NIFTY50: 20,133▲ 36 (+0.1%)
SENSEX: 66,988 ▲ 86 (+0.1%)
- Benchmark indices ended marginally higher after a range-bound session
- In all, 32 of the NIFTY50 stocks closed in the green
- India’s GDP rose by 7.6% in Q2FY24, beating the market forecast of a 6.8% rise
Among the NIFTY sectoral indices, Pharma (+1.5%) and Realty (+1.4%) were the top gainers, while PSU Bank (-1.1%) and Bank (-0.1%) were the top losers.
What's Up
| Top gainers | Today's change |
| UltraTech Cement | 9,004 ▲ 271 (+3.1%) |
| HDFC Life | 692 ▲ 16 (+2.4%) |
| Apollo Hospital | 5,549 ▲ 127 (+2.3%) |
What's Down
| Top losers | Today's change |
| Adani Enterprises | 2,365 ▼ 31 (-1.3%) |
| IndusInd Bank | 1,468 ▼ 15 (-1.0%) |
| Adani Ports | 827 ▼ 8.3 (-1.0%) |
Market Sentiment
| USD-INR | 83.32 ▼ 0.00 (-0.00%) |
| NIFTY MIDCAP 100 | 42,908 ▲ 290 (+0.6%) |
| NIFTY SMALLCAP 100 | 14,171 ▲ 159 (+1.1%) |
| India VIX | 12.69 ▼ 0.01 (-0.1%) |
Stock Buzz
⭐ UltraTech gains on new acquisition
UltraTech Cement has acquired cement-grinding assets (with a capacity of 0.54 million tonnes per annum) from Burnpur Cement for around ₹170 crore. This acquisition will add substantial capacity to UltraTech Cement's portfolio and also serves as a strategic entry into the market of Jharkhand. UltraTech Cement's total capacity now stands at 133 MTPA. Following the announcement, shares of the cement maker closed 3.1% higher today.
⭐ Metro Brands ties up with Foot Locker
Shares of Metro Brands hit a fresh 52-week high today. This comes after the company signed a long-term licensing agreement with US-based footwear retailer Foot Locker Inc. Under the agreement, Metro Brands will have the exclusive rights to own and operate Foot Locker stores within India. As per a report, the sneaker segment is experiencing rapid growth in India with volumes projected to reach 66 million pairs by 2028.
⭐ Thomas Cook India falls on stake sale plan
Shares of Thomas Cook India were locked in a 5% lower circuit today. This comes after its promoter, Fairbridge Capital (Mauritius), plans to sell its stake in the company via an offer for sale (OFS). The floor price set for this OFS is ₹125 per share, which is 21% lower than yesterday’s closing price. Meanwhile, the promoter will sell up to 32 lakh shares representing 6.80% of total equity share capital.
⭐ Tata Coffee board gives nod for capacity expansion
Tata Coffee is planning a capacity addition of 5,500 metric tonnes (MT) of freeze-dried coffee at its existing manufacturing facility in Vietnam. For this, the company will invest ₹450 crore, which will be funded through internal accruals and bank financing. As per the company, the growing demand for the freeze dried products as well as saturation of existing capacity has led to capacity expansion.
⭐ PCBL rises on new joint venture
Philips Carbon Black (PCBL) has entered into a joint venture with Kinaltek Pty of Australia to broaden its presence in the battery application market. PCBL will hold a majority stake of 51% in the joint venture and plans to invest an initial amount of $16 million. Additionally, the company has committed to infuse $28 million in stages to establish a manufacturing facility. Shares of the carbon black manufacturer are closed 1.6% higher.
IPO Corner
⭐ Shares of Tata Technologies made a bumper debut and listed at a premium of 140% compared to the issue price of ₹500 per share. The IPO had received strong investor interest. The stock closed 10.5% higher at ₹1,326 on its listing day.
⭐ Gandhar Oil Refinery listed at a premium of 75% to its issue price of ₹169 per share. Shares of the company opened at ₹295.4 apiece, making a stellar listing day gains amid strong demand for its shares.
⭐ Fedbank Financial Services shares listed at a discount of 1.42% to the issue price. The shares began trading at ₹138 per share as against the issue price of ₹140 per share. The stock closed at ₹139.30 on its listing day.
Learn with Upstox
What is a trend?
In market terminology, trend is like a compass that shows us the direction in which prices are heading. There are 3 different types of trend: Uptrend, Downtrend and Sideways. A market is said to be uptrend when it makes a series of higher highs and higher lows on a price chart, whereas a downtrend is when it makes lower highs and lower lows. Meanwhile, a sideways trend is when price neither makes a new high nor a new low. It is also known as the range-bound or consolidation phase.
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