Stock Market Highlights, Aug 12: Sensex, Nifty end flat amid Hindenburg-led volatility; Ola up 20%

Stock Markets Highlights, Aug 12, 2024: Shares of the Adani Group fell sharply following the Hindenburg Research allegations early trade on Monday. However, Adani Group's shares showed recovery later

3:51 PM

Tech View :: Key levels to watch on Nifty, Sensex

Technically, after early morning intraday selloff, the market took the support near 24,200/79,200 and bounced back sharply.

However, it failed to close above 24,400/79,850 resistance zone.

 

The current intraday market texture is non-directional; hence, a level-based trading would be the ideal strategy for the day traders.

For the bulls, 24,400/79,850 would be the immediate breakout zone. Above the same, market could move up to 24,500-24,550/80,100-80,400.

On the flip side,  the sentiment could change below 24,300/79,500. Below the same, the market could retest the level of 24,200-24,170/79,200-79,000.

Views by: Shrikant Chouhan, Head Equity Research, Kotak Securities

3:43 PM

Comment :: 'Optimism eclipsed by Hindenburg concerns; all eyes on CPI inflation now'

The Indian market concluded relatively flat, with its initial path being eclipsed by continuation of the Adani-Hindenburg-SEBI saga. However, the market tried to brush away these noises, taking positive cues from global markets. Moreover, the domestic market is anticipating ease in CPI inflation, which is going to be further supported by a good monsoon. Yet, the upside risk remains, given firm oil prices and volatility in food inflation.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:40 PM

Rupee Closing :: Rupee slips 2 paise vs US dollar

3:39 PM

Broader markets :: Mid, SmallCap indices end higher on Monday, Smallcaps lead

3:38 PM

Sectoral trends :: Indices end mixed; VIX rises over 3%

3:36 PM

Sensex Heatmap :: 13 of 30 index stocks manage to end higher

3:34 PM

Stock Market Closing Bell :: Nifty ends below 24,350

3:33 PM

Stock Market Closing Bell :: Sensex trims most of the day's losses, ends flat

3:28 PM

FirstCry IPO listing price prediction: GMP hints 18% gain on debut; Details

If the FirstCry IPO GMP trend sustains at this level, the company's shares are likely to list at a premium of over 18 per cent on the bourses. Taking into account the latest GMP, shares of FirstCry may list around Rs 551 (GMP + Issue Price) on the BSE and NSE. READ MORE

3:19 PM

Ola, SMS Life, IWEL, GMR Power, Suzlon and 356 others hit upper circuit

Among individual stocks, Ola Electric Mobility, the newly listed company, was locked in the 20 per cent upper circuit at Rs 109.41 for the second straight day. With this 2-day rally, Ola Electric Mobility now trades at a 44 per cent premium against its issue price of Rs 76 per share. The company made its stock market debut on Friday, August 9. READ MORE

3:06 PM

Dr Reddy's Labs shares drop after US FDA gives VIA tag to Vizag facilities

Shares of Dr Reddy’s Laboratories slipped up to 2 per cent at Rs 6,875.05 per share on the BSE in Monday’s intraday trade. This came after the United States Food and Drug Administration (USFDA) issued an establishment inspection report (EIR) to the company, for its manufacturing facilities (FTO-7 and FTO-9) in Duvvada, Visakhapatnam, Andhra Pradesh.  READ MORE

2:55 PM

ALERT:: RateGain Q1 net soars 82%; stock slips 2%

RateGain Travel Technologies in an exchange filing today said the company posted 82.2 per cent YoY growth in Q1FY25 net profit to 45.38 crore as against Rs 24.91 crore in Q1FY24. Total revenue increased by 26.2 per cent to Rs 278.28 crore from Rs 220.46 crore.

2:44 PM

Sun TV Network tanks 10% on weak Q1 earnings; analysts divided on outlook

The shares fell amid heavy volumes after Sun TV reported a weak performance in the June 2024 quarter (Q1FY25), with revenue down 3.2 per cent year-on-year (Y-o-Y) at Rs 1,276 crore. READ MORE

2:34 PM

Unicommerce eSolutions IPO GMP hints listing gains; Check expected price

Shares of Unicommerce eSolutions are commanding a strong grey market premium (GMP) ahead of their listing, scheduled for tomorrow, August 13. The public issue was subscribed 168.35 times on the final day of subscription. READ MORE

2:25 PM

Morepen Labs stock soars 6% on strong Q1 show; medical device biz grows 20%

For the first quarter of FY25, the company reported net revenue of Rs 458.64 crore, marking a 14 per cent increase, year-on-year (Y-o-Y) from Rs 403.46 crore in Q1FY24.  READ MORE

2:14 PM

ALERT:: Natco Pharma Q1 net rises 59%; stock jumps 4%

Natco Pharma in an exchange filing today reported a 59 per cent growth in Q1FY25 consolidated net profit at Rs 668.50 crore when compared with Rs 420.30 crore in Q1FY24. Total income grew by 21.6 per cent YoY to Rs 1,410.70 crore from Rs 1,160.20 crore. 

2:05 PM

360 One WAM: Trading strategies in IIFL group stocks post Hindenburg claims

IIFL group stocks such as 360 One WAM, IIFL Finance and IIFL Securities plunged up to 5 per cent in Monday's initial trade, but soon recouped losses. Here are the key levels to track. READ MORE

1:57 PM

ALERT:: GST Council likely to meet in early Sept to discuss medical, health insurance levy

According to CNBC TV-18, GST Council is likely to meet on September 8-9 to discuss levy on medical, health insurance products.

 

1:50 PM

Adani vs Hindenburg row: As Sebi chief accused, here's all you need to know

An 18-month battle between Hindenburg Research and India's Adani Group has taken a fresh turn with the U.S. based short-seller alleging over the weekend that the chief of the country's market regulator has a conflict of interest in the matter. READ MORE

1:41 PM

Here's why Balkrishna Industries slid 10% despite strong Q1 earnings

Balkrishna Industries dipped up to 9.81 per cent at Rs 2,755.50 per share on the BSE in Monday’s intraday trade. The stock price slided as investors resorted to profit booking after the company reported its April-June quarter of financial year 2024-25 (Q1FY25) on Friday. Analysts also hinted at a mixed outlook for the firm ahead of demand headwinds in the tyre manufacturing sector. READ MORE

1:35 PM

ALERT:: Dhanlaxmi Bank posts loss in Q1; stock tumbles 5%

Dhanlaxmi Bank today reported a net loss of Rs 8 crore for the quarter ended June 2024. In comparison, the bank had posted a profit of Rs 28.30 crore in the quarter ended June 2023. Total income declined by 1 per cent YoY to Rs 337.94 crore from Rs 341.40 crore.

1:19 PM

Jubilant FoodWorks surges 8%, hits over 2-year high post Q1 results

Secular trends of young population, rising urbanisation, growing affluence, accelerated shifts towards digitalisation and shift in favor of the organized sector. READ MORE

1:09 PM

'Hindenburg allegations won't stop prevailing bull run in Indian markets'

Things like these, which are either rumours or allegations, at most can impact the market in the short-term; but in the longer-run, Hindenburg's allegations will not stop India's growth story or the prevailing bull-run in the Indian stock market. READ INTERVIEW HERE

12:59 PM

June quarter results :: Navneet Education soars on strong operational growth in Q1

>> Adjusted profit down 15% at Rs 41 cr vs Rs 48 cr YoY

>> Revenue up 83% YoY at Rs 798 cr 

 

>> Ebitda at Rs 220 crore vs Rs 86 crore YoY

 

>> Ebitda margin at 27.6% vs 19.8% YoY
 

12:48 PM

Mid-market update: Sensex, Nifty pare early losses amid Hindenburg-Sebi row

During early trade, shares of the Adani Group fell sharply following the Hindenburg Research allegations. Adani Energy Solutions shares were the top laggards with a fall of 17 per cent, followed by Adani Total Gas at 13 percent, New Delhi Television (NDTV) at 11 per cent, and Adani Power at 11 per cent to Rs 619. Other shares like Adani Ports and Special Economic Zone, Adani Wilmar, ACC, and Ambuja Cements declined between 2 per cent - 7 per cent. However, the company’s shares have shown a strong recovery, with declines now in the range of 1 - 5 per cent. READ MORE

12:41 PM

June quarter results :: Cera Sanitaryware erases gains after weak Q1

>> Net profit falls around 17% YoY to Rs 47 crore 

 

>> Revenue slips 6.5% YoY to Rs 400.7 crore

 

>> Ebitda declines 18% YoY to Rs 58 crore 

>> Margin at 14.4% vs 16.4% YoY
 

12:30 PM

Brokerages raise target for Inox Wind, expect strong execution; stock up 9%

Inox Wind specialises in the manufacture and sale of wind turbine generators (WTGs). It also offers comprehensive services, including erection, procurement, and commissioning (EPC), operations and maintenance (O&M), as well as wind farm development and common infrastructure facilities for WTGs. READ MORE

12:15 PM

Suzlon Energy extends rally, zooms 50% in 1 month on strong Q1 results

Renom is the largest Multi-Brand Operations and Maintenance service (MBOMS) provider in the country with assets of 1,782 MW in Wind, 148 MW in Solar, and 572 MW in BOP under maintenance across customer segments READ MORE

11:58 AM

Analysts wary of Zydus Life's US sales post FY25, valuations; stock down 5%

“Zydus Life has continued to report a positive surprise with its Q1FY25 revenue/Ebitda/PAT beating consensus by 6 per cent, 14 per cent and 10 per cent. Reported Ebitda margin reached a historical high of 33.6 per cent," analysts at Nuvama said.  READ MORE

11:46 AM

Balkrishna Industries falls nearly 6% post Q1 results