Indian equity benchmark indices slipped from early highs to settle on a flat note on Wednesday due to fag-end selling in banking and power sectors amid mixed global cues.
The BSE Sensex closed 0.02 per cent or 11.43 points higher at 65,087.25 points, marking its third straight day of gains. The NSE Nifty moved up 0.02 per cent or 4.80 points to settle at 19,347.45 points.
"Positive sentiment initially propelled domestic equities, buoyed by softer US labour market data that caused a retreat in US bond yields, alleviating concerns about rate hikes. This positive outlook was reinforced by Chinese banks' move to reduce existing mortgage rates, favourably impacting Indian metal stocks. However, gains were tempered as the day progressed, primarily due to weakness in global markets attributed to lacklustre economic data from Europe,” said Vinod Nair, Head of Research at Geojit Financial Services.
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“Banking stocks bore the brunt of this downturn, while mid- and small-cap segments displayed resilience amid the market dynamics," he added.
Top Stocks To Watch On 31 August:
Zomato
SoftBank Vision Growth sold a 1.17 per cent stake in online food delivery platform in a deal valued at Rs 947 crore, according to Reuters report. SoftBank Group offloaded 10 crore shares at Rs 94.7 per share in bulk deals. According to NSE data, the firms who bought Zomato shares include International Monetary Fund, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs (Singapore), Invesco Mutual Fund and Kotak Mahindra Life Insurance.
Bharat Heavy Electricals Ltd (BHEL)
BHEL announced that it had bagged a contract to set up 2x800 MW Supercritical Thermal Power Project Stage-II at Lara in Chhattisgarh from state-owned power producer NTPC. The deal includes designing, engineering, manufacture, supply, construction, erection, testing and commissioning with civil and structural works for the EPC project.
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Rail Vikas Nigam
The state-owned railway enterprise has emerged as the lowest bidder for various projects worth Rs 256.2 crore for Maharashtra Metro Rail Corporation.
Ajanta Pharma
The company has received the final approval from US Food and Drug Administration (FDa) to launch and market Topiramate Extended-Release Capsules of doses 25 mg, 50 mg, 100 mg, and 200 mg. It is a generic variant of Supernus Pharmaceutical Inc’s Trokendi XR.
Spandana Sphoorty Financial
Four entities, Valiant Mauritius Partners FDI, Valiant India Opportunities, Valiant Mauritius Partners and Valiant Mauritius Partners Offshore sold shares of the NBFC firm on Wednesday for Rs 268 crore through open market transactions. According to BSE bulk deal data, they sold a total of 35 lakh shares on Spandana Sphoorty in four transactions.
