KEY HIGHLIGHTS
US Futures Trade Slight Decline With Fed Chair's Speech In Focus
US futures were trading with slight decline in pre-market hours with the Federal Reserve Chair Jerome Powell's speech in focus. Further, market participants will assess geopolitical development in the West Asia.
The S&P 500 Futures were trading 0.05% lower at 5,788.25 as of 3:38 p.m. The Dow Jones Industrial Average futures were trading 0.08% down at 42,620.00 as of 03:39 p.m.
The Nasdaq 100 futures were trading 0.08% down at 20,206.25 as of 3:40 p.m.
Economic Data Releases & Events On Sept 30
US: Federal Reserve Chair Jerome Powell will speak at the National Association for Business Economics Annual Meeting, in Nashville
US: Federal Reserve Governor Michelle Bowman will speak about the economic outlook and monetary policy at the Georgia Bankers Association
US: Chicago PMI
Europe: ECB President Christine Lagarde will speak about monetary policy at the European Parliament, in Brussels
Rupee Weakens Against US Dollar
Rupee weakened by 10 paise to close at 83.80 against the US dollar. It closed at 83.70 on Friday, according to data on Bloomberg.
Nifty, Sensex Record Worst Day In Nearly Two Months As RIL, ICICI Bank Weigh: Market Wrap
The NSE Nifty 50 and BSE Sensex had its worst day in nearly two months on Monday tracking sharp fall in heavyweight Reliance Industries Ltd., ICICI Bank Ltd.
The Nifty 50 ended 356.70 points or 1.36% down at 25,822.25, and the Sensex settled 1,272.07 points or 1.49% down at 84,299.78
During the session, the Nifty declined 1.46% to 25,796.65, and the Sensex declined 1.52% to 84,274.64.
Indian markets witnessed sharp fall in the last day of September on mixed global cues. At one side, tensions heightened after Israel killed Hezbollah's high profile leader Hassan Nasrallah. This raised concerns about possibility of a widespread war in the Middle East, which can potentially hurt oil supply.
On the other side, data showed the US Federal Reserve's preferred inflation gauge declined in August fueling hopes of larger quantum of policy easing.
The Fed Chair Jerome Powell will speak at the National Association for Business Economics Annual Meeting, in Nashville, which will be in investors' focus.
"Considering the higher top higher bottom formation, the next support for the Index comes at 25,500 coupled with 21-day moving average support and due to the change in polarity, once again 26,000 will be considered as an immediate hurdle," said Aditya Gaggar, director, Progressive Shares.
Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Infosys Ltd. weighed on the index.
NTPC Ltd., JSW Steel Ltd., Tata Steel Ltd., Hindalco Industries Ltd., and LTIMindtree Ltd. limited losses.
On NSE, 10 sectors declined, and two advanced out of 12. The NSE Nifty Auto emerged as the top loser, while the NSE Nifty Metal emerged as the top leader.
Broader indices outperformed the benchmarks with BSE Midcap closed 0.28% lower and BSE Smallcap was 0.07% higher at close.
Two of the 20 sectoral indices ended higher and 18 declined on the BSE. BSE Realty fell the most.
Market breadth was skewed in the favour of sellers. As many as 2,201 stocks fell, 1,837 rose, and 155 remained unchanged on the BSE.
Market At Close
The Nifty 50 and Sensex recorded the worst intraday decline since Aug 5.
Reliance Industries Ltd., and ICICI Bank Ltd. were the top loser.
NTPC Ltd., JSW Steel Ltd. are the top leader in the Nifty 50 index.
The NSE Nifty Auto and Finance are the top loser sector.
The NSE Metal Index rose 1.98% to a fresh high of 10,263.65 as China's measures to aid economy boost sentiment for these companies. It ended 1.20% higher 10,185.85
The NSE Nifty Pharma rose 0.25% to a fresh high of 23,578.50. The index settled 0.94% down at 23,297.15
The NSE Nifty Midcap 150 ended 0.25% down at 22,311.95.
The NSE Nifty Smallcap 250 ended 0.06% higher at 18,410.70
Indian Oil Withdraws Proposed Rights Issue Of Upto 22,000 Crore
Indian Oil Corp Ltd. withdraws proposed rights issue of up to Rs 22,000 crore. Petroleum Ministry says no funds allocated for capital support to oil marketing companies in financial year 2024-25 budget compared to earlier proposed allocation of Rs 30,000 crore.
The rights issue is withdrawn because the government cannot participate, it said in an exchange filing.
Bharti Airtel Prepays Rs. 8,465 Crore For Deferred Liabilities
Bharti Airtel Ltd. prepaid Rs 8,465 crore to clear deferred liabilities for spectrum acquired in 2016, it said in an exchange filing
Mahindra Logistics In Joint Pact With Japan-Based Company
Mahindra Logistics Ltd. is in 50-50 joint pact with Japan's Seino Holdings for warehousing and trucking services, it said in an exchange filing.
Solex Energy To Investment Rs. 8,000 Crore
Solex Energy Ltd. announced an investment of Rs 8,000 crore as part of Vision 2030. It introduced rectangular cell-based solar modules with N-type TOPcon Technology, it said in an exchange filing.
Europe FX Update: Sterling & Euro Rise As Dollar Index Falls Ahead Of Fed Chair's speech
The Pound Sterling and the Euro rose against the greenback on Monday as the dollar index cooled off in the European session as market participants shift their focus on the US Federal Reserve Chair Jerome Powell's speech, due later today.
Powell will speak at the National Association for Business Economics Annual Meeting, in Nashville, which will be parsed by the investors to get fresh clues about the US central bank's policy easing cycle going forward.
The Pound sterling advanced 0.37% against the greenback as of 2:23 p.m. despite UK's GDP for April–June came at 0.5% compared to previous estimate of 0.6%. Economists expected no revision, as Bloomberg reported
The Euro was trading 0.32% higher against the US unit as investors await the European Central Bank President Christine Lagarde speech at the region's parliament.
European Markets Decline Monday
European stocks declined Monday ahead of a slew of economic data release from the region, and European Central Bank President Christine Lagarde speech.
Later today, Germany and French will release its consumer price index data. Europe consumer and business sentiment data is scheduled for release today.
Further, market participants will monitor Lagarde's speech about monetary policy at European Parliament today. Further, the US Federal Reserve Chair Jerome Powell will speak at the National Association for Business Economics Annual Meeting, in Nashville, which will be in investors' focus.
Shakti Pumps To Issue Bonus Shares
Shakti Pumps (India) Ltd. is to consider bonus issue of 5 shares for every share held Oct 7, it said in an exchange filing.
US FDA Ends At Inspection At Aurobindo Pharma Facility
The US Food and Drug Administration's inspection at subsidiary Apitoria Pharma ends with 10 observations. The US FDA inspected subsidiary Apitoria Pharma From September 23-27, it said in an exchange filing.
Nifty Trades Near Support Zone, Sensex Loses 1,000 Points: Midday Market Update
The Nifty extended its opening losses to reach its support zone and the Sensex fell around 1,000 points through midday with heavyweights dragging.
The markets tracked mixed cues from global markets and escalating Middle East tensions caused by Israel's intensifying attacks on Iranian-backed forces.
At 12:15 p.m., the Nifty was at 25,897.15, down 1.08% or 281.80 points and the Sensex was at 84,600.67, lower by 1.13% or 968 points.
On Friday, Rupak De, senior technical analyst at LKP Securities, had said the strength is likely to persist as long as Nifty remains above 25,900.
According to Soni Patnaik, assistant vice president at JM Financial Services Ltd, the market is overheated and a correction is likely to come.
For Monday's session, she has recommended to avoid buying and wait for indices (Nifty and Nifty Bank) to reach support levels of 25,800 and 53,300 to look for a 'buy'.
Kush Bohra, founder of Kushbohra.com, recommends to continue staying long with a stoploss at 25,900 and 26,000. He recommends being less on quantity while adding fresh positions.
Volatility also surged with India VIX trading at 12.82 level, 7.08% higher.
Shares of Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Infosys Ltd., and Axis Bank Ltd. dragged the indices. While those of NTPC Ltd., JSW Steel Ltd., Tata Steel Ltd., Hindalco Industries Ltd., and Asian Paints Ltd. cushioned the fall.
Except Nifty Media and Nifty Metal, all sectoral indices traded lower.
The market breadth was skewed in the favour of sellers. As many as 2,227 stocks fell, 1,609 advanced, and 157 remained unchanged on the BSE.
Broader indices outperformed as BSE Midcap traded 0.28% lower and BSE Smallcap was down 0.1%.
Six out of 20 sectoral indices on the BSE rose and 14 declined with BSE Realty falling the most.
India VIX Jumps Nearly 11%
The NSE India Volatility Index rose 10.66% to 13.24 on Monday. The index was trading 9.72% higher at 13.13 as of 1:35 p.m.
Tata Power To Sign MoU With Rajasthan Govt
Tata Power Co. Ltd. signed memorandum of understanding worth Rs 1 lakh crore with Rajasthan Government.
Coal India Makes Interest Rates Uniform For Delayed Receivables
Coal India Ltd. made interest rates uniform for delayed receivables effective from Oct 1, it said in an exchange filing.
Mankind Pharma Approves To Raise Rs 10,000 Crore
Mankind Pharma Ltd. approved to raise Rs 5,000 crore via non-convertible debentures. It also approved to raise funds up to Rs 5,000 crore via commercial papers, it said in an exchange filing.
NBCC Gets Order Worth Rs 101 Crore
NBCC Ltd. received a project-management-consultant order worth Rs 101 crore from National Highways Authority of India, it said in an exchange filing.
NMDC Share Price Jumps On China's New Measures To Support Property Sector
NMDC Ltd. shares jumped nearly 5% on Monday, riding on optimism after China unveiled measures to stimulate its economy, particularly in the property sector.
Paras Defence Gets Order Worth Rs 305 Crore
Paras Defence and Space Technologies Ltd. received manufacture And supply order worth 305 crore from Larsen & Toubro Ltd., it said in an exchange filing.
For next 3–5 years, Yatharth Hospital On Good Growth Trajectory, Says
For next 3–5 years, Yatharth Hospital & Trauma Care Centre Ltd. is on good growth trajectory, said Yatharth Tyagi-Director Yatharth Group of Hospitals said to an interview to NDTV Profit. The hospital is expecting double Expansion of bed capacity. The company does not require any external funding for doubling of bed capacity.
Finance cost is now minima, according to Tyagi. Faridabad hospital expected to ramp up operations. Yatharth expects Faridabad hospital to break even in next 15–18 months.
Government Likely To Announce New External Members Of RBI MPC By Tuesday
The government is likely to announce new external members of the Reserve Bank of India's Monetary Policy Committee by Tuesday, NDTV Profit reported citing sources in the Ministry of Finance. The names of external members have been finalised.
The MPC meeting will be held within time with new external members. The tenure of the current external members ends on Oct. 4. The next MPC is slated for October 9.
For more details click here.
Multibagger PC Jeweller Shares Hit Upper Circuit For A Third Consecutive Session
PC Jeweller Ltd.'s share price extended its winning streak to a seventh consecutive session, surging 28% to hit its highest level since May 30, 2018. On Monday, the stock hit 5% upper circuit limit for a third session straight.
L&T Makes Strides In Digital Energy Solutions Business
Larsen & Toubro Ltd. made new strides in digital energy solutions business. The company received mandate to implement energy management systems in South India and Expands Portfolio in the US, it said in an exchange filing.
NTPC Hits Life High As Analysts Remain Bullish On Green Arm IPO
Shares of NTPC Ltd. surged to a fresh record high on Monday after top brokerages maintained their bullish outlook, as its green arm—due to hit the exchanges soon via an IPO—is likely to add more value to the company.
PB Fintech Shares Snap Five-Day Fall As Company To Invest In Health Maintenance Organisation
Shares of PB Fintech Ltd. rose over 4% on Monday, ending a five-day decline, as the company announced plans to foray into healthcare sector. Yashish Dahiya, chairman and group chief executive officer of the parent company of Policybazaar and Paisabazaar, told NDTV Profit that the company plans to invest in an independent Health Maintenance Organisation.
Welspun Corp Gets Order In Middle East
Welspun Corp received an order for supply of Pipes, Bends in Middle East. The execution of orders will be during financial year 2024-25 and 2025-26, it said in an exchange filing.
Manba Finance Lists At Rs 120
Manba Finance Ltd. listed at `Rs 145 On NSE compared to issue price Of Rs 120. The company listed at a premium of 20.8% on National Stock Exchange Ltd.
Manba Finance Ltd. is at Rs 150 On BSE vs Issue Price Of Rs 120. It listed at a premium of 25% on BSE.
Nifty Pharma Falls From Record High As Lupin & Cipla Drag
The NSE Nifty Pharma rose as much as 0.25% to 23,578.50, the highest level since its listing. However, it erased all gains to trade 0.35% lower at 23,436.45 as of 10:03 a.m., as Lupin Ltd., and Cipla Ltd. dragged.
Nifty Metal Rises To Record High As Hindalco Ind, Tata Steel Lead
The NSE Nifty Metal index rose 1.66% to 10,232.05, the highest level since its listing. Hindalco Industries Ltd., and Tata Steel Ltd. contributed the most to the index's gains. It was trading 1.39% higher at 10,204.30 as of 10:01 a.m.
Policy Bazar To Aid incorporate a Health Maintenance Organization, Says Chairman
PB Fintech Ltd. is to help incorporate a Health Maintenance Organization. Investment from PB Fintech will be a 0-$100 million, said Yashish Dahiya, chairman and chief executive officer to NDTV Profit in an interview.
PB Fintech is to not investment more than $100 million. The company will execute the investment in the next few quarters, surely not the next few months, Dahiya said.
Policy Bazar wishes that claims come down and a better customer experience is provided. Customer is worried about whether claim will be approved and how much of the claim will be approved, Dahiya said.
Welspun Enterprises Shares Jump Nearly 6% After Bagging BMC Water Tunnel Project
Shares of Welspun Enterprises Ltd. snapped their two-day fall and jumped nearly 6% after the company was declared lowest bidder for a Rs 1,990-rupee water tunnel project by Brihanmumbai Municipal Corporation.
Eraaya Lifespaces Plans Restructuring After Ebix Acquisition
Eraaya Lifespaces Ltd. planned restructuring after completing acquisition of Ebix Inc. The company declares control, reaffirms continuity and integration of operations for long-term growth, and initiates investigation into financial irregularities, it said in an exchange filing.
Indian Markets Volatility Rises On Mixed Global Cues
The NSE India Volatility index rose as much as 6.62% to 12.76. It was trading 5.48% higher at 12.62 as of 09:32 a.m.
While China's efforts to support its struggling real estate market boosted sentiment for emerging markets, tension escalated in the Middle East after Israel killed Hezbollah's leader over the weekend.
Nifty, Sensex Extend Losses As ICICI Bank, Infosys Decline: Opening Bell
The NSE Nifty 50 and BSE Sensex extended losses at open as shares of ICICI Bank Ltd., and Infosys Ltd. declined. As of 09:17 a.m., the Nifty 50 was trading 91.75 points or 0.35% down at 26,087.20, and the Sensex fell 372.97 points or 0.44% down at 85,198.88.
Volatility is expected due to mixed cues from global markets and escalating Middle East tensions caused by Israel's intensifying attacks on Iran-backed forces. Core sector output data is due later in the day, while manufacturing and service sector Purchasing Manager's Index readings for September will be out on Tuesday and Friday, respectively. Monthly auto sales data for September will be released starting Oct 1, said Ameya Ranadive, a senior technical analyst at StoxBox.
As long as the range of 25,950-25,750 holds on a closing basis, it is expected that the index will continue to attract bullish momentum, Ranadive said.
ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd., and Mahindra & Mahindra Ltd. weighed on the index.
NTPC Ltd., Tata Steel Ltd., Hindalco Industries Ltd., JSW Steel Ltd., and Bharat Petroleum Corp Ltd. limited losses in the index.
On NSE, six sectors declined, five advanced, and one remained unchanged. The NSE Nifty Realty declined the most, and the NSE Nifty Metal rose the most.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.16% and 0.05% down, respectively.
On BSE, 15 sectors declined and five advanced out of 20. The BSE Realty declined the most, and the BSE Metal rose the most.
Market breadth was skewed in favour of sellers. Around 1,640 stocks declined, 1,394 stocks rose, and 163 stocks remained unchanged on BSE.
Watch India Market Open At NDTV Profit
Nifty, Sensex Lower At Pre-Open
At pre-open, the NSE Nifty 50 was trading 117.65 points or 0.45% lower at 26,061.30, and the BSE Sensex was trading 0.42% lower at 85,210.44.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.75%. It closed at 6.76% on Friday, according to data on Bloomberg.
Rupee Weakens Against US Dollar
Rupee weakened by 2 paise to open at 83.72 against the US dollar. It closed at 83.70 on Friday, according to data on Bloomberg.
Max Estates Gets Rs 4,100 Crore Pre-Sale Booking
Max Estates Ltd. got Rs 4,100 crore pre-sale booking for Gurugram project, it said in an exchange filing.
Morgan Stanley Keeps Overweight On NTPC
Morgan Stanley maintains OVERWEIGHT on NTPC at Rs 496 target (14% upside)
Base Case: Values NTPC's renewable energy portfolio at Rs 47,700 crore
Bull Case: Values NTPC's renewable energy portfolio at Rs 1.3 lakh crore
Key Details of NTPC Green IPO
IPO proceeds to be used for debt repayment, general corp purposes
2.92 GW of operational capacity, 10.98 GW in pipeline
The company intends to install battery in its hybrid contracts
Market share at 7%/10%/18% in FY24/23/22
Bid win ratio at 38.9%/52.8%/53.6% in FY24/23/22
HSBC Initiates Buy On Varun Beverages With Target Price Of Rs. 780
India’s bottling race is about to intensify
Disruptive digital market development models for driving sales coming to India with AI
Varun Beverages can become the largest and most disruptive PepsiCo bottler
Plans to add 300-400k outlets per year to drive higher soft drink per-capita consumption
Outlets addition and digital market development models remains the near-term growth drive
Key risk is that not keeping pace with the leader’s new requisite market development tools and culture
Crude Oil Prices Rises Over 1% As Investors Monitor Middle East Development
Crude oil prices rose in Asian trade on Monday as traders assessed the situation in the Middle–East after Israel killed Hezbollah's leader Nasrallah in an air strike at Beirut, Lebanon's capital.
Market participants are awaiting how will Iran, a sponsor of the group, respond to this development, according to Bloomberg.
The November contract of the crude oil on the Intercontinental Exchange was trading 0.60% higher at $72.41 a barrel as of 08:28 a.m.
Bajaj Steel Industries To Consider Bonus Share Issuance
Bajaj Steel Industries Ltd. is likely to consider proposal for issuance of bonus shares on October 3, it said in an exchange filing.
Asia FX: Yen Falls While Malaysian Ringgit Rises Most
The Japanese yen were trading lower against the US dollar on Monday as market participants assessed Shigeru Ishiba, a proponent of Bank of Japan's monetary tightening won unexpected win in the ruling party's election. The currency was trading 0.10% lower at 142.35 a dollar as of 8:10 a.m.
The Malaysian ringgit emerged as the top performer with over 0.75% gain against the US dollar. The currency has been rising for two consecutive session in a row as hopes of further rate cuts from the US Federal Reserve rose.
The dollar index declined Friday after data from the US Bureau of Econiomic Analysis showed the personal consumption expenditure index, Fed's favoured inflation gauge, declined to 2.2% on the year in August from 2.5% in preceding month fueling believes that the US central bank will go for further rate cuts.
The dollar index, which measures the strength of the greenback against major currencies, were trading 0.08% higher at 100.65. The index declined 0.40% to 100.16 on Friday.
Persistent Systems Intends To Buy Arrka
Persistent Systems Ltd. intended to acquire Pune-based Arrka to advance in data privacy and artificial intelligence-driven business transformation, it said in an exchange filing.
Asia Market Update: Mixed; CSI 300 Jumps over 5% While Nikkei 225 Slumps Nearly 5%
Most markets in Asia-Pacific region were trading on a mixed note as market participants assessed latest purchasing manager's index data from China, and aftermath of Japan's Shigeru Ishiba's winning leadership of ruling party.
CSI 300, mainland China's official stock index, jumped over 6% as three major cities in the country announced measures to provide relaxation to struggling real estate market, according to Bloomberg.
Meanwhile, official PMI data from China came at 49.8 in September, higher than 49.5 economists expected in a Reuters' poll.
The Nikkei 225 slumped nearly 5% on Monday so far, as supporter of monetary tightening policy, Shigeru Ishiba won ruling Liberal Democratic Party's ownership in contrast to investors' expectation.
GIFT Nifty Near 26,300; BSE, Zomato, LTIMindtree, PNB Share Prices Likely To React
The GIFT Nifty was trading near 26,300 level in early session on Monday. Investors may focus on BSE Ltd., Zomato Ltd., LTIMindtree Ltd., and Punjab National Bank's share prices on Monday's session due to developments over the weekend.
The GIFT Nifty was trading 0.20%, or 51.50 points lower at 26,302.50 as of 06:32 a.m.
Motilal Oswal Financial Services Ltd. expects positive momentum to continue in the market, driven by frontline stocks. While on the sectoral front, the focus could shift towards IT and banking space, as companies would be releasing their pre-quarterly updates next week. Auto sector will also be in focus this week, as original equipment makers will announce their monthly sales data, said Siddhartha Khemka, head, research and wealth management, Motilal Oswal.
The NSE Nifty 50 snapped its six-session winning streak on Friday and the S&P BSE Sensex ended lower after two consecutive days of gains. Despite this, the Indian benchmarks managed to end higher for the third week in a row.
At close, Nifty was 37.10 points, or 0.14% down at 26,178.95 and the Sensex was 264.27 points, or 0.31% lower at 85,571.85.
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