Indian โStocksโค See Mixed Activity as Jioโฃ IPO Looms, Over 150โ Hit 52-Weekโค Highs
Mumbai, August 24, 2024 – Indian stock markets displayed a neutral sentiment today, with significant activity observed inโ several key stocks amid anticipation of potential mega-listings from โReliance Jio and the National Stock Exchange (NSE). More than 151 stocks reached their 52-week highs, while 53 dipped to 52-week lows, signaling a diverse performance across โคsectors.
Market Highlights:
In value terms, โ Ola Electric โฃMobility (Rs 1,297 crore), Vodafone Idea (Rs 1,160 crore),โข ICICI Bank (Rs 956 crore), and Mahindra โ& โMahindra (Rs 853 crore) lead trading activity on โthe Bombay Stock Exchange (BSE). High value trading often indicates substantialโ investor interest and turnover.
Onโข the National Stockโ exchange (NSE), Vodafone Idea topped the volume charts with โ166โ crore shares traded, followed by Ola Electric Mobility โค (26.82 crore shares), Sagility India (10.59 crore shares), Aditya Birla Fashion and โฃRetail (8.74 crore shares), Suzlon Energy (6.74 โขcrore shares), Zee Entertainment (4.26 crore shares), and โ YESโข Bank โ(3.80โ croreโ shares).
Stocks in Focus:
Several stocks experienced notable buying interest, includingโข Netweb Technologies, โฃ Vodafone Idea, Aditya Birla Fashion โandโข Retail, Godawari Power โ& Ispat, Zee Entertainment, Poly Medicure, and Zen Technologies.
Conversely, Godfrey Philips, โ JK Cement,โค India Cements, Ramco Cements, โ LT Foods, Hyundai Motor india,โ and Ola Electric Mobility faced โselling pressure.
Key Developments & Context:
The marketโ activity comesโฃ as the securities and Exchange Boardโ of India โค(SEBI) has reportedly cleared a key roadblock for the potential initial public offerings (IPOs) โof both Reliance Jio and the NSE.These listings are anticipated to be multi-billionโ dollar events, potentially injecting significant capital into the Indian market and attracting furtherโ investor attention.โ Details regarding the timing and scale of โคthese IPOs remain forthcoming.
The surge to โ52-week highs included prominentโ names like Paytm and HDFC AMC, reflecting positive investor sentiment towards โthese companies.
market breadth was nearly balanced, with 2,322 stocks declining,โ 1,757 advancing, โand 161 remaining unchanged out of the 4,240 stocksโ traded on the BSE. This โindicates a generally โขneutral market โฃsentiment.
Disclaimer: Recommendations, suggestions, views and opinions given by theโ experts are their own. These doโฃ not represent the views of theโ Economic Times.