Benchmark equity indices settled in green on Thursday following buying in commodity, telecom and consumer stocks amid a strong trend in global markets. The BSE Sensex rose by 147.89 points or 0.18 per cent to close at 81,053.19. The NSE Nifty gained 41.30 points or 0.17 per cent to settle at a two-week high of 24,811.50. Majority of the sectors ended in green with buying seen in major buying seen Consumer Durables & FMCG.
“Globally US Fed meeting minutes indicating several officials in favor of lowering rates & downward payroll revisions cheered the sentiments. All eyes will be on US Fed Chair Powell's speech at the Jackson Hole Symposium on Friday. Investors would look for hints on interest rate cuts. Hopes are running high for a rate cut in the September meeting followed by more rate cuts in subsequent meets. The market thus is likely to consolidate in the near term. While sectorial rotation and stock-specific action will be at play,” said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services Ltd.
Advertisement
Here are the key stocks to watch on August 23:
FSN E-Commerce Ventures (Nykaa): Harindarpal Singh Banga, a pre-IPO investor in Nykaa, is likely to sell up to 1.4 per cent of his stake in the beauty and personal care platform at a floor price of Rs 198 per share. Singh held a 6.4 per cent stake in Nykaa at the end of the June quarter.
Ambuja Cement: Promoter group company Holderind Investments has initiated a block deal to sell a 2.84 per cent stake in the cement major to raise $500 million. The floor price for the block deal is set at Rs 600 per share, reflecting a 5 per cent discount to the last closing price of Rs 631.80 per share on August 22.
Advertisement
Bharti Airtel: The telecom major has announced a reduction in its Goods and Services Tax (GST) liability following an appeal. The dispute involved the reverse charge mechanism on Licence Fees and Spectrum Usage Charges, initially assessed by the Additional Commissioner of the Central GST in Delhi. Following the company’s appeal, the Central Goods and Services Tax Appellate Authority has reduced Bharti Airtel’s GST demand to Rs 194 crore from original demand of Rs 604.66 crore.
Adani Power: The company announced that the National Company Law Tribunal (NCLT) has approved its Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd (LAPL). The NCLT Issued the order on August 21, 2024, and it was made available on the NCLT’s website the following day.
Wipro: The IT services company was selected by the John Lewis Partnership to lead a comprehensive transformation and modernisation of the UK retailer’s IT infrastructure. The partnership aims to improve JLP’s industry leadership and equip the company with a future-proof technology framework designed to support sustainable growth.
