KEY HIGHLIGHTS
Nifty, Sensex Post New Closing Highs For Third Day As Airtel, HDFC Bank Lead: Market Wrap
The NSE Nifty 50 and BSE Sensex settled at the highest closing level for three consecutive sessions in a row as Bharti Airtel Ltd. and HDFC Bank Ltd. led gains. The indices rose to new intraday highs for four days in a row.
The Nifty 50 ended 148.10 points or 0.57% higher at 25,939.05, and the Sensex ended 384.30 points or 0.45% higher at 84,928.61.
During the session the Nifty rose as much as 0.64% higher at 25,956.00, and the Sensex rose 0.52% to 84,980.53.
"Due to a strong gap-up opening, the Index oscillated in a well-maintained range and finally settled the trade at a record level of 25,939.05 with gains of 148.10 points," said Aditya Gaggar, director, Progressive Shares.
Barring IT, all the other sectors advanced with PSU Banks and Realty being the top performers. The interest of market participants was back to the Broader markets as Midcap advanced by 0.84% while Smallcaps soared over 1% and outperformed the Frontline Index. Considering the strong rally in the past 2 trading sessions; the Index seems to be overheated in the short run. Profit-taking correction can be expected where the zone of 25,800-25,850 will serve as a strong support area; and on the flip side, a level of 26,000 will work as a psychological barrier, Gaggar added.
HDFC Bank Ltd., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., State Bank of India, Bajaj Auto Ltd. added to the index's gain.
ICICI Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Asian Paints Ltd., and Eicher Motors Ltd. limited gains in the index.
On NSE, 11 setcors advanced with the NSE Nifty PSU Bank rising the most, and the NSE Nifty IT declined.
Broader indices outperformed. Both BSE Midcap and BSE Smallcap closed 0.7% higher.
All 20 sectoral indices on the BSE rose, except BSE Information Technology. BSE Oil & Gas rose the most.
Market breadth was skewed in the favour of buyers. As many as 2,392 stocks rose, 1,719 fell, and 122 remained unchanged on the BSE.
Rupee Closes At The Highest Level Against US Dollar Since July 12
The local currency ended flat against the US dollar at 83.5450 on Monday. It's a fresh over two-month high level.
Intraday, it rose to 83.4350 a dollar, marking the highest level since July 8.
On Friday, the Indian unit closed at 83.5600 a dollar, the highest level since July 12.
Source: Cogencis
Market At Close
The NSE Nifty 50 and BSE Sensex touched fresh highs for four sessions in a row on Monday.
The indices closed at record highs for three days since Sept 19.
The NSE Nifty Bank rose to a new high of 54,197.95 as HDFC Bank led. The index ended 0.51% higher at 54.069.30, which is the highest close so far.
The NSE Nifty Financial Services touched a fresh high of 24,994.25 as HDFC Bank and State Bank of India led. The index ended 0.63% higher at 24,944.55.
The NSE Nifty FMCG index rose to a fresh high of 66,438.70 as Hindustan Unilever Ltd., and ITC Ltd. led. The index ended 0.64% higher at 66,295.15
The NSE Nifty Midcap 150 rose to a new high of 22,442.55. The Index ended 0.70% higher at 22,412.30.
Nifty IT Declines Most Among Sectoral Indices
The NSE Nifty IT declined 0.99% to 41,785.15 as Infosys Ltd., and Tata Consultancy Services Ltd. fell.
Airtel Rises To Record High As Jefferies Sees To Keep On Gaining Market Share
Shares of Bharti Airtel Ltd. rose to the highest level in incorporation as Jefferies said the company, along with its rival Jio will continue to gain market share.
Vodafone Idea Initiates New Conversation With Government
Vodafone Idea Ltd. have initiated a fresh dialogue with the government.
In June 2024, Vodafone Idea acquired spectrum across low and mid band in 11 circles.
Industry will need further price increases. The company firmly believe in their turnaround.
Source: Vodafone Idea Conference Call
India VIX Rises Over Over 9%
The India Volatility Index rose as much as 9.52% to 14.00. It was trading 9.48% higher at 14.00 as of 2:23 p.m.
Nifty, Sensex Record Fresh Highs For Fourth Session: Midday Market Update
India's benchmark indices hit fresh highs for the fourth consecutive session as oil and gas stocks led the day's gains on Dalal street.
The NSE Nifty 50 rose as much as 0.52% to hit 25,925.80, while the S&P BSE Sensex advanced 0.40% to 84,881.73. At 12:39 p.m., Nifty was trading 76 points, or 0.29% higher at 25,866.80, and Sensex was up 126 points, or 0.15% at 84,669.80.
Indices like the Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 150 and Nifty FMCG climbed to fresh life highs during the session.
Nifty 50 has closed at all time high with key supports moving higher at 25,350 levels and now the next potential targets could be in range of 26,050-26,180 levels, said Vikas Jain, head of research at Reliance Securities Ltd. "There could be some bout of volatility in individual sectors and stocks in the current week, with respect to the rollover movement and derivatives expiry."
Most European Stocks Gain Ahead Of Economic Data From Region
Most share indices in Europe rose on Monday as market participants await purchasing manager's index data from Europe, Germany, UK, and France. Moreover, investors are also keenly waiting for board members of the European Central Bank's speech, due later today.
Glenmark Pharma Rises To One-Week High As US FDA Ends Inspection With Zero Observation
Shares of Glenmark Pharmaceuticals Ltd. rose as much as 7.77% to Rs 1,764.00, the highest level since Sept 16. It was trading 4.76% higher at Rs 1,714.70 as of 1:56 p.m., as compared to 0.44% advance in the NSE Nifty 50 index.
The US Food and Drug Administration concluded Glenmark Pharmaceuticals's facility at Chhatrapati Sambhaji Nagar in Aurangabad, the company said in an exchange filing on Saturday.
Nifty Bank Rises To Life High As HDFC Bank Lead
The NSE Nifty Bank rose 0.55% to 54,088.45, the highest level since incorporation. It was trading 0.50% higher at 54,053.85 as of 1:40 p.m., as compared to 0.42% advance in the NSE Nifty 50 index.
NBCC Arm Gets Order Worth Rs 1,261 Crore From Health Ministry
NBCC (India) Ltd.'s arm HSCC received an order worth Rs 1,261 crore from Ministry of Health and Family Welfare, it said in an exchange filing. NBCC will establish work of AIIMs in Drabhanga, Bihar.
Outlook For The Banking Sector Overall Is Positive, Says Morgan Stanley
Outlook for the banking sector overall is positive.
Banks are raising deposit rates and margin pressure will continue.
Loan yields unlikely to grow significantly from here.
Asset quality on MFI may see some challenges but otherwise asset quality will hold up
Expected Credit Loss methodology and regulatory overhang are near term challenges.
Banks that went through asset quality cycle have done very well.
Source: Morgan Stanley's Executive Director Financials Equity Research Sumeet Kariwala
Nifty Financial Services Rises To Life High As HDFC Bank Lead
The NSE Nifty Financial Services rose 0.47% to 24,906.90, the highest level since its corporation as HDFC Bank Ltd., and State Bank of India rose. It was trading 0.42% higher at 24,892.85 as of 12:47 p.m., as compared to 0.285 advance in the NSE Nifty 50 index.
Nifty Midcap 150 Rises To Fresh High
The NSE Nifty Micap 150 rose 0.61% to 22,391.15, the highest level since its incorporation. The index was trading 0.57% higher at 22,384,35 as of 12:37 p.m., compared to 0.29% advance in the NSE Nifty 50 index.
Bajaj Healthcare In Pact For API With European Entity
Bajaj Healthcare Ltd. is in development and supply pact for active pharmaceutical ingredients with a European entity, it said in an exchange filing.
The API will be supplied in small quantities, which European entities will use with European partner to carry out clinical trials for an alternative indication, the exchange filing said.
Cropster Agro Approves Splitting Each Share Into 10
Cropster Agro Ltd. approved splitting each share into 10. Also, the company approved issue of two bonus shares for each held, it said in an exchange filing.
Samvardhana Motherson Rises To Life High After Fundraise
Samvardhana Motherson International Ltd. rose as much as 3.86% higher at Rs 210.60, the highest level since its listing as the company raised Rs 4,938 crore via qualified institutional placement. The stock was trading 1.84% higher at Rs 206.51 as of 12:01 p.m., as compared to 0.31% advance in the NSE Nifty 50 index.
One Point One Solutions Secures Contract With Swedish Company
One Point One Solutions Ltd. secured Major Contract With Leading Swedish Company. The publicly listed Swedish company has given One Point One Solutions three major developmental projects, reflecting their ability scale up operations.
One Point One Solutions refrained disclosing the name of the Swedish company, the exchange filing said.
PSP Projects Bags Order Worth Rs 555 Crore
PSP Projects Ltd. received construction order worth Rs 555 crore. The company will construct Gold Stone Hotel and Commercial Towers at Bangalore for Rs 389.29 crore in institutional category, it said in an exchange filing.
Additionally, PSP Projects will construct Residential Towers in Ahmedabad Rs 165.04 crore, it said in an exchange filing.
Fortis Healthcare To Have Indrajit Banerjee As Chairman
Indrajit Banerjee will replace Ravi Rajagopal as Fortish Healthcare Chairman From October 1, it said in an exchange filing. Banerjee will continue to be the chairman of Audit Committee and member of Nomination and Renumeration Committee Stakeholder Relationship Committee and Corporate Social Responsibility Committee of the company.
India's Flash PMI At 56.7 In September
India's September flash manufacturing purchasing manager index came at 56.7 compared to 57.5 in August. The September flash services PMI is at 58.9 compared to 60.9 in August.
The composite PMI was at 59.3 compared to 60.7 in August, as reported by Bloomberg.
Dom Industries Buys Stake In 51.77% In Uniclan Healthcare
Doms Industries Ltd. acquired 51.77% stakes in Uniclan Healthcare. The acquisition is to allow increase addressable market & expand long-term distribution network, it said in an exchange filing.
Dreamfolks Services Resolves Integration Issue At Adani Airports
Dreamfolks Services Ltd. resolved integration issue at Adani Airports. The company has ensured seamless acceptance of all eligible cards at lounges moving forward.
Implemented solution to guarantee smooth transaction for passengers and stakeholders, it said in an exchange filing.
IPO Update: Manba Finance IPO Subscribed Over 2% On First Day
Manba Finance's initial public offer was fully subscribed as of 10:33 a.m. on Monday. Qualified institutional buyers's portion remained nil.
Non-institutional investors subscribed 3.72 times, while retail investors subscribed 2.82 times, according to date on BSE.
Mankind Pharma Hits Life High As Board Approves To Raise Rs 10,000 Crore
Mankind Pharma Ltd. rose as much as 4.43% higher at Rs 2,648.00, the highest level since its listing on May 9, 2023. It was trading 3.55% higher at Rs 2,625.85 as of 10:41 a.m., as compared to 0.30% advance in the NSE Nifty 50 index.
Zomato Hits Life High As CLSA Affirms It As Top Pick
Zomato Ltd. rose as much as 2.50% to Rs 297.70, the highest level July 23, 2021. CLSA kept the stock as its top picks in India consumer segment as it's well placed to benefit from the rising consumer demand after it acquired Paytm's ticketing business.
SpiceJet Surges Over 10% As Board Approves Fundraise
Shares of SpiceJet Ltd. rose as much as 10.04% to Rs 72.80, the highest level since Sept 19. The stock rose as the board approved to raise Rs 3,000 crore via qualified institutional placement.
JP Morgan's Chinoy Sees Rate Cuts In Asia As US Fed Started Easing
JP Morgan's India Chief Economist expects a slew of rate cuts across Asia now that the US Federal Reserve has started rate cuts.
India is better placed due to a large war chest of reserves which RBI has.
In India issue is about food inflation, which RBI correctly is patiently waiting for. RBI is looking for certainty on food inflation cooling
India is getting closer to a rate easing cycle, likely to begin in October or December.
Financial conditions are very benign in India. More demand visibility is what Indian corporates are looking for.
Source: Sajjid Chinoy, India chief economist, JP Morgan
Telecom Shares Rise; Jefferies See Airtel & Jio To Gain Market Share
Shares of telecom stocks were trading in the green amid Jefferies' outlook on the recently released TRAI data for the month of July, which suggested Jio and Bharti Airtel Ltd. would continue to gain market share in the near term, even though both the aforementioned companies and Vodafone Idea Ltd. faced a decline in subscriber count post taking up tariffs.
Vodafone Idea Hits 10% Upper Circuit After Signing Deal For Telecom Equipment Supply
Vodafone Idea Ltd. share prices were locked in 10% upper circuit after it signed a deal worth $3.6 billion with Nokia, Ericsson, and Samsung for network equipment over a period of five years.
Adani Group Stocks Trade Higher
Stocks of Adani Group companies were trading higher with the Adani Total Gas Ltd. leading the gain. Adani Total Gas Ltd. rose after it raised funds from international investors.
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Here Are Indices That At Life Highs
Nifty, Sensex Hit Record Highs At Open; Airtel, L&T Rise
The NSE Nifty 50 and BSE Sensex touched fresh high levels at open on Monday as Bharti Airtel Ltd., and Larsen & Toubro Ltd. lead.
As of 09:18 a.m., the Nifty 50 was trading 83.60 points or 0.32% higher at 25,874.55, and the Sensex was trading 204.47 points or 0.24% higher at 84,748.78.
"The strategy should be to buy on dips between 25700 and 25600 and keep a final stop at 25,450," said Shrikant Chouhan, head, equity research, Kotak Securities. "The market could move towards 26,000-26,200/85,000-85,500 on the higher side. On the other hand, below 25,450/82,500 the sentiment might change. Below the same, traders might prefer to exit trading long positions," he added.
Bharti Airtel Ltd., HDFC Bank Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., and Larsen & Toubro Ltd. added to the benchmark index.
ICICI Bank Ltd., IndusInd Bank Ltd., HCL Technologies Ltd., Infosys Ltd., and LTIMindtree Ltd. weighed on the index.
On NSE, 11 sectors advanced, and one declined out of 12. The NSE Nifty Auto rose the most, and the NSE Nifty IT declined the most.
Broader markets underperformed benchmark indices during open. The BSE Midcap and Smallcap indices were trading 0.15% and 0.59% higher, respectively.
On BSE, all 20 sectors gained with the BSE Telecommunication emerging as the top gainer. The BSE IT logged the least gain.
Market breadth was skewed in favour of buyers. Around 2,158 stocks rose, 925 stocks declined, and 143 stocks remained unchanged on BSE.
Nifty, Sensex Trade Higher At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.32% higher at 25,872.55, and the BSE Sensex was trading 0.13% 84,651.13.
Unichem Labs To Mull Consolidation Of USA Generic Formulations Business
Unichem Laboratories Ltd. is likely to consider integration and consolidation of all Ipca Group's USA generic formulations business under single entity, it said exchange filing.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.77%.
It closed at 6.76% on Friday.
Source: Bloomberg
Rupee Strengthens Against US Dollar
Rupee strengthened by 9 paise to open 83.48 against the US dollar.
It closed at 83.57 on Friday.
Source: Bloomberg
Equity Risk Premium In India At All-Time Low, Says JP Morgan's Mookim
Equity risk premium in Indian markets is at its all time low
The rate cut is happening because the growth is slowing significantly. If growth slows, it's a very bad situation for equities, and risk-assets.
The debate is still on which sort of rate cut investors received. As of now, they believe it's the forward rate cut. Growth is fine, inflation has come down, it's great for us.
What market participants need to watch, not just in the US, but all around the world, does growth hold up or not. If it doesn't, then it's bad for equities
Source: Sanjay Mookim, head, equity research, JP Morgan to NDTV Profit
IPO Offering: Manba Finance To Open Its Offer For 150-Crore Issue
Manba Finance Ltd. will offer its shares for bidding on Monday. The price band is set from Rs 114 to Rs 120 per share. The Rs 150 crore IPO issue is entirely a fresh issue. The company raised Rs 45 crore from anchor investors.
Bulk Deals
The Vanguard Group bought 6.71 lakh shares or 0.5% equity of Arvind Fashions at Rs 588.68 apiece. The Group also obtained 12.74 lakh shares or a 1.05% stake for Rs 331 crore in Concord Biotech Ltd.
Meanwhile, the UBS Principal Capital Asia sold 7.4 lakh shares or 0.7% equity of Concord Biotech.
The Vanguard Group mopped up 37.8 lakh shares or a 1.28% stake for Rs 304.7 crore of Five-Star Business Finance Ltd. UBS Principal Capital Asia sold 15.8 lakh shares (0.54%) at Rs 804.74 apiece.
In Genus Power Infrastructure Ltd., the Vanguard Group bought 15.19 lakh shares or 0.5% equity at Rs 416.31 apiece.
UBS Principal Capital Asia sold 17.1 lakh shares or 0.55% in IIFL Securities at Rs 309.84 apiece.
Meanwhile, UBS Principal Capital Asia sold 34.01 lakh shares or 0.75% equity of Marksans Pharma Ltd. at Rs 317.22 apiece while the Vanguard Group acquired 50 lakh shares or a 1.09% stake of the company for Rs 158.4 crore.
Stocks To Watch: Vodafone, SpiceJet, & Adani Total Gas Share Price May React
Vodafone Idea Ltd. has signed a $3.6 billion deal with Nokia, Ericsson and Samsung for the supply of network equipment over a period of three years. SpiceJet Ltd.'s board approved issuance of 48.7 crore equity shares at an issue price of Rs 61.60 per share to raise Rs 3,000 crore via QIP.
Adani Total Gas: The company secured funding of $375 million from international lenders to expand its city gas distribution network. Bharat Heavy Electricals: The company received an order worth Rs 6,100 crore from NTPC Ltd. for an engineering, procurement, and construction package for the 1x800 megawatt Sipat Supercritical Thermal Power Project.
Dr. Reddy's Laboratories Ltd.'s Hyderabad Research & Development facility got the US Food and Drug Administration's zero observation after inspection. Tata Steel Ltd commissioned a blast furnace at Kalinganagar, Odisha.
Global Cues: Dollar index Steady, US Treasury Yield Rises
The dollar index, which measures the greenback's strength against the six major currencies, were largely steady in Asian trade on Monday. The index was trading 0.09% higher at 100.82, against Friday's close of 100.72.
The yield on the benchmark on the 10-year US Treasury note was trading 0.73% higher at 3.74%, compared to Friday's 3.72%.
The December contract of brent crude on International exchange rose on tension from an escalation of conflict between Israel and Hezbollah, Bloomberg reported. The prices were trading 0.59% higher at $74.93 a barrel. It settled at $74.06 a barrel on Friday.
Most Asian Markets Log Marginal Gains
Most share indices in the Asia-Pacific region were trading with marginal gains on Monday morning as concerns rose about the China's economy. The government in China slashed spending while unemployment rate rose to the highest level this year, Bloomberg reported.
The KOSPI was trading 3.43 points or 0.13% higher at 2,596.80, and the CSI 300 was trading 13.10 points or 0.41% higher at 3,214.15 as of 08:04 a.m.
Financial markets were closed in Japan for observance of Autumnal Equinox Day.
Moreover, the People's Bank of China cut 14-day reverse repo rate to 1.85% from 1.95%, in move to aid the economy on Monday.
GIFT Nifty Trades Above 25,800; Adani Total Gas, BHEL, Dr. Reddy's Share Prices Likely To React
The GIFT Nifty was trading above 25,800 on Monday. Adani Total Gas Ltd., Bharat Heavy Electricals Ltd., Dr. Reddy's Laboratories Ltd., and Tata Steel Ltd.'s share prices are likely to move during the session.
The GIFT Nifty was trading 26.50 points, or 0.10% higher at 25,860.50 as of 06:33 a.m.
Markets are gradually climbing up—a trend which Motilal Financial Services Ltd. expects to continue this week, backed by strong foreign institutional inflows, healthy domestic macroeconomic environment, and receding concern about the US economy slowing down, the brokerage said Friday.
Overseas investors bought Rs 14,064 crore worth of Indian equities on Friday, while domestic institutional investors sold Rs 4,427 crore worth of Indian equities on Friday, according to data on National Stock Exchanges.
On Friday, the NSE Nifty 50 and BSE Sensex ended at their highest closing levels buoyed by gains in Asian peers and US stocks after touching fresh highs during the session. The benchmarks also recorded gains for the second straight week, due to risk-on sentiment after the US Federal Reserve reduced benchmark rates, in line with market expectation, and guided for more cuts.
The Nifty 50 ended 375.15 points, or 1.48% higher at 25,790.95, and the Sensex was up 1,359.52 points, or 1.63% at 84,544.31.
Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
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