KEY HIGHLIGHTS
GIFT Nifty Trades Below 26,000; Tata Power, PC Jeweller, UltraTech Cement, NTPC In Focus
The GIFT Nifty was trading at 26,050.00, up by 74.5 points or 0.3% as of 06:24. Shares of Tata Power, PC Jeweller, UltraTech Cement, NTPC will remain in focus tracking their respective news flow.
Automobile stocks will also react as they will be announcing their production and sales data for September.
On Monday, India's benchmark stock indices recorded their worst day in nearly two months on Monday, tracking sharp falls in heavyweights Reliance Industries Ltd. and ICICI Bank Ltd. amid heightened geopolitical tension in the Middle East.
The NSE Nifty 50 ended 368.10 points or 1.41% lower at 25,810.85, and the S&P BSE Sensex settled 1,272.07 points or 1.49% down at 84,299.78.
Overseas investors remained net sellers of Indian equities for the second consecutive session on Monday. Foreign portfolio investors offloaded stocks worth Rs 9,791.9 crore, domestic institutional investors stayed net buyers for the sixth straight session and purchased equities worth Rs 6,645.8 crore, the NSE data showed.
The Indian rupee weakened by 10 paise to close at 83.80 against the US dollar.
Crude Oil Futures Little Changed As OPEC May Increase Production In September
At 6:48 a.m., November futures Contract of WTI Crude Oil was trading at $68.23, a barrel, up 0.09%.
According to Bloomberg, the global crude benchmark plunged almost 17% last quarter, and is now lower year-to-date. Expectations that OPEC+ will make good on plans to bring back production, as well as a slowdown in China — even after massive stimulus was unveiled last week — have weighed on prices.
Gold Prices Take A Breather After Record Run
On Monday, it ended lower after recording their best quarter since 2020 driven by U.S. monetary easing and heightened Middle East tensions. As of 6:55 a.m., the December futures contract of Gold was trading at $2,658.00, down 0.05%.
Asian Indices Mixed After Powell Hints At Smaller Rate Cuts
Asian indices were mixed in the early trade after US Federal Reserve Chair Jerome Powell emphasised no urgency for further interest-rate cuts.
Japan's Nikkei rebounded Tuesday after data showed business sentiment in the country remained unchanged. At 7:10 a.m., it was trading 1.74% higher at 38,575.16 points. A day before, it had declined steeply as Shigeru Ishiba’s victory in the party’s leadership race spooked panic on the rate hike front. Australia's S&P ASX 200 was down 0.52% at 8226.90.
Financial markets in South Korea, Hong Kong, and Mainland China are closed for public holidays.
Also Read: Japan Stocks Rebound After Ishiba-Led Slump
In US, S&P 500 and Dow Jones Industrial Average closed 0.42% and 0.02% higher, respectively. The Nasdaq Composite settled 0.38% higher.
Bernstein On Muthoot Finance
Bernstein said that it is positive for established gold lenders like Muthoot Finance as have refined processes through decades of RBI audit. It maintains its constructive view on Muthoot Finance and believes it will add to lender’s growth momentum. Bernstein has an 'overweight' rating on Muthoot and target of Rs 2000 implying 1.5% doownside.
Morgan Stanley On India Stock Market
Morgan Stanley said that SMID continues to defy gravity and climb a wall of worry and it prefers large cap cyclicals over defensives. The brokerage expects strong growth signals in the months ahead, accompanied by heightened capital market activity.
Morgan Stanley noted BJP-led NDA has demonstrated continuity in policy expect further policy announcements to reinforce these trends and upcoming state elections in 4Q, including Maharashtra and Haryana, will attract attention.
The brokerage expects the RBI to maintain status quo on rates while allowing liquidity to be less tight while noting that start of the downward rate cycle in the US becomes a factor in future decisions
It expects a recovery in earnings from a weak June quarter, which was adversely affected by the elections.
Key Highlights From SEBI Board Meeting
The Securities and Exchange Board of India on Monday approved a slew of changes to ease regulatory compliance, introduce a new asset class and make it easier for mutual funds to offer passively managed schemes. However, there were no developments to deal with F&O trading frenzy.
Click here for the key highlights from SEBI's board meeting.
JP Morgan Rates Nykaa Shares 'Underweight'
JP Morgan has rated rated FSN E-Commerce Ventures as 'underweight' with target of Rs165 implying 21% downside. To drive gross merchandise value growth, the company has to move to mainstream categories with lesser differentiators which could slow the margin progression. Nykaa is yet to establish a right to win and it could face significant challenges pertaining to more aggressive competition, significantly higher SKU count, and high cost of returns and inventory risk, the brokerage said.
It noted that Nykaa's intent to keep the burn rate low would likely cap GMV growth and that it finds current valuation at more than 60 times FY25E EV/EBITDA expensive.
Samvardhana Motherson Shares Gets Target Upgrade From Citi Research
Citi Research has retained its 'sell' rating on Samvardhana Motherson shares but has increased to target price to Rs 125 vs 105 earlier implying downside of 40%. It said that the change in estimates is to reflect prevailing demand environment for Motherson. It has also increased earnings estimates by 14-15%. Interest burden is expected to go down post the recent QIP, it said.
M&M September Auto Sales
In September, total passenger vehicles were up 24% year-on-year to 51,062 units, total exports up 25% at 3,027 units, domestic tractor sales grew 3% at 43,201 units.
Total tractor sales were up 2% on year at 44,256 units and total 3-wheeler sales were up 27% at 10,044 units and total commercial vehicle sales at 23,706 units.
Macquarie On Paint Companies
Dealer checks suggest weak demand trends across paints and adhesives in Q2, according to Macquarie, which noted that erratic monsoons weigh on paint demand, especially in September. It expects Berger to lead sales growth among paint companies and Pidilite to see higher EBITDA on benign input costs leading to a sector-leading 12% EBITDA growth on a YoY basis.
The brokerage also sees lower crude costs reflected in H2 paint margins and no material change yet from Grasim's entry. Dealers expect demand pull for Grasim's products to improve once marketing intensity improves from October.
Asian paints is the brokerage's preferred pick followed by Kansai nerolac paints.
Rupee Opens Flat Against US Dollar
Rupee opened flat at 83.81 against the US dollar. after it closed at 83.80 on Monday, according to Bloomberg. Amit Pabari, MD at CR Forex Advisors said that as the RBI continues to play an active role in managing the currency’s fluctuations, it seems likely that the rupee will settle into a trading range between 83.50 and 84.00.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.74% after it closed at 6.75% on Monday, according to Bloomberg.
Stock Market Update: Nifty, Sensex Lower At Pre-Open
At pre-open, Nifty 50 was at 25788.45, down 0.09% or 22.40 points and the Sensex was at 84260.72, down 0.05% or 39.06 points. It is believed that the current market structure is weak and volatile for traders, as long as it continues to trade below 26000/85000, according to Shrikant Chouhan, head of equity research at Kotak Securities and below this level, the market may decline towards 25700-25500/84000-82400. "Conversely, above 25850/84400, a quick pullback rally could be observed until 25900-26000/84600-84900,"he said.
Nifty, Sensex Gain After Opening Lower As RIL, HDFC Bank Lead Gains: Opening Bell
Benchmark equity indices gained after opening lower as shares of HDFC Bank and Reliance Industries led gains.
At pre-open, Nifty 50 was at 25788.45, down 0.09% or 22.40 points and the Sensex was at 84260.72, down 0.05% or 39.06 points.
According to Aditya Gaggar, director of Progressive Shares, "The index's (Nifty's) immediate support rests at 25750, and it is imperative for the index to sustain levels above 24430 to continue attracting bullish strength."
Shares of Infosys Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., and Axis Bank Ltd. contributed the most to the gains.
While those of Nestle India Ltd., Asian Paints Ltd., Hindalco Industries Ltd., Hindustan Unilever Ltd., and Titan Company Ltd. capped the upside.
Most sectoral indices opened higher with Nifty IT leading the gains.
Tata Steel Ceases Operations In UK
Tata Steel has ceased operations of iron and steelmaking assets at Blast Furnace 4 at Port Talbot. The said assets are located at UK’s largest steel plant and the operations has been ceased as assets have reached end of operational life, said a press release dated Sept 30.
Steelmaking at the port will resume in 2027-28 and the company will invest 1.25 billion euros to set up Electric Arc Furnace based steelmaking, using UK-sourced scrap steel.
PC Jeweller Share Price Hits Upper Circuit Again
PC Jeweller's share price extended its record run to hit 5% upper circuit in fourth consecutive session after it approved on Monday a share split in the ratio of 1:10 to enhance liquidity, as well as allotment of warrants to promoters amounting to Rs 646 crore.
Share Market Live: Deepak Shenoy On SEBI Board Meeting
Deepak Shenoy, founder and CEO at Capitalmind said that it's a wait and watch on change in F&O regulations and SEBI may not need to hold board meets in order to bring out change in F&O regulations. "A lot of change in regulations come through regular SEBI circulars," he said.
He expects ETFs and index funds will remain active as the case is and disclosure requirements may come down for passive mutual funds.
Tech Mahindra Share Price Gains The Most Among Nifty Stocks
Tech Mahindra's share price gained nearly 4%, the most among Nifty stocks after CLSA upgraded the stock to outperform from hold earlier with a target Rs 1,749. The brokerage said stock's valuation at 15% discount to TCS and its EBIT Margin expansion already underway, orderbook next milestone. CLSA does not foresee a significant uptick in sequential revenue growth in the immediate quarters.
Sun Pharma In Pact With Philogen
Sun Pharma has signed a global exclusive commercialization, license, & supply agreement with Philogen for commercialising specialty product Fibromun, according to an exchange filing. Fibromun is anti-cancer immunotherapy and is being investigated in registration trials by Philogen for treatment of soft tissue Sarcoma & Glioblastoma.
LPG Price Hike: BPCL, HPCL Share Price Rise While Indian Oil Falls
Oil Marketing Companies—Indian Oil Corp. Ltd., Bharat Petroleum Corp., and Hindustan Petroleum Corp.—are in focus on Tuesday after they raised the prices of 19 kg LPG cylinders by Rs 39 with effect from Oct. 1.
IndiGo To SpiceJet: Aviation Stocks Soar Following Fuel Price Cut
Aviation stocks, from InterGlobe Aviation Ltd. to SpiceJet Ltd., rose on Tuesday after oil marketing companies announced a reduction in aviation turbine fuel prices, effective Oct. 1, 2024.
Ola Electric Monthly Sales Lag Rivals Bajaj Auto, TVS Motor
Ola Electric sales continue to slump month-on-month, even as rivals Bajaj Auto and TVS Motor catch up with market share. Monthly sales of Ola Electric sales down 11% month-on-month at 23,965 units with market share at 27%.
Bajaj Auto sales were up 13.71% month on month at 18,933 units with market share at 21.47% and TVS Motor sales up 2.43% MoM at 17,865 units (Market Share: 20.26%). Ather Energy sales were up 15.20% MoM at 12,579 units (Market Share: 14%).
Source: VAHAN website
Blue Dart Share Price Jumps Over 7% On Price Hike News
The logistics company in an exchange filing said that it will implement general price hike effective January 1, 2025 and average price hike will be in the range of 9-12%.
Godrej Properties Approves Fund Raise
Godrej Properties' board has approved fund raise for aggregate amount of Rs 6,000 crore via debt and equity, an exchange filing said.
Muthoot Finance, Manappuram Shares Fall As RBI Flags Irregular Practices Among Gold Loan Lenders
Gold loan financier stocks were trading mixed on Tuesday after the Reserve Bank of India flagged irregular practices among some supervised entities in granting loans against pledged gold ornaments and jewellery.
Muthoot Finance shares fell as much as 3.71%, Manappuram Finance declined 3.45%, while Cholamandalam Finance rose 2.51%, and IIFL Finance gained 4.26%.
Welspun Corp Share Price Hits Life High After Rs 2,400-Crore Order Win
Shares of Welspun Corp. rose to a record high on Tuesday after the company bagged an order worth Rs 2,400 crore for the supply of coated HSAW pipes for a natural gas pipeline project.
The project will be executed during financial years 2025 and 2026, the iron and steel products manufacturer said in an exchange filing on Tuesday. This win further reinforces its credibility and demonstrates its leading position in the USA market, it said in a statement.
Swiggy Vs Zomato
Morgan Stanley said that Swiggy’s DRHP highlights competitive gaps with Zomato amid growth plans, said Morgan Stanley. In an analysis by Morgan Stanley, key insights from Swiggy's Draft Red Herring Prospectus (DRHP) reveal the company's competitive positioning against rival Zomato, particularly in the food delivery and quick commerce segments. Notably, Swiggy trails Zomato in both gross order value and profitability metrics, although improvements have been noted in its financial performance.
Nifty, Sensex Gain Marginally As Infosys, M&M Share Prices Rise: Share Market Update At Midday
India's benchmark stock indices erased morning losses to trade marginally high through midday on Tuesday led by gains in Infosys Ltd. and Mahindra & Mahindra Ltd.
As of 12:13 p.m., the Nifty 50 was trading 13.55 points or 0.05% higher at 25,824.40, and the Sensex was 69.49 points or 0.08% up at 84,369.27.
Earlier in the day, the Nifty 50 declined 0.28% to 25,739.20, and the Sensex declined 0.24% to 84,098.94.
"It has been almost three weeks of upmove in the Nifty 50, so markets are witnessing profit taking. Today, we are seeing more broad-based selling," said Ajit Mishra, senior vice president at Religare Broking. "The index has support still around 25,500–25,550. In case the index rises to 25,800–2850, then it's a good shot."
Infosys Ltd., Mahindra & Mahindra Ltd., State Bank of India, Tech Mahindra Ltd., and Bajaj Finance Ltd. added to the gains on the Nifty 50.
HDFC Bank Ltd., Reliance Industries Ltd., Hindustan Unilever Ltd., Bajaj Auto Ltd., and Asian Paints Ltd. weighed on the index.
On NSE, seven sectors advanced and five declined. The NSE Nifty IT rose the most, and Nifty FMCG declined the most.
The BSE Midcap and Smallcap indices were trading 0.02% and 0.49% higher, respectively.
On BSE, 14 sectors advanced while six declined. IT rose the most, and the realty declined the most.
Market breadth was skewed in favour of buyers. Around 2,277 stocks rose, 1,492 stocks declined, and 140 stocks remained unchanged on BSE.
Asia Market Update: Nikkei Closes Up; S&P ASX 200 Falls
The Nikkei closed Tuesday's session session higher after falling significantly a day before while Australia's S&P ASX closed lower after US Fed Chair Jerome Powell indicated less aggressive rate cuts in future.
Investors in Japan also assessed a slew of events released today including BoJ's third quarter Tankan survey which was unchanged and summary of opinions ifor its Sept. 19-20 meeting, which came a day after the U.S. Federal Reserve delivered a 50 basis points. They will now react to its consumer confidence survey to be released on Wednesday.
South Korea, Hong Kong and mainland China are closed for a public holiday Tuesday. Indices in mainland China will be closed for the rest of the week, due to the Golden Week holiday.
Europe Market Update: Indices Mixed Ahead Of Inflation Data
Stock indices in the Europe were mixed in the early trade as traders await the region's September estimates of euro area inflation to be released shortly. Euro Stoxx 50 traded flat as of 1:54 p.m, UK FTSE 100 and Germany's Dax rose 0.3%, while France CAC 40 and Spain's IBEX 35 fell around 0.3%.
Senco Gold Share Price Hits Lifetime High
Shares of Senco Gold jumped as much as 7.9% on Tuesday to hit their lifetime high of Rs 1,544 after the company announced that it will consider fund raise and share split in its board meeting to be held on Oct. 4.
Angel One Share Price Up Over 7% After Update In Transaction Charges
Shares of the Angel One Ltd. surged as much as 7.5% on Tuesday after it levied transaction charges on delivery based equity trades, which had earlier been free.
GE Power India Share Price Rises On Rs 240-Crore Overseas Order Win
The share price of GE Power India Ltd. edged higher on Tuesday after the company informed the exchanges about winning a Rs 240-crore overseas order for a hydro power project.
MOIL Price Updates
The prices of all Ferro grades of manganese ore with Manganese content of Mn- 44% and above have been decreased by 20% on the prevailing prices since 01.09.2024 effective midnight of Sept 30 for the month of October, 2024.
The prices of all other Ferro grades of manganese ore with Manganese content below Mn-44% have been increased by 5% on the prevailing prices.
Source: Exchange filing
Oil Update: Brent Crude Falls Below $70 Level
Brent crude futures December contract fell as much to hit a low of $69.91 a barrel, its lowest level since September 11, according to Cogencis. Prices are down as demand concerns, oversupply prospects weigh over Middle East conflicts. In addition, OPEC will meet to assess global oil market on Oct 2.
At 3:06 p.m., it had pared losses and traded 2.2% lower at $70.11 a barrel.
NDTV Profit Exclusive: SEBI Top Official On Hindenburg
Sebi top official told NDTV Profit exclusively that proceedings on Hindenburg show cause notice underway as there was no response by Hindenburg on show cause notice. It will pass order on matter after probe gets completed, we are seeking response from all parties involved in the matter.
Markets At Close
Nifty and Sensex ended lower in the third consecutive session
Nifty ends 0.05% or 13 points lower at 25796.90
Sensex ends 0.04% or 33.49 points down at 84266.29
Markets will remain close on Wednesday on account of Gandhi Jayanti
Broader indices outperformed; Nifty Midcap 100 ended 0.34% up and Nifty Smallcap 250 closed 0.66% higher.
Sectoral indices were mixed at close; Nifty Media rose the most
Tech Mahindra and M&M were top Nifty gainers
IndusInd Bank and ONGC fell the most
Rupee Weakens Against US Dollar
Rupee weakened by 2 paise to close at 83.82 against the US dollar after it closed at 83.80 on Monday.
Source: Bloomberg
Nifty, Sensex Close Flat As HDFC Bank, RIL Weigh But Infosys, M&M Gain: Closing Bell
Benchmark equity indices extended fall to a third session as shares of heavyweights Reliance Industries and HDFC Bank weighed on them. The Indian stock market will remain close Wednesday on account of Gandhi Jayanti.
The Nifty ended 0.05% or 13 points lower at 25796.90 and Sensex closed 0.04% or 33.49 points down at 84266.29.
Intraday, the Nifty both the Nifty and Sensex fell around 0.2% to hit their respective lows of 25,739.20 points and 84,098.94 points.
For Nifty, Aditya Gaggar, director of Progressive Shares said "A convincing move above today's high of 25,910 will confirm the divergence and in that scenario, the momentum may extend to 26,000; while on the flip side, a break below 25,750 will drag the Index lower to 25,575."
Shares of Reliance Industries Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., Hindustan Unilever Ltd., and Bharti Airtel Ltd. weighed on the Nifty. While those of Infosys Ltd., Mahindra & Mahindra Ltd., Kotak Mahindra Bank Ltd., Tech Mahindra Ltd., and State Bank Of India capped the downside.
Sectoral indices were mixed at close. Nifty Media and Nifty IT rose the most.
Market breadth was skewed in favour buyers. Around 2,308 stocks rose, 1,655 stocks declined, and 91 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.27% and 0.56% higher, respectively.
On BSE, 12 sectors advanced, eight declined out of 20. The BSE IT rose the most, and the BSE Oil and Gas declined the most.
Economic Data To Be Released On Later Tuesday, Wednesday
US: Johnson Redbook retail sales index for the week ended Sep 28
US: Manufacturing PMI for September
US: Sept. ISM report on business manufacturing PMI
US: Aug. construction spending data
US: Aug. job openings and labor turnover survey
US: Sept. global manufacturing PMI
US: Sept domestic auto industry sales
Japan: Sep consumer confidence survey
EU: Aug unemployment rate
US: EIA weekly petroleum status report
US Market Update: Futures Trade Flat
December future contracts of US indices were flat at open. Dow Jones futures contract were trading 0.3% lower at 42,499.00 as of 3:50 p.m., S&P 500 futures contract was down 0.1% at 5,809.00, and Nasdaq 100's contract was up 0.1% at 20,283.75. Investors will now look for September’s nonfarm payrolls report to be released on Friday.
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