At 1:08 PM, the stock market was buzzing with activity as the NSE Nifty50 was trading 0.83% higher at 25,030 levels, while the BSE Sensex was up 0.84% at 81,761 levels. Investors were closely monitoring the market as it traded above the 25,000 mark, indicating positive sentiment and bullish trends.
Earlier in the day, JM Financial initiated coverage on the real estate sector, highlighting its strong performance in the previous financial year. With a 20.1% year-on-year increase in absorption rates and limited supply expansion, the sector is poised for growth in the coming year. The brokerage recommended investing in five key stocks within the real estate sector to capitalize on this upward trajectory.
Meanwhile, Shilpa Medicare made headlines with its successful Phase 3 trials of a liver fibrosis drug, causing its shares to rally over 11% and hit an all-time high of Rs 778.20. This positive development further boosted investor confidence in the pharmaceutical company and showcased its potential for future growth.
The Sensex and Nifty started the week on a positive note, with the Sensex surging 734 points to 81,820 levels and the Nifty50 reclaiming the 25,000 mark, up 0.88% at 25,053. The broader markets also showed strength, with the BSE MidCap index rising 0.66% and the BSE SmallCap index hitting a new record high at 56,066, up 0.69% in intraday trade.
In another significant development, Bharat Heavy Electricals Limited (BHEL) secured a large order worth Rs 11,000 crore from Adani Power for setting up thermal power projects in Rajasthan and Madhya Pradesh. This contract agreement further solidified BHEL’s position in the power generation equipment manufacturing sector and showcased its ability to secure high-value projects.
As the market continued to trade higher, with the Sensex up 0.73% at 81,680 levels and the Nifty50 up 0.75% at 25,009 levels, investors were also eyeing stock strategies for Janmashtami 2024. Companies like Ramkrishna Forgings and Balkrishna Ind were in focus as traders looked for potential opportunities during the festive season.
Additionally, Zen Technologies saw a 110% surge in its stock price from June lows after successfully raising Rs 1,000 crore through a qualified institutional placement (QIP). The company’s share price hit a record high of Rs 1,876.05, showcasing investor confidence in its growth prospects.
Hinduja Global Solutions also witnessed a 4% increase in its share price after Singapore-based Legends Global Opportunities (Singapore) Pte fund acquired a 1.52% stake in the company. This strategic investment further strengthened Hinduja Global’s position in the market and highlighted its growth potential.
Overall, the stock market was abuzz with activity and positive developments, indicating a bullish trend and investor optimism. With various sectors showing strength and companies securing significant orders and investments, the market outlook remained positive as it traded above the key resistance levels. Investors were closely monitoring these developments and strategizing their investments to capitalize on the market momentum.