Sensex, Nifty Close At Record For Fourth Day As Tech Stocks Advance
India’s stock benchmarks fluctuated between gains and losses before closing the session at record for the fourth consecutive session. Gains in tech, pharma and FMCG stocks offset the losses in metals, telecom and banking stocks.
The S&P BSE Sensex gained 0.38% to 55,792.27. The 30-stock index hit a record 55,854.88 in intraday trade. The NSE Nifty 50 advanced by similar magnitude to 16,614.60. Nifty 50 had also logged a record 16,628.55 in intraday trade. This is the first time the 50-stock index crossed the 16,600 mark.
The S&P BSE MidCap outperformed its larger peers rising 0.73% while S&P BSE SmallCap almost mirrored larger peers adding 0.33%. Ten out of the 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Metals shedding nearly 2.74%. On the flipside, Technology and pharma stocks gained with S&P BSE Information Technology adding over 2% and S&P BSE Healthcare rising 1.3%.
The market breadth was skewed in favour of bears. About 1,141 stocks advanced, 2,027 declined and 120 remained unchanged.
RateGain Travel Tech Files for IPO; Seeks Rs 400 Crore Via New Shares
RateGain Travel Technologies Ltd. shareholders will sell as many as 22.61 million shares in an offer-for-sale as part of the initial public offering, according to a draft prospectus.
Founders of the Software-as-a-Service provider to hospitality and travel industry and private equity firm TA Associates Ltd.’s affiliate Wagner are among those selling shares in the IPO
Kotak Mahindra Capital, IIFL Securities and Nomura are the banks on the IPO
Hindustan Zinc Defers Board Meeting, Stock Slips The Most In Over 4 Months
Shares of Hindustan Zinc Ltd. shed 5.09%, the most in over four months, to Rs 314.00 apiece. Trading volume was 1.4 million shares, 55% above the 20-day average of 9,02,785 shares for this time of the day.
The company deferred its board meeting which was scheduled for today. Hindustan Zinc had earlier informed the bourses that it would consider interim dividend for financial year 2021-22 in the meeting.
Of the 22 analysts tracking the company, 5 maintained ‘buy’, 9 maintained ‘hold’ and 8 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 1.6%
Poonawalla Fincorp Has 12.7 Million Shares Change Hands In A Bunch
Shares of Poonawalla Fincorp Ltd. gained 5% to Rs 193.40 as 12.7 million shares changed hands in a bunch. This is the second consecutive session in which the shares gained 5%.
Poonawalla Fincorp stock gained nearly 370% in 2021. Of the 6 analysts tracking the company, 4 maintained 'buy' and 2 maintained 'sell' reccommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 4.3%
Steel Strips Wheels To Consider Share Split On Sep 3
Shares of Steel Strips Wheels Ltd. gained 5% to Rs 1,666.60 apiece after the company informed the exchanges that it will consider sub-division/split of equity shares of face value of Rs 10 each in a manner as determined by the board of directors on September 3.
The relative strength index on the stock is at 72, suggesting that it may be overbought. Shares of Steel Strips Wheels gained nearly 230% in 2021 so far compared to 17.3% rise for Sensex.