Sensex Today Ends 33 Points Higher | Nifty Above 24,800 | Minda corporation Rallies 18%

Fri, 23 Aug Closing

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After opening the day on the flat, Indian benchmark indices remained muted as the session progressed but ended the day flat.

Sensex and Nifty were little changed on Friday, the markets are reflecting a halt in the global equities rally as investors await Federal Reserve Chair Jerome Powell's address, looking for confirmation regarding a potential US rate cut in September.

At the closing bell, the BSE Sensex stood higher by 33 points.

Meanwhile, the NSE Nifty closed higher by 23 point (up 0.1%).

Bajaj Auto, Coal India and Tata Motors among the top gainers today.

ONGC, Wipro and Asian Paints on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,858 flat 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 0.7% lower and BSE SmallCap index ended 0.2% higher.

Sectoral indices were trading mixed with socks in auto sector and telecom sector witnessed buying speer. Meanwhile stocks in realty sector and IT sector witnessed selling pressure

Shares of Bajaj Auto, Trent and Colgate 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 83.91 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 71,536 per 10 grams.

Meanwhile, silver prices were trading 0.9% higher at Rs 84,433 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.

Tata Tech Block Deal

In news from the IT sector, Tata Technologies saw a large block trade on stock exchanges on 23 August as private equity firm Alpha TC Holdings sold over 75 lakh shares in the range of Rs 1,010-Rs 1,020 per share, according to media reports.

Domestic funds and High Net worth Individuals (HNIs) are the buyers in the trade, while ICICI Securities is likely to be the broker of the deal.

The stake sale comes nearly 9 months after the listing of the Tata Group company in November last year.

In the Tata Tech IPO in 2023, Tata Motors divested 11.4% of its stake while Alpha TC Holdings offloaded a 2.4% stake. As of June 2024, Alpha TC had a 4.3% stake in the company, showing exchange data.

Tata Technologies, a subsidiary of Tata Motors and part of Tata Group, is a global engineering services company offering product development and digital solutions.

Tata Technologies' primary business line includes providing outsourced engineering services and digital transformation services to global manufacturing clients, helping them design better products.

Kaynes Tech Opens New Facility

Moving on, electronic system design and solutions provider Kaynes Tech on 23 August inaugurated an electronics manufacturing facility in Hyderabad.

The facility is equipped with the latest manufacturing technologies, including high-precision electronic assembly, 3D optical and artificial intelligence-enabled state-of-the-art inspection systems and lead-free/RoHS-compliant processes.

The facility would cater to industrial, automotive, medical electronics, aerospace, and telecommunications sectors among others.

Telangana assembly speaker Gaddam Prasad Kumar, state's IT minister Duddilla Shridhar Babu and local MLA Malreddy Ranga Reddy were among the people who attended the ceremony.

Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India.

The company has garnered over three decades of expertise in providing comprehensive Electronic System Design and Manufacturing (ESDM) services.

Why SEPC Share Price is Rising

Moving on to news from the engineering sector, shares of SEPC surged by over 17% to reach an intraday high of Rs 25.3 per share on 23 August after the company said in a filing that it received the Final Acceptance Certificate from The Hutti Gold Mines Ltd (HGML) for a contract valued at Rs 2.3 bn.

The contract, which dates back to 2013, was for the construction of a new circular shaft with complete winding installations on a turnkey basis at the Hutti Gold Mines in Raichur District, Karnataka.

The Final Acceptance Certificate confirmed the testing of all systems installed under the contract, including electrical, and mechanical equipment, instruments, DC/AC drives, and the PLC system. Both the 11 KV grid power and Diesel Generator power systems were found satisfactory.

The certificate also verified the completion of the one-year warranty period stipulated in the contract terms.

SEPC, formerly Shriram EPC Ltd until February 2021, was incorporated in June 2000.

The company specialises in executing EPC contracts and offers integrated solutions across design, engineering, procurement, construction, and project management services in the water, process, metallurgy, and infrastructure sectors.

The company posted its June quarter earnings on 14 August which showed that its standalone net profit for the Q1 FY25 rose to Rs 127 m from Rs 52 m in the year-ago period and revenue from operations rose to Rs 1.8 bn from Rs 1.4 bn in the year-ago period.

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

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