Benchmark equity indices surged nearly 1 per cent on Monday following heavy buying in metal, IT and consumer durable stocks amid hopes that the US Federal Reserve will start cutting interest rates soon.
Renewed foreign fund inflows and buying in index heavyweights like Reliance Industries and HDFC Bank further boosted the market sentiment.
The BSE Sensex jumped 611.90 points or 0.75 per cent to settle at 81,698.11. The NSE Nifty gained 187.45 points or 0.76 per cent to close at 25,010.60, recording gains for the eighth consecutive session.
“Nifty and Sensex continue their upward surge unabated, with Nifty marking seven consecutive days of gains. Bulls celebrate as Nifty surpasses the psychological milestone of 25,000 once again, eyeing an all-time-high target of 25,078.30. A break above this level could trigger significant short covering and rally among aggressive bulls, further elevating market expectations. Meanwhile, Nifty's crucial support rests at 24,750. The market's optimism is bolstered by Jerome Powell's clear signal of potential rate cuts, expected at the Fed's September meeting, contingent on upcoming inflation and employment reports,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
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“Amidst this bullish backdrop, all eyes also turn to Nvidia's earnings report and its potential impact on tech stocks. Investors looking for opportunities should consider stocks like Muthoot Finance, Bharti Airtel, Coal India, and Larsen, poised for gains despite any early market volatility,” he added.
Here are the key stocks to watch on August 27:
UltraTech Cement: The company has successfully raised $500 million through a sustainability-linked loan, with participation from six banks, highlighting its commitment to sustainable practices.
Bharat Heavy Electricals (BHEL): The company announced that it has received orders worth more than Rs 11,000 crore from Adani Power and its subsidiary Mahan Energen, for supply of equipment (Boiler, Turbine, Generator) and supervision of erection and commissioning for three power projects at Kawai, Rajasthan and Mahan, Madhya Pradesh. Each of the three projects will be of 2x800 MW rating, the company said.
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Paytm: The fintech major has issued a clarification regarding recent media reports about a notice from SEBI. The company said that this is not a new development and it has previously disclosed the matter in its financial results for the quarter and year ended March 31, 2024, and the quarter ended June 30, 2024.
Medi Assist Healthcare Services: The company’s subsidiary Medi Assist Insurance TPA signed definitive documents for the 100 per cent stake in Paramount Health Services and Insurance TPA from Fairfax Asia and the Shah family. This acquisition will grow Medi Assist’s TPA market share to 36.6 per cent for the group segment and 23.6 per cent of the health insurance industry by premiums.
PI Industries: The company’s board of directors has appointed Sanjay Agarwal as the Group Chief Financial Officer, effective August 24, after the retirement of previous CFO, Manikantan Viswanathan.
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