Gift Nifty Up 24 Points | Nifty PSU Bank Index Jumps 1.5% | Adani Group Asserts Financial Stability | Top Buzzing Stocks Today

Tue, 20 Aug Pre-Open

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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 on Monday, 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 were among the top gainers.

M&M, Bajaj Auto and Axis Bank 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 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.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 71,565 at the time of Indian market closing hours on Monday.

At 8:05 AM today, the Gift Nifty was trading 24 points higher at 24,633 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

PVR Inox share price will be in focus today.

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.

Hindustan Zinc will also be a top buzzing stock.

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%.

Nifty PSU Bank Index Jumps 1.5%

The Nifty PSU Bank index was one of the top Nifty sectoral gainers on 19 August, gaining more than 1.5%.

The upward trajectory was witnessed amidst a meeting of the union finance minister Nirmala Sitharaman with PSU and regional bank chiefs in New Delhi to review their performance.

The country's largest public sector lender State Bank of India (SBI) traded in green to quote at Rs 816.7. Bank of Baroda's share price was up 1.5% to hit Rs 247.10 per share on the NSE while IDBI Bank was up 2.5% to Rs 96.66 apiece.

The crucial review meeting at Vigyan Bhawan is to evaluate key financial measures, the efficacy of several government policies, and the performance of Public Sector Banks (PSBs) and Regional Rural Banks (RRBs).

Besides, initiatives for micro, small, and medium-sized enterprises (MSMEs) will be discussed at the meeting.

Credit-deposit ratio, deposit growth, and asset quality are some of the major key agendas on the table for discussions, as per reports.

This is the first full review meeting after the presentation of the Union Budget and general elections.

Progress on the National Asset Reconstruction Company Ltd (NARCL) may come up for discussion. NARCL, a government entity, was incorporated in 2021 with a majority stake held by Public Sector Banks (PSBs) and the balance by private banks.

Adani Group Asserts Financial Stability

Adani Group said it has enough cash to cover more than 30 months of debt payments, in a move aimed at alleviating concerns about its liquidity risk as the Indian conglomerate contemplates fresh fundraising for its flagship unit.

Billionaire Gautam Adani's group said its cash balance accounted for 24.8% of gross debt as of the end of the first quarter of the fiscal year that began in April, up from 17.7% a year earlier, according to its earnings release Monday.

The port-to-power conglomerate's EBITDA, or earnings before interest, tax, depreciation and amortization, rose 33% to about 225.70 billion rupees (US$ 2.7 bn) in the June quarter.

The stronger financial performance comes at a time when the conglomerate's flagship firm Adani Enterprises Ltd. is considering raising around 100 billion rupees to Rs 120 bn through a share sale, following the recent success of its energy transmission unit in raising $1 billion.

The completion of such financing and signs of improved cash flows would help Adani Group recover investor confidence after US short-seller Hindenburg Research accused it of widespread fraud and corporate malfeasance in early 2023, leading to a rout that at one point erased more than US$ 150 billion from its market value. Adani has repeatedly denied these claims.

Adani Group's gross debt stood at Rs 2.4 tn at the end of the quarter.

Caplin Point Jumps 15%. Here's Why

Shares of smallcap counter Caplin Point Laboratories surged 15% to hit a fresh 52-week high of Rs 1,818 on the NSE after the company informed exchanges about nil observations by the Brazilian health regulator during an inspection at its Chennai-based unit.

Brazilian Health Regulatory Agency (Anvisa) conducted an inspection of Caplin Steriles' injectable and ophthalmic manufacturing facility located at Gummidipoondi between 12 August and 16 and concluded with zero observations.

The company with a market capitalisation of Rs 136 bn has delivered returns of 74% over the past 12 months, outperforming sectoral index Nifty Pharma which has given returns of 45% in this period. At the same time, the broader Nifty index has given returns of 27%.

In 2024 so far, Caplin Point's returns stand at 33%.

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

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