Top 10 movers on Nifty: L&T, Adani Ports jump; TechM, Asian Paints fall on Sept 28

The Sensex was down 309.03 points or 0.47 percent to 65,809.66, and the Nifty was down 92.20 points or 0.47 percent to 19,624.30 intraday on September 28. About 1.657 shares advanced, 1,353 declined, and 112 shares traded unchanged.

L&T: Shares of the construction major were the top gainers on Nifty 50 ahead of the company’s share buyback bid settlement later on September 28. Apart from settlement of bids, return of unaccepted equity shares, and payment of consideration to eligible shareholders who participated in the buyback will also take place. As many as 22 lakh shares changed hands against the one week average of 19 lakh shares. The stock, in today’s session, has hit a record high and a new 52-week high. At 12:18, the stock was trading at Rs 3,027, up over 2 percent from the previous close.

Adani Ports: Shares extend gains for the second day in a row. The company’s decision to commence cash tender offer for up to $195 million to partly prepay its near-term debt maturities seems like the potential trigger for the renewed momentum on the stock. At 12:18, the share was trading higher at Rs 835.

Sun Pharma: Shares of the company gained for a third day in a row. On Wednesday, the company announced that Prwinlevi is now available in Canada, the only androgen receptor inhibitor indicated for the topical treatment of acne vulgaris (acne) in patients 12 years of age and older. Shares rose a marginal 0.1 percent at Rs 1,140 in the afternoon.

Axis Bank: The private sector bank is said to extends its branch network in Gujarat by adding 28 more units and 69 ATMs by the end of the financial year in a bid to enhance accessibility. CEO Amitabh Chaudhry said that it is betting big on Bharat banking and digitisation. As many as 58 lakh shares changed hands. At 12:18 shares of the lender were trading a Rs 1,029, up 0.5 percent on the NSE.

Power Grid Corp: The stock traded in green as it is expected to receive net passive inflows as a result of the NSE index changes, including Nifty Bank, Nifty 50, Nifty Next 50, and CPSE. As per broking firm Nuvama Institutional Equities, Power Grid could get around $64 million inflows. At 12:18 pm, shares of the company were trading at Rs 200, up 0.5 percent from the previous close on the NSE.

Tech Mahindra: Shares tanked and snapped the end the four-day gaining streak on the bourses. This comes on the back of a breakdown in upward sloping support trendline, a graph depicting the relationship between a product’s price and the quantity supplied. The candlestick graph forms a bearish pattern on a weekly time frame. At 12:18pm, the shares slumped 4 percent to Rs 1,241 on the NSE.

Asian Paints: Shares of the paint major nosedived as Brent crude prices continued to surge and hit the $97 a barrel mark on September 28, rising 3 percent overnight and significantly by 30 percent throughout the third quarter of the year. If the trend persists, the ongoing quarter could culminate in the best one for crude oil prices since early 2022, experts said. Nearly 50 percent of the raw materials in the paint industry are crude oil derivatives. At 12:18pm, shares of the company traded 3 percent lower at Rs 3,209 on the NSE.

Kotak Mahindra Bank: As many as 29 lakh shares changed hands on September 28. The drop comes despite experts suggesting that net passive inflows in the bank could increase as a result of the NSE index changes, including Nifty Bank, Nifty 50, Nifty Next 50, and CPSE. At 12:18pm, shares of the company traded 2 percent lower at Rs 1,734 on the NSE.

Britannia Industries: Shares snapped their five-day gaining streak on September 28. It is estimated that margins of the company could get hampered on the back of rising palm oil, crude, and wheat prices, said Motilal Oswal in a recent report. Britannia Industries would also face the heat as wheat and sugar prices have increased 4.6 percent and 7.2 percent on an on-quarter basis, said Motilal Oswal. At 12:18pm, the shares were down 1.3 percent at Rs 4,570.

M&M: Investors don’t seem pleased with clarification given the by the company in relation to an FIR registered in Uttar Pradesh against Mahindra Group chairperson Anand Mahindra, along with 12 others, after a man who lost his son to a car accident filed a complaint. The automaker, in its statement, has clarified that the case is more than 18 months old, and the reported incident occurred in January 2022. “We would hence like to categorically reconfirm that the Scorpio S9 variant manufactured in 2020 did have airbags.” At 12:18pm, shares were trading at Rs 1,576, down over 1 percent on the NSE.