The NSE Nifty surged 126.20 points or 0.51 per cent to close at 24,698.85. Majority of the sectors ended in green with buying seen in major buying seen in Banking and Financials
Benchmark equity indices settled in green for the fourth consecutive day on Tuesday, following heavy buying in banking, financial and auto stocks amid a largely strong trend in global markets. In addition, easing geopolitical tensions in the Middle East and falling global crude oil prices further boosted the market sentiment.
The BSE Sensex rebounded 378.18 points or 0.47 per cent to settle at 80,802.86. The NSE Nifty surged 126.20 points or 0.51 per cent to close at 24,698.85. Majority of the sectors ended in green with buying seen in major buying seen in Banking and Financials.
“The banking sector was in focus after the Finance Minister chaired a meeting with PSB heads to review the financial performance of banks, deposit mobilization, digital payments & cyber security framework. After consolidating at higher levels over the last few days, the Nifty saw recovery amidst global markets recovery and we expect this momentum to continue in the near term. Broader market is expected to continue its outperformance supported by sectorial rotation. All eyes will be on the US FOMC meeting minutes which will be released on Wednesday,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on August 21:
PNB Housing Finance: General Atlantic Singapore Fund FII Pte is expected to sell a 5.1 per cent equity stake in the company through a block deal, according to a report by CNBC-TV18. The floor price of the deal is likely to be around Rs 775 per share, with the offer size of Rs 1,032.7 crore.
Larsen & Toubro: The Bombay High Court has quashed a show-cause notice issued by GST authorities to Larsen and Toubro. The company filed a Writ Petition in the Bombay High Court against the show-cause notice issued by the Principal Commissioner of GST and Service Tax, Mumbai, related to a service tax demand of Rs 2,237 crore on an erstwhile subsidiary, for tax already paid post-demerger.
Ola Electric Mobility: The newly-listed company’s scooters S1 X 3 kWh and S1 X 4 kWh have received Certification for Compliance with the eligibility assessment requirements as per the Production Linked Incentive (PLI) scheme for the automobile and auto components industry. Both the variants have met strict minimum localisation criteria of 50 per cent, as mandated by Ministry of Heavy Industries.
Petronet LNG: The company has signed a Memorandum of Understanding (MoU) with LTL Holdings (LTL) of Sri Lanka for the supply of LNG to LTL’s dual-fuelled power plant(s) in Kerawalapitiya, Colombo. The proposed supply to LNG from Petronet’s Kochi LNG terminal would be through LNG ISO tank containers involving a multi-modal transport system. The initial term of LNG supply would be five years, extendable subject to mutual agreement.
Cyient DLM: Promoter Cyient is likely to sell a 1.15 crore equity shares or 14.5 per cent stake in Cyient DLM through block deal on August 21. The floor price for the transaction is expected to be around Rs 748.65 per share, with total deal size of Rs 860.9 crore. Cyient’s stake in the company will reduce from 66.66 per cent to 52.16 per cent.