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

The Nifty continues to exhibit confusion at higher levels, as the index closed flat with wicks on both the upper and lower sides, indicating extended indecisiveness. This is highlighted by two consecutive doji-like candles following the recent rally on the daily timeframe.

A decisive move above 25,100, or a close above this level, could confirm a further rally in the market. Otherwise, Nifty may slip lower, as the absence of sustained buying might trigger selling pressure. The immediate support is placed at 24,800.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

A consolidation in the US 10-yr bond yield and an inflow of FIIs kept the domestic market sentiment optimistic. However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data this week.

On the other hand, investors are giving more emphasis to defensive bets, which is evident with the outperformance in IT and pharma stocks.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

>> Rupee ends at 83.96 per US dollar on Wednesday vs Tuesday’s close of 83.92/$

>> While the BSE MidCap index added barely0.04 per cent, the BSE SmallCap index slipped 0.12 per cent today

>> Most sectoral indices nursed losses on Wednesday, Aug 28

>> Nifty Media index fell the most, down over 1 per cent, followed by Nifty PSU Bank, and FMCG indices (0.4 per cent each)

>> 11 stocks settled higher on Wednesday led by Bharti Airtel, Infosys, IndusInd Bank, and Sun Pharma

>> Among losers, Asian Paints, Maruti Suzuki, Nestle India, Kotak Bank, SBI, and Axis Bank weighed

>> NSE Nifty50 hit a record high of 25,129.60 intraday

The BSE Sensex ended at 81,785.56, up 73.80 points or 0.09%. 

>> The index hit a high of 82,039 in the intraday trade

Lupin has informed the exchnage that the Allotment Committee of Directors at its meeting held today i.e., on August 28, 2024, allotted 121150 fully paid-up equity shares of Rs 2/- each. These shares have been allotted upon  exercising of vested options granted to the employees under Stock option plans of the Company. 

“In view of the above, the issued and paid-up capital of the Company has been increased to Rs 91,22,74,838  consisting of 45,61,37,419 equity shares of Rs 2/- each,” Lupin said in regulatory filing. 

Food delivery major Zomato has informed the exchanges that it completed the acquisition of OTPL and WEPL on August 27, 2024. The company had earlier, on yesterday, August 26, announced that it had entered into a Share Purchase and Subscription Agreement with One 97 Communications, WEPL, and OTPL, to, inter alia, acquire the entertainment ticketing business of OCL, OTPL, and WEPL.

 

Stock Market LIVE Updates: Even as the settlement of merger dispute between Zee Entertainment Enterprises (ZEEL) and Culver Max Entertainment, operating as Sony Pictures Networks India (SPNI), has removed a key overhang over ZEE, the share price is unlikely to be re-rated anytime soon, analysts cautioned on Wednesday.

 

 

Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50 were trading at elevated levels on Wednesday.

Arond 2:00 PM, The Nifty 50 hit a fresh record high at 25,123.45, after climbing 0.42 per cent from the previous day’s close, while the BSE Sensex was trading at 81,992.94, up 0.3 per cent.