,330.96 points or 1.68 percent at 80,436.84, and the Nifty was up 397.40 points or 1.65 percent at 24,541.20.
Top Nifty gainers included Wipro, Grasim, M&M, Tech Mahindra, and Tata Motors, while losers were Divis Labs was the only major loser.
All sectoral indices ended with strong gains, with information technology, automobiles, banks, metals, and realty leading from the front, surging 1.5-3 percent.
Buying was robust in the broader market as well, with the BSE Smallcap and BSE Midcap indices rising nearly 2 percent each.
STOCKS TODAY
Suprajit Engineering: Shares zoomed 15.6 percent amid heavy volumes after the company’s board announced a share buyback of up to 1.5 million shares at price of Rs 750 per share via tender offer. The board of directors determined the record date for the proposed buyback as August 27.
Ola Electric Mobility: Shares surged 20 percent after receiving its first-ever ‘Buy’ rating post June quarter earnings. HSBC initiated coverage on the newly listed company with a price target of Rs 140, suggesting a potential upside of 26 percent from August 14’s closing price.
DLF: Shares jumped 5.4 percent after JPMorgan analysts reiterated an ‘overweight’ rating and raised their target price to Rs 1,000 from Rs 925, indicating a potential 17 percent upside. The revision comes as analysts forecast that the company will exceed $1 billion in operating cash flow at the group level in FY25.
Mahindra & Mahindra: Shares surged 3.5 percent after leading brokerages Nomura and Morgan Stanley expressed confidence in the company’s new launch, the Thar Roxx – a five-door variant of the popular off-roader – expected to significantly boost sales.
Paras Defence and Space Technologies: Shares hit a 5 percent upper circuit at Rs 1,208.35 apiece after the company’s associate company, Controp-Paras Technologies Pvt Ltd secured a Rs 305 crore order from Larsen and Toubro (L&T).
RHI Magnesita India: Shares of the makers of special refractory products rose 5.5 percent after Q1FY25 results showed record EBITDA margin, which expanded to 17.5 percent, helped by recent acquisitions.