Equity benchmark indices settled on a flat not after a volatile session of Tuesday due to the emergence of profit booking near record high levels amid rising geopolitical concerns in the Middle East and Ukraine. Profit booking in metal, consumer durables, and FMCG stocks negated gains in telecom, teck and IT stocks.
The BSE Sensex recorded a marginal gain of 13.65 points or 0.02 per cent to settle at 81,711.76. The NSE Nifty was up 7.15 points or 0.03 per cent to close at 25,017.75, its new lifetime peak. Majority of the sectors ended in green with buying seen in Financials and Pharma.
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“Markets are optimistic about the US Fed policy rate cut following Jerome Powell's supportive comments and the Federal Reserve’s confidence in achieving its 2 per cent inflation target. Further buying by FIIs over last three days added to the sentiments. We expect this up-move to continue with Nifty likely headed towards new highs in near term supported by broader market and stock specific action,” Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on August 28:
Hindustan Unilever: The company has received a tax notice of Rs 962.75 crore, including an interest of Rs 329.33 crore for the Rs 3,045-crore acquisition of the India Health Food Drink (HFD) business from the GlaxoSmithKline (GSK) Group, the FMCG major said on Tuesday.
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Vodafone Idea: The company has approved a new Employee Stock Option and Performance Unit Scheme 2024, allowing for up to 34.85 crore stock options and performance units, representing 0.50 per cent of the company’s issued share capital as of July 31. However, the scheme is subject to shareholder approval.
Wipro: The IT services major has expanded its partnership with Dell Technologies to integrate its AI enterprise solutions and provide enterprises with best-in-class technology and the latest in chip designs.
ICICI Prudential Life Insurance: The company received a tax notice of Rs 429.05 crore from the Deputy Commissioner of State Tax, Maharashtra. The GST demand includes Rs 208.02 crore, Rs 200.22 crore in interest, and Rs 20.80 crore in penalties, the company informed in an exchange filing.
