The Nifty 50 closed 41 points higher at 24,811.50, marking its sixth straight day of gains. The Sensex also ended the day positively, up by 148 points at 81,053.19.
The BSE midcap and smallcap indices also advanced, rising by 0.6% each. The Nifty Information Technology index, despite touching a fresh high of 41,834, ended slightly in the red at 41,506.20.
Impact on the stock market
The power index declined by one percent, while the pharma, oil & gas, auto, and IT sectors saw marginal losses. Conversely, the bank, FMCG, metal, realty, and telecom indices gained between 0.5 to 1.4 percent.
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| Sector/Index | Performance |
| IT & BPM sector | -0.16% |
| Healthcare sector | -0.11% |
| Oil & Gas sector | -0.23% |
| Real estate sector | +0.47% |
| PSU Bank in India | +0.67% |
Top gainers today
| Company | Price | Change (%) |
| Grasim Share Price | 2,755.15 | +2.62 |
| TATA Cons. Prod Share Price | 1,205.80 | +2.40 |
| Bharti Airtel Share Price | 1,486.35 | +1.56 |
| Tata Steel Share Price | 154.14 | +1.46 |
| ICICI Bank Share Price | 1,191.10 | +1.38 |
Top losers today
| Company | Price | Change (%) |
| Tata Motors Share Price | 1,068.45 | -1.54 |
| Wipro Share Price | 519.00 | -1.40 |
| NTPC Share Price | 403.35 | -1.37 |
| Dr Reddys Labs Share Price | 6,969.05 | -1.32 |
| M&M Share Price | 2,732.95 | -1.32 |
Market aftermath: Impact on stocks
Awfis Space Solutions jumps 17%, gains 120% from IPO price
Awfis Space Solutions’ shares soared over 17% today, reaching ₹925.25. This growth follows the company’s recent announcement of new centers in Bengaluru, which has significantly boosted investor confidence.
The stock has now gained more than 120% from its IPO price of ₹383, reflecting strong demand for flexible workspaces amid rising hybrid work trends.
Awfis’ focus on an asset-light, risk-averse strategy, coupled with its rapid expansion plans, has positioned it as a leader in the co-working space. The company aims to add 40,000 additional seats in FY25, aligning with the increasing demand for adaptable work environments.
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Shyam Metalics surges 10% to 52-week high
Shyam Metalics saw its share price surge by 10%, reaching a 52-week high. UBS’s initiation of coverage with a ‘Buy’ rating and a target price of ₹1,200, indicating a 43% upside, drove this momentum.
The company’s strategy of advancing up the value chain and diversifying into new sectors like aluminum and stainless steel has been well-received by the market.
With a proposed ₹10,000 crore capex plan through FY27, Shyam Metalics is poised for significant growth. UBS expects the company to achieve strong earnings acceleration, with projected EBITDA and PBT CAGRs of 39% and 50%, respectively, over FY24-27.
Also read : What is fueling the rally in metal stocks?
Brightcom Group Q2 results: Profit rises 9.82% YoY
Brightcom Group reported a 9.82% year-on-year increase in profit for Q2, with revenue rising by 7.79%. Despite challenges in maintaining consistent investor confidence, the company’s strategic investments in operational capabilities have started to show results, with improvements in EPS and operating income.
While Brightcom has delivered a 5% return over the past week, its stock has faced volatility, reflecting a -58% return over the last six months. The company’s current market cap stands at ₹1,526 crore, indicating ongoing challenges in maintaining long-term growth.
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Crude oil price decline
Brent oil futures fell by 0.07% to $76, while October WTI crude oil futures were down 0.21% at $71.78. On the MCX, September crude oil futures traded at ₹6,044, up 0.23% from the previous close, while October futures were at ₹6,029, up by 0.32%.
The mixed signals from the crude oil market reflect the ongoing volatility and uncertainty in global energy markets. While the decline in US inventories might typically lead to a price increase, other factors, such as broader economic concerns, are keeping prices subdued.
Conclusion
The Indian stock market’s positive momentum continued today, driven by strong performances from key stocks like Awfis Space Solutions and Shyam Metalics.
While sectoral performances were mixed, the overall market sentiment remained upbeat, with investors looking forward to upcoming global economic data and Fed announcements.
As the market continues to navigate these developments, investors should remain informed and consider both short-term market movements and long-term growth strategies.
Stay tuned on StockGro for more updates on market trends.
