Market Overview
On the opening day of the trading week, Indian equity markets exhibited a steady range-bound movement. Both the Sensex and Nifty wrapped up the day with modest gains, showcasing resilience amid varied sectoral performances. The Sensex marked a noteworthy achievement by reaching a record closing level, while the Midcap index extended its gaining streak to three consecutive days. Indices in the Energy, Metal, and Realty sectors concluded the day positively, whereas the FMCG, Pharma, and IT sectors faced some selling pressure.
Closing Figures
| Index | Close | Change | Percentage Change |
|---|---|---|---|
| Sensex | 82,988.78 | +97.84 | +0.12% |
| Nifty | 25,383.75 | +27.25 | +0.11% |
Notable Stocks of the Day
Union Bank of India
Current Market Price (CMP): Rs 123 per share
Union Bank of India saw a rise of 3% today, fueled by a ‘buy’ rating from Investec, which set a target price of Rs 151. Despite a 30% correction in the past 3.5 months due to pressures on corporate asset quality, the stock is now deemed reasonably valued with a P/B ratio of 0.8x and a dividend yield of 3.8%. These figures are near historical averages, presenting a potential buying opportunity for investors.
Bajaj Finance
Current Market Price (CMP): Rs 7,345 per share
Shares of Bajaj Finance slipped by approximately 4% following the listing of Bajaj Housing Finance, which debuted at an impressive premium exceeding 114%. The significant interest in the IPO, which received 67 times subscription, has influenced the sentiment surrounding Bajaj Finance stocks.
Bajaj Finserv
Current Market Price (CMP): Rs 1,857 per share
Similarly, Bajaj Finserv shares reflected a decrease of 2% today, as market reactions to Bajaj Housing Finance’s market performance continued to affect sentiment. The company’s long-term prospects remain strong amid this short-term volatility.
Stove Kraft
Current Market Price (CMP): Rs 937 per share
Stove Kraft surged by 8% on the trading floor today. Emkay, a prominent brokerage, predicts continued growth for this Walmart supplier, estimating potential upside of around 44% from current levels and setting a target price of Rs 1,350 as they commence coverage with a buy rating.
FMCG Sector Impact
The Nifty FMCG index witnessed a decline of 1%, primarily driven by losses in major players like HUL, Varun Beverages, and Godrej Consumer Products. Recent changes in custom duties on crude palm oil and refined edible oil, now raised to 20% and 35.75% respectively, have sparked concerns regarding profitability in the FMCG sector.
Adani Power
Current Market Price (CMP): Rs 665 per share
Adani Power experienced a 6% increase today, attributed to a new agreement with Maharashtra State Discom (MSEDCL) for supplying a hybrid power capacity of 6,600 MW, underpinning its growth potential in renewable and traditional energy sectors.
Galaxy Surfactants
Current Market Price (CMP): Rs 3,293 per share
Galaxy Surfactants enjoyed significant attention today, rising over 8% on the National Stock Exchange. With trading volumes exceeding 1 lakh shares—substantially higher than its monthly average of 27,000—the stock clearly demonstrates strong investor interest.
Dixon Technologies
Current Market Price (CMP): Rs 13,990 per share
Dixon Technologies reached a 52-week high with an 8% increase, bolstered by its subsidiary, Padget Electronics, entering a manufacturing partnership with ASUS for notebooks in India. This collaboration signifies a strategic partnership aimed towards long-term growth and innovation.
BSE
Current Market Price (CMP): Rs 3,431 per share
The BSE stock surged to an all-time high of Rs 3,448, representing a remarkable 16% gain today. The uplift comes on the back of positive developments surrounding the NSE’s IPO proceedings, with recent relief from SEBI regarding the co-location case, paving the way for further growth.
