Sensex’s sensational sixer!

Nifty50: 17,853 ▲+30 (+0.1%)
Sensex: 60,048 ▲+163 (+0.2%)

The markets had a gap up opening but could not sustain at the new highs. 30 of the Nifty50 stocks witnessed selling pressure and closed in the red. Meanwhile, the Sensex closed above the 60,000-mark for the first time. 

Among the Nifty sectoral indices, Realty (+1.5%) and IT (+0.7%) gained the most, whereas Metal (-2.1%) and PSU Bank (-1.8%) were top losers. 

For more updates on F&O, click here.

Here are the top stories of the day.

PVR falls on rating downgrade 

The shares of the multiplex chain dropped by 3.5% today after the ratings agency CRISIL downgraded PVR’s bank facilities and debt programme. The ratings agency said that the downgrade reflects the weakening of the company’s business risk profile in the medium term. 

The restriction on operations and delay in the reopening of theatres in key states such as Maharashtra have hampered the release of hindi movies and footfalls, the rating agency pointed out. Meanwhile, PVR’s shares have gained over 8.5% this week.  

Sansera IPO rises on debut 

The auto component maker’s shares gained around 10% today against the issue price of ₹744 per share. The company hit the exchanges today after its IPO was oversubscribed more than 11 times. 

Meanwhile, Aditya Birla Sun Life Asset Management Company’s IPO will open for subscription on 29 September. The price band for ₹2,768 crore IPO is between ₹695 to ₹712 per share. 

IRCON bags solar power plant deal

The state-owned railway infrastructure company has said that it has won the bid to set up a 500 MW solar power plant. The approximate cost of this project would be ₹2,400 crore.

The viability funding gap, which means a capital grant for the project under the central public sector undertaking scheme, is about ₹225 crore. Shares of IRCON international were up 2.4% today and have gained over 6% so far this month.   

Closing bell

The Nifty50 closed at new highs and registered gains for the fifth consecutive week. The markets managed to stay positive even as major international indices were trading in the red. Meanwhile, the U.S Treasury yields rose on Thursday with the benchmark 10-year notes gaining the most in over two months. It indicates that the street expects the US Fed to tighten the money supply sooner than expected, which doesn’t bode so well for the equity markets. 

Good to know

What are assets under management?

Assets under management (AUM) is the total value of assets managed by a financial institution for its clients or investors. For instance, a mutual fund collects money from its clients and puts it in financial securities like equities and debt. The total market value of these assets is called AUM. Usually, higher AUM signals that inflows are increasing because the investment team of a fund house is doing well.  

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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.