On September 4, 2024, the Indian stock market saw minor losses, with the Sensex dropping 202.80 points (0.25%) to 82,352.64, and the Nifty falling 81.10 points (0.32%) to 25,198.70. The market was weak, but investors shifted focus towards defensive stocks, especially in the FMCG and pharma sectors. Out of the shares traded, 1,852 advanced, 1,935 declined, and 90 remained unchanged.
Key Movers:
· Exicom Tele Systems (CMP: ₹359.60): Shares fell by 5% after Rakesh Jhunjhunwala's RARE Enterprise sold a 1.3% stake in the company for ₹55.25 crore.
· Sona BLW Precision Forgings (CMP: ₹721.50): Shares rose around 2% following reports of negotiations to acquire Escorts Kubota's rail engineering business for ₹2,000 crore. The company is also planning a ₹2,000 crore Qualified Institutional Placement (QIP).
· BEML (CMP: ₹4,108): Shares surged following the Defence Acquisition Council's approval of procurements worth ₹1.4 lakh crore. Heavy trading volumes were observed as 17 lakh shares changed hands, compared to the one-month average of 5 lakh shares.
· Rama Steel Tubes (CMP: ₹11.76): Shares soared 12% after announcing a strategic partnership with Onix Renewable, with trading volumes exceeding 10 crore shares, over 200% higher than the monthly average.
· Godfrey Phillips (CMP: ₹6,368): Shares fell over 4% due to reports of the company finalizing the sale of its retail business, 24Seven, to start-up New Shop.
· General Insurance Corporation of India (CMP: ₹397.50): Shares dropped 6% as the government planned to sell a nearly 7% stake through an offer for sale (OFS) route. The OFS started for non-retail investors, with retail investors and GIC Re employees eligible to bid on September 5.
· Aether Industries (CMP: ₹934): Shares rose 5% amid high trading volumes, with around 5 lakh shares changing hands, significantly more than the one-month average of 64,000 shares.
· Oil and Natural Gas Corp (CMP: ₹314.90): Shares fell over 2% due to a decline in crude oil prices, which negatively impacts profit margins for oil drilling companies.
· HPCL (CMP: ₹444.75): Shares jumped over 4% benefiting from lower crude prices, which reduce input costs and improve profit margins for oil marketing companies.
· Jubilant Ingrevia (CMP: ₹741): Shares soared around 10% after Equirus Capital raised the target price to ₹900, following the shutdown of Pyridine production by global specialty maker Vertellus.
These movements highlight the market's shifting dynamics and the impact of both corporate actions and broader economic factors.
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