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Paytm Up 15%, Varun Beverages Rebounds 9%, HEG Gains 10%, and Strong IPO Activity from Garuda and Hyundai
Paytm Up 15%, Varun Beverages Rebounds 9%, HEG Gains 10%, and Strong IPO Activity from Garuda and Hyundai
Written by - Fisdom Research
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October 8, 2024
2 minutes
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Market Snapshot
Indian equity indices broke a six-day losing streak on October 8, with Nifty closing above 25,000, driven by broad-based buying across most sectors ahead of the RBI policy outcome.
All sectoral indices, except metals, ended in the green, with gains of 1-2% in auto, bank, healthcare, realty, capital goods, power, telecom, and media sectors.
The BSE midcap index rose nearly 2%, while the smallcap index increased by 2.5%.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY MEDIA
3.1
NIFTY PHARMA
1.4
NIFTY MIDSMALL HEALTHCARE
2.3
NIFTY PSU BANK
1.4
NIFTY HEALTHCARE INDEX
1.7
NIFTY OIL & GAS
1.3
NIFTY AUTO
1.7
NIFTY BANK
1.1
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
24,700
25,200-25,400
Bank Nifty
50,200
51,800-52,000
Top News
Paytm shares, surged over 15% on high trading volumes, pushing the stock to a positive year-to-date position with a 15% gain in 2024.
Varun Beverages rose 9%, breaking a three-day losing streak. The rally comes just before the board meeting to consider raising funds through a Qualified Institutions Placement (QIP).
HEG shares jumped over 10% after the company acquired an 8% stake in competitor GrafTech International for ₹250 crore. GrafTech, like HEG, specializes in graphite electrodes, aligning closely with HEG’s core business.
Garuda Construction IPO Fully Subscribed on Day 1 Due to Strong Retail Demand
Hyundai Motor plans to offload 14.2 crore shares in upcoming mega IPO
Sebi approves NSDL IPO, HDFC Bank to pare stake
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