Grasim Industries, Tata Consumer Products, Bharti Airtel, Tata Steel, and ICICI Bank were the top gainers in the Nifty 50. Meanwhile, Wipro, Dr Reddy’s Laboratories, Tata Motors, NTPC, and M&M were the major losers in the Nifty 50 on August 22.

Nifty hovers around 25,000 led by cement, metals and telecom. Tata Group stocks see steady upmove.

Shares of Paytm fell 6.2% to an intraday low of Rs 538.35 after rising to a high of Rs 604.70 during the morning hours. The lower circuit for the stock is placed at Rs 459.25.

“We expect the rupee to trade with a slight negative bias on outflows by foreign investors and demand for the greenback by importers. However, a positive tone in the domestic markets and declining global crude oil prices may support the rupee. Traders may remain to take cues from the weekly unemployment claims, existing home sales and PMI data from the US. Investors may remain cautious ahead of Fed Chair Powell’s speech at the Jackson Hole Symposium for any cues on rate cuts by the central bank. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

RVNL shares rose to an intraday high of Rs 2.3% a day after the company signed a Memorandum of Understanding with Dhaya Maju Infrastructure (Asia), providing RVNL the opportunity to work in Asian countries. “The primary objective of this MoU is to outline the terms and conditions under which RVNL and DMIA may collaborate to work jointly to participate in the railway infrastructure and services projects in the ASEAN market and other markets as agreed, with special focus on establishing a manufacturing base in Malaysia for railway coaches and other railway products for catering to the growing need of ASEAN countries,” said the company in an exchange filing.

Courtesy: NSE

Shares of Fertilisers and Chemicals Travancore rose 11.7% to an intraday high of Rs 1,064.15. The stock has a previous close of Rs 952.70. The stock touched its 52-week high of Rs 1,187 on June 21, 2024. The upper band for the stock of FACT is placed at Rs 1,143.20.

The stock of SJVN fell 2.6% to an intraday low of Rs 133. The stock was the major loser among the 100 midcap companies in Nifty. Interestingly, the stock touched its 52-week low of Rs 55.20, a year ago today, on August 22, 2023.

The stock of Kalyan Jewellers rose 8.3% to an intraday high of Rs 590 after the promoter announced to buy an equity stake of 2.36% for a value of Rs 1,300 crore from the foreign investor Highdell Investment.

The NSE Nifty 50 was up 0.27% at 24,837 while the BSE Sensex was up 223 points or 0.28% at 81,128.

“Crude oil experienced significant price volatility, extending its decline on Wednesday after the U.S. government sharply revised a set of employment data. The latest labor data revision has fueled recession fears, adding pressure on crude oil prices. Concerns over Chinese demand, given that China is the world’s second-largest consumer of crude oil, are also weighing on prices. However, a decline in U.S. oil stocks, hopes for a Fed rate cut following soft U.S. job market data, and weakness in the dollar index are providing support to oil prices at lower levels. The uncertainty surrounding an Israel-Hamas ceasefire deal could lend further support to crude oil prices at these levels. We expect crude oil prices to remain volatile in today’s session,” said Rahul Kalantri, Vice President of Commodities, Mehta Equities.

Shares of IREDA rose 11.2% to an intraday high of Rs 265.70 after the company said that it is considering raising funds up to Rs 4,500 crore through Qualified Institutional Placement, rights issue, and other means, the company said in an exchange filing. The company will propose the fundraising in front of the board of directors for its approval on August 29.

Bharti Airtel, Asian Paints, Titan, Tata Steel, and ICICI Bank were the major contributors to the Sensex inching it higher.

Courtesy: BSE

“We tweak our near-term estimates for the going out segment following management guidance to operate it at break-levels and likely cash outflow towards the proposed M&A. However, medium to long-term estimates are raised to factor in the positive impact of the acquisition. We continue to assign a target multiple of 75x and roll forward to Mar’27 EPS to derive a revised target price of Rs 300 (vs. Rs 260 earlier). Zomato continues to be one of our preferred picks in the listed Internet space as we believe it is well-positioned to benefit from robust industry tailwinds across its B2C businesses. Its balance sheet is strong with net cash of Rs 1250 crore as of Jun’24,” said JM Financial in a research note.

Shares of Grasim Industries rose 2.6% to an intraday high of Rs 2,755.50 from its previous close of Rs 2,684.85. The stock was the top gainer in the Nifty 50. It touched its 52-week high of Rs 2,877.75 on July 26, 2024. The upper band for the stock is placed at Rs 2,953.30.

Shares of Zomato rose 2.8% to an intraday high of Rs 267 from its previous close of Rs 260.03. The syurge in stock price came a day after its board acquired Paytm’s entertainment ticketing business. The food-delivery company has proposed to acquire the ticketing business for a value of Rs 2,048 crore. However, the business of ticketing will continue to run on the Paytm app for a period of 12 months for a smooth transaction, said Zomato in an exchange filing.

HDFC Bank, Bharti Airtel, Infosys, ICICI Bank, and Grasim Industries were the major contributors to the Nifty 50.

Courtesy: NSE

Grasim Industries, Infosys, Tech Mahindra, BPCL, and IndusInd Bank were the top gainers in the Nifty 50. Meanwhile, Power Grid Corp, Shriram Finance, Dr Reddy’s Lab, M&M, and NTPC were the major losers in the Nifty 50 on August 22.

The NSE Nifty 50 opened 0.26% higher at 24,833.65, while the BSE Sensex opened 0.21% higher at 81,078.68.

Trent is looking to position Star Bazaar, its supermarket and hypermarket chain, as its third growth driver after Zudio and Westside, informed sources have told FE. The plan is to accelerate store additions, drive affordability and push private labels aggressively under new head Neville Tata, who has taken up an executive position at Trent Hypermarket, the 50:50 joint venture between Trent and UK-based Tesco that runs Star Bazaar outlets in the country.

BEML signed a strategic MoU with the Directorate of Marine Engineering, Indian Navy, to design, develop, make and extend product support of marine engineering equipment.

Aarti Industries, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Birlasoft, GNFC, Granules India, Hindustan Copper, India Cements, LIC Housing Finance, NALCO, Piramal Enterprises, and Sun TV Network to remain in F&O Ban today on August 22. Meanwhile, Bandhan Bank, Manappuram Finance, RBL Bank, and SAIL were removed from the F&O Ban on Thursday.

Thales, a leading global technology and security provider, has announced a new contract with global engineering and R&D firm L&T Technology Services. The company will use the Thales Sentinel platform to help customers monetize their software with flexible licensing options.

Foreign institutional investors (FII) sold shares net worth Rs 799.74 crore. Meanwhile, domestic institutional investors (DII) bought shares net worth Rs 3,097.45 crore on August 21, 2024, according to the provisional data available on the NSE.

A promoter of drug firm Alkem Laboratories is likely to sell a 0.7% stake in the company, equivalent to 8.5 lakh shares, through block deals, according to CNBC-TV18 sources. The floor price for the sale has been set at Rs 5,616 per share.

WTI crude prices were trading at $71.83 down by 0.14%, while Brent crude prices were trading at $76.01 down by 0.05%, on Thursday morning.

Rail Vikas Nigam (RVNL) signed a MoU with Dhaya Maju Infrastructure (Asia) Sdn Berhad (DMIA), it said in an exchange filing. RVNL and DMIA may collaborate to participate in railway infrastructure and services projects in the All South East Asian Nations (ASEAN) market as well as other markets after signing this MoU.

Zen Technologies has opened the Qualified Institutional Placement (QIP) and set the floor price at 1,685.18 per equity share. It is a discount of 6% to today’s closing price of Rs 1782.95 on the NSE.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.09% at 101.21 on Thursday morning.