Sensex Today Ends 110 Points Higher | Indiabulls Housing Finance Zooms 11% | L&T, Cipla Among Top Gainers

Mon, 28 Aug Closing

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After opening the day on a positive note, Indian share market continued the momentum as the session progressed and ended higher.

Equity benchmark indices settled higher on Monday as gains in Reliance Industries ahead of its annual general meeting and in key sectors outweighed a drop in IT stocks on US rate concerns.

At the closing bell, the BSE Sensex stood higher by 110 points (up 0.62%).

Meanwhile, the NSE Nifty closed higher by 35 points (up 0.2%).

L&T and Cipla were among the top gainers today.

Nestle and Hindalco were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,315, up by 71 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.5% higher and the BSE SmallCap index ended 0.6% higher.

Sectoral indices ended on a mixed note with stocks in the capital goods sector and the realty sector witnessed most of the buying.

On the other hand, stocks from the IT sector and FMCG sector witnessed selling pressure.

Shares of 3M India and Cera Sanitary hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a positive note. The Nikkei ended 1.7% higher and Hang Seng ended 1% higher while the Shanghai Composite ended 1.1% higher.

The rupee is trading at 82.63 against the US$.

Gold prices for the latest contract on MCX are trading marginally higher at Rs 58,713 per 10 grams.

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Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 73,510 per kg.

Speaking of stock markets, the darling blue chip of the last couple of years seems to have lost its sheen of late.

ITC is already down 10% from its highs after going up a whopping 2.5x in almost 18 months.

Well, to be honest, a 10% fall after a huge one-way ride isn't surprising.

In fact, it could very well be along the expected lines as investors look to cash out and take profits off the table.

So, this minor correction can be looked at as the stock price of ITC taking some rest before it resumes its upward journey. Or is there something more serious that's brewing?

In the below video, Rahul Shah, Co-head of Research, discusses the potential for another bullish market trend in ITC. Is this just a momentary pause before the next significant upward movement?

Why Zomato share price jumps 5% today

In news from the e-commerce sector, shares of food delivery aggregator Zomato changed hands on the bourses via a block deal on Monday, 28 August 2023.

As many as 32 million shares of the company or 0.4% of the total equity worth Rs 2.9 bn changed hands in three large trades. The transaction happened at Rs 90.1 per share. The buyer and seller in the deal are not officially known.

Japanese tech giant SoftBank was likely to offload Zomato shares as the lock-in period for investors post the Blinkit deal ended on Friday, 25 August 2023. As a result, the shares received during the Blinkit deal will unlock for trading today.

Zomato issued fresh equity shares to all the selling shareholders of Blinkit as consideration for the merger and acquisition (M&A) last year at an implied per-share price of Rs 70.76.

Under the transaction, the online food delivery giant had negotiated a 12-month lock-in for these shares, compared to the statutory lock-in requirement of six months.

SoftBank, an investor in Blinkit, was issued shares of Zomato after the company's deal with Blinkit. That deal gave Softbank a 3.4% stake in Zomato.

The amount of cash these startups are burning will shock you. To know more, check out India's big startups burn through cash at an alarming rate.

It's only now that the shareholders have found some respite after the company turned net profitable in the first quarter of FY24.

The latest on L&T buyback

Moving on to news from the engineering sector, engineering and infrastructure conglomerate Larsen & Toubro has set 12 September as the record date for its Rs 100 bn share buyback.

Shareholders of the company have also approved the buyback issue through a special resolution.

The company will be buying back 33.3 m shares of face value of Rs 2 each for a total consideration of Rs 100 bn.

The maximum price of the share buyback has been set as Rs 3,000 and will be done through the tender offer route.

The total number of shares that the company will buyback amounts to 2.4% of the total equity.

L&T's share price is up 24% in 2023 so far.

This is the first buyback of shares in the firm's 85-year history. To know what the street is expecting from the engineering major, check out L&T's First Ever Share Buyback: Here's What Investors Can Expect...

Why rice stocks are falling

Moving on to news from the rice sector, Shares of Chaman Lal Setia Exports, KRBL, and LT Foods saw a sharp decline of up to 7% in early trade on Monday following the government's restrictions on basmati rice exports.

The government on Sunday said that it would not permit the export of basmati rice below US$ 1,200 ( Rs 99,680) per tonne to prevent potential "illegal" shipments of white non-basmati rice in the garb of premium basmati rice.

The Ministry of Commerce directed the trade promotion body APEDA to refrain from registering contracts below $1,200 per tonne. Existing contracts below this threshold have been put on hold.

The government has been taking measures to control rice retail prices and boost domestic supply.

It previously banned exports of broken rice in September of the previous year and imposed restrictions on non-basmati white rice last month.

Recently, a 20% export duty was imposed on par-boiled non-basmati rice. With these measures, India has now implemented restrictions on all types of non-basmati rice.

For more, check out India's rice export ban: what you need to know.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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