Gift Nifty Up 78 Points | JSW Cement Files for IPO | FIIs Become Net Buyers | Top Buzzing Stocks Today

Mon, 19 Aug Pre-Open

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

Equity benchmark indices, BSE Sensex and NSE Nifty50, ended the week's last trading session with gains of over 1 per cent each, led by buying across sectors.

At the closing bell on Friday, the BSE Sensex stood higher by 1,331 points (up 1.7%).

Meanwhile, the NSE Nifty closed higher by 396 points (up 1.6%).

Wipro, M&M and Tata Motors were among the top gainers.

SBI Life Insurance and Dr Reddy's Lab on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 1.8% higher and BSE SmallCap index ended 1.7% higher.

All other Sectoral indices are trading on positive note with socks in realty sector, auto sector and IT sector witnessing most buying.

Gold prices for the latest contract on MCX were 0.6% higher at Rs 70,587 at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 78 points higher at 24,668 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of the stock market, taking some profits off the table to prepare for a market correction is never a bad idea.

Rather, at Equitymaster, we always recommend readers to ensure they have funds to buy more stocks when valuations correct.

That is precisely why Research Analyst, Tanushree Banerjee have been recommending Equitymaster subscribers to sell partial exposures in stocks that have met target prices.

Tune into below video for what should you not sell.

Top buzzing stocks today

Paras Defence share price will be in focus today.

Paras Defence and Space Technologies Ltd's shares hit a 5% upper circuit at Rs 1,208.35 apiece after the company's associate company, Controp-Paras Technologies Pvt Ltd secured a Rs 3 billion order from Larsen and Toubro (L&T).

The Rs 3 bn order involves the manufacturing and supply of 244 units of the Sight - 25 HD Electro-Optics (EO) System. The Sight-25HD EO System is expected to enhance the capabilities of L&T's CIWS program, which is crucial for naval defence.

Aurobindo Pharma will also be a top buzzing stock.

Aurobindo Pharma shares slipped as much as 6.5% intraday on 16 August after the US Food and Drug Administration issued a warning letter to the drugmaker's unit-III of the formulations manufacturing facility of its arm Eugia Pharma Specialties.

Eugia Pharma is a wholly-owned subsidiary of Aurobindo Pharma.

JSW Cement Files DRHP

JSW Cement, part of Sajjan Jindal's JSW Group, has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds through an IPO worth Rs 40 bn.

The issue comprises a fresh equity sale of Rs 20 bn and an offer for sale (OFS) of Rs 20 bn. Under the OFS, AP Asia Opportunistic Holdings, Synergy Metals and State Bank of India will offload part stakes.

In the public offer, about 50% is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 35% for retail investors.

The net proceeds from the public offer will be used for partly financing the proposed cement unit in Nagaur, Rajasthan, repayment of debt and other general corporate purposes.

JSW Cement is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement and Portland composite cement and ground granulated blast furnace slag ("GGBS").

The industrial and commercial building sector is expected to grow at a CAGR of 6-7%, respectively from fiscal 2024 to fiscal 2029.

JM Financial, Axis Capital, Citi Group, and Kotak Investment Banking are among the book running lead managers of the IPO.

Tata Capital Housing Finance to Raise Fund

Tata Capital Housing Finance Ltd (TCHFL), the mortgage lending arm of the Tata group, is planning to raise up to Rs 35 bn through non-convertible debentures (NCDs) to support business growth.

TCFHL, a subsidiary of Tata Capital Ltd, enjoys good financial flexibility and has access to funds at competitive rates of interest from various sources.

The loan book of the company as on end of March was Rs 514 bn.

Typically, the banking regulator considers non-banking financial companies (NBFCs) with over Rs 500 bn loan book in the upper layer in the scale-based regulation framework.

Such inclusion comes with enhanced regulatory oversight and the listing of shares on exchanges.

TCFHL has diversified with a mix of NCDs, bank borrowings, and commercial paper.

The company declined to comment on queries relating to its NCDs, business plans and prospects of being made part of RBI's list of upper layer NBFCs.

FIIs Turn Net Buyers

Domestic institutional investors (DII) were net buyers of shares worth Rs 26.1 bn while foreign investors (FII) were also net buyers of shares worth Rs 7.7 bn, provisional data from NSE showed on 16 August.

DIIs bought Rs 127.9 bn worth of shares and sold shares worth Rs 101.9 bn. Meanwhile, FIIs purchased Rs 184.9 bn in shares and offloaded equities worth Rs 177.3 bn during the trading session.

For the year so far, FIIs have net bought shares worth Rs 1.2 trillion (tn), while DIIs have bought shares worth Rs 2.9 tn.

At close on 16 August, the Sensex was up 1,330.96 points or 1.7% at 80,436.8, and the Nifty was up 397.4 points or 1.7% at 24,541.2. Market breadth also tilted heavily in favour of gainers as nearly two stocks rose for each one that fell. About 2,166 shares rose, 1,245 fell while 73 remained unchanged.

Top Nifty gainers included Wipro, Grasim, M&M, Tech Mahindra and Tata Motors, while losers were Divis Labs was the only major loser.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers