Benchmark indices were trading lower in early deals today (August 18). The 30-stock Sensex fell 273 points to 64,877 and Nifty lost 86 points to 19,278.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Globally stock markets have declined this month. In the mother market US the S&P 500 is down by 4.25%. This pullback has been triggered mainly by the rising dollar and spiking US bond yields in the US. Nifty is down 3% from the July peak of 19,979, moving in sympathy with the global cues. There are no immediate triggers that can lead to sharp rebound in the market. Further weakness in the market will make valuations reasonable."
Shares of Indian Bank hit their 52-week high of Rs 414.85 in early deals. Market cap of Indian Bank rose to Rs 51,000 crore. Total 0.89 lakh shares of the firm changed hands amounting to a turnover of Rs 3.66 crore on BSE.
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Shares of Cochin Shipyard hit their 52-week high of Rs 923 in early trade. Cochin Shipyard’s market cap rose to Rs 11,418 crore. Total 2.18 lakh shares of the firm changed hands amounting to a turnover of Rs 19.41 crore on BSE.
Shares of Adani Power gained 3% to Rs 297.10 in early deals. Total 5.04 lakh shares of the firm changed hands amounting to a turnover of Rs 14.76 crore on BSE.
Shares of PTC Industries were stuck in the lower circuit of 5% at Rs 5,871 in early deals. Total 1,375 shares of the firm changed hands amounting to a turnover of Rs 81.30 lakh on BSE. Market cap of the firm fell to Rs 7,856.72 crore.
Shares of South Indian Bank rose over 10% today after the lender said Reserve Bank of India (RBI) has approved the appointment of PR Seshadri as MD & CEO of the lender with effect from October 1. Seshadri will serve for a period of three years. South Indian Bank stock gained 10.38% to Rs 23.45 in early deals on BSE. Market cap of the lender rose to Rs 4,838 crore.
Shares of Concord Biotech made a strong debut at Dalal Street on Friday as the API manufacturer was listed at Rs 900.05, a premium of 21% against the issue price of Rs 741 apiece, on the National Stock Exchange (NSE). Similarly, the stock made its debut at the same premium and same price on BSE.
Shares of Adani Green Energy Ltd gained over 4% to Rs 980.65 as associate firm, Mundra Solar Energy, has received approval for its solar photovoltaic manufacturing plant at Mundra, Gujarat from the Solar Energy Corp. of India (SECI). The plant has a capacity of 2.0 GW per annum. Adani Green Energy’s market cap rose to Rs 1.53 lakh crore. Total 0.52 lakh shares changed hands amounting to a turnover of Rs 5.01 crore.
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