Stock Market Highlights, Aug 19: Mid, SmallCap indices outrun benchmarks; auto, private banks weigh

Stock Market Highlights on Monday, August 19, 2024: The BSE Sensex ended at 80,425, down 12 points or 0.02 per cent. Similarly, the NSE Nifty50 ended at 24,573, up 31.5 points or 0.13 per cent

3:51 PM

Why did benchmarks underperform today?

The Indian market failed to catch up the initial gains as there is a degree of profit booking witnessed in auto stocks due to a slowdown in demand. However, oil stocks gained momentum with the reduction in windfall tax on crude oil. The recent healthy US economic data diminished the likelihood of a US recession, while a slide in the dollar index supported the hypothesis of a rate cut in the September FOMC meeting.

 

Views by: Vinod Nair, head of research, Geojit Financial Services.

 

3:46 PM

Tech View :: 'The Nifty remained rangebound throughout the day, appearing to pause before the next rally'

The Nifty remained rangebound throughout the day, appearing to pause before the next rally. The index closed above the recent consolidation for the second consecutive day. The trend likely favors the bulls as long as it stays above 24,300. On the higher end, the Nifty might move higher, with resistances placed at 24,750-24,800.

 

Views by: Rupak De, senior technical analyst, LKP Securities

 

3:38 PM

Sector Update: Nifty Metal was the top gainer

3:36 PM

Broader market closes higher; Nifty SmallCap jumps 1.7%

3:35 PM

Index heatmap check: Tata Steel was the top gainer, followed by TCS

3:33 PM

Stock Market Closing Bell: Nifty settles marginally higher, up 32 points

3:32 PM

Stock Market Closing Bell: Sensex settles flat at 80,424.68 levels

3:25 PM

Knowledge Marine & Eng stock soars 8% on new order win; check details here

Shares of Knowledge Marine and Engineering Works (KMEW) surged up to 7.59 per cent at Rs 1258.95 per share on the BSE in intraday deals. This came after the company bagged a work order from New Mangalore Port Authority (NMPT) on Monday. READ MORE

 

3:15 PM

Strides Pharma falls over 4% after USFDA gives VAI tag to Chennai facility

Shares of pharmaceutical company Strides Pharma Science fell 4.13 per cent to Rs 1,257 during intra-day trading on Monday. The drop came after Strides Alathur, a wholly-owned subsidiary of Strides Pharma Science, received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). READ MORE

3:00 PM

Aurobindo Pharma to commercialise China plant in 3rd quarter of FY25: CFO

Aurobindo Pharma expects its China facility to commence production in the next quarter with full-scale output anticipated only in the next fiscal year, according to Chief Financial Officer Santhanam Subramanian. READ MORE

2:49 PM

Upcoming IPO: Ethanol producer TruAlt Bioenergy files DRHP; details

TruAlt Bioenergy, a pioneering biofuel producer based in Bengaluru and one of the first companies to produce Compressed Bio-Gas (CBG) under the government's Sustainable Alternative Towards Affordable Transportation (SATAT) initiative, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). READ MORE

2:34 PM

This Dolly Khanna-owned stock has zoomed 98% in 4 weeks, trades at new high

Shares of Pondy Oxides and Chemicals (POCL), India’s leading recycling and manufacturing company, hit a new high of Rs 1,735, as they rallied 17 per cent on the BSE in Monday’s intra-day trade amid heavy volumes. In the past two trading days, the stock price of this smallcap company has surged 28 per cent. READ MORE

2:17 PM

Incremental deposit growth outpaced credit growth since FY22: SBI Research

Amid concerns from the Reserve Bank of India (RBI) about the slow pace of deposit growth and the risks of credit growth trailing behind deposits, SBI Research reported on Monday that incremental deposit growth, at Rs 61 trillion, has exceeded incremental credit growth of Rs 59 trillion since FY22. READ MORE

2:10 PM

Here's why Techno Electric stock is locked in 5% upper circuit on August 19

Shares of Techno Electric and Engineering Company were locked in 5 per cent upper circuit at Rs 1729.25 per share on August 19, 2024. READ MORE 

1:57 PM

TMB rallies 4% following RBI approval of Salee Sukumaran Nair as MD, CEO

Tamilnad Mercantile Bank (TMB) shares surged up to 4.35 per cent at Rs 470.80 a piece on the BSE during intraday trading on Monday. This came after the Reserve Bank of India (RBI) approved the appointment of Salee Sukumaran Nair as the Managing Director & Chief Executive Officer of the Bank. READ MORE

 

1:40 PM

RIL eyes JioCinema as sole OTT platform post Star-Viacom18 merger deal

Reliance Industries Ltd (RIL), which will control the merged Star-Viacom18 entity once it receives regulatory approvals, is considering to consolidate its streaming services under a single platform, JioCinema, according to a report by The Economic Times. READ MORE

1:26 PM

Small-cap stock jumps 10% to hit upper circuit on BSE today; do you own?

Shares of renewable energy developer Urja Global climbed 9.98 per cent to hit the upper circuit of Rs 22.15 during intra-day deals on Monday. The stock, however, is still nearly 47 per cent lower than its 52-week high of Rs 41.84, which it reached on May 2, 2024, on the BSE. At the same time, nearly 44.27 lakh equity shares of the company, worth Rs 9.72 crore, exchanged hands on the BSE. READ MORE

1:19 PM

Sector-check: Nifty Oil & Gas is top gainer, followed by PSU Bank and Metal

1:13 PM

Ola Electric share price rise: Madness beyond fundamentals, say analysts

The meteoric rise in Ola Electric share price has left both analysts and investors bewildered. Yet, they suggest investors hold on to the stock as it remains a pure "momentum" play. Since its listing on August 9, the stock has surged 92 per cent (till August 19) over its issue price of Rs 76, taking its market capitalisation to little over Rs 63,000 crore. The issue was subscribed 4.45x. READ MORE

1:08 PM

Benchmark check: Nifty50 tests 24,600

1:07 PM

Broader market update: Nifty SmallCap up 1.5%

1:04 PM

Heatmap check: Tata Steel, Asian Paints among top gainers

12:58 PM

Windfall tax boost: ONGC, Oil India surge up to 4% in Monday's trade

Shares of upstream oil companies Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) moved up to 4 per cent higher on the BSE in Monday’s intra-day trade after the central government reduced the windfall tax on petroleum crude to Rs 2,100 per metric tonne, down from Rs 4,600 per tonne, effective from August 17. READ MORE

 

12:44 PM

ALERT :: Strides Pharma arm receives EIR from USFDA for Chennai facility

>> Strides Alathur Private Limited, a wholly owned subsidiary of Strides Pharma Science Limited has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its formulations facility at Alathur, Chennai

>> It has successfully concluded the Good Manufacturing Practices (GMP) inspection conducted between April 1-5, 2024.

>> USFDA has determined that the inspection classification of this facility is “Voluntary Action Indicated” (VAI).

12:30 PM

Here's why Glenmark Pharma stock hit all time high on Aug 19; details here

Shares of pharmaceutical company Glenmark Pharmaceuticals rallied as much as 4.58 per cent to hit a fresh all time high of Rs 1,636.50 per share on Monday, August 19, 2024. READ MORE 

12:18 PM

Saraswati Saree Depot IPO: GMP hints listing gains; check likely price

The unlisted shares of Saraswati Saree Depot IPO, which closed for subscription on Wednesday, August 14, 2024, continue to command a strong premium in the grey market ahead of their listing, indicating solid listing gains for investors. Priced in the range of Rs 152-160 per share with a lot size of 90 shares, the public issue received great demand from investors, with the IPO being subscribed 107.39 times by the final day of subscription. READ MORE

 

12:04 PM

CESC shares rally 5% on incorporating subsidiary in renewable power sector

Shares of CESC soared up to 4.55 per cent at Rs 176.65 per share on the BSE in Monday’s intraday deals. The stock price surged after the company announced that the company has incorporated a wholly owned subsidiary named Ecovantage Energy on August 16, 2024. READ MORE

 

11:50 AM

NCC stock price up 5% after company fixes record date for dividend payout

Shares of construction company NCC Limited jumped as much as 5.36 per cent to hit an intraday high of Rs 326.25 per share on Monday, August 19, 2024. The share price rose after the company announced that it has fixed the record date for dividend payouts. The record date for determining the shareholders who are eligible for the equity dividend is August 30, 2024, NCC said. READ MORE 

11:35 AM

ACE stock soars 4% on order win from Ministry of Defence; up 64% in 1 year

ACE stock rises: Shares of Action Construction Equipment (ACE) jumped as much as 3.62 per cent to hit an intraday high of Rs 1,309.95 per share on Monday, August 19, 2024. The surge in ACE stock price came after the company announced that it has bagged an order from the Ministry of Defence (MoD). Read more

11:17 AM

Here's why DCX Systems share price locked in 5% upper circuit today

Shares of DCX Systems locked in 5 per cent upper circuit at Rs 319.75 per share on the BSE in Monday’s intraday trade. By comparison; at 11:05 AM the BSE Sensex was down by 0.11 per cent at 80,345 levels. 

DCX Systems stock price jumped after the company bagged work orders from its domestic and international clients. Read more