Post Market Update- Mint St’s hat-trick sends markets soaring

Stocks in the news-

1. Ashoka Buildcon gets LoI of Rs. 1,387.2 cr from Motor Vehicles Department, Maharashtra.

2. KPI Green signed MoUs with Delta Electronics for India's green energy transition.

Indian indices-

The Reserve Bank of India’s third consecutive brought cheer and optimism to bulls on Dalal Street after announcing a bumper repo rate cut of 50 bps. The Sensex ended up 746.95 points at 82,188.99, while the Nifty was up 252.15 points or 1.02% at 25,003.05. Almost 2163 shares advanced, 1712 shares declined, and 127 shares unchanged. BFSI stocks soared in response to Mint Street’s bounty of a 100 bps reduction in the cash reserve ratio (CRR), to be implemented in four phases of 25 basis points each on September 6, October 4, November 1, and November 29. Sectorally, the Bank Nifty hit a new all-time high of 56,695, up 1.5%.

The BSE midcap index added 0.91% and smallcap index jumped 0.43%.. Market volatility also eased with the India VIX falling 3.5% to 14.56.

Buzzing stocks on BSE-

1. Praj Industries rose 3.46% to Rs. 506.70, after the company secured an international assignment from Enersur SA, one of Paraguay’s leading renewable energy firms, to develop a fully integrated biorefinery project in the South American nation.

2. Bajaj Healthcare fell 2.14% to Rs. 526.45, after the company informed that Dhananjay Sabaji Hatle, whole-time director (WTD) of the company, has tendered his resignation with immediate effect.

3. Tejas Networks gained 1.54% to Rs. 726.60, on receiving Rs. 123 crore under PLI scheme.

Global Signals-

Asian shares mostly rose ahead of US Jobs Report update.

European stocks mixed as trade tensions and US economy remain in focus.