KEY HIGHLIGHTS
US Markets: S&P 500 & Down Jones Futures Rise In Pre-Market
The Dow Jones December Future was trading 0.47% higher at 42,474.00 as of 3:43 p.m. Eastern Time Zone. The S&P 500 December Future was trading 0.77% higher at 5,823.25 as of 3:45 p.m.
The Nadaq 100 December Future was trading 1.37% higher at 20,468.50 as of 3:46 p.m.
The futures levels implied the US stocks may seen gains in Thursday's trading session.
Economic Data Releases & Events On Sept 26
US FOMC Members Speak: Chair Jerome Powell Boston Federal Reserve President Susan Collins, Federal Reserve Governors Adriana Kugler and Michelle Bowman, Michael Barr, and Lisa Cook
US Treasury Secretary Janet Yellen speaks
US Second Quarter Final GDP Estimate
US Weekly Jobless Claims
US Pending Home sales data
US Energy Information Administration Natural Gas storage report
European Central Bank President Christine Lagarde Speak
Rupee Weakens Against US Dollar
Rupee weakened by 4 paise to close at 83.64 against the US dollar. It closed at 83.60 on Wednesday, according to data on Bloomberg
Nifty Posts Record Closing High For Fifth Session; M&M, Maruti Suzuki Rise: Market Wrap
The NSE Nifty 50 and BSE Sensex extended their record run to sixth session on Thursday led by gains in Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd. The benchmarks have been touching fresh highs since Sept 19 and robbed the charm of new highs from the market participants.
The Nifty 50 ended 211.90 points or 0.81% higher at 26,216.05, and the Sensex ended 666.25 points or 0.78% higher at 85,836.12.
In Thursday's session, the Nifty 50 rose 0.95% to a record high of 26,250.90, and the Sensex rose 0.89% to a fresh high of 85,167.56. The Nifty 50 index settled at highest closing level for fifth straight session.
The Nifty Bank rose as much as 0.68% to a high of 54,467.35 as State Bank of India, HDFC Bank Ltd. led. The index ended 0.33% higher at 54,281.50, marking the highest close.
"Technically, after a muted opening market successfully cleared 26,000/85,300 mark and post breakout positive momentum intensified," said Shrikant Chouhan, head, equity research, Kotak Securities.
A bullish candle on daily charts and breakout continuation formation on intraday charts indicating further uptrend from the current levels. We are of the view that, as long as market is trading above 26,000/85,300 the bullish setup is likely to continue. On the higher side, it could move up till 26,300-26,375/86,000-86,300. On the other side, below 26,000/85,300 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions, Chouhan said.
Maruti Suzuki India Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., Tata Motors Ltd., and ITC Ltd. added to the index.
Larsen & Toubro Ltd., Oil and Natural Gas Corp, Cipla Ltd., NTPC Ltd., and HDFC Bank Ltd. weighed on the index.
On NSE 11 sectors ended higher and one ended with little change out of 12. The NSE Nifty Auto emerged as the top sector with over 2% gain after hitting fresh high.
The NSE Nifty Auto rose 2.37% to a fresh high of 27,526.35. Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd. were top leaders. It settled 2.03% higher at 27,434.85.
The NSE Nifty Financial Services Ltd. rose 0.86% to a new high of 25,201.95. Bajaj Finance Ltd., and HDFC Bank Ltd. were the top contributors. The index ended 0.46% higher at 25,103.85.
Broader markets underperformed benchmark indices. The BSE Midcap settled 0.01% lower, and the BSE Smallcap ended 0.39% lower.
On BSE, 13 sectors advanced and seven declined out of 20. The BSE Auto rose the most, and the BSE Consumer Durables declined the most.
Market breadth was skewed in favour of sellers. Around 2,273 stocks declined, 1,703 stocks rose, and 105 stocks remained unchanged on BSE.
Market At Close
The NSE Nifty 50 and BSE Sensex scaled fresh highs for sixth consecutive session.
The Nifty posted highest closing level for five days in a row. The Nifty 50 rose 0.95% to a record high of 26,250.90, and the Sensex rose 0.89% to a fresh high of 85,167.56.
The NSE Nifty Auto was the top gainers among sectoral indices, and the NSE Nifty Pharma was the top loser.
The NSE Nifty Auto rose 2.37% to a fresh high of 27,526.35. Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd. were top leaders. It settled 2.03% higher at 27,434.85.
The NSE Nifty Financial Services Ltd. rose 0.86% to a new high of 25,201.95. Bajaj Finance Ltd., and HDFC Bank Ltd. were the top contributors. The index ended 0.46% higher at 25,103.85.
The Nifty Bank rose as much as 0.68% to a high of 54,467.35 as State Bank of India, HDFC Bank Ltd. led. The index ended 0.33% higher at 54,281.50, marking the highest close.
The NSE Nifty Midcap 150 ended 0.06% higher at 22,369.90, and the NSE Nifty Smallcap 250 ended 0.52% lower at 19,257.45.
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Paytm Shares Rises Over 5% Following Large Trade
Shares of One 97 Communication Ltd. rose as much as 5.43% to Rs 724.80 after its shares changed hands in large trade. Paytm's 1.82 lakh shares changed hands at Rs 691.8 apiece at 12:51 p.m., according to data on Cogencis.
Nifty, Sensex Hit Fresh Highs For Sixth Day As Maruti Suzuki, Tata Steel Gain Sharply: Midday Market Update
The NSE Nifty 50 and BSE Sensex rose to fresh highs for sixth consecutive session on Thursday tracking gains in shares of Maruti Suzuki India Ltd., and Tata Steel Ltd. and others. As of 12:40 p.m., the Nifty 50 was trading 0.34% higher at 26,093.50, and Sensex was 0.34% higher at 85,467.57.
So far today, the Nifty 50 rose 0.41% to a fresh high of 26,111.40, and the Sensex rose 0.42% to a fresh high of 85,167.56.
To read the full update click here.
IPO Update: Mouri Tech Files Draft Papers For Rs 1,500 Crore
Mouri Tech Pvt. Ltd. filed for Rs 1,500 crore initial public offer. The issue to have fresh issue of up to Rs 440 crore, and the offer for sale component of up to Rs 1,060 crore, according to the draft red herring prospectus.
Linc Teams Up With Japan's Mitsubishi
Linc Ltd. has entered into a joint venture with Japan-based Mitsubishi Pencil Co, Japan. The partnership aims to bring Japan's leading technology to Indian markets at an affordable prices, it said in an exchange filing.
Krsnaa Diagnostics Buy Stake In Apulki Healthcare
Krsnaa Diagnostics Ltd. bought stakes in Apulki Healthcare to deliver diagnostic services, it said in an exchange filing on Thursday. The company is to become exclusive diagnostic partner for Apulki'S Cancer & Cardiac Hospitals.
Nifty Bank Rises To Fresh High As SBI, Kotak Bank Lead
The NSE Nifty Bank rose 0.30% to a fresh high of 54,262.40 as State Bank of India and Kotak Mahindra Bank Ltd. rose. The index was trading 0.15% higher at 54,180.95 as of 12:33 p.m., as compared to a 0.29% rise in the NSE Nifty 50.
Nifty Auto Rises To Fresh High As Maruti Suzuki Lead
The NSE Nifty Auto index rose as much as 0.90% to a fresh high of 27,129.70 as Maruti Suzuki India Ltd. led. The index was trading 0.85% higher at 27,121.45 as of 12:11 p.m., as compared to 0.34% advance in the NSE Nifty 50 index.
Nifty Financial Services Rises To Fresh High
The NSE Nifty Financial Services rose 0.24% to a fresh high of 24,945.90. ICICI Bank Ltd. and Bajaj Finserv Ltd. contributed the most to the upward movement. The index was trading 0.09% higher as of 11:23 a.m.
Policy Bazar Falls To Over One-Month Low After Clarifying It's Not Entering Healthcare Space
Shares of PB Fintech Ltd. declined as much as 10.28% to Rs 1,545.05, the lowest level since Aug 14. It pared losses to trade 6.56% lower at Rs 1,608.50 apiece as of 10:53 a.m., as compared to 0.24% advance in the NSE Nifty 50 index.
Hope Of Rate Cuts, & Soft Landing Of US Economy May Drive FII Inflows, Says CLSA's Jain
If there is a rate cut and narrative of soft landing continue then India can be hopeful for more inflows, said Vikash Kumar Jain, a strategist at CLSA. If not, then people won’t put money in risky environment and no major inflows.
If there is rally in Chinese markets and there's unlikely any incremental inflows in emerging markets. Flows could move away from India, Jain said in an interview to NDTV Profit. India heads into a period where there’s going to be a big race of supply this quarter.
So far this calendar year, $7 billion of total IPOs have been raised, he said. There is requirement of more inflows into India. If foreign investors don’t put in money, they will sell their investment in secondary markets which could cause nervousness, Jain said.
Allcargo Gati Announces Price Increase
Allcargo Gati Ltd. announced a 10.2% average general price inncrease From January 1, 2025 for its express distribution service, it said in an exchange filing.
Ask Automotive Shares Plunge Following Promoter Stake Sale Announcement
Shares of ASK Automotive Ltd. experienced a sharp decline of 5.32% at market open on Thursday, following the news that promoter Kuldip Singh Rathee plans to sell a 6.05% stake in the company. This decision was disclosed in an exchange filing on Wednesday.
Five Star Business Rises To Nearly Four-Month High
Shares of Five-Star Business Finance Ltd. rose as much as 4.95% to Rs 848.00, the highest level since June 7. The company's shareholders will divest stake worth Rs 4,317 crore through a block deal on Thursday. The issue has a lock-up period of 12 months.
On BSE, 1 lakh shares of Five Star Business changed hands at Rs 801 apiece.
Tata Communications UK To Become Wholly-Owned Subsidiary
In a move to simplify the structure of Tata Communications Group and subsidiaries, it has brought Tata Communications UK under its direct ownership. The wholly-owned UK unit will operate under parent Tata Communications without any material changes to the ownership, the company said in an exchange filing.
Here Top Gainers & Losers In Nifty Realty Index
The NSE Nifty Realty index rose as much as 0.91% to 1,140.40, the highest level since July 10. It was trading 0.12% higher at 1,131.75 as of 09:43 a.m., as compared to 0.15% advance in the NSE Nifty 50 index.
Sun Teck Realty Ltd., Godrej Properties Ltd., Prestige Estates Projects Ltd. rose the most in the index.
Nifty, Sensex Hit Fresh Highs
Nifty, Sensex Starts Thursday On Muted Note; Infosys, Airtel Lead
The NSE Nifty 50 and BSE Sensex took a breather on Thursday after scaling fresh highs in the last hour of the preceding session. Gains in shares of Infosys Ltd., Bharti Airtel Ltd. supported the benchmark indices.
Shortly after open, both the Nifty 50 and Sensex rose fresh high. The Nifty 50 rose 0.12% to 26,035.60, and the Sensex rose 0.10% to 85,167.56.
As of 09:19 a.m., the Nifty 50 was trading 0.09% higher at 26,028.75, and the Sensex was trading 0.09% higher at 85,239.73.
"For trend-following traders, 25,800/84,600 is a crucial support level. Above that, the market may rise towards 26,100-26,150/85,500-85,700. If the market falls below 25,800/84,600, it can retest 25,650-25,500/84,300-84,000 levels. The strategy should be to reduce long positions to around 26100 and consider buying only at major supports placed at 25,800 and 25,500," said Shrikant Chouhan, head, equity research, Kotak Securities.
Infosys Ltd., ITC Ltd., Maruti Suzuki India Ltd., and Tata Consultancy Services Ltd. added to the benchmark index.
Reliance Industries Ltd., ICICI Bank Ltd., Hero MotoCorp Ltd., Axis Bank Ltd., and Titan Co. limited gains in the index.
On NSE, five sectors advanced, four declined, and two remained flat out of 12. The NSE Nifty Metal index declined the most, and the NSE Nifty Realty rose the most.
Broader markets were trading lower. The BSE Midcap and Smallcap were trading 0.30% and 0.15% lower, respectively.
On BSE, 12 sectors declined, six advanced out of 20. The BSE Realty rose the most, and the BSE Consumer Durables declined the most.
Market breadth was split evenly between buyers and sellers. Around 1,454 stocks declined, 1,456 stocks rose, and 145 stocks remained unchanged on BSE.
IPO Offering: KRN Heat & Diffusion Engineers Enter Second Day
Manba Finance: The public issue was subscribed to 224.10 times on final day. There bids were led non-institutional investors (511.65 times), qualified institutional investors (148.55 times) and retail investors (144.03 times).
KRN Heat Exchanger and Refrigeration: The public issue was subscribed to 24.09 times on day 1. There bids were led non-institutional investors (53.88 times), retail investors (23.96 times), and qualified institutional investors (1.44 times).
Diffusion Engineers: The company will offer its shares for bidding on Thursday. The price band is set from Rs 159 to Rs 168 per share. The Rs 158-crore IPO issue entirely a fresh Issue. The company raised 47 crores from anchor investors.
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Nifty, Sensex Trade Flat At Pre-Open
At pre-open, the NSE Nifty 50 index was trading flat at 26,005, and the BSE Sensex trade flat at 85,167.56.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.74%. It closed at 6.73% on Wednesday, according to data on Bloomberg.
Rupee Strengthens Against US Dollar
Rupee strengthened by 6 paise to open 83.66 against the US dollar. It closed at 83.60 on Wednesday, according to data on Bloomberg.
HSBC Runs Check At Ola Electric Service Centres
HSBC does a reality check at Ola Electric service centres and finds most of them overwhelmed with service requests.
Rating: Buy; Target Price Rs 140 which implied 34.6%. Most service centres are struggling to provide adequate service quality
A huge backlog of service requests, almost 5-10 times the capacity Servicing capacity lagging compared to sales in the past two years
Regular service requirements also piled up due to staff shortage
Many issues are transitory, multiple initiatives afoot to improve the situation
Availability of spare parts has improved, software issues with motor are largely fixed
Ola Electric proactively engaged to fix service issues, targets servicing of 5-7 vehicles per day, per executive
TP stays at Rs 140/share as an improvement in service quality is required before the critical launch of motorcycles
Nomura On HDFC Bank
Maintain Neutral with target price of Rs 1,720 which implied a 3%
Quotes NDTV Profit report on HDFC Bank selling down 60-70,000 crore of loans
Sell-downs likely to accelerate LDR resolution but impact Loan to Deposit Ratio but affect EPS and ROE
HDFC Banks sell-down could be ~30-35% of the securitisation loan market in FY25
ROE improvement to be gradual and to come at cost of loan growth
See limited upside with 2x June 26 Book Value
Top Picks: ICICI Bank, Kotak Bank, SBI, Federal Bank
Bernstein On PB Fintech
Maintains outperform with a target price Rs 1,720 which implied neither upside and nor downside.
PB Fintech is talking about backward integration with hospitals
Founder seems convinced this is the way forward, and working towards this
Stock is down 13% in the last two days
Likely plan to provide hospital bed inventory to customers in the Delhi-NCR region
If it works, PB could become (much) more dominant in the health insurance distribution market
The company has $650 million on balance sheet to build this model
Some may look at the backward integration as a meaningful shift from its capital-light business model
Stocks To Watch: IDFC First Bank, Infosys, Pharma Companies In Focus
Pharma Companies: India's apex drug regulatory body, the Central Drugs Standard Control Organisation, has flagged 53 drug samples for failing to meet quality standards. Major pharmaceutical companies, including Sun Pharma Laboratories Ltd., Glenmark Pharmaceuticals Ltd., and Alkem Health Science Ltd., are implicated in this quality lapse, according to the CDSCO’s August report.
Oil and Natural Gas Corp's board approved Rs 10,501 crore investment in ONGC Petro additions. Vedanta's board will consider the fourth interim dividend on Oct. 8.
NCLT approved the merger of IDFC financial holdings with IDFC and the resulting entity's merger into IDFC First Bank. Hindustan Copper approved the sale of the Malanjkhand copper ore tailing plant in Madhya Pradesh.
Infosys is to establish Tech Hub for Sweden-based Polestar in Bengaluru. Uno Minda's arm is in a pact with Korea-based Hyundai Mobis to manufacture licensed products like speakers.
Global Cues: Dollar Index Steady Ahead Of US GDP Data
The dollar index was trading steady in Asian trade as market participants await second estimate of the US GDP for April–June, jobless claims data, scheduled for release later today. These data will provide fresh cues about the Federal reserve's policy in near future.
In its September meeting, the US central bank said that they will monitor upcoming economic data before considering future path of the monetary policy.
The dollar index, which gauges the strength of the greenback against six major currencies, was trading 0.02% higher at 100.93, against Wednesday's close of 100.92.
The yield on the benchmark 10-year US treasury note declined in Asian trade before the release of a slew of economic data from the world's largest economy.
The benchmark yield rose Wednesday as much as 1.63% to 3.79% as investors received new supply of five-year notes from the auction, Bloomberg reported. It was trading 0.05% lower 3.78% as of 08:31 a.m.
Crude oil prices were trading largely steady on Thursday morning as supply outlook improved after the Libyan faction came to a "compromise" about the leadership of Organization of the Petroleum Exporting Countries' central bank, Bloomberg reported.
The November contract of brent crude on Intercontinental exchange was trading 0.18% higher at $73.59 a barrel as of 08:35 a.m.
Asian Markets Soars As Technology Stocks Rise
Markets in Asia-Pacific region surged on Thursday tracking gain in technology stocks, Bloomberg reported. The upward move in the share indices was influenced by after-hour rally in Micron Technology Inc., a Nasdaq 100 constituent, after it forecasted for a strong revenue, according to Bloomberg.
The KOSPI jumped over 2% over led by gains in technology and financial stocks, as reported by Dow Jones Newswires. The Nikkei 225 also gained over 2% as the yen remained relatively weaker against the dollar index.
The KOSPI and Nikkei 225 were trading 2.02% and 2.40% higher, respectively as of 8:15 a.m.
The CSI 300 is on path to post seven-day winning streak. The index was trading 0.98% higher as of 08:17 a.m.
GIFT Nifty Trades Above 26,000; IDFC First Bank, Infosys, ONGC, Vedanta Share Prices Likely To React
The GIFT Nifty was trading above 26,000 in early hours of Thursday session. Market participants will monitor share prices of IDFC First Bank, Infosys Ltd., Oil and Natural Gas Corp., and Vedanta Ltd. because of the news flow.
The GIFT Nifty was trading 18.50 points or 0.07% higher at 26,048.50 as of 07:48 a.m.
The benchmarks will also take cues from gains in Asian shares and overnight movement in the US stocks.
"As far as levels are concerned, 26,200-26,250 is the next potent resilience for the benchmark index. On the lower end, 25,850-25,800 is likely to cushion any short-term blips with a series of support placed from 25,700-25,500 in positional view," said Osho Krishnan, a senior analyst, technical and Derivatives, Angel One.
The NSE Nifty 50 and BSE Sensex recovered from day's low in the last leg of the trade to end the Wednesday's at record close. HDFC Bank Ltd. and Axis Bank Ltd. added to the gains to the index. This is the fifth consecutive session the India's benchmarks recorded fresh highs.
The Nifty 50 ended 63.75 points or 0.25% higher at 26,004.15, and the Sensex ended 255.83 points or 0.30% higher at 85,169.87
The Nifty 50 ended at the highest closing level for fourth session in a row.
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