KEY HIGHLIGHTS
Sensex Closes Above 83,000; Nifty Ends At Record High: Market Wrap
The NSE Nifty 50 and BSE Sensex ended at the highest closing level on Tuesday as Bharti Airtel Ltd., Larsen & Toubro Ltd. stocks rose. Throughout the session, the benchmarks traded near record highs, while market participants shift their focus to the US Federal Open Market Committee's policy meeting, starting from later today.
The Nifty 50 settled 34.80 points or 0.14% higher at 25,418.55, and the Sensex ended 90.88 points or 0.11% higher at 83,079.66.
Intraday, the Nifty 50 rose 0.23% higher at 24,441.65, and the Sensex rose as much as 0.20% higher at 83,152.41.
"Ahead of the much-awaited event: Federal Open Market Committee meet; the market participants remained cautious which was reflected through rangebound activities across the board. The Nifty 50 advanced by 34.80 points and settled the trade at 25,418.55. On the sectoral front, Realty and Auto were the top performers with a loss of over 1%, Media was the major laggard followed by PSU Banks. Mid and Smallcaps ended in red and underperformed the Frontline Index," said Aditya Gaggar, director, Progressive Shares.
Bharti Airtel Ltd., Larsen & Toubro Ltd., Bajaj Auto Ltd., Hero MotoCorp Ltd., and Mahindra & Mahindra Ltd. added to the benchmark index.
Tata Motors Ltd., ITC Ltd., HDFC Bank Ltd., Tata Steel Ltd., and Coal India Ltd. weighed on the index.
On NSE, seven sectors ended higher, four declined, and one remained flat out of 12. The NSE Nifty Realty rose the most, while the NSE Nifty Media declined the most.
Broader indices underperformed. Both BSE Midcap and BSE Smallcap closed 0.1% lower.
Nine of 20 sectoral indices on the BSE ended lower and 11 rose. BSE Metal fell the most.
Market breadth was skewed in the favour of sellers. Around 2,237 stocks fell, 1,712 rose, and 109 remained unchanged on the BSE.
Rupee Strengthens Ahead Of Fed Meet
The rupee strengthened by 12 paise to close 83.76 against the US dollar. It closed at 83.88 on Monday.
Source: Bloomberg
Market At Close
The NSE Nifty and BSE Sensex ended Tuesday at the highest closing level since its inception.
The Nifty 50 moved in 89.4 points range. The Sensex moved in 285.73 points throughout the session.
Bharti Airtel Ltd., Larsen & Toubro Ltd., and Bajaj Auto Ltd. added to the benchmark Nifty 50 index.
Tata Motors Ltd., ITC Ltd., and HDFC Bank Ltd. weighed on the Nifty 50 index.
The NSE Nifty IT rose as much as 0.68% to 43,645.90 as Persistent Systems Ltd., and Mphasis Ltd. led gains.
The NSE Nifty Midcap 150 rose to a life high of 22,320.60. The index settled 0.13% lower at 22,235.35.
The NSE Smallcap 250 ended 0.19% lower at 18,538.30.
Doms Industries Buys 51.77% Stake In Uniclan
Doms Industries Ltd. bought 51.77% stakes in Uniclan for Rs 54 crore, it said in an exchange filing on Wednesday.
Jupiter Wagons Announces Change In Unit Name To Jupiter Tatravagonka
Jupiter Wagons Ltd. announced a change in unit name to Jupiter Tatravagonka from Bonatrans India. The company introduced capacity expansion for unit with establishment of new facility, it said in the exchange filing.
PCBL Amends Nanovace Tech JV pact with Kinaltek Pty
PCBL Ltd. amended Nanovace Tech joint venture pact with Kinaltek Pty. The company replaced Kinaltek with Kindia Pty as the join venture partner in Nanovace Tech. The company is to own 51% of the joint venture, while Kindia will hold 49%, it said in an exchange filing.
Watch India Market Close At NDTV Profit
Utkarsh Small Finance Bank To Consider Fund Raise
Bank's board will consider raising up to Rs 200 crore via NCDs on September 20.
Source: Exchange Filing
Kernex Microsystems Recovers Majority Of Impacted Data
Kernex Microsystems (India) Ltd. has recovered majority of impacted data with only minimal portion remaining which won't affect regular operations. The company is working with external cyber security agency for recovery of remaining data, the company said in an exchange filing.
Bajaj Housing Finance Hits 10% Upper Circuit
Shares of Bajaj Housing Finance Ltd. hit 10% upper circuit as rose to Rs 181.50. The shares were listed on Monday. It ended at Rs 165 apiece, a premium of 135.7% over it the issue price.
India's WPI Inflation Rate At 1.31%; June Rate Revised To 3.43%
India's wholesale price index was at 1.31% in August compared to 2.04% in July. Meanwhile, WPI for June was revised to 3.43% from 3.36% provisional figure reported earlier.
WPI for fuel And power inflation came at 0.67% against 1.72% in July.
For food, the WPI was at 3.26% compared to 3.55% in July. India's August WPI manufactured products inflation was at 1.22% compared to 1.58% In July. India August WPI primary articles inflation at 2.42% compared to 3.08% in July.
Zydus Life's Unit Buys Stake In Sterling Biotech
Zydus Lifesciences Ltd. through its wholly-owned subsidiary acquired 50% stake in Sterling Biotech Ltd. During the acquisition, Zydus Lifesciences' subsidiary negotiated to buy the right to acquire active pharmaceutical ingredient business of SBL Ltd, the company said in an exchange filing.
The active ingredient business of the Sterling Biotech is a great fit for Zydus Lifesciences' for the former's fermentation based product portfolio. The production unit of Sterling Biotech is located at Masar, near Zydus Lifesciences' step-down subsidiary facility at Dabhasa, Gujarat.
Alkem Laboratories Incorporates Alkem Wellness
Alkem Laboratories Ltd. incorporated new unit Alkem Wellness Ltd., it said in an exchange filing on Wednesday. The new unit will carry out all sorts of business of drugs, pharmaceuticals, and drug formulations etc.
Nifty IT Rises To Record High As Tech Mahindra & Infosys Rise
The NSE Nifty IT rose to fresh high as Tech Mahindra Ltd., and Infosys Ltd. led gains.It was trading 0.44% higher at 43,540.90 as of 11:31 a.m., as compared to 0.13% advance in the NSE Nifty 50 index.
Nifty Midcap 150 Rises To Fresh High As Indraprastha Gas & Carborundum Universal Lead
The NSE Nifty Midcap 150 rose as much as 0.25% to 22,320.60 as Indraprastha Gas Ltd., and Carborundum Universal Ltd. led gains. It erased all gains to trade 0.20% down at 22,219.30 as of 11:03 a.m. as compared to 0.08% advance in the NSE Nifty 50 index.
PN Gadgil Jewellers Lists At Rs 830 On NSE
PN Gadgil Jewellers Ltd. listed at Rs 830 on National Stock Exchange Ltd. Vs Issue Price Of Rs 480. The company listed at A Premium Of 72.92% on NSE.
The company listed at Rs 834 on BSE Ltd. vs issue price of Rs 480. PN Gadgil Jewellers listed at a premium Of 73.75% on BSE
Reliance Power Clarifies News Of 500 MW Battery Energy Storage Contract
Reliance Power Ltd. clarified reports 'Reliance Power Bags 500 megawatt Battery Energy Storage Contract'. The company confirmed participation in request for selection to establish 500 MW/1000 MWh BESS Invited By SECI. Reliance Power is unable to comment on media speculations or movement in stock price.
Alert: BESS Stands For Battery Energy Storage System
Alert: SECI Stands For Solar Energy Corporation Of India
Source: Exchange filing
Piramal Pharma Gets SBTi Approval To Cut Down Emission
Piramal Pharma Ltd. received a Science Based Target Initiative's approval for its commitment to reduce green house gas emissions. The company intends to reduce Scope 1 and 2 Green House Gas emissions by 42%, and scope 3 by 25% by financial year 2025-30.
Source: Exchange filing
Panacea Biotech Hits Over Three-Year High After Settling Patent Dispute With Sanofi
Shares of Panacea Biotech Ltd. rose to the highest level in over three years on Tuesday as the company reached an settlement agreement with Sanofi Healthcare India Pvt. Ltd. to resolve a dispute over marketing a fully hexavalent vaccine.
SpiceJet Declines After Launching QIP At 21% Discount
SpiceJet Ltd. stock fell more than 6% after the airline’s Rs 3,000-crore qualified institutional placement offered shares at a 20.81% discount to the last closing price.
Ola Electric Jumps Over 6% As Goldman Sachs Initiates Coverage
Shares of Ola Electric Mobility Ltd. rose as much as 6.26% as Goldman Sachs initiated coverage noticing its long-term growth potential. Sectoral trends like lower running cost of electric vehicles compared to internal combustion engine, declining battery cost, and emergence of total addressable market are to help Ola Electric Mobility.
Nifty, Sensex Open Flat; HDFC Bank, Airtel Rise: Opening Bell
The NSE Nifty 50 and BSE Sensex started Tuesday's session on a muted note. Gains in shares of HDFC Bank Ltd., and Bharti Airtel Ltd. supported the benchmarks.
However, shortly after open, Nifty 50 and Sensex declined tracking losses in Tata Motors Ltd., and Tata Consultancy Services Ltd.
As of 09:17 a.m., the Nifty 50 was 11.50 points or 0.05% lower at 25,372.25, and the Sensex was 42.31points or 0.05% down at 82,946.47.
Kotak Securities may see a range-bound activity until the event of the US Federal Reserve meeting, said Shrikant Chouhan, head equity research. For traders, 25,250 and 25,300/82,600 and 82,700 would be the key support zones while 25,500-25,550/83,300-83,600 would act as the key resistance zones. The strategy should be to buy on dips between 25,300-25,250 levels and protect the same with a stop loss at 25,100 levels, he added.
HDFC Bank Ltd., Bharti Airtel Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd., and Hindustan Unilever Ltd. added to the Nifty 50 index.
Tata Motors Ltd., Tata Consultancy Services Ltd., Maruti Suzuki India Ltd., State Bank of India, and HDFC Life Insurance Co. weighed on the index.
On NSE, eight sectors declined, two advanced, and two remained flat out of 12. The NSE Nifty Realty logged the most losses during open, while the NSE Nifty FMCG gained the most.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.08% and 1.0% higher respectively.
During open, 13 sectors declined out of 20 on BSE, while seven rose. The BSE Auto declined the most. The BSE FMCG rose the most.
Market breadth was skewed in favour of buyers. Around 1,634 stocks rose, 1,279 stocks declined, and 144 stocks remained unchanged on BSE.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.76%.
It closed at 6.76% on Monday.
Source: Bloomberg
Nifty, Sensex Higher At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.13% or 33.15 points higher at 25,416.90, and the BSE Sensex was trading 0.12% or 95.85 points higher at 83,084.63.
Watch India Market Open At NDTV Profit
Rupee Opens Flat Against US Dollar
Rupee opened flat at 83.87 against the US dollar.
It closed at 83.88 on Monday.
Source: Bloomberg
Global Cues: Dollar Index At Over One-Year Low; Crude Oil Above $73 Per Barrel
The dollar index continued to trade over one-year low ahead of the policy meeting of the US Federal Reserve. The dollar index also hit over one-year low against the Japanese yen on Monday. It was trading 0.06% lower at 100.71 as of 08:54 a.m.
The benchmark 10-year US Treasury yield declined for second session to settled at 3.63% on Monday compared to Friday's close of 3.66%, according to data available on US Department of Treasury. It was trading 3.62% higher as of 08:56 a.m. as per Bloomberg data.
Crude oil prices were trading above $73 a barrel during Asian trade as market participants look forward to the US Federal Open Market Committee's policy meeting. The oil prices shot up on Monday as hurricane Francine kept oil production in the Gulf of Mexico halted.
The November contract of Brent crude was trading 0.45% higher at $73.08 a barrel as of 09:01 a.m. It settled at 72.75 a barrel on Monday, as per data from Cogencis.
SpiceJet, Vedanta, TVS Motor, & Reliance Infra In Focus On Wednesday
SpiceJet Ltd. is raising Rs. 3,000 crore via qualified institutional placement to deal with financial and operational challenges . The offer opened in late Monday, and conclude on Tuesday.
Water storage facility in Vedanta Ltd.'s Lanjigarh plant located in Odisha Sunday morning. The plant refined bauxite to alumina. Vedanta assured operations in the plant remained unaffected.
TVS Moto Co. share price may attract investors' attention as it launched All New Apache RR 310 at a starting price of Rs Rs 2.75 lakh.
Reliance Infrastructure Ltd. will consider to raise fund on Thursday. For more stocks which will be in focus on Wednesday's session click here.
Most Asian Stocks Rise With Central Banks' Policy Decisions In Focus
Most share indices in Asia-Pacific region rose on Wednesday as traders prepare for first rate cut from the US Federal Reserve since March 2020. Meanwhile, Japan's benchmarks declined as the yen was trading above 140 a dollar ahead of the outcome from the Bank of Japan's policy meet, Bloomberg reported.
The Nikkei 225 was trading 547.80 points or 1.50% lower at 36,033.96, and the S&P ASX 200 was trading 15.40 points or 0.19% higher at 8,137.00 as of 07:52 a.m.
The US Federal Open Market Committee will commence its two-day policy meeting later today. The Bank of Japan's two-day policy meeting — first since it has raised rates — will commence from Thursday, according to Bloomberg data.
Financial markets in Mainland China, and South Korea were closed for observance of Mid-Autumn festival.
GIFT Nifty Near 25,400; TVS Motor, Reliance Infra & Torrent Power Share Prices May React
The GIFT Nifty was trading above 25,400. Reliance Securities expects a minor pull back in the benchmark NSE Nifty 50, and take support at around 25,150, it said in a report on Wednesday. In Tuesday's session, share prices of SpiceJet Ltd., Vedanta Ltd.,TVS Motor Co., Reliance Infrastructure Ltd., and Torrent Power Ltd. will be in focus.
The GIFT Nifty was trading 0.10%, or 25.50 points down at 25,475, as of 8:14 a.m.
The NSE Nifty 50 and S&P BSE Sensex settled higher, with the latter posting the highest closing level since inception. Gains in ICICI Bank Ltd. and Larsen & Toubro Ltd. helped the benchmarks.
On Monday, Nifty and Sensex rose to new highs soon after opening. The indices advanced as much as 0.35% each to 25,445.70 and 82,184.34, respectively. However, during the trade hours, both the benchmarks pared gains.
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