Market Bizzz

The benchmark Sensex surged 666 points to a new record high on Thursday, driven by buying in auto and banking stocks, buoyed by gains in global markets. Notable performers included Paytm, PB Fintech, and EaseMyTrip.

Saj Hotels’ SME IPO opens for subscription today and will close on October 1. The company aims to raise Rs 27.6 crore by issuing 42.5 lakh shares at a price band of Rs 435-458 each. The proceeds will be used for property expansion, working capital, and other corporate purposes.

Anand Tandon, an independent analyst, discusses the current robust market sentiment despite new IPOs from companies like Swiggy and Hyundai. He highlights the cyclical nature of brokerage businesses and suggests looking at housing finance companies over real estate stocks. Tandon also sees strong support for gold due to central bank buying.

The dollar held steady after its biggest rally since June, as traders awaited speeches from key Federal Reserve policymakers for clues on interest rate cuts. Investors reassessed the aggressiveness of future rate reductions, with Fed officials showing differing views. The dollar index eased slightly, while other major currencies saw minor changes.

Five stocks, including Aditya Birla Fashion and Retail, Granules India, Hindustan Copper, Vodafone Idea, and Indian Energy Exchange, are under F&O trade ban on Thursday. The ban occurs when open interest crosses 95% of market-wide position limits. It is lifted only if open interest falls below 80%. Nifty and Sensex closed at fresh highs despite a weak start.

On Wednesday, five stocks are subject to a F&O trade ban: Aditya Birla Fashion and Retail (ABFRL), Granules India, Hindustan Copper, Vodafone Idea, and Indian Energy Exchange (IEX).

Benchmark Sensex reached 85,000 and Nifty crossed 26,000 for the first time before closing flat in a volatile session. Power Grid rose 2.77%, IEX declined 11.5%, and Tech Mahindra increased nearly 2%. Analyst Riyank Arora provides recommendations for these stocks as the market resumes trading.

The Australian and New Zealand dollars reached multi-month highs, driven by China’s aggressive stimulus measures. The yuan also hit its strongest level in over a year. Despite a slight dip in the Aussie after domestic inflation data, global markets were buoyed by China’s support measures, impacting currencies linked to its economy.

Bajaj Holdings and Investment, along with Adtech Systems and Maharashtra Scooters, will be in focus today. Bajaj Holdings declared an interim dividend of Rs 65 per share, with September 25 as the record date. The dividend will be credited around October 10. Adtech Systems and Maharashtra Scooters also declared dividends of Re 1 and Rs 110 respectively.

Mayuresh Joshi from Marketsmith India notes that apparel makers, jewellery stocks, and QSR players are likely to benefit from the upcoming festive and wedding season. He also discusses the outlook for PSU sectors, energy transition investments, and evaluates Zomato’s performance with Swiggy’s IPO on the horizon. Joshi also says PSU banks, from a valuation perspective, also look attractively placed. We continue holding stocks like a Bank of Maharashtra and a State Bank in our global portfolios.