Indices in the US ended with losses, even as the Federal Reserve cut the interest rate by 50 basis points. The S&P 500 ended 0.29% lower at 5,618.26. Dow Jones closed 0.25% down at 41,503.10, and Nasdaq Composite fell 0.31% to close at 17,573.3.
Nikkei climbed over 2% in early trade when S&P ASX 200 was trading largely flat and Kospi fell 0.5% as of 6:33 a.m.
The GIFT Nifty was trading at 25,393.00, up by 38 points, or 0.1% at 06:44 a.m.
India's benchmark equity indices snapped two sessions of gains and ended lower on Wednesday amid caution as markets awaited the much-anticipated interest rate cut in the US. India VIX, an indicator of volatility, closed 6.2% higher at 13.37.
The NSE Nifty 50 ended 41 points or 0.16%, lower at 25,377.55, and the S&P BSE Sensex ended 131.43 points or 0.16%, lower at 82,948.23. Intraday, both the Nifty and the Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38, respectively.
Overseas investors stayed net buyers of Indian equities for the second consecutive day on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 1,153.7 crore. Domestic institutional investors stayed net buyers for the fifth consecutive session and purchased equities worth Rs 152.3 crore, the NSE data showed.
The currency and bond markets were closed on Wednesday.
Stocks To Watch
Nazara Technologies: The company raised up to Rs 900 crore via preferential issue of shares at an issue price set at Rs 954.27 per share and to acquire 19.35% stake in subsidiary Absolute Sport (Sportskeeda) for Rs 145 crore. With this, the company now holds a 91% ownership stake in Absolute Sports (Sportskeeda).
Power Grid: The company was declared a successful bidder for the Rajasthan-Madhya Pradesh transmission project.
BL Kashyap: The company secured a new order worth Rs 221 crore from SSS Realty & Co. for construction work in Bangalore. The total order book as of date stands at Rs 3,546 crores.
Macrotech Developers: The company to acquire Ivanhoe's stake in digital infrastructure platform entities in Maharashtra for Rs 240 crore.
Indian Renewable Energy Development Agency: Department of Investment and Public Asset Management has allowed dilution of up to 7% government holding via QIP.
Garden Reach Shipbuilders & Engineers: The company received an additional $54 million contract from Germany's Carsten Rehder for 4 multi-purpose vessels.
GE T&D India: Promoters to sell up to 15.6% stake via OFS on September 19 and 20. OFS comprises a base offer of 11.7% stake and an oversubscription offer of an additional 3.9% stake. The floor price of the offer set at Rs 1,400 per share, which is a discount of nearly 21% from the current market price.
ION Exchange: The company received Rs 161 crore order from Adani Power for a water and environment management solution.
Aditya Birla Capital: The company received ‘no objection’ from the RBI for the proposed amalgamation of Aditya Birla Finance Ltd. with itself; it will create a large unified operating NBFC.
ICICI Securities: Another shareholder filed an appeal before the NCLAT in the delisting case.
Lemon Tree: The company signed a license pact for 44-room hotels in Andhra Pradesh.
Zomato: The company received Rs 11 crore GST demand order from West Bengal.
Nippon Life India: The company approved the appointment of Parag Joglekar as CFO effective September 19.
Dish TV: The company approved the appointment of Amit Verma as CFO effective October 1.
Pudumjee Paper: The company awards contract for 15.4 MW solar power project to Prozeal Green Energy.
Aurobindo Pharma: Entered into binding agreement with GLS Pharma to acquire balance stake of 49% for Rs 22.5 crore. GLS will become a wholly-owned subsidiary of the company post acquisition.
Zomato: Received an order for the period April 2021 to March 2022 passed by Assistant Commissioner of Revenue, Government of West Bengal, confirming demand of GST of Rs 11.12 crore with interest of Rs 5.46 crore and penalty of Rs 1.11 crore.
IPO Offering
Western Carriers (India): The public issue was subscribed to 13.89 times on final day. The bids were led by retail investors (18.61 times), non-institutional investors (20.93 times) and qualified institutional investors (0.14 times).
Arkade Developers: The public issue was subscribed to 29.44 times on the final day. The bids were led by non-institutional investors (58.83 times), retail investors (33.28 times), reserved for employees (31.47 times), and qualified institutional investors (0.61 times).
Northern Arc Capital: The public issue was subscribed to 20.18 times on the final day. The bids were led by non-institutional investors (50.8 times), retail investors (18.97 times), reserved for employees (4.32 times), and qualified institutional investors (0.31 times).
Block Deals
Restaurant Brand Asia: QSR Asia sold 1.07 crore shares (2.15%) at Rs 105 apiece, which were acquired by Mirae Asset Mutual Fund.
Bulk Deals
Cupid: Aditya Kumar Halwasiya bought 14.6 lakh shares (0.54%) at Rs 86.68 apiece.
Tourism Finance Corp: Aditya Kumar Halwasiya bought 5 lakh shares (0.53%) at Rs 169.98 apiece, and Victus Enterprise LLP sold 6.07 lakh shares (0.65%) at Rs 169.43 apiece.
Insider Trades
Usha Martin: Promoter Peterhouse Investments India sold 2.5 lakh shares on Sept. 16, Promoter Umil Share and Stock Broking Services bought 50,000 shares and Promoter Umil Share and Stock Broking Services bought 50,000 shares on Sept. 16.
Pledge Share Details
India Cements: Promoter EWS Finance & Investments revoked a pledge for 29.41 lakh shares on Sept. 16.
Trading Tweaks
Price Band change from 5% to 20%: Raymond Lifestyle.
Ex/record AGM: Faze Three, HLE Glascoat, Lemon Tree Hotels, Mazagon Dock, Neogen Chemicals, Jash Engineering, Sindhu Trade Links, Sansera Engineering, Olectra Greentech, Shalby, Star Cements, VIP Clothing, Techno Electric, Atul Auto, Goldiam International, Poly Medicure, Hindustan Copper.
Ex/record Bonus: Saksoft (1:4).
Moved into short term ASM: Zaggle Prepaid Ocean Services.
Moved out of short term ASM: Gujarat Fluorochemicals, Credo Brands Marketing, Indo Amines.
Who’s Meeting Whom
Star Health and Allied Insurance: To meet analysts and investors on Sept. 27.
HFCL: To meet analysts and investors on Sept. 27.
Supriya Lifescience: To meet analysts and investors on September 24.
F&O Cues
Nifty September futures down by 0.21% to 25,396 at a premium of 19 points.
Nifty September futures open interest down by 3.43%.
Nifty Bank September futures up by 0.81% to 52,757 at a premium of 7 points.
Nifty Bank September futures open interest down 4.97%.
Nifty Options Sept. 19 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 25,000.
Bank Nifty Options Sept. 25 Expiry: Maximum call open Interest at 53,000 and maximum put open interest at 52,000.
Securities in ban period: Aarti Industries, Balrampur Chini Mills, Biocon, Birla soft, GNFC, Granules, LIC Housing Finance, Oracle Financial Services, PNB, and RBL Bank.
Research Reports
Interglobe Aviation - Optimistic Business Outlook: Motilal Oswal
UltraTech Cement - Long-Term Outlook Intact: HDFC Securities
Delhivery - The Night Is Darkest Before The Dawn: ICICI Securities
India's August Wholesale Inflation Eases To 1.3% As Fuel In Deflation: Anand Rathi
Astra Microwave Products - Key Player In Radars, Sub-Systems: Motilal Oswal
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