Stock Market Today: Nifty Registers Longest Gaining Streak In Over A Year To End Above 25,000-Mark

• Nifty ends higher in the eighth consecutive session, its best streak since eight sessions ended July 6

• Sensex ends higher for fifth consecutive session

• Nifty closed above psychologically crucial 25,000-level after 16 sessions

• Both the indices closed at their highest levels since August 1

• Nifty ends 0.75% or 187.15 points higher at 25010.30

• Sensex ends 0.77% or 620.32 points higher at 81706.53

• Broader indices underperformed; Nifty Midcap 100 ended 0.67% up and Nifty Smallcap 250 rose 0.42%

• Most sectoral indices ended with gains; Nifty Metal was the top gainer and Nifty PSU Bank fell the most

• Hindalco Industries and HCL Tech were top Nifty gainers

• Apollo Hospitals Enterprises and Hero MotoCorp were top losers among Nifty stocks

10X Ventures to invest in digital-first new age D2C brands, incubator opportunities among others

Source: Exchange filing

Infinity Partners sold entire 7.27% stake in company via off market on August 22

Source: Exchange Filing

Completes phase 3 clinical studies of novel product to treat nonalcoholic fatty liver disease

Source: Exchange Filing

Shares of Interarch Building Products Ltd. opened on the National Stock Exchange at Rs 1,299 per share, a premium of 44% over the issue price of Rs 900 apiece. The scrip debut at Rs 1,291.2 per share on the BSE, marking a premium of 43%.

Signs contract with Adani Power for setting up 3 supercritical thermal power projects of 2x800 MW each.

Source: Exchange Filing

• Suresh Muthuswami, Chairman of North America region quits

• Muthuswami leaves after 26 years at TCS

• Marks first exit under new CEO K Krithivasan

Source - Company statement

At pre-open, the Nifty was at 24908.05, up by 0.34% or 84.90 and the Sensex rose 0.37% or 302.74 points at 81388.95.

• Rupee appreciated by 8 paise to open at 83.82 against the US dollar.

• It closed at 83.90 on Friday.

Source: Bloomberg

• The yield on the 10-year bond opened flat at 6.85%.

• It closed at 6.86% on Friday.

Source: Bloomberg

Maintains 'reduce'; target price Rs 1,800

Takeaways from Management Meet

• Capacity target of 75mt/110-130mt by FY28/FY31

• Cement prices have likely declined by 3% sequentially in Q2TD

• Remains hopeful of demand/price recovery in H2FY25

• Targeting sustainable cost savings of Rs150-200/t during the next 3 years

• Reiterates 'buy'; target price Rs 2,760, implying 17% upside

• Roadmap for growth through expansion in high entry barrier innovative product launches

• Implementing efforts to deepen its presence in Tier I/ metro cities

• Expanding in the consumer wellness segment via product launches

• Expect 14% earnings CAGR; Value Co at 42 times 12 month forward earnings

• Intraday, the dollar index fell 0.18% to 100.53 on Monday.

• The index was trading 0.09% lower at 100.63 as of 08:17 a.m.

• The dollar index hit its lowest level since July 20, 2023 for first time on Friday.

Source: Bloomberg

• Believes the Fed is back to being the US markets' friend

• Rate cuts to be a positive for most emerging markets

• Currency rates to benefit from US' rate cut directions

• Expects 2025 to be a weak dollar year

• Central banks loving gold as an asset as a weaker dollar also helps gold

• Not a bad time to be a gold miner

• Sees US benchmark interest rate at 3.25% by summer of 2026

• Powell did not use any language that his colleagues have been using like 'methodical' or 'gradual' to describe the impending rate cuts. He is referring the cuts could be quite rapid.

• The rise in unemployment looks more driven by confidence in the economy and people coming back into the job market

• Derivatives that track the Fed funds rate are implying aggressive rate cuts.

• Maintains 'Buy' with target Rs 425, upside 18%

• Analyst day takeaways: building a scalable and profitable model

• Cautious on growing large corporate group health owing to elevated pricing pressure

• Strong growth in SME group business

• Focus on shifting towards higher share of in-house claims processing in group health

• Development of ‘OJAS’ platform for agents to track progress

• Assertive stance on motor TP claims provisioning relative to most peers

• Sustained investment in scaling up tech-backed models for risk prediction/selection

• Management upbeat on revival in growth trajectory alongside controlled claims in near-term

• Go Digit is our preferred pick within non-lifers

• Stock trades at 60 times FY2027E EPS

• It was very constructive what investors heard from the US Federal Reserve Jerome Powell.

• The stage is definitely been set. It's the clearest signal market participants received from Powell that rate cuts are going to start from September.

• Now, the question is how deep those cuts are going to be. Powell is the master of keeping option open. He did just that using Jackson Hole. He kept the quantum of the cuts data dependent. 

• Depending on the kind of data market participants have from the US economy, there's seen some cooling of US economy. There are some cracks are seen in labour market. 

• However, none of those indicates immediate recession or fallout in labour markets with the corporate profit margin staying at the highest since 2021.

• Maintains 'hold' at Rs 567 target (5.4% upside)

• Expects FY25/26 volumes of 791/831 million tonne vs mgmt. guidance of 838/905 million tonne

• Volume growth critical to hit Ebitda CAGR of 5% in FY24–26

• Expects capex of Rs 15500 cr per year over FY25–26

• Liability of Rs 31590 crore due to mineral taxation, expects firm to recover Rs 24000-25000 crore

• Ex/record dividend: Manappuram Finance,

• Ex/record AGM: Hatsun Agro Product, Aurobindo Pharma, Jaiprakash Power Ventures.

• Moved into short term ASM Framework: Morepen Laboratories.

• Moved out short term ASM Framework: Inox Wind, Triveni Turbine.

Adani Promoter Arm Divests 2.84% Stake In Ambuja Cements For Rs 4,250 Crore

Orient Technologies: The public issue was subscribed to 151.7 times on day 3. The bids were led by qualified institutional investors (189.9 times), non-institutional investors (300.6 times), and retail investors (66.87 times).

• Interarch Building Products: The company's shares will debut on the stock exchanges on Monday at an issue price of Rs 900 apiece. The Rs 600.3-crore IPO was subscribed 93.53 times on its third and final day. Bids were led by institutional investors (205.41 times), retail investors (19.11 times), and non-institutional investors (128.42 times).