Equity benchmark indices settled on a flat in a lacklustre trade on Monday, as investors preferred to remain on the sidelines in the absence of further triggers. Participants booked profits in some blue-chip stocks because of high valuation worries, whereas selective buying in metals, oil & gas, and IT stocks helped sustain the indices.
The BSE Sensex fell 12.16 points or 0.02 per cent to settle at 80,424.68. The NSE Nifty gained 31.50 points or 0.13 per cent to close at 24,572.65.
"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,” said Vinod Nair, head of research at Geojit Financial Services.
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“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," he said.
Here are the key stocks to watch on August 20:
Bajaj Auto: The two and three-wheeler maker has announced plans to increase its accounting provision for deferred tax by Rs 211 crore due to recent regulatory changes introduced under the Finance Act, 2024. The adjustment comes after the withdrawal of the indexation benefit on long-term capital gains from debt mutual funds purchased before April 1, 2023, and the reduction in the applicable tax rate.
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Zomato: A significant deal is expected on Tuesday as Antfin Singapore plans to sell 13.6 crore shares of 1.54 per cent stake in Zomato through a block deal. The shares are expected to be sold at a floor price of Rs 251.68 per share, slightly below Monday’s closing price of Rs 262.17 per share.
HCL Tech: The IT major announced that it has promoted Shiv Walia as its Chief Financial Officer (CFO), with effect from September 6, 2024. He would also be the key managerial personnel of the company. Walia takes charge from Prateek Aggarwal, who has resigned to pursue opportunities outside HCLTech, according to a regulatory filing.
IndusInd Bank: The Reserve Bank of India (RBI) has given approval to IndusInd Bank to set up a wholly-owned subsidiary dedicated to the asset management business of mutual funds. The bank also received the nod to infuse equity capital into the newly formed asset management subsidiary.
DCM Shriram: The company commissioned a new Hydrogen Peroxide (H₂O₂) plant at its chemical complex in Jhagadia, located in the Bharuch District of Gujarat on August 19, 2024. The plant has a capacity of 52,500 tonnes per annum and will use hydrogen produced at the same site.
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