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POST-MARKET REPORT
The Benchmark indices, BSE Sensex and Nifty touched fresh all-time highs of 82,725.28 and 25,333.65, respectively with Nifty ending higher for the 13th consecutive session on September 2, supported by bank, FMCG, and Information Technology names.
At close, the Sensex was up 194.07 points or 0.24 percent at 82,559.84, and the Nifty was up 42.80 points or 0.17 percent at 25,278.70.
Bajaj Finserv, Bajaj Finance, HCL Technologies, Bajaj Auto and Hero MotoCorp were among the top gainers on the Nifty, while losers were Grasim Industries, Kotak Mahindra Bank, Adani Enterprises, Coal India and Nestle India.
Except for bank, FMCG, and IT, all other sectoral indices ended in the red with capital goods, metal, healthcare, telecom, and media down 0.4-1.6 percent.
The BSE midcap index also hit a fresh record high but ended flat, while the smallcap index was down 0.5 percent.
STOCKS TODAY
Hero MotoCorp: Shares rose over 2 percent as investors rejoiced at the company’s better-than-expected monthly sales number for August. The two-wheeler manufacturer’s total sales rose 5 percent on year to 5.12 lakh units as against 4.88 lakh units in the base period. The sales number was even better than CNBC-TV18’s estimate of 4.89 lakh units.
Paytm: Shares of the Paytm parent fell nearly 2 percent as investors booked profits after the recent rise that had taken the stock higher by over 15 percent in two sessions. Much of the gains are courtesy of a 12 percent surge on Friday, after last week’s go-ahead on downstream investment in Paytm Payments Services. On August 28, Paytm Payments Services received a nod from the Finance Ministry for ‘downstream investment’ from its parent company, One 97 Communications, as per the company’s exchange filing.
Gujarat Gas: Shares of Gujarat Gas soared over 11 percent after the board of Gujarat Gas approved a scheme of arrangement and amalgamation, involving Gujarat State Petroleum Corporation, GSPC Energy, and Gujarat State Petronet merging into Gujarat Gas, causing brokerages to rush to upgrade their the target prices on the city gas distribution player.
Dr Reddy’s Labs: Dr Reddy’s shares fell over 2 percent after the Chinese drug regulator National Medical Products Administration of China (NMPA) decided to suspend the import, sale, and use of the pharma giant’s Atomoxetine Hydrochloride capsules.
MOIL: Shares fell over 4 percent after the company announced a revision in the prices of manganese ore and other products, effective from September 1. For September 2024, prices for all Ferro grades of manganese ore with a manganese content of 44 percent and above have been decreased by 20 percent from their levels as of August 1. Similarly, Ferro grades of manganese ore with manganese content below 44 percent have seen a price decrease of 15 percent.
Rossell India: Shares surged over 4 percent following the effective demerger of its aerospace and defence businesses. This comes after Rossell India and Rossell Techsys Ltd filed important documents with the Registrar of Companies, officially putting their Scheme of Amalgamation into effect. The news boosted investor confidence and drove up the share price.