Stock Market Update: Indian market started flat, today investors will keep an eye on these stocks
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stock market update: On the third trading day of the week, the pre-opening of the Indian market has not been good. There were signs of weakness from the global market since morning. GIFT Nifty was trading flat. At the same time, the Dow Jones closed yesterday after slipping around 200. Meanwhile, in the Indian market, the BSE Sensex is trading at a level of 65,815.63 with a gain of 35.37 points i.e. 0.05 per cent. Whereas, Nifty is trading at the level of 19,588.80 with an increase of 13.70 points i.e. 0.07 percent. However, investors are hopeful that business will improve as the day progresses.
Market capitalization at a new peak of Rs 316.6 lakh crore
The market capitalization (market cap) of companies listed on BSE has reached a new high of Rs 316.64 lakh crore on Tuesday due to the strong sentiment of investors. BSE’s 30-share benchmark index Sensex rose 152.12 points, or 0.23 percent, to close at 65,780.26 points at the end of trading. This was the third consecutive trading session of growth in the stock market. In these three sessions of boom in the market, the capital of the investors has increased by about seven lakh crore rupees. With this, the total market capitalization of companies listed on BSE has increased to Rs 3,16,64,085.18 crore. This is the new highest level of market capitalization of companies listed on BSE. The previous high level of capitalization was made a day earlier on Monday itself when the total capitalization of companies listed on BSE stood at Rs 3,15,01,090.40 crore.
The market will keep an eye on these stocks
Jio Financial Services: After failing to reach the price band on NSE on September 4 and September 5 in two consecutive trading days, ZFS will be delisted from NSE indices including Nifty 50 on September 7. According to the exchange, even if Jio Financial Services enters the price band on September 6, there will be no further delay in the exclusion. Apart from Nifty 50, the stock will also be removed from Nifty 100, Nifty 200, Nifty 500, Nifty Energy, Nifty India Manufacturing and 13 other indices.
NBCC (India): The state-owned construction company has entered into an agreement with the Kerala State Housing Board to develop 17.9 acres of board land in Kochi. This project is worth Rs 2,000 crore.
HDFC AMCAmresh Jena, the marketing head of the asset management firm, has resigned with effect from 8 September. He cited unavoidable personal circumstances and exigencies as reasons for his decision to step down.
Power Grid Corporation: The state-owned company has won the inter-state transmission system project in Rajasthan on Build, Own, Operate and Transfer (BOOT) basis. Under Phase-III Part H, it will build transmission system for evacuation of power from REZ (20 GW) of Rajasthan.
Vedanta: The Zambian government has decided to return control of Konkola Copper Mines (KCM) to billionaire Anil Agarwal’s Vedanta Resources. The holding of Konkola Copper Mines includes 16 million tonnes of copper.
Bikaji Foods International: Lighthouse India Fund III sold 32.42 lakh equity shares or 1.3% of the company at an average price of Rs 480 per share through open market transaction. Lighthouse India, a foreign firm, owned 2.7% of Bikaji till June 2023. On the other hand, Plutus Wealth Management LLP has bought 13.5 lakh shares in the firm at an average price of Rs 480.11 per share.
Safari Industries: SBI Life Insurance Company bought 2.05 lakh shares in the luggage and luggage accessories maker at an average price of Rs 3,775 per share for Rs 77.38 crore in an open market transaction. Investcorp Private Equity Fund II, which held 1.22% or 2.88 lakh shares in Safari till June 2023, sold 2.14 lakh shares at an average price of Rs 3,775.06 per share.
Federal Bank: The Board of Directors has authorized the nomination of Elias George as Additional Director (Independent) of the Bank for a term of five years commencing from September 5, subject to shareholder approval.
Gayle: The CBI has arrested an executive director of GAIL in connection with an alleged Rs 50 lakh kickback scheme in which money was exchanged to favor some contractors in gas pipeline projects.
Hinduja Global: Hinduja Global Solutions (HGS) GOV.UK Announced a strategic relationship with the Government Digital Service (GDS) in the United Kingdom to provide contact center support to One Login users.
Patel Engineering: Patel Engineering Limited (PEL) announced a deal worth Rs 1,275.30 crore for its joint venture in Madhya Pradesh.
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