Broad Strokes, September 13, 2024
- 8sapience
- BroadStrokes , IPO , SEBI
- 13 Sep, 2024
π Market Moves:
1. π Bajaj Finance & Finserv Rise Ahead of Listing
Cause: Anticipation of the Bajaj Housing Finance IPO created strong investor interest in its parent companies.
Effect: Shares of Bajaj Finance and Bajaj Finserv π rose by up to 3%, ahead of the listing on September 16, due to the IPOβs successful record-breaking raise of Rs 6,560 crore and robust investor demand.
2. π’ Century Textiles Hits Record High with 20% Gain
Cause: Strong Q1FY25 results coupled with favorable market sentiment.
Effect: The stock surged by 20%, reaching an all-time high. Investors are bullish due to rising demand in the textile industry and strong fundamentals.
3. π BLS International Acquires Citizenship Invest
Cause: BLS International announced acquiring a 100% stake in Citizenship Invest, expanding its global footprint in citizenship and residency services.
Effect: Despite hitting a record high earlier in the day, BLS shares dropped 8% π due to broader market fluctuations.
4. π³ DIIs & FIIs Show Net Buying Activity
Cause: DIIs purchased Rs 2,532 crore worth of shares, while FIIs added Rs 2,365 crore to their portfolios.
Effect: Strong inflows in sector-specific funds pushed the market upwards π. However, HDFC Bank saw Rs 8,200 crore in sell-offs while Tata Motors attracted Rs 12,000 crore in investments, reflecting different market views.
5. π Housing Finance Stocks Surge Ahead of IPO
Cause: The upcoming Bajaj Housing Finance IPO attracted massive demand, with the grey market premium (GMP) indicating a 114% listing gain.
Effect: The surge boosted the housing finance sector π, with stocks like Mahindra & Mahindra Financial expanding into the mortgage business, further fueling investor enthusiasm.
6. π¦ Adani Group Responds to Hindenburg Allegations
Cause: Allegations from Hindenburg Research that Swiss authorities froze $310 million linked to Adani.
Effect: Adani stocks fell by 2% π amidst renewed scrutiny, despite the companyβs firm denial of the claims. Political tensions and market sentiment were impacted.
7. βοΈ NMDC Targets 100 MT Production Capacity
Cause: NMDC announced its goal to double iron ore production to 100 million tonnes by 2030.
Effect: The stock surged 3% π, with analysts projecting further gains as global iron ore prices recover.
8. π΅ US Stocks Rise on Fed Rate Cut Hopes
Cause: Market optimism over a potential 25-basis point rate cut by the Federal Reserve.
Effect: US stocks rose, with the Dow Jones up 56.9 points π and the S&P 500 gaining 7.6 points, signaling bullish sentiment across sectors.