Share Market Today HIGHLIGHTS: Sensex ends 556 pts higher, Nifty settles at 19,435; power, metal stocks shine
Share Market HIGHLIGHTS: After witnessing a subdued start, the benchmark indices gained momentum as the day progressed and settled with impressive gains on Friday (September 1). Encouraging GDP data for the first quarter (Q1 FY24) boosted investor sentiment. India's economy expanded by 7.8 per cent during the April-June quarter, official data showed.
Besides, almost all the sectors witnessed healthy buying, with metals and power stocks stealing the show. At close, the S&P BSE Sensex stood at 65,387.16, up 556 points, or 0.86 per cent while the NSE's Nifty ended 181.5 points, or 0.94 per cent higher at 19,435.30 points.
In the broader market, both the S&P BSE MidCap and S&P BSE SmallCap indices ended 0.75 per cent higher.
Catch minute-by-minute updates on the domestic stock market on September 1, and the views of Zee Business Managing Editor Anil Singhvi and other market experts — and much more — on Zeebiz.com's blog:
Share Market HIGHLIGHTS: After witnessing a subdued start, the benchmark indices gained momentum as the day progressed and settled with impressive gains on Friday (September 1). Encouraging GDP data for the first quarter (Q1 FY24) boosted investor sentiment. India's economy expanded by 7.8 per cent during the April-June quarter, official data showed.
Besides, almost all the sectors witnessed healthy buying, with metals and power stocks stealing the show. At close, the S&P BSE Sensex stood at 65,387.16, up 556 points, or 0.86 per cent while the NSE's Nifty ended 181.5 points, or 0.94 per cent higher at 19,435.30 points.
In the broader market, both the S&P BSE MidCap and S&P BSE SmallCap indices ended 0.75 per cent higher.
Catch minute-by-minute updates on the domestic stock market on September 1, and the views of Zee Business Managing Editor Anil Singhvi and other market experts — and much more — on Zeebiz.com's blog:
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BROKERAGE VIEW | Prabhudas Lilladher on PVR Inox
"In the post-pandemic era, 1QFY23 was the best-ever quarter for PVR-Inox, with pro forma (assuming consolidation) footfalls of 4.3 crore. Now, if footfalls in Aug-23 itself were 1.9 crore, and on a conservative basis, if we assume the same to be at ~1 crore (~47% lower) in July and September (Jawan is set to release on September 7 and Salaar on September 28), the total count for 2QFY24 would stand at ~3.9 crore (9% lower than 1QFY23). Thus, we believe 2QFY24 might well turn out to be an exceptionally strong quarter. Retain positive bias on multiplexes with a BUY on PVR," the brokerage says.
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IIFL Securities initiates coverage on KFin Technologies | RATING: BUY| TP: Rs 525
"We value Kfintech at 30x FY26ii EPS with a target price of Rs 525. We estimate its earnings to grow at 15 per cent pa over FY23-26ii, however, given high PAT-to-FCF conversion (nearly 100%), robust core ROEs (35-40 per cent) and strong growth optionality in newer businesses the stock warrants premium valuations. Our target multiple for Kfintech is at a 15 per cent discount to CAMS (similar earnings growth with a dominant position); however, the valuation discount can narrow if Kfintech surprises on growth," the brokerage says.