The Indian stock market closed with modest gains in a rangebound session on August 21, as investors remained cautious ahead of the upcoming US PMI data and Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium.
Markets are looking any hints on potential rate cuts from Powell’s address over the weekend.
Sector-wise, the Realty index declined by 1.3 percent, and the Bank index slipped 0.2 percent. In contrast, FMCG, pharma, metal, telecom, and media sectors gained between 0.5 and 1 percent.
The BSE midcap index rose by 0.4 percent, while the smallcap index outperformed the major indices, advancing nearly 1 percent.
Stocks in Spotlight
Mazagon Dock Shipbuilders shares rebounded sharply after a 14 percent drop over the last three sessions, surging over 5 percent today. Despite recent losses, the company’s growth outlook remains strong, with ICICI Securities expecting high margins to continue through FY27, supported by significant deliveries in the next 2-3 years.
Varun Beverages Shares of PepsiCo’s franchise partner rose 3.5 percent after Bank of America Securities (BofA Sec) issued a “Buy” recommendation with a target price of Rs 1,840 per share. The international brokerage emphasized that despite the recent pullback in share price, the company’s strong business fundamentals make it an attractive buying opportunity.
FSN E-Commerce Ventures shares broke a two-day losing streak, soaring nearly 10 percent. This sharp rally marked the biggest intraday gain for the D2C online beauty retailer since November 2022.
News from the IPO world🌐
Bengaluru-based TruAlt Bioenergy files draft papers with Sebi to launch IPO
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Orient Technologies IPO booked nearly 4 times on Day 1
