The Indian stock market extended its losing streak to a fourth consecutive session on Monday, September 7, with benchmark indices ending lower amid continued selling pressure. According to reports from LiveMint, the Nifty 50 slipped 0.57% to close at 23,779, while the Sensex fell 0.5% to 76,132. During the intraday session, both indices touched their lowest levels since July 24. The broader markets remained mixed, with the Nifty Midcap 100 index gaining 0.46%, while the Nifty Smallcap 100 index ended flat. However, market sentiment appears to be improving as GIFT Nifty traded 0.34% higher at 24,495.50 as of 8:20 am IST, indicating a potential higher opening for Thursday's session.
Technology stocks led the losses after stronger-than-expected US jobs data boosted expectations of a September interest rate hike by the US Federal Reserve. As reported by LiveMint, other sectoral indices including realty, metal, PSU banks, cement, oil and gas, and FMCG also ended with losses of more than 0.5%. However, the pharma pack was the sole gainer, rising 0.6%. Technology stocks faced pressure due to the US jobs data, which raised concerns about potential monetary policy tightening. The latest session saw HCL Tech drop the most, declining 4.55%, while Infosys, Tech Mahindra, Tata Consultancy Services, HDFC Bank and Hindustan Unilever were also among the major laggards.
Container Corporation of India secured an ₹89.09 crore contract from Eastern Railway for the supply of 12 rakes of BLSS wagons with Brake Van Type BVCM. According to LiveMint, BCPL Railway Infrastructure emerged as the lowest bidder for a ₹54.74 crore project from Eastern Railway's Asansol division involving replacement of overaged catenary and contact wires. Adani Power received a Letter of Intent after the Committee of Creditors approved its resolution plan for GVK Energy, which owns and operates a 330 MW hydroelectric power plant in Uttarakhand. Adani Ports, Tata Steel, Trent and NTPC were among the winners in the latest session.
The Defence Acquisition Council accorded in-principle approval for various defence acquisition proposals worth around ₹1.10 lakh crore. As reported by LiveMint, the approvals cover equipment for the Indian armed forces, including helicopters, vehicles, mine layers and bridge systems. Rajputana Stainless secured power project contracts worth ₹22.71 crore and ₹16.21 crore, adding to its growing order book following its recent stock market debut. 63 Moons Technologies' subsidiary Ticker allotted shares worth ₹70 crore to Financial Technologies Singapore, increasing FTSPL's stake in Ticker to 65.80%.
Market experts have identified five stocks for investor consideration with specific trading parameters. MRPL is recommended for purchase in the ₹180-185 range with a target of ₹240 and stop loss at ₹159. Paytm is suggested for entry between ₹1,730-1,751 with a target of ₹2,100 and stop loss at ₹1,589. Tata Communications is recommended at the current market price of ₹1,766 with a target of ₹1,865 and stop loss at ₹1,730. Swiggy is suggested at ₹280 with targets of ₹295 and ₹320 and stop loss at ₹265. Pine Labs is recommended at ₹175 with near-term targets of ₹195 and ₹210 and stop loss at ₹145. Additionally, Adani Power is recommended as a BUY at ₹225 with a target of ₹209, while Bharti Airtel is suggested as a SELL at ₹1,775 with a target of ₹1,835.
