Metal, power stocks help indices gain; Jio Financial stock rises 5%

Rising for a second straight day, the BSE Sensex rose by 79.22 points or 0.12 per cent to settle at 65,075.82, tracking firm global markets

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Press Trust of India Mumbai

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Benchmark stock indices Sen­sex and Nifty50 closed higher on Tuesday, marking their second straight day of gains as metal and power and select fin­ancial shares adva­nced. Los­ses in index majors Relia­nce Indu­stries, ICICI Bank and Airtel, and foreign fund outflows restricted gains, analysts said.

Rising for a second straight day, the BSE Sensex rose by 79.22 points or 0.12 per cent to settle at 65,075.82, tracking firm global markets. During the day, it jumped 232.43 points or 0.35 per cent to 65,229.03. The NSE Nifty gained 36.60 points or 0.19 per cent to end at 19,342.65.

From the Sensex pack, Jio Financial Services Ltd jumped 4.72 per cent. Tata Steel, Tech Mahindra, NTPC, JSW Steel, Power Grid, UltraTech Cement, HCL Technologies and HDFC Bank were among the major gainers. Bharti Airtel, Hindustan Unilever, Axis Bank, Reliance Industries, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank were among the laggards. "The buoyancy of the global market in anticipation of no further Fed rate hikes, due to subdued economic data, was noticeable in the Indian market as well. However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides," said Vinod Nair, head of research at Geojit Financial Services. The metals sector rallied in anticipation of further green shoots from the Chinese government and central banks, aimed at improving the local economy, he added.

Gokaldas shares jump 20% on Atraco deal

Shares of readymade garment manufacturer and exporter Gokaldas Exports Ltd (GEL) on Tuesday jumped 20 per cent after the company said it has entered into an agreement through its wholly-owned subsidiaries to acquire Atraco Group for $55 million. The stock rallied 20 per cent to settle at Rs 736.30 — its 52-week high — on the BSE. On the NSE, it zoomed 20 per cent to end at its 52-week high of Rs 735.35 apiece. Apparel manufacturer Atraco operates with a network of four manufacturing units in Kenya and one in Ethiopia, GEL said in a statement. The transaction will consist of the acquisition of shares and assets and will be subject to customary regulatory approvals. PTI


Jio Financial stock rises 5%

Shares of Jio Financial Services rose nearly 5 per cent to close at Rs 221.7. The gains come amid reports that a promoter group entity had purchased 50 million shares of the company at around Rs 210 apiece from the open market. Shares worth Rs 2,639 crore got traded on the NSE and BSE. If shares of Jio Fin don’t hit their up or down trading limit in Wedn­esday’s trade, the stock will be excluded from the benchmark Nifty and Sensex. The unit spun off from Reliance Industries hit its 5 per cent down limit for three straight sessions following its trading debut last week amid selling pressure from exchange-traded funds. BS REPORTER


First Published: Aug 29 2023 | 11:03 PM IST

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