Stock Market Highlight, Aug 28: Sensex ends flat, Nifty shields 25k after scaling new high; IT leads

Stock Market Highlights on Aug 28, 2024: As many as 29 out of 50 listed stocks of Nifty50 ended in the red, dragged by Adani Enterprises, Asian Paints, and Maruti Suzuki India

3:59 PM

Stock Market Expert View :: 'Decisive close above 25,100 could confirm further rally in Nifty'

The Nifty continues to exhibit confusion at higher levels, as the index closed flat with wicks on both the upper and lower sides, indicating extended indecisiveness. This is highlighted by two consecutive doji-like candles following the recent rally on the daily timeframe.

A decisive move above 25,100, or a close above this level, could confirm a further rally in the market. Otherwise, Nifty may slip lower, as the absence of sustained buying might trigger selling pressure. The immediate support is placed at 24,800.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:56 PM

Stock Market Expert View :: 'Investors are giving more emphasis to defensive bets'

A consolidation in the US 10-yr bond yield and an inflow of FIIs kept the domestic market sentiment optimistic. However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data this week.

On the other hand, investors are giving more emphasis to defensive bets, which is evident with the outperformance in IT and pharma stocks.

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

3:49 PM

Rupee Update :: Rupee weakens 4 paise vs US dollar

>> Rupee ends at 83.96 per US dollar on Wednesday vs Tuesday's close of 83.92/$

3:46 PM

Stock Market Closing Bell LIVE Updates :: BSE SmallCap index slips on Wednesday

>> While the BSE MidCap index added barely0.04 per cent, the BSE SmallCap index slipped 0.12 per cent today

3:43 PM

Stock Market Closing Bell LIVE :: Only IT, Pharma indices eked out gains

>> Most sectoral indices nursed losses on Wednesday, Aug 28

>> Nifty Media index fell the most, down over 1 per cent, followed by Nifty PSU Bank, and FMCG indices (0.4 per cent each)

3:40 PM

Stock Market Closing Bell LIVE Updates :: Only 11 stocks end higher led by Airtel, Infy

>> 11 stocks settled higher on Wednesday led by Bharti Airtel, Infosys, IndusInd Bank, and Sun Pharma

>> Among losers, Asian Paints, Maruti Suzuki, Nestle India, Kotak Bank, SBI, and Axis Bank weighed

3:39 PM

Stock Market Closing Bell LIVE Updates :: Nifty holds 25,000 at close, hits record high intraday

>> NSE Nifty50 hit a record high of 25,129.60 intraday

3:35 PM

Stock Market Closing Bell LIVE Updates :: Fag-end selling hits markets; Sensex ends nearly flat

The BSE Sensex ended at 81,785.56, up 73.80 points or 0.09%. 

>> The index hit a high of 82,039 in the intraday trade

3:00 PM

Stock Market LIVE Updates: Lupin announces update on share allotment; stock up 1.66%

Lupin has informed the exchnage that the Allotment Committee of Directors at its meeting held today i.e., on August 28, 2024, allotted 121150 fully paid-up equity shares of Rs 2/- each. These shares have been allotted upon  exercising of vested options granted to the employees under Stock option plans of the Company. 

"In view of the above, the issued and paid-up capital of the Company has been increased to Rs 91,22,74,838  consisting of 45,61,37,419 equity shares of Rs 2/- each," Lupin said in regulatory filing. 

2:43 PM

Stock Market LIVE Updates: NBCC shares hit 52-week high

Shaes of state-owned NBCC climbed 18 per cnet to hit a 52-week high of Rs 209.75 on the BSE. The cpmpany' stock continue to march northward on the bourses. 

2:29 PM

Stock Market LIVE Updates: JBM Auto climbs 6% on signing pact with LeafyBus to supply 200 e-buses

Shares of JBM Auto jumped as much as 5.97 per cent to hit an intraday high of Rs 2,011.85 per share on Wednesday, August 28, 2024. The rise in JBM Auto share price came after its subsidiary JBM Electric Vehicles inked a pact with LeafyBus to supply 200 electric intercity luxury buses. READ MORE

2:27 PM

Stock Market LIVE Updates: Zomato completes acquisition of OTPL, and WEPL

Food delivery major Zomato has informed the exchanges that it completed the acquisition of OTPL and WEPL on August 27, 2024. The company had earlier, on yesterday, August 26, announced that it had entered into a Share Purchase and Subscription Agreement with One 97 Communications, WEPL, and OTPL, to, inter alia, acquire the entertainment ticketing business of OCL, OTPL, and WEPL.

 

2:19 PM

Stock Market LIVE Updates: How to trade Reliance stock ahead of its AGM on Aug 29? Key levels here

Stock Market LIVE Updates: Shares of Mukesh Ambani-led Reliance Industries (RIL) are in focus ahead of the company's 47the Annual General Meeting (AGM) scheduled for Thursday, August 29, 2024, at 2 PM Indian Standard Time (IST).

At 1:10 PM on August 28, Reliance stock traded nearly flat at Rs 3,003. The stock had hit a high of Rs 3,015 and a low of Rs 2,985, and had seen trades of around 29,000 shares on the BSE thus far. In comparison, the BSE Sensex was up 0.3 per cent or 250 points at 81,960 levels. READ MORE

 

2:15 PM

Stock Market LIVE Updates: Zee-Sony settlement removes overhang but outlook stays uncertain: Analysts

Stock Market LIVE Updates: Even as the settlement of merger dispute between Zee Entertainment Enterprises (ZEEL) and Culver Max Entertainment, operating as Sony Pictures Networks India (SPNI), has removed a key overhang over ZEE, the share price is unlikely to be re-rated anytime soon, analysts cautioned on Wednesday.
 

Any meaningful re-rating, they said, should happen in case ZEE finds a new partner or strategic investor. READ MORE

 

2:11 PM

Stock Market LIVE Updates: Nifty hits new record high, Sensex above 82,000

Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50 were trading at elevated levels on Wednesday.

Arond 2:00 PM, The Nifty 50 hit a fresh record high at 25,123.45, after climbing 0.42 per cent from the previous day's close, while the BSE Sensex was trading at 81,992.94, up 0.3 per cent.

 

1:57 PM

Stock Market LIVE Updates: Max India-owned Antara Assisted Care launches first senior care home in Bengaluru

Stock Market LIVE Updates: Antara Assisted Care Services, a subsidiary of Max India, announced that it has inaugurated its first care home in Bengaluru today. 

The new care home completes Antara's comprehensive care offerings, encompassing care homes, care at home and products and services for chronic conditions to fully meet the growing demand, the company said in an exchange filing.

1:50 PM

Stock Market LIVE Updates: Tanishq ties up with De Beers to boost India’s natural diamond jewellery market

Stock Market LIVE Updates: Tata group owned jewellery brand Tanishq, housed under Titan Company, today announced a long-term strategic collaboration with De Beers Group, the world’s leading diamond company to boost the growing opportunity for natural diamonds in the Indian market.

With diamond acquisition rates in India well below those in mature markets such as the US, a significant opportunity lies in further growth for natural diamond jewellery in India, the company said in an exchange filing today.

To help unlock this growth opportunity, Tanishq and De Beers have agreed to come together on a long-term collaboration to enhance consumer education, interest and confidence, and to promote natural diamonds across India. 

Through this collaboration, the two parties will capitalise on Tanishq’s deep understanding of the Indian market, combined with De Beers’ expertise in the diamond category, to deepen consumer desire for and confidence in natural diamonds

 

1:41 PM

Stock Market LIVE Updates: Sebi bans Rana Sugars' promoters from mkt for 2 yrs; imposes Rs 63 cr fine

Stock Market LIVE Updates: Markets regulator Sebi has debarred 14 entities including, Rana Sugars promoters' and other related entities from the securities markets for two years and slapped a Rs 63-crore fine on them on charges of diversion of funds.

The regulator also prohibited Inder Pratap Singh Rana (promoter), Ranjit Singh Rana (Chairman), Veer Pratap Singh Rana (MD), Gurjeet Singh Rana, Karan Pratap Singh Rana, Rajbans Kaur, Preet Inder Singh Rana and Sukhjinder Kaur (promoter) from holding any position as director or key managerial person of any other listed company for two years. READ MORE

 

1:34 PM

Stock Market LIVE Updates: Infosys hits 52-week high, rises 5% in three days; stock nears record high

Stock Market LIVE Updates: Infosys share price today hit a 52-week high of Rs 1,950.20 as it climbed 3 per cent on the BSE in Wednesday's intraday trade. Infosys share price extended its rally into the third day on a report that the government is likely to retract its tax demand worth $4 billion.

Authorities, last month, ordered Infosys to pay an additional amount, arguing that its overseas offices should pay goods and services tax (GST) dating back to 2017. READ MORE

1:31 PM

Stock Market LIVE Updates: RK Damani stock portfolio: How to trade in DMart, Aptech, VST Industries

Stock Market LIVE Updates: Ace investor Radhakishan Damani, also popularly known as RK Damani, is a legendary investor in the Indian stock market. Damani is also known as the 'retail king' in India for his venture - Avenue Supermarts (DMart).

According to Bloomberg Billionaires Index, as of August 2024, Damani's net worth stood around $23.7 billion. Bloomberg had ranked RK Damani as the 98th richest person in the world for the year 2021. READ MORE

 

1:24 PM

Stock Market LIVE Updates: JM Auto subsidiary gets 200 electric bus supply deal from LeafyBus; shares up 4.5%

Stock Market LIVE Updates: JBM Electric Vehicles, a subsidiary of JBM Auto, today announced the signing of a strategic agreement with LeafyBus, for the supply of 200 ultra-modern electric luxury buses. 

Under the terms of the agreement, JBM Electric Vehicles will deliver 200 electric intercity buses equipped with advanced technology and features. 

The scope of the project includes delivering 200 electric buses, comprising of 150 high-end electric luxury intercity coaches and 50 e-buses tailored for staff and tourist applications

 

1:16 PM

Stock Market LIVE Updates: Crompton Greaves gets patent for 'Aerodynamic Profile'

Stock Market LIVE Updates: Crompton Greaves Consumer Electricals today announced that it has secured a patent for an invention called 'Aerodynamic Profile'.

The company, in an exchange filing, said, "We are pleased to inform you that the Company has been granted patent for an invention titled 'Aerodynamic Profile'. This patent has been officially granted vide Patent Number 548800 on 27/08/2024 for the term of 20 years effective from 05/04/2018 in accordance with the provisions of the Patents Act, 1970."

Generally speaking, aerodynamics profile is concerned with the understanding and control of flows associated with aerospace vehicles.

1:11 PM

Stock Market LIVE Updates: Infosys hits 52-week high, rises 5% in three days; stock nears record high

Stock Market LIVE Updates: Infosys share price today hit a 52-week high of Rs 1,950.20 as it climbed 3 per cent on the BSE in Wednesday's intraday trade. Infosys share price extended its rally into the third day on a report that the government is likely to retract its tax demand worth $4 billion. Authorities, last month, ordered Infosys to pay an additional amount, arguing that its overseas offices should pay goods and services tax (GST) dating back to 2017. READ MORE

1:09 PM

Stock Market LIVE Updates: Nifty IT top sectoral gainer

Stock Market LIVE Updates: Nifty IT is the top sectoral gainer, up over 2.3 per cent.

1:09 PM

Stock Market LIVE Updates: Broader markets trade in positive territory

Stock Market LIVE Updates: Broader markets gained. Nifty SmallCap was up 0.27 per cent while MidCap was trading 0.06 per cent higher. 

1:07 PM

Stock Market LIVE Updates: Sensex above 81,950

Stock Market LIVE Updates: Sensex is trading 0.32 per cent or 260.7 points higher at 81,972.46 levels.

1:05 PM

Stock Market LIVE Updates: Nifty50 holds 25,100

Stock Market LIVE Updates: Nifty50 is trading 0.34 per cent or 84.70 points higher at 25,102.45 levels.

1:03 PM

Stock Market LIVE Updates: Sent more than Rs 6 lakh overseas? You could face tax scrutiny from I-T

Stock Market LIVE Updates: The Income Tax Department has intensified its scrutiny of individuals who have sent significant amounts of money abroad. The department is closely examining Form 15CC, a quarterly disclosure statement filed by Authorised Dealer (AD) Banks for outward remittances as  inconsistencies between declared income and foreign remittances have been observed, raising questions about potential tax evasion. Issues with tax collected at source ( TCS) on outward remittances have also been identified. READ MORE

1:02 PM

Stock Market LIVE Updates: SBI Chairman Dinesh Khara retires after record profits; CS Setty takes over

Stock Market LIVE Updates: State Bank of India Chairman Dinesh Kumar Khara retired on Wednesday, passing on the baton with an ambitious profit goal of Rs 1 trillion for FY25 to his successor, CS Setty. Khara’s tenure has been marked by extraordinary financial performance, with SBI’s profit surging significantly, delivering a 325 per cent return to investors, reported The Economic Times. READ MORE

12:58 PM

Filing: Shoppers Stop inks deal with Max Factor to build brick and mortar presence in India

Stock Market LIVE Updates: Shoppers Stop enters into a partnership with US-based Max Factor to build brick and mortar presence in India.