Sensex, Nifty Close Largely Unchanged As Airtel, Metal Stocks Drag
India’s stock benchmarks closed almost unchanged, as gains in energy and power stocks were offset by losses in metals and telecom stocks, amid expiry day volatility. Focus now shifts to Jackson Hole symposium which begins later today to gauge the taper trajectory timeline of the U.S. central bank.
The S&P BSE Sensex pared all the intraday gains to close flat at 55,949.10. The NSE Nifty 50 also closed little changed at at 16,636.90, a record close for the 50-stock index. Reliance Industries Ltd. contributed the most to the index gain, increasing 1.3%.
The broader indices outperformed their larger peers with both the S&P BSE MidCap and the S&P BSE SmallCap adding 0.3%. Twelve out of 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Power & S&P BSE Energy indices rising over 1%. On the flipside, S&P BSE Telecom shed 3.45% while S&P BSE Metal slipped nearly 1.4%.
The market breadth was skewed in favour of bulls. About 1,738 stocks advanced,1,447 declined and 137 remained unchanged.
Linde India Drops Most in 17 Months; Slips After Hitting Record
Shares of Linde India Ltd. fell 8.8% to Rs 225.70 apiece after advancing over 7% to a record Rs 2,750 in intraday trade. Trading volume was 3.39 million shares, nine times the 20-day average of 365,637 shares for this time of day.
The relative strength index on the stock was above 70, indicating it may be overbought. The shares are up 24% in the past 5 days and rose 34% in the past 30 days. Linde India trades at 56 times its estimated earnings per share for the coming year.
Intellect Design Climbs After Deal Win
Shares of Intellect Design Arena Ltd. advanced over 4.5% to Rs 669.60 apiece after the company announced that its transaction banking segment Intellect Global Transaction Banking (iGTB) bagged a multi-million deal with a leading Islamic bank in APAC to digitise and streamline its cash and trade transaction banking technology offerings.
According to an exchange filing by Intellect Design, the deal is powered through iGTB's digital transaction banking platform, which is already benefitting 55 global banking groups and handles 50% of total corporate collections transactions across India, the Middle East & Africa.
Of the 5 analysts tracking the company, 4 maintained 'buy' and 1 maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 20.7%
Glenmark Pharma On Track For Longest Losing Streak In 2 Years
Glenmark Pharmaceuticals Ltd. fell for the seventh straight day, on track for the longest losing streak since the period ended July 2, 2019.
Glenmark Pharma has lost a total of 9.2% during the streak while the Sensex rose 0.7%. Today, the stock fell 0.5% to Rs 517.25.
The Relative Strength Index on the stock was at 21, indicating that the stock may be oversold.
Nayara Energy Secures Rs 4,016 Crore Loan for Petrochemicals Unit
Privately held downstream oil company Nayara Energy Ltd. signed a pact for the loan of Rs 4,016 crore($541 million) with a consortium of banks led by State Bank of India, Nayara Energy said in an emailed statement.
Nayara will use the funds to build a 450,000 tons/year polypropylene plant at its Vadinar refinery in Gujarat.
The company has all the land needed for the project, Nayara said.
Adani Total Gas Set for Longest Winning Streak
Marksans Pharma Climbs On USFDA Nod For Acetaminophen Tablets
Kajaria Ceramics Advances 7%; RSI Above 70
Mid-Day Market Update: Sensex, Nifty Pare Gains As Auto, Metal Stocks Drag
J Kumar Infraprojects Gains On Rs 455 Crore Order Win
SpiceJet Settles With Boeing 737 Max Lessor Avolon
Rakesh Jhunjhunwala-Backed Nazara Technologies Gains On Jefferies’ ‘Buy’ Rating
Affle India Climbs After Board Nod For Stock Split In 1:5 Ratio
P&G Hygiene & Health Care Climbs Post June Quarter Results
Barclays Bank Infuses Rs 3000 Crore Capital In India Unit
Swan Energy Gains As It Targets To Commission Gujarat FSRU By April
Ami Organics India IPO to Be Open for Subscriptions Sept. 1-3
Thermax Rises As Subsidiary Bags Rs 293 Crore Order
Airtel Slips As Board Mulls Capital Raising Options
Wockhardt Advances Post Partnership For Respiratory Drug With Jemincare
Zydus Wellness Climbs 7% To Record; Trading Volume Surges
Opening Bell: Sensex, Nifty Open Largely Unchanged, Banking Stocks Decline
Rupee Bond Traders To Await RBI Debt Purchases
Vijaya Diagnostic Sets Rs 522-531/Share Price Band for India IPO
HDFC Bank Raises $1 Billion Via Additional Tier 1 Notes
Delhivery Said To Plan $1 Billion IPO Filing In October: Bloomberg
SGX Nifty Hints At Flat Start Ahead Of August Series F&O Expiry
- Rakesh Jhunjhunwala-Backed Nazara Technologies Gains On Jefferies’ ‘Buy’ Rating
- Affle India Climbs After Board Nod For Stock Split In 1:5 Ratio
- Swan Energy Gains As It Targets To Commission Gujarat FSRU By April
- Airtel Slips As Board Mulls Capital Raising Options
- Wockhardt Advances Post Partnership For Respiratory Drug With Jemincare