The stock market experienced notable fluctuations ahead of the Federal Reserve’s outcome, resulting in declines for both the Sensex and Nifty indices. While midcap and small-cap stocks faced pressure, the Nifty Bank index managed to close with a gain. The market observed selling pressure predominantly in the IT, pharma, metal, and oil-gas sectors, alongside notable pressure on energy, public sector enterprises (PSEs), and infrastructure stocks. By the end of trading, the Sensex settled at 82,948.23, reflecting a decline of 131.43 points or 0.16 percent, while the Nifty closed at 25,377.55, down 41.00 points or 0.16 percent.
Market Movers: Stocks in Focus
In a day filled with significant movement, several stocks stood out, gaining attention from investors and analysts alike. Here is a closer look at the stocks that created a buzz in the market today.
1. Restaurant Brands Asia
Current Market Price (CMP): Rs 107
Restaurant Brands Asia saw a robust trading session, closing with a gain of 3 percent. The stock witnessed significant volume with 1.07 crore shares traded, translating to a total trading value of around Rs 113 crore. Its consistent performance signals investor confidence in the company’s future.
2. Reliance Infrastructure
Current Market Price (CMP): Rs 283
Reliance Infrastructure’s stock surged by 20 percent, hitting the upper circuit limit. This spike comes on the heels of the company successfully reducing its standalone external debt from Rs 3,831 crore to just Rs 475 crore, effectively eliminating debts with banks and financial institutions, boosting investor sentiment.
3. DCM Shriram Industries
Current Market Price (CMP): Rs 199.5
Shares of DCM Shriram Industries experienced an increase of over 4 percent, climbing above the Rs 200 mark following positive news regarding its proposed merger plan. The Bombay Stock Exchange (BSE) has approved the merger of ‘Lilly Commercial’ with DCM Shriram Industries, with additional plans to split the company into two distinct entities specializing in fine chemicals and international operations.
4. REC
Current Market Price (CMP): Rs 546
In an impressive move, REC made a non-binding financial commitment of Rs 1.12 lakh crore during the 4th Global Renewable Energy Investor Meet held in Gujarat, resulting in a stock price increase of over 3 percent during the trading day. This commitment underscores REC’s strategic focus on renewable energy projects.
5. Torrent Power
Current Market Price (CMP): Rs 1,931
Torrent Power’s stock surged by 9 percent after the company received a letter of intent from the Maharashtra State Electricity Distribution Company to procure 1,500 MW of energy storage capacity from a pumped hydro storage project for an extended period of 40 years. This agreement highlights the company’s active role in the energy sector.
6. Vakrangee
Current Market Price (CMP): Rs 22
Vakrangee’s stock gained 7 percent today following its announcement of a partnership with Star Health Insurance to offer health insurance products throughout its network. This collaboration is expected to expand the company’s service offerings and customer base.
7. Inox Wind
Current Market Price (CMP): Rs 223
Inox Wind has received a Letter of Intent (LoI) from IGREL Renewables to execute a 550 MW wind capacity project. The stock reacted positively to this news, reflecting investor optimism about the company’s role in renewable energy development.
8. SBI Cards
Current Market Price (CMP): Rs 780
SBI Cards and Payment Services Limited announced plans to raise Rs 5,000 crore through the issuance of non-convertible debentures (NCDs). The board approved a private placement of securities in one or more tranches. However, the company’s stock declined by 1.6 percent in response to these developments.
9. ZEE Entertainment
Current Market Price (CMP): Rs 135
ZEE Entertainment faced legal challenges after Star India filed a lawsuit claiming damages of $940 million (around Rs 8,000 crores). ZEE has termed these claims baseless. Amid these developments, ZEE’s shares closed lower at Rs 131.25, a decline of 1.35 percent, indicating market apprehension.
Conclusion
Overall, today’s trading session reflected diverse investor reactions based on specific news events affecting individual stocks. While the broader market faced challenges, several companies showcased resilience, highlighting the dynamic nature of the stock market. Investors should keep a close watch on these developments as they unfold in the coming days.
