Indian Stock Market Shows Resilience, Gains for Second Consecutive Session
On September 4, the Indian stock market continued its upward trajectory, closing higher for the second consecutive session. The benchmark Sensex index exhibited a gain of 240.98 points or 0.37%, reaching 65,628.14. Similarly, the Nifty index advanced by 102.20 points or 0.53%, closing at 19,537.50. Of the shares traded, approximately 2,210 saw gains, 1,425 declined, while 182 remained unchanged.
Key Stock Movements
1. Coal India (CMP Rs 248): Coal India shares surged by 5% following a remarkable 13% YoY growth in production, reaching 52.3 million tonnes in August. The company also reported a substantial increase in supplies, from 51.2 million tonnes to 59 million tonnes, marking a 15.3% rise.
2. IDBI (CMP Rs 65): IDBI stock traded 8% higher after the government initiated the process of strategic divestment. Bids are invited to appoint an asset valuer for this strategic divestment, with submissions due by October 9.
3. IRFC (CMP Rs 67): IRFC shares witnessed an impressive 20% surge, with trading volumes spiking by 11.11%. This PSU stock has shown tremendous growth over the last two days, with trading volumes significantly surpassing weekly and monthly averages.
4. GMR Power (CMP Rs 34): GMR Power’s stock was locked in a 20% upper circuit following a significant order of Rs 5,123.37 crore awarded to its subsidiary, GMR Smart Electricity Distribution, by the Uttar Pradesh government. The order pertains to the implementation of a ‘smart metering project’ in the Purvanchal region of Uttar Pradesh.
5. Nazara Technologies (CMP Rs 834): Nazara Technologies reported a 10% increase in its stock price after announcing the issuance of shares worth Rs 100 crore to Zerodha founders Nikhil and Nithin Kamath. This move resulted in Nikhil Kamath’s stake in the company increasing to approximately 3.5%.
6. Eicher Motors (CMP Rs 3,434): Eicher Motors experienced a 1% rise in its stock price, further building on gains from the previous session. This surge can be attributed to better-than-expected sales of its flagship Royal Enfield motorcycles in August.
7. RVNL (CMP Rs 154): RVNL shares gained 12% after securing orders worth Rs 604.19 crore from the Madhya Gujarat Vij Company. The company will undertake development work to reduce losses in Vadodara and Dahod districts.
8. Tata Steel (CMP Rs 132): Tata Steel closed 3.5% higher amid advanced talks to secure funding for its UK plant. It is reportedly in discussions with the UK government for around GBP 500 million in state-backed funding to support its Port Talbot plant.
9. HEC Infra Projects (CMP Rs 46): HEC Infra Projects witnessed a 4.2% rally following the receipt of a work order from Gujarat Energy Transmission Corporation (GETCO). This work order is valued at Rs 36.65 crore and involves laying, erecting, testing, and commissioning of XLPE cable.
10. Lemon Tree (CMP Rs 108): Lemon Tree announced the signing of a license agreement for an 80-room property in Dehradun, expected to be operational by the third quarter of FY 2025. Despite this positive development, the stock closed slightly lower.
The Indian stock market’s resilience and these notable stock movements demonstrate the dynamism and investor interest in the country’s equities.