On the day of the Nifty Bank expiration, the market exhibited vigor with both Sensex and Nifty concluding on an uptick. Both midcap and smallcap indices also closed with gains. While there was significant buying interest in realty, auto, and infrastructure shares, the energy, FMCG, and pharma indices also finished with upward momentum. By the end of trading, the Sensex wrapped up at 66,473.05, marking an increase of 393.69 points or 0.60%, while Nifty ended at 19,809.45, up by 119.60 points or 0.61%.
Dynamic Cables’ stock surged by 5% and locked in the upper circuit on BSE, following the company receiving an order worth 96 crore rupees from the Northern Railway.
Vodafone Idea’s stock witnessed a 7% rally today. The company has submitted an application in the Supreme Court concerning its Adjusted Gross Revenue (AGR) issues. Following the news of the court’s readiness to hear the case, the stock’s momentum picked up.
Satia Industries’ stock ended the day with a 4% gain. The company reported securing an order worth 340 crore rupees for the supply of paper for textbook printing from the Textbook Production and Marketing in Bhubaneswar, MP.
Morgan Stanley has rated Phoenix Mills as ‘Overweight’, setting its target at 2,200 rupees per share. The stock witnessed a 2.5% gain today. The growth in retail sales and rentals in Q2FY24 was impressive. For H2FY24, the outlook remains bullish. Morgan Stanley cites Phoenix Mills as their top pick in India’s property sector, projecting an income growth of over 20%.
Another stock to watch was Sunteck Realty, which concluded with a 4% gain. The stock, which had an initial target of 415 rupees per share set by the brokerage firm Jefferies, now has an increased target of 555 rupees per share after a new tie-up. Jefferies, in its research note, mentioned the company’s association with IFC, a member of the World Bank Group. This collaboration with IFC will enhance the company’s portfolio in the affordable and mid-income housing platform. Presently, the company’s stake in the affordable and mid-income housing segment stands at 75%.
Lastly, a company announced its plans to go live on a new trading platform starting October 16th, closing the day with a 2.5% increase in its stock price.