Nifty50: 17,380 ▲+24 (+0.1%)
Sensex: 58,247 ▲+69 (+0.1%)
After a strong start, markets turned sideways for the day. However, 32 of the Nifty50 stocks closed in green.
Among the Nifty sectoral indices, Media (+14.4%) was the top gainer followed by Auto (+0.8%). Whereas, Metal (-0.5%) and FMCG (-0.3%) were the top losers.
| Top gainers | Today's change |
| IndusInd Bank | ▲ 3.9% |
| HCL Tech | ▲ 2.3% |
| Hero MotoCorp | ▲ 2.0% |
| Top losers | Today's change |
| UltraTech Cement | ▼ 1.1% |
| HDFC | ▼ 1.0% |
| BPCL | ▼ 1.0% |
Here are the top stories of the day.
Zee Entertainment stock soars amid rejig buzz
India’s leading media house, Zee Entertainment share prices soared over 40% on the news of board restructuring. As per reports, two large institutional investors in the company have asked for removal of the managing director and two other board of directors. They have also nominated six new independent directors.
While the company has started seeing improving business prospects, the move by the shareholders was backed by a narrative which highlights corporate governance issues Meanwhile, other group companies - Dish TV (+9.8%), Zee Media (+4.5%), Zee Learn (+19.6%) were locked at their upper circuit limits today.
Ami Organics makes stellar debut
The specialty chemical manufacturer’s shares listed at a premium of 49% against the issue price of ₹610. However, another debutant Vijaya Diagnostic received a subdued response with its shares listing 1.6% above the issue price of ₹531.
Meanwhile, the IPO party continues on the D-Street. Sansera Engineering’s IPO, which opened today, was subscribed over 50%. The company raised ₹382 crore from anchor investors, ahead of the IPO. You can apply for this IPO on Upstox by clicking here.
Suryoday SFB shares jump on likely merger
The small finance bank’s (SFB) shares were locked in the 20% upper circuit today after the reports of its merger with Clix Capital emerged. According to the reports, the non-banking finance company is currently in talks with the SFB for a merger.
The reports added that the merger will help Suryoday SFB to diversify its loan book. Despite today’s rally, the shares of the recently listed company are nearly 30% lower than the issue price.
Closing bell
Although the market movement was largely flattish today, the Nifty50 index closed at a record high. The August wholesale inflation rose on high fuel prices and stood at 11.3%. The figure is in double-digits for the fifth consecutive month now. This week, as there are no further major data releases, expect the markets to take cues from the international indices. Further, in the coming days, traders could start building September quarter results expectations into the stock prices.
Good to know
What is a put?
Put is an options contract which gives rights to its owner to sell the stock at a set price in a specific timeframe. Buyers of put options typically use them to hedge a long position in the stock, if they expect price to correct in the short term. Meanwhile, the seller of a put contract expects the price to either rise or consolidate.
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.