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Indian Stock Market Hits New Highs: Key Indices Rise, Sectoral Trends, and Buzzing Stocks
Synopsis: On July 15, the Indian stock market reached new heights with the Nifty 50 and Sensex indices closing at fresh highs. Significant support from key heavyweights like ONGC, SBI, and Dr. Reddy’s Laboratories drove the gains, while sectors such as energy and realty saw notable buying interest. MidCap and SmallCap indices also posted gains, despite some sectors like IT facing selling pressure. Gold prices dipped slightly, and the Gift Nifty signaled a negative market start. Key stocks to watch include Apollo Micro Systems, which surged after securing a defense order, and Zen Technologies, which gained following the launch of AI-powered defense products and major institutional placements.
MARKETSINDIA
By Sameer Malhotra
7/16/20242 min read
Market Overview
The Indian stock market exhibited robust performance on Monday, July 15, with the benchmark indices, Nifty 50 and Sensex, achieving fresh closing highs. The market saw significant support from key heavyweights, contributing to the upward trajectory.
Key Indices Performance
BSE Sensex: Closed 145 points higher, marking a 0.2% increase.
NSE Nifty: Closed 82 points higher, reflecting a 0.3% gain.
Major contributors to these gains included ONGC, SBI, and Dr. Reddy’s Laboratories. However, some stocks like Tata Steel, Axis Bank, and Asian Paints faced declines.
For those interested in a detailed analysis of the Bank Nifty companies and a comprehensive overview of the index, Equitymaster’s Bank Nifty Companies list is a valuable resource.
Sectoral Indices and Mid/Small Cap Performance
BSE MidCap Index: Rose by 0.9%.
BSE SmallCap Index: Increased by 0.2%.
Sector-wise, energy and realty stocks saw the most buying activity, while capital goods and IT sectors faced selling pressure.
Commodity Market
Gold prices on the MCX were trading marginally lower, down by 0.1% to Rs 73,208 at the close of Indian market hours on Monday.
Gift Nifty and Market Opening Trends
At 8:10 AM today, the Gift Nifty was trading down 18 points at 24,636 levels, indicating a negative start for Indian share markets today.
Top Buzzing Stocks
Apollo Micro Systems
Apollo Micro Systems’ share price surged, hitting the 5% upper circuit at Rs 109.76 per share on July 15. This spike followed an order from the Indian Army for vehicle-mounted counter swarm drone systems under the Make-II category of DAP-2020.
Zen Technologies
Zen Technologies Limited shares also jumped by 5% to Rs 1,361, reaching the upper circuit. The surge came after the company introduced AI-powered robots and launched four new defense products in collaboration with its subsidiary, AI Turing Technologies. These new products are aimed at enhancing global security.
Institutional Placements and Order Wins
Zen Technologies made a significant institutional placement (QIP), with the floor price set at Rs 689.5. The company issued and allotted 12.2 million equity shares at Rs 655.5 per share. Notable participants in this QIP included Morgan Stanley Asia (Singapore) PTE, Bank of India – Mutual Fund, and Edelweiss – Mutual Fund, each acquiring over 5% of the equity shares offered.
As of March 31, 2024, Zen Technologies’ order book stood at Rs 71 billion. The company secured three major orders during the March quarter:
Ministry of Railways: Rs 9.6 billion.
Ministry of Defence: Rs 473 crore.
Double Decker Automobile Carrier Wagons: Rs 1 billion.
In Conclusion, The Indian stock market continues to show resilience with key indices achieving new highs, driven by strategic investments and sectoral gains. While the market opens to a slight dip today, the overall sentiment remains positive with significant institutional interest and major order wins propelling stocks like Apollo Micro Systems and Zen Technologies to new heights.
For investors, keeping an eye on these buzzing stocks and sectoral movements could provide valuable insights for future investments.