Stock market broke out of its consolidation phase as benchmark indices witnessed a strong revival before concluding on a rather flat note on Wednesday. NSE Nifty soared to a fresh all-time high before closing with marginal gains
Markets ended flat on Wednesday after breaking out from the consolidation phase. Benchmark indices –Sensex and Nifty–comfortably traded in the green territory before erasing most of the gains during the closing. Nifty IT was the best-performing sector as expectations around rate cuts by the Fed continued to uplift the market mood.
BSE Sensex was marginally up by nearly 73 points and concluded the day at 81,785.56 level. Whereas NSE Nifty, after touching a fresh high at 25,129.60 level, ended the day on a rather flat note, up by merely 34 points.
“Nifty failed to sustain mid-day gains and closed near the flatline for the day. However, it managed to touch new all time of 25,129.60, making 25,000 a crucial support level now. Nifty IT index was the biggest gainer on the sectoral front, rising 1.64 per cent. The IT index has now gained for three consecutive sessions on the back of Fed's interest rate cut comments. With India VIX gaining 2 per cent, broader markets midcap and smallcaps closed in the red,” said Vikram Kasat, Head - Advisory, PL Capital.
Going ahead, US & Indian GDP data and tomorrow's montly F&O expiry will be key to monitor, he further added.
Here are the key stocks to watch on August 29:
Zomato: Besides finalising the acquisition of Paytm's ticketing business, the food-delivery platform rolled out a new feature "Zomato for Enterprises," which allows an easy way of linking bills in corporates. "With ZFE (omato for Enterprises), employees can simply bill their business orders directly to their employer, without having to pay. Companies can use ZFE to add employees, set budgets, define ordering rules and much more," the company said.
Paytm: The parent company of the troubled fintech platform received the approval for "downstream investment" in Paytm Payments Services (PPSL) from the finance ministry. PPSL is planning to reapply its "payment aggregator" license application.
"With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," the company stated in its regulatory filing.
Reliance- The Competition Commission of India (CCI) approved the merger of Reliance Industries with Disney Star on Wednesday. Both parties are now set to shake hands in the mega-merger to create the biggest TV and digital streaming entity in the country. The mega deal is reportedly valued at anywhere around Rs 70,000 crore or $8.5 Billion, where Reliance will be holding the majority stake.
Zydus Lifesciences: The multinational pharmaceutical company announced on Wednesday that it has secured the USFDA's (US Food and Drug Administration Body) approval to launch a generic treatment for Parkinson's disease in the US market. The Ahmedabad-based company reportedly has anywhere around 400 approvals from the USFDA now.
Gensol Engineering- On Wednesday, the renewable energy company announced that it has set up a subsidiary in the US. Gensol Engineering announces entry into the US market with Scorpius Trackers Inc., the company said in its regulatory filing. The new subsidiary primarily aims to supply over 2,000 MW of solar trackers annually to major renewable energy markets by 2028.