Indices in the Asia-Pacific region rose in early trade on Wednesday after Chinese authorities eased liquidity to boost economic growth. The South Korean Kospi was up 0.41% at 2,653, while the Japanese Nikkei erased early gains to trade flat and Australia's ASX 200 traded 0.1% higher at 6:34 a.m.
China's economic boost also helped the US indices S&P 500 and Dow Jones close at their highest levels as mining stocks surged. S&P 500 closed pup by 0.25% at 5,732.93; Dow Jones was up 0.20% at 42,208.22 at close and Nasdaq Composite added 0.56% to close at 18,074.52.
GIFT Nifty was at 25,932.50 up by 3 points as of 06:37 a.m.
Benchmark equity indices closed flat after the NSE Nifty 50 briefly crossed the significant 26,000 mark in the final hour of trading. Despite this, the index achieved its highest close for the third consecutive session.
The Nifty ended at 25,940.4, up 0.01%, or 1.35 points, while the S&P BSE Sensex closed down 0.02%, or 14.57 points, at 84,914.04.
Overseas investors turned net sellers of Indian equities on Tuesday after two sessions of buying.
Foreign portfolio investors offloaded stocks worth Rs 2,784.14 crore; domestic institutional investors stayed net buyers for the second session and purchased equities worth approximately Rs 3,868.31 crore.
The rupee weakened by 12 paise to close at 83.67 against the US dollar.
Also Read: Trade Setup For Sept. 25: Nifty Sees Key Support At 25,800 Amid Positive Short-Term Outlook
Stocks To Watch
MCX: The company revised transaction fees on futures and options contracts effective Oct. 1. Futures contracts to see a transaction fee of Rs 2.10 per lakh of turnover value and for options contracts Rs 41.80 per lakh of premium turnover value.
HDFC Life Insurance: The company approved the raising of Rs 2,000 crore through NCDs.
Delta Corp: The company approved the demerger and listing of hospitality and real estate businesses into Delta Penland. Shareholders will receive one share of Delta Penland for every share held in Delta Corp.
Tata Power: A fire incident occurred in the control room at the Trombay plant. No injuries or loss of life have been reported. The company is in the process of assessing the actual damage caused by the fire.
Hindustan Foods: The company initiated a merger of soups, spices, and seasoning manufacturing facilities in Nashik.
Gillette India: P&G Bangladesh terminated the distribution agreement effective Dec. 31. The company will have the impact of the proportionate drop in net sales. Net sales under the agreement accounted for 2% of total net sales.
Mazagon Dock Shipbuilders: The company commenced the production activity for the first multipurpose cargo vessel for Navi Merchants, Denmark.
PC Jeweller: The board is to consider a stock split on Sept. 30.
KEC International: The company opened QIP and set the floor price at Rs 976.64 per share.
Solar Industries: The company received NCLT's nod for the merger of Rajasthan Explosives with unit Emul Tek Pvt.
Hariom Pipes: The company approved raising up to Rs 700 crore via equity or other securities.
Zee Media: The board will meet on Sept. 27 for fundraising.
IPO Offering
Manba Finance: The public issue was subscribed to 73.23 times on day 2. There bids were led by non-institutional investors (172.26 times), retail investors (70.26 times), and qualified institutional investors (4.15 times).
KRN Heat Exchanger and Refrigeration: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 209 to Rs 220 per share. The Rs 341.95 crore IPO issue is entirely a fresh issue. The company raised 100.1 crores from anchor investors.
Block Deals
Trent: Dodona Holdings sold 10.73 lakh shares (0.3%) and Siddhartha Yog bought 10.73 lakh shares (0.3%) at Rs 7,533 apiece.
Bulk Deals
SpiceJet: Authum Investment and Infrastructure sold 56.3 lakh shares (0.71%) at Rs 66.21 apiece, and Altitude Investment Fund PCC-CCell 1 bought 50 lakh shares (0.63%) at Rs 65.95 apiece.
Balu Forge Industries: Ebene Global Opportunity Fund sold 5.3 lakh shares (0.51%) at Rs 803.36 apiece.
CarTrade Tech: Highdell Investment sold 40.76 lakh shares (8.63%) at Rs 920.3 apiece.
Insider Trades
Pidilite Industries: Promoter Neerav Parekh sold 74,989 shares between Sept. 20 and 23.
NRB Bearings: Promoter Harshbeena Zaveri bought 62,678 shares between Sept. 19 and 23.
Usha Martin: Promoter Peterhouse Investments India sold 1 lakh shares on Sept. 20.
Sapphire Foods India: Promoter Sagista Realty Advisors sold 95,914 shares on Sept. 20.
Trading Tweaks
Price Band change from 5% to 20%: Infibeam Avenues.
Price Band change from 10% to 5%: Cochin Shipyard.
Ex/record Bonus issue: NDR Auto Components (1:1).
Ex/record dividend: Maharashtra Scooters, Bajaj Holdings.
Ex/record AGM: Kaveri Seed, Natco Pharma.
Moved into short term ASM: Hitech Corp.
Moved out of short term ASM: Sundaram Clayton.
Who’s Meeting Whom
Syngene International: To meet analysts and investors on Sept. 27.
Balaji Amines: To meet analysts and investors on Sept. 27.
UltraTech Cement: To meet analysts and investors on Sept. 25.
F&O Cues
Nifty September futures up by 0.15% to 25,944 at a premium of 4 points.
Nifty September futures open interest down by 21.29%.
Nifty Bank September futures are down by 0.09% to 54,026 at a premium of 58 points.
Nifty Bank September futures open interest down 16%.
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 56,000 and maximum put open interest at 53,000.
Securities in ban period: Aditya Birla Fashion, Granules, Hindustan Copper, Vodafone Idea, IEX.
Money Market Update
The Indian rupee weakened against the dollar amid a rising dollar index and an uptick in crude prices as tensions heightened in the Middle East amid attacks by Israel.
The rupee weakened by 12 paise to close at 83.67 against the US dollar, according to Bloomberg data.
Research Reports
KRN Heat Exchanger IPO - Issue Details, Financials, Strengths, Risks, Valuation And More: DRChoksey
United Breweries - Investing In Growth Amid A Difficult Regulatory Environment; Buy: Anand Rathi
Vodafone Idea Plans On Track Despite Set-Back On AGR Curative Petition: ICICI Securities
ICICI Lombard - Market Share Accretion To Continue Across Core Segments: Motilal Oswal
India Exports - Limited Structural Change But Riding The ‘Smart’ Wave: Nirmal Bang's Thematic View
Indian Home Textile Industry - Weaving Success – Expected To Grow By 8-10% In FY25: CareEdge
Vedant Fashions - The Business Is Poised For An Acceleration In Rest Of FY25: ICICI Securities
Bharat Forge - Defense To Remain Growth Driver: Motilal Oswal
Alcobev Industry Primed For Robust Expansion Led By Domestic Players: Systematix
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