Gift Nifty Down 69 Points | Shakti Pumps Announces Bonus Shares | Hero Motors Withdraws DRHP | Top Buzzing Stocks Today

Tue, 8 Oct Pre-Open

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Indian share markets Slipped as the session progressed and ended the day weak.

Benchmark equity indices gave up their initial gains to settle in the red on Monday, led by a sell-off across sectors.

At the closing bell on Monday, the BSE Sensex stood lower by 638 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 219 points (down 0.9%).

M&M, ITC and Trent were among the top gainers.

NTPC, SBI and Adani Ports 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.

Broader markets ended the day negative. The BSE Mid Cap ended 1.9% lower and the BSE Small Cap index ended 3.3% lower.

Barring IT sector, all other Sectoral indices are trading on negative note with stocks in energy sector, oil & gas sector, metal sector and power sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 76,274per 10 grams at the time of Indian market closing hours on Monday.

At 8:00 AM today, the Gift Nifty was trading 69 points lower at 24,880 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of the stock market, the Indian stock markets are dealing with two realities that are highly conflicting. First the huge influx of money that is a trend in momentum. Second, frothy valuations.

Sensex PE at 24 may not raise eyebrows yet. But smallcaps, microcaps and SMEs are a different story.

Richa Agarwal, research analyst at Equitymaster talks about how to build a watchlist in SME space in her latest video.

Tune in for more

Top buzzing stocks today

Reliance Power share price will be in focus today.

Shares of Reliance Power continued their decline on 7 October, hitting the 5% lower circuit for the third consecutive session as investors engaged in profit-booking.

The stock is now trading 11% below its 52-week high of Rs 53.6, which it reached last week.

Suzlon Energy will also be a top buzzing stock.

Suzlon Energy shares fell to 5%, extending losses for the eighth straight session. The sharp decline of over 12% in a week follows an 'advisory cum warning' letter issued by BSE and National Stock Exchange (NSE) earlier this month.

This letter highlighted concerns regarding corporate governance practices after the resignation of independent director Marc Desaedeleer.

Shakti Pumps Announces Bonus Shares

The board of directors of Shakti Pumps has recommended a bonus issue for its shareholders in the ratio of 1:5, meaning that every shareholder will receive five free equity shares for each share they hold.

The decision was made during a board meeting held on 7 October 2024.

The board has recommended issuing bonus shares in the ratio of 5:1, i.e., five new fully paid-up equity shares of Rs 10 each for every one existing fully paid-up equity share of Rs 10 each to the eligible shareholders as of the record date.

The record date, which determines the eligibility of shareholders for the bonus shares, has not been fixed yet. The company noted that it would inform the exchanges about the record date in due course of time.

The company had paid a final dividend of Rs 4 per share on 23 September 2024 to its shareholders. Earlier, on 21 September 2023, it distributed a dividend of Rs 2 to its shareholders.

Airtel Launches Secure Internet

In partnership with Fortinet, Airtel Business, the B2B arm of Bharti Airtel, has leveraged new cybersecurity solutions from Fortinet, a global cybersecurity leader driving the convergence of networking and security, to launch 'Airtel Secure Internet' a new-age internet security solution offering a robust and fully-managed defence against cyber threats.

The unique solution is designed specifically to enhance security over Internet Lease Line (ILL) circuits, combining Airtel's trusted internet connectivity with Fortinet's next-generation firewall.

It offers comprehensive, end-to-end protection through Airtel's state-of-the-art Security Operations Centre (SOC) and Fortinet's Security Orchestration, Automation and Response (SOAR) platform, ensuring robust management and defence against cyber threats.

Many enterprises also lack basic protection and the expertise to manage security across multiple locations while maintaining technology investments, leaving them exposed to internet-based attacks. Enterprises can also opt for Airtel's next-gen iSOC, which is a state-of-the-art cyber defence centre, offering a large portfolio of security services.

The 'Airtel Secure Internet service model is designed to protect against technology obsolescence, ensuring businesses remain future-proof while reducing capex expenses. The service allows for seamless upgrades or downgrades as needed, ensuring businesses always stay ahead of emerging security challenges.

Airtel's SOC utilises advanced orchestration tools with AI and ML algorithms to automate threat mitigation, providing robust, proactive defence.

Hero Motors Withdraws DRHP

Capital market regulator informed through an update that Hero Motors has withdrawn its DRHP on 5 October.

The public issue of Hero Motors - the flagship auto components company of Hero Motors Company (HMC) Group - was proposed to be a combination of a fresh issue as well as an Offer For Sale to raise Rs 9 bn.

Promoter OP Munjal Holdings was reported to be selling Rs 250 crore worth of shares in the OFS, and other promoters Bhagyoday Investments, and Hero Cycles were slated to offload Rs 750 m each worth of holding in the OFS.

Hero Motors provides powertrain solutions (electric and non-electric) to automotive original equipment manufacturers (OEMs) in the United States, Europe and India.

ICICI Securities, DAM Capital Advisors and JM Financial were the book running lead managers to the issue.

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

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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