Sensex Ends 443 Points Higher as Capital Goods, Metal Stocks Rally; ITC & Sun Pharma Top Gainers

Mon, 5 Sep Closing

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After opening the day on a flat note, Indian share markets extended gains as the session progressed and ended on a strong note.

Strong global cues supported sentiment.

There was some nervousness amid concerns about outcome of OPEC meeting.

The gains made by capital goods stocks were offset by a fall in power and oil & gas stocks.

At the closing bell, the BSE Sensex stood higher by 443 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 126 points (up 0.7%).

Hindalco, JSW Steel, and ITC were among the top gainers today.

Bajaj Auto, Nestle, and Britannia on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,685, up by 145 points, at the time of writing.

The broader markets ended on a positive note. The BSE Mid Cap index up by 0.4% while the BSE Small Cap index ended higher by 0.9%.

Barring oil & gas stocks, all sectoral indices ended on a strong note with stocks in the capital goods sector, banking sector and telecom sector witnessing most of the buying.

Shares of ITC, TVS Motors, and Lakshmi Machine hit their 52-week high today.

Outside the home ground, Asian share markets ended on a mixed note.

At the close in Tokyo, the Nikkei ended down by 0.1% while the Hang Seng dived 1.2%. The Shanghai Composite ended higher by 0.4%.

The rupee is trading at 79.8 against the US$.

Gold prices are currently trading up by 0.3% at Rs 50,368 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX trades higher by 1% at Rs 53,022 per kg.

Note that gold prices have fallen and have taken quite a knock in recent weeks. Silver price too have fallen a lot in recent days.

The question on everyone's mind now is when will gold and silver prices recover?

Once the Fed signals an end to the rate hikes (or hints at it) and when investors are confident the US economy will emerge from the recession, that's when we see gold and silver prices recovering.

Speaking of stock markets, Richa Agarwal talks about tech IPOs and IPOs in general, in her latest video.

Tune in to find out whether your IPO investment passes these critical tests.

In news from the finance sector, Mahindra & Mahindra Financial Services was among the top buzzing stocks today.

Share price of M&M Financial Services jumped over 3% today on healthy business performance in August 2022.

The company recorded a 75% YoY growth in the disbursements to Rs 37.4 bn in August.

The collection efficiency (CE) saw a marginal decline. It stands at 96% for August 2022, as against CE of 97% for August 2021

Today, in the exchange filing, the company said,

The year to date (YTD) disbursement is at approximately Rs 17 bn, and registered a YoY growth of 104%. This has resulted in YoY growth of around 12% and sequential month on month (MoM) growth of around 3% in gross business assets.

Apart from this its stage 2 non-performing assets (NPAs) experienced a sequential reduction compared to July 2022, while stage 3 assets remained stable. The company expects improvement in Stage 2 and Stage 3 assets during September 2022.

Asset quality metrics are expected to improve supported by the expected improvement in macro-economic activity, sharper focus on collections and adequate provisioning.

M&M Financial services is one of India's leading non-banking finance companies (NBFCs) offering quality products and services to a wide customer base in India's semi-urban and rural areas.

Despite the prevailing market volatility, M&M Financial Services share price has gained 59.3% on YTD basis. Have a look at its YTD performance.

To know more, check out M&M Financial Services news and analysis.

Moving on to news from the electronic equipment sector, Servotech Power System was in focus today.

Servotech Power System shares jumped 4% intraday today on bagging rooftop solar project.

Servotech Power Systems has bagged a project from the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) for building 4.1 MW of solar power plants across the state.

The total contract value of the entire project is approximately Rs 235 m, and it will be completed within 4 months from the date of awarding the project. The project will be carried out at various places in the state of Uttar Pradesh.

The company is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products.

Since niche renewable energy stocks interest you, check out these 4 little known stocks in the renewable energy sector.

Moving on to news from IPO space,

Tamilnad Mercantile Bank IPO was subscribed 30% on day 1 of bidding process.

The initial public offering (IPO) of Tamilnad Mercantile Bank opened today for subscription and closes on 7 September.

The IPO is a fresh issue of 15.8 m shares. The Rs 8.3 bn initial public offer attracted bids for 2.7 m shares or 0.32 times the issue size.

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country. It offers a range of banking and financial services primarily to micro, small and medium enterprises, agricultural and retail customers.

For financial year 2021-22, the bank's gross non-performing assets were at 1.69%, against 3.44% in the previous year. Net NPAs were at 0.95% as against 1.98% in the year before.

Note that IPOs are once again back in focus. The two IPOs which opened and closed in the past two weeks got a good response.

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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