Gainers & Losers: Key Stock Movements on August 29

The stock market witnessed mixed performance on August 29, with the Sensex closing at 82,185.29, up 399.73 points, while the Nifty gained 106.20 points to close at 25,158.50. The day saw significant movement in various sectors, including oil & gas, IT, and FMCG, while auto, capital goods, and metal sectors traded lower.

Let’s explore the top gainers and losers that stood out in today’s market.

Top Gainers of the Day

1. Reliance Industries | CMP Rs 3,043

Shares of Reliance Industries rose nearly 2 percent after the conglomerate announced that its board will consider a 1:1 bonus share issue on September 5. The news comes ahead of the company’s 47th annual general meeting. This move is aimed at rewarding shareholders amidst strong financial performance and business expansion.

2. JM Financial | CMP Rs 106.90

JM Financial saw a 5 percent surge in its stock price, driven by high trading volumes. The company’s shares exchanged hands significantly on the BSE and NSE, with around five crore shares traded against a 1-month average of 69 lakh shares. Despite a 6.2 percent YoY dip in net profit for the quarter ended June 2024, investor sentiment remained positive.

3. Concord Biotech | CMP Rs 1,707

Concord Biotech shares surged nearly 6 percent to hit an all-time high. The rally was fueled by high trading volumes, with around 24 lakh shares changing hands against a 1-month average of 79,000 shares. The company’s earnings for the quarter ended June 2024 were slightly below expectations, but investor confidence remained strong.

4. Genus Power | CMP Rs 465.80

Genus Power hit a new all-time high of Rs 466, reaching the 5 percent upper circuit limit. This gain followed the company’s announcement that its arm secured new orders worth Rs 4,469 crore, bringing the total order book to Rs 32,500 crore.

5. Sonata Software | CMP Rs 662

Sonata Software shares rose 6 percent after securing a multi-year, multi-million dollar IT outsourcing contract from a US-based premier healthcare and wellness company. The contract underscores Sonata’s focus on delivering personalized, high-quality care in challenging clinical environments.

Top Losers of the Day

1. Zen Technologies | CMP Rs 1,734.15

Zen Technologies saw its shares hit a 5 percent lower circuit due to profit-booking, with the company’s market cap dropping to Rs 14,525 crore. The stock had previously surged nearly 20 percent, leading investors to lock in gains.

2. Tata Elxsi | CMP Rs 8,180

Shares of Tata Elxsi fell nearly 9 percent after Kotak Securities reiterated a ‘sell’ call, citing expensive valuations. Despite recent gains, the stock’s current price is seen as overvalued, prompting a sell-off.

3. Tata Investment | CMP Rs 7,197

Tata Investment shares slipped nearly 3 percent as profit booking took hold after strong gains in the previous session. BSE and NSE also placed the stock under the long-term ASM (Additional Surveillance Measure) framework.

4. IndiGo | CMP Rs 4,769.45

IndiGo shares slipped 2 percent after a 6 percent stake in the parent company, InterGlobe Aviation, was sold in a block deal. Promoter Rakesh Gangwal is reportedly seeking a near-complete exit from the company.

5. Paytm | CMP Rs 555

Paytm shares gained over 3 percent following positive brokerage updates and the government’s approval for investment in Paytm Payment Services Limited (PPSL). The company is also set to resubmit its payment aggregator license application to the RBI, boosting investor sentiment.

The market’s movement on August 29 reflected positive developments and profit booking across different sectors. While companies like Reliance Industries and JM Financial saw notable gains, others like Zen Technologies and Tata Elxsi experienced declines due to profit-taking and valuation concerns.

Investors monitor these shifts closely as the market navigates a complex landscape of opportunities and risks.