Sensex Today Ends 12 Points Lower | Nifty Above 24,500 | Godfrey Phillips Rallies 18%

Mon, 19 Aug Closing

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   Pre-Open   

   10:30 am   

After opening the day on the higher, Indian benchmark indices turned negative as the session progressed but ended the day flat.

After clocking a strong start, benchmarks, BSE Sensex and NSE Nifty50 ended flat on Monday amid tepid trade across sectors.

At the closing bell, the BSE Sensex stood lower by 12 points.

Meanwhile, the NSE Nifty closed higher by 32 point up (0.1%).

Hindalco, BPCL and Tata Steel among the top gainers today.

M&M, Bajaj Auto and Axis Bank on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,609, up by 19 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

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 0.5% higher and BSE SmallCap index ended 1.3% higher.

Sectoral indices were trading mixed, with socks in metal sector and oil & gas sector witnessed buying speer. Meanwhile stocks in auto sector and banking sector witnessed selling pressure.

Shares of TCS, Trent and Info Edge hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.88 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 71,565 per 10 grams.

Meanwhile, silver prices were trading 0.8% higher at Rs 83,849 per 1 kg.

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.

Ola Electric Nearly Doubles

In news from the auto sector, Ola Electric Mobility's share price hit the upper price band on 19 August, extending its listing day gains and nearly doubling since its market debut.

The stock jumped 10% to hit the highest trading permissible limit for the day at Rs 146.03 per share on the Bombay Stock Exchange (BSE).

A total of 77.90 lakh shares changed hands today of Ola Electric Mobility Ltd generating a total turnover of Rs 1.1 bn on the BSE. In volume terms, over 97.7 m shares of the company were traded on the NSE during the day.

The company's net loss widened by about 30% year-on-year for the June 2024 quarter to Rs 3.5 bn. The firm's consolidated revenue from operations rose 32% to Rs 16.4 bn against Rs 12.4 bn in Q1FY24.

New products were announced by the company at its recent Ola Sankalp 2024 event.

Ola founder Bhavesh Aggarwal unveiled 'Roadster Series' motorcycles as well as announced that its AI virtual assistant Krutrim will be integrated into Ola Electric scooters.

Shares of Bhavish Aggarwal-led electric two-wheeler company listed flat at Rs 76 on the NSE. However, shortly after the counter surged 20% to hit the upper circuit limit.

Hindustan Zinc Tumbles 20%. Here's Why

Moving on to news from the mining sector, shares of Vedanta Group firm Hindustan Zinc on Monday fell around 5%, taking the price erosion in the last one week to about 20%, as its offer for sale (OFS) opened for retail investors.

On Friday, non-retail investors had placed bids for 63 million (m) shares against 51.4 m shares representing 1.2% of equity on offer, resulting in over-subscription or 1.2 times or 137.4%.

Bids were received at a price of Rs 494.54 per share against the floor price of Rs 486 per share.

Vedanta has exercised the oversubscription option in the OFS to the extent of over 12.1 m equity shares or 0.3% in addition to 51.4 m equity shares representing 1.2% of the total issued and paid-up equity share capital of the company forming part of the base offer size.

At the end of the June quarter, Vedanta owned 64.9% stake in HZL while the government had 29.5%. Vedanta plans to demerge its aluminium, oil and gas, power, base metals, and iron and steel businesses into separate listed entities.

This demerger aims to reduce refinancing risks and reliance on dividends from Vedanta Resources.

PVR Inox Jumps 4%

Moving on to news from the media sector, shares of PVR Inox surged over 4% to Rs 1,561.7 during Monday's intraday trade on the BSE, driven by the strong box office collections of Shraddha Kapoor and Rajkummar Rao's horror-comedy Stree 2 over the weekend.

The film, starring Shraddha Kapoor and Rajkummar Rao, has gained significant traction, crossing the Rs 2 bn mark in box office collections.

According to Maddock Films, the production company behind Stree 2, the film's total net collection has reached Rs 2 bn, with its gross box office collection (GBO) touching Rs 2.8 bn as of 18 August. India's GBO stood at Rs 2.4 bn, while the overseas GBO was Rs 430 m.

This strategy aims to protect profitability at the country's largest multiplex chain, even if a film underperforms.

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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