Metal stocks tumbled up to 5% on Monday, with the Nifty Metal index falling over 2% amid a decline in metal prices and rising expectations of higher-for-longer US interest rates. Profit booking after the index’s strong August rally also weighed on sentiment, while Jefferies remained bullish on Hindustan Zinc over Hindalco.
Fed Chair Kevin Warsh signalled that the US central bank could raise interest rates if inflation fails to move closer to its 2% target, triggering a sharp shift in market expectations. Treasury yields climbed as investors raised bets on a September rate hike, with upcoming inflation and jobs data now in focus.
US stocks are trading near record highs, but the rally faces key tests this week from August jobs data and Broadcom’s quarterly results. Investors will closely watch labour-market signals for clues on the Federal Reserve’s interest-rate path, while Broadcom’s outlook could determine whether enthusiasm around artificial intelligence stocks remains strong.
Nomura initiated coverage on Clean Max Enviro Energy Solutions with a Buy rating and a Rs 1,510 target, implying 21% upside, citing strong growth prospects in India’s C&I renewable energy market. The brokerage expects revenue and EBITDA to grow at CAGRs of 39% and 50%, respectively, through FY29, while Clean Max’s Q1 profit turned positive and revenue more than doubled year-on-year.
Lenskart has emerged from challenger to market leader, with Nomura initiating coverage with a ‘Buy’ rating and Rs 888 target, implying around 40% upside. The brokerage sees a long growth runway driven by store expansion, strong market positioning, vertical integration and a cost advantage, while MSCI inclusion could also attract passive inflows.
On August 28, six Nifty500 stocks that gained over 5% were identified using the RSI Trending Up scan, based on data from StockEdge.com. An uptrend signal is generated when the RSI value crosses above 50 from below, indicating strengthening price momentum and potential upward movement in the stocks.
The Annu Projects IPO allotment is likely to be finalised today, August 30, after the Rs 175.06 crore issue was subscribed 2.93 times. Investors can check their allotment status through KFin Technologies, NSE or BSE.
Nifty hovered near 24,175, needing to clear 24,200 to regain strength. Analysts suggest bullish option spreads for rebounds and caution against a 23,900 break. HEG and Laurus Labs are recommended buys with specific targets and stop losses. Glenmark Pharmaceuticals and Shipping Corporation of India also present buying opportunities. Newgen Software and Elgi Equipments show positive chart setups for investors.
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