Asia-pacific share indices rose on Friday before the outcome of the Bank of Japan's policy meeting. The central bank is expected to keep the rates unchanged, according to Bloomberg.
The Nikkei 225 was trading 719.07 points or 1.94% higher at 37,874.40, and the KOSPI was 26.06 points or 1.01% higher at 2,606.86 as of 06:28 a.m.
US stocks ended higher after the Federal Reserve reduced benchmark rates in line with most market participants' expectations. The S&P 500 and Nasdaq Composite ended 1.70% or 2.51% higher, respectively. The Dow Jones Industrial Average settled 1.26% higher.
The December contract of the brent crude was trading 0.25% lower at $74.69 a barrel as of 06:31 a.m. The Bloomberg spot Gold was 1.79% higher at $2,588.53.
The GIFT Nifty was trading 0.04% or 9 points lower at 25,555.00 as of 06:36 a.m.
The Nifty and Sensex ended at fresh closing highs on Thursday as risk appetite increased among traders, with the US Federal Open Market Committee guiding for more rate cuts after reducing the key rate.
The Nifty ended 38.25 points, or 0.15% higher at 25,415.80, and Sensex settled up 236.57 points, or 0.29% at 83,184.80.
Overseas investors turned net sellers of Indian equities on Thursday after two days of buying. Foreign portfolio investors offloaded stocks worth Rs 2,547.5 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors stayed net buyers for the fifth consecutive session and purchased equities worth approximately Rs 2,012.9 crore, the NSE data showed.
The Indian rupee appreciated 7 paise to end at 83.69 against the US dollar.
Stocks To Watch
IIFL Finance: The RBI lifted its restrictions imposed in March on gold loans businesses. The company can now resume sanctioning, disbursal, assignment, securitisation, and sale of gold loans.
NTPC: The company received investment approval for Darlipali project at an estimated cost of Rs 11,131 crore and received investment approval for Sipat project at an estimated cost of Rs 9,791 crore.
Reliance Infra: The company approved raising up to Rs 3,014 crore via preferential issue of shares. It will also seek shareholder's nod to raise another Rs 3,000 crore.
IDFC Bank: The bank received RBI approval for re-appointment of V Vaidyanathan as MD and CEO for three years.
Infosys: The company extended collaboration with Posti for operational efficiency solutions via Infosys Topaz. The company has agreed to invest Rs 17 crore in spacetech startup GalaxEye.
Tata Power: The company sought arbitration in dispute with Adaro International over coal supply. Adaro made a claim of $106 million, and Tata Power made a counterclaim of $230 million.
Power Grid Corp.: The company was declared a successful bidder for the Khavda transmission project in Gujarat.
EMS: The company approved raising up to Rs 400 crore via QIP.
Jyothy Labs: The company acquired laundry service brand Quiclo from Smartwash Solutions along with its software and customer database for Rs 70 lakh to strengthen its laundry service business and customer base in Hyderabad.
Sandur Manganese: The Karnataka pollution board granted consent of operation for the company’s manganese and iron ore mines for the enhancement of manganese ore production from current 0.43 MTPA to 0.55 MTPA.
AU Small Finance Bank: The bank partnered with Niva Bupa to offer health insurance products.
HUDCO: The company said it has the potential for extending loan assistance in the range of Rs 75,000 crore to Rs 1 lakh crore under Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) scheme guidelines.
The Phoenix Mills: The company’s unit Casper Realty was declared the highest bidder for two city-centric plots in Mohali, Punjab.
Abbott India: The company is in a non-exclusive agreement with Takeda Pharma to market and distribute Vonoprazan drugs in India.
Geojit Financial: The company approved rights issue at Rs 50 per share to issue 1 share for every 6 held by eligible holders.
Thomas Cook: The company inaugurated its new franchise outlet in Chennai. The new Chennai outlet expands the company's network to 9 locations in the city and 15 across Tamil Nadu.
Suve Pharma: Vivek Sharma appointed as Executive Chairman effective Sept. 20.
Sula Vineyards: The company launches Sula Merlot priced at Rs 895.
Balkrishna Industries: The company commissioned 30,000 MTPA of high-value advanced carbon material plants.
Cosmic CRF: The company’s unit bagged an order worth a gross value of Rs. 127 crore for supply of cold-formed steel sheet piles.
IPO Offering
Western Carriers (India): The public issue was subscribed to 30.57 times on final day. There bids were led non-institutional investors (44.71 times) and Qualified institutional investors (27.99 times), by retail investors (25.95 times).
Arkade Developers: The public issue was subscribed to 106.83 times on final day. There bids were led by Qualified institutional investors (163.16 times), non-institutional investors (163.02 times), retail investors (51.39 times), and reserved for employees (50.49 times).
Northern Arc Capital: The public issue was subscribed to 110.91 times on final day. The bids were led by Qualified institutional investors (240.79 times), non-institutional investors (142.41 times), retail investors (31.08 times), reserved for employees (7.33 times).
Bulk Deals
Allcargo Gati: Rohini Nilekani Small Cap Portfolio bought 8.13 lakh shares (0.62%) at Rs 105.21 apiece.
EPACK Durable: India Advantage Fund S4-I sold 10 lakh shares (1.04%) at Rs 380.19 apiece.
VST Industries: Damani Radhakishan sold 1 lakh shares (0.64%) at Rs 439.05 apiece, Reliance Mutual Fund bought 0.85 lakh shares (0.55%) at Rs 439.96 apiece, Thrift Savings Plan bought 0.83 lakh shares (0.54%) at Rs 440.74 apiece.
Insider Trades
Usha Martin: Promoter Peterhouse Investments India sold 1.5 lakh shares on Sept. 17.
Snowman Logistics: Promoter Gateway Distriparks bought 7.1 lakh shares on Sept. 19.
Salasar Techno Engineering: Promoter Shikhar Gupta sold 5 lakh shares on Sept. 16 and Promoter Tripti Gupta sold 5 lakh shares on Sept. 16.
NRB Bearings: Promoter Harshbeena Zaveri bought 1.05 lakh shares between Sept. 16 to 18.
Trading Tweaks
Price Band change from 20% to 10%: Neogen Chemicals.
Ex/record AGM: Caplin Point, Power Mech Projects, Ahluwalia Contracts, National Fertilizers, Supriya Lifescience, Tarsons Products, Som Distilleries, Agro Tech Foods, Roto Pumps.
Ex/record dividend: Agro Tech Foods, FACT, National Fertilizers, Tilaknagar Industries, Ahluwalia Contracts (India), Power Mech Projects, Supriya Lifescience, Roto Pumps, Tarsons Products, Mrs. Bectors Food Specialities, Sammaan Capital, Gujarat Fluorochemicals.
Moved into short term ASM: BSE, Reliance Infrastructure,
Moved out of short term ASM: Sterling Tools.
Who’s Meeting Whom?
Vibhour Steel Tubes: To meet analysts and investors on Sept. 26.
Servotech Power Systems: To meet analysts and investors on Sept. 25.
Tejas Networks: To meet analysts and investors on Sept. 23.
KPIT Technologies: To meet analysts and investors on Sept. 24.
Dollar Industries: To meet analysts and investors on Sept. 24.
F&O Cues
Nifty September futures up by 0.43% to 25,506 at a premium of 91 points.
Nifty September futures open interest up by 0.4%.
Nifty Bank September futures up by 0.8% to 53,177 at a premium of 140 points.
Nifty Bank September futures open interest up 0.87%.
Nifty Options Sept. 26 Expiry: Maximum call open interest at 27,000 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, Biocon, Birla soft, Chambal Fertilizer, GNFC, Granules, LIC Housing Finance, National Aluminium, Oracle Financial Services, PNB, RBL Bank, Sail.
Also Read: Your Guide To FII Positions On Sept 20 Trade
Money Market Update
The Indian rupee closed stronger against the dollar. The local currency appreciated 7 paise to end at 83.69 against the greenback. It had closed at 83.76 on Wednesday, as per Bloomberg data.
As global markets adjust to the Fed's policy shift, attention will now turn to the RBI's response and whether the rupee can sustain its momentum. For now, the rupee faces resistance at 84 and support at 83.50, according to CR Forex Advisors.
Research Reports
Gail India - Maintain 'Hold' On Tempered Estimates: Nirmal Bang
P&G Hygiene - Focusing On Sustainable Growth; Rich Valuation Limits Upside: Motilal Oswal
Steel In India: Not Just A Market But A Movement: Anand Rathi's Thematic View
Mahanagar Gas - Steady Volume Growth, But Lower Margins Likely: Prabhudas Lilladher
PI Industries - Another Year Of Robust Performance: Axis Securities
AU Small Finance Bank - On A Long Growth Runway: Motilal Oswal
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