Among sectors, the Nifty PSU Bank index jumped 5.43 percent while the Nifty Private Bank index clocked a gain of 2.67 percent. Nifty Bank index rose 2.22 percent.
Indian market benchmarks ended with strong gains on September 16, supported by banking heavyweights. Sensex hit the fresh all-time high of 59,204.29 in intraday trade while Nifty made a fresh peak of 17,644.60. At close, Sensex was 418 points, or 0.71 percent, up at 59,141.16 while Nifty was at 17,629.50, up 110 points or 0.63 percent.
Among sectors, the Nifty PSU Bank index jumped 5.43 percent while the Nifty Private Bank index clocked a gain of 2.67 percent. Nifty Bank index rose 2.22 percent.
Vodafone Idea | CMP: Rs 11.45 | The stock surged 28 percent after the government approved major reforms in the telecom sector. Union Cabinet on September 15 announced a moratorium of four years for the payment of the adjusted gross revenue (AGR) dues, providing relief to the debt-strapped telcos.
Hindustan Aeronautics | CMP: Rs 1,430 | The share added 2 percent after CARE Ratings upgraded the company’s long-term credit rating to AAA from AA+.
ITC | CMP: Rs 230.30 | The scrip jumped over 6 percent on September 16. Attractive valuations, expected improvement in business outlook, lower lockdown impact on the FMCG and cigarette segments, a strong portfolio of FMCG brands, and the potential of value unlocking could be driving the stock, experts said. They advised investors to hold the stock for a couple of years, given the expected returns along with a good dividend yield.
M&M Financial Services | CMP: Rs 173.50 | The share ended in the green after the company announced its entry into the leasing and subscription business. The new vertical would operate under the brand name ‘Quiklyz’.
Poonawalla Fincorp | CMP: Rs 171.90 | The scrip fell 5 percent after the Securities and Exchange Board of India barred Abhay Bhutada, managing director of Poonawalla Finance, and seven others from accessing the securities market after alleged insider trading.
Hindustan Copper | CMP: Rs 116.65 | The share price fell over 6 percent on September 16. The government will sell 5 percent of its stake in state-owned Hindustan Copper through an offer for sale (OFS) this week, according to a regulatory filing.
Sunteck Realty | CMP: Rs 435.50 | The stock added 2 percent after the company said it plans to develop 50-acre land parcel at Shahad, Kalyan.
Gabriel India | CMP: Rs 147 | The scrip ended in the green after HDFC Asset Management Company acquired 2.02 percent stake in the company via open market transaction, increasing shareholding to 7.04 percent from 5.02 percent earlier.
Saregama India | CMP: Rs 4,055 | The stock shed 3 percent on September 3. The board of directors of the company approved raising funds by further issue of securities by way of private placement or preferential issue or public issue or through any other permissible mode and/or combination thereof, including by way of qualified institutions placement, for an aggregate amount not exceeding Rs 750 crore.
Sandip Das
