Stock Market Highlight, Aug 28: Sensex ends flat, Nifty shields 25k after scaling new high; IT leads

Stock Market Highlights on Aug 28, 2024: As many as 29 out of 50 listed stocks of Nifty50 ended in the red, dragged by Adani Enterprises, Asian Paints, and Maruti Suzuki India

10:43 AM

Stock Market LIVE Updates: Infibeam Avenues wins $1 million annual contract with hospital, gas station chains

"We wish to inform you that the Phronetic.AI, the Artificial Intelligence arm of India’s leading publicly listed fintech company, Infibeam Avenues Limited secures two major contracts that will bring its cutting-edge Theia Vision AI technology to leading regional hospitals and an international gas station chain," the company said in an exchange filing

The total value is expected to be $1 million per annum. The total tenure for each contract with five hospitals in India and the UAE-based gas station chain is five years with optionality to extend further.

10:23 AM

Orient Tech shares make bumper debut; list at 40% premium on BSE, NSE

Orient Technologies IPO listing today: Shares of leading IT solutions provider Orient Technologies made a stellar debut on the bourses on Wednesday. Orient Tech shares listed at  Rs 290 on the BSE, reflecting a 40.77 per cent premium over the upper end of its issue price of  Rs 206. While on the NSE, Orient Technologies shares opened at Rs 288, resulting in a 39.80 per cent premium over the issue price. Read more details here

10:22 AM

Zydus Lifesciences share price zooms 4% on USFDA nod for Parkinson's drug

Zydus Life share price today: Zydus Lifesciences share price soared up to 3.8 per cent at Rs 1156.45 per share on the BSE in Wednesday’s intraday deals. Zydus Life’s share price zoomed after the company received regulatory drug approval from the United States Food and Drug Administration (USFDA). Read more

10:06 AM

Stock Market LIVE Updates: FIIs up Nifty, Bank Nifty bullish bets; futures premium dip

The Nifty on Tuesday ended higher for the ninth straight day and was seen quoting near its all-time high at 25,078. Yesterday the index came within reach of its peak, before paring gains and ending marginally higher at 25,018.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates believes that technically, the Nifty found resistance near its previous record high of 25,078 and witnessed profit booking, resulting in the formation of a small red candle on the daily chart. Read more

10:03 AM

Kotak Institutional upgrades LTIMindtree, ups target price; stock gains 4%

LTIMindtree in focus: Domestic brokerage Kotak Institutional Equities has upgraded information technology major LTIMindtree (LTIM) to ‘Add’ from ‘Reduce’ as analysts expect the company to bounce back from the trough of FY24 in the next couple of years. Read more

9:52 AM

Stock Market LIVE Updates: ECOS Mobility IPO hits high gear: GMP jumps 58%; should you bid?

ECOS Mobility IPO GMP:The initial public offering (IPO) of a chauffeur-driven car rental service provider, ECOS (India) Mobility & Hospitality, opens for public subscription today. Meanwhile, the unlisted shares of ECOS Mobility are commanding a healthy grey market premium (GMP) on the first day of its opening, with shares trading at a premium of Rs 194 or 58  per cent higher than the upper end of the IPO price of Rs 334, according to several websites that track grey market activities. Read more

9:38 AM

Stock Market LIVE Updates: Markets entering consolidation phase, trend to continue in near term

The market has entered a consolidation phase with low volatility and this trend is likely to continue in the near-term. Falling bond yields in the US has restrained FII selling and they have even turned marginal buyers. Going by previous trends, DIIs are likely to sell if FIIs continue to buy. This trend will keep the market within a range with a slight upward bias. This is a desirable and healthy trend, given the elevated valuations in the market.

 

A bull market is prone to excesses. Retail investors chasing many mid and smallcaps without any concern for valuations and hyper speculative activity in the F&O and intra-day segments are instances of some of these excesses. Another major excess, which is becoming an area of serious concern, is the irrational and hyper speculative activity in the SME segment. IPOs of some SMEs without any track record and suspect financials are getting oversubscribed many times. Retail investors chasing such IPOs in hopes of getting listing gains has become an unhealthy trend. Irrational frenzies like these often end in tears for investors.

(View by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.)

9:35 AM

Stock Market LIVE Updates: Zydus Lifesciences shares rise on USFDA approval

Granted final USFDA approval for Amantadine extended-release capsules, 68.5 mg, and tentative approval for 137 mg. This approval includes 180 days of market exclusivity for the 68.5 mg capsules.

9:31 AM

Stock Market LIVE Updates: NBCC zooms 7% on bonus shares announcement

9:28 AM

Stock Market LIVE Updates: LTIMindtree surges over 2% on NSE

9:25 AM

Stock Market LIVE Updates: Broader indices outperform, SmallCap index soars 0.48%

Broader indices outperformed the benchmarks with the SmallCap index soaring 0.48 per cent at 56,340 levels. 

9:23 AM

Stock Market LIVE Updates: Nifty Healthcare, Media lead sectoral gains

Among sectoral trends, Nifty Healthcare, Nifty Media and Nifty Auto were trading in green at open.

9:21 AM

Stock Market LIVE Updates: Heatmap check

 M&M, Tata Motors, and Bajaj Finserv soared up to 1 per cent on Sensex, while JSW Steel, NTPC and Ultratech Cement fell on the index.

9:18 AM

Opening bell: Nifty50 at 25,039 levels

The Nifty50 rose 0.09 per cent at 25,039 levels at open.

9:16 AM

Opening Bell: Sensex begins on a flattish note

The benchmark index BSE Sensex was trading 0.05 per cent highet at 81750 levels at open.