Metals Surge, Sudarshan Chemical Jumps, TCS Awaits Rebound

Written by - Fisdom Research

Array

October 11, 2024 2 minutes

Market Snapshot

Indian benchmark indices closed with slight gains in a range-bound session on October 10, with the Nifty ending in green but below 25,000, boosted by metal and banking stocks.
Sectorally, IT and pharma indices fell by 1% and 2%, respectively, while realty dipped 0.4%; however, the bank index rose 1%, power added 0.7%, and metals gained 0.3%.
The BSE midcap index dropped 0.3%, while the smallcap index saw a 0.4% increase.

Metal companies surged up to 3.5% on hopes of further stimulus from the Chinese government. Earlier this week, these stocks had seen profit booking after China’s state planner did not announce additional stimulus measures or provide details on plans to revive the struggling property sector.
Sudarshan Chemical Industries’ share price surged by 20% on October 11 after the company announced that its unit will acquire Heubach’s global pigment business for Rs 1,180 crore. Heubach is a prominent player in the speciality chemicals industry, known for its organic and inorganic pigments, dyes, dispersions, and anti-corrosion pigments.
Despite Tata Consultancy Services (TCS) missing Q2 FY25 expectations, brokerages remained bullish on the stock, projecting up to a 28% upside in target prices. Analysts highlighted key positives, including the BSNL contract, recovery in the US BFSI sector, and potential margin improvements, positioning TCS for a strong recovery in the upcoming quarters.
IPO bound OYO rejigs its top leadership team with five elevations
Hyundai India plans to launch its biggest ever IPO to raise Rs 27,870 crore through an offer for sale
Sebi approves NSDL IPO, HDFC Bank to pare stake

The Fisdom Prime Five Smallcase achieved approximately 10% returns over the four three months, Outperforming the key benchmark index consistently.

Our Trade Ideas success rate has 67% over the past month, even with increased volatility in the benchmark index. Follow Trade Ideas for timely stock insights.