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Reliance Power Circuit, Metal Stocks Surge, Fusion Finance Downgrade, Manba Finance in High Demand and more
Reliance Power Circuit, Metal Stocks Surge, Fusion Finance Downgrade, Manba Finance in High Demand and more
Written by - Fisdom Research
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September 24, 2024
2 minutes
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Market Snapshot
Indian equity indices could not sustain record highs, concluding a volatile session flat after the Sensex and Nifty reached intraday peaks, snapping a three-day rally.
Sector performance was mixed, with the metal index gaining and the oil and gas and power indices rising. In contrast, the PSU Bank, FMCG, and telecom sectors faced declines.
The BSE midcap and smallcap indices finished the day unchanged.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY METAL
3.0
NIFTY CONSUMER DURABLES
0.2
NIFTY IT
0.6
NIFTY MEDIA
0.1
NIFTY AUTO
0.4
NIFTY FINANCIAL SERVICES
0.0
NIFTY OIL & GAS
0.4
NIFTY FMCG
0.0
Top News
Reliance Power’s stock hit the 5% upper circuit after announcing a preferential issue of 46.2 crore shares at ₹33 each, a 14% discount, for Reliance Infrastructure and non-promoter entities Authum Investment and Sanatan Financial Advisory Services.
Metal stocks jumped up to 6% after China’s central bank announced measures to boost the economy, including interest rate cuts, fueling optimism for recovery.
Fusion Finance’s stock dropped over 9% after downgrades from Investec and CLSA to ‘underperform.’ The microfinance firm reported higher credit costs for Q2, indicating ongoing collection efficiency issues.
KRN Heat Exchanger and Refrigeration’s Rs 342-cr IPO to open on Sep 25
Manba Finance IPO subscribed 40 times so far on Day 2, retail portion booked 45X
India’s first AI unicorn Fractal said to weigh $500 million IPO
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