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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News August 26, 2024
Gift Nifty Up 62 Points | Sun Pharma Launches STARIZO | Nifty50 Rejig | Top Buzzing Stocks Today Mon, 26 Aug Pre-Open
Image source: Alexey Belozersky/www.istockphoto.comIndian 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 on Friday, the BSE Sensex stood higher by 33 points.
Meanwhile, the NSE Nifty higher by 23 point (up 0.1%).
Bajaj Auto, Coal India and Tata Motors were among the top gainers.
ONGC, Wipro and Asian Paints 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 0.7% 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.
Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 71,536 at the time of Indian market closing hours on Friday.
At 8:10 AM today, the Gift Nifty was trading 62 points lower at 24,905 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
Kaynes Tech share price will be in focus today.
Electronic system design and solutions provider Kaynes Tech on 23 August inaugurated an electronics manufacturing facility in Hyderabad.
The facility would cater to industrial, automotive, medical electronics, aerospace, and telecommunications sectors among others.
Tata Tech will also be a top buzzing stock.
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.
Sun Pharma Launches STARIZO
On 23 August 2024, the company said that it launched an antibacterial treatment in India under the brand name STARIZO (Tedizolid Phosphate).
This new medication is designed to combat Acute Bacterial Skin and Skin Structure Infections (ABSSSI), particularly those caused by drug-resistant bacteria like methicillin-resistant Staphylococcus aureus (MRSA).
Sun Pharma has acquired the rights from Merck, Sharp & Dohme (MSD) to develop, manufacture, and commercialise Tedizolid Phosphate in India.
ABSSSIs are a prevalent type of infection, accounting for approximately 29-32% of all infections in India between 2018 and 2019. MRSA rates have been increasing each year in India.
STARIZO is a once-a-day oral medication that needs to be taken for just six days, compared to the current standard of care, which often requires a twice-daily regimen for 10-14 days.
Tedizolid Phosphate is available in India under a licensing agreement with Merck Sharp & Dohme Singapore Trading Pte Ltd.
Ecos India Mobility IPO
Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality on 23 August said it has fixed a price band of Rs 318-334 per share for its Rs 601 crore initial public offering.
The initial share sale opens for public subscription on 28 August and concludes on 30 August and bidding for anchor investors will open for a day on 27 August.
The company's maiden public issue is entirely an offer for sale (OFS) of 18 m equity shares worth Rs 6 bn, at the upper end of the price band, by promoters - Rajesh Loomba and Aditya Loomba - with no fresh issue component.
Since it is an OFS, the Delhi-based firm will not receive any proceeds from the IPO and the money will go to promoters selling shares.
Half of the issue size has been reserved for qualified institutional investors, 35% for retail investors and the remaining 15% for non-institutional investors.
Investors can bid for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter.
The company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles from economy to luxury cars.
Nifty50 Rejig
Tata Group's lifestyle company Trent (TRENT) and state-run Bharat Electronics (BEL) are the latest included in the Nifty 50 index, while LTI Mindtree (LTIM) and Divi's Laboratories have made an exit.
The Index Maintenance Sub-Committee (Equity) of NSE Indices on Friday made the changes in the 50-stock index and the same will become effective from 30 September 2024.
In the Nifty Next 50, the inclusions will be Bharat Heavy Electricals (BHEL), Divi's Laboratories, JSW Energy, LTIMindtree, Macrotech Developers, NHPC, Union Bank of India.
Meanwhile, the exclusions will be Berger Paints India, Bharat Electronics, Colgate Palmolive (India), Marico, SBI Cards and Payment Services, SRF and Trent.
The Nifty 50 index is reviewed twice a year, based on six-month data ending 31 January and 31 July. The index represents 50 stocks based on free-float market capitalisation and liquidity, with an average impact cost of 0.50% or less for 90% of the observations for a basket size of Rs 100 m. The next index reshuffle will be effective from 30 September.
The report mentioned that for September rebalancing, based on the average free float market cap that prevailed between 1 February to 31 July, the above-mentioned changes are expected.
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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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