Stock Market Today: Nifty, Sensex Snap Two-Day Rally As Volatility Spikes Ahead Of Fed Decision
Intraday, both Nifty and Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38 respectively.
Inside NSE headquarters in Mumbai. (Source: Vijay Sartape/NDTV Profit)
KEY HIGHLIGHTS
Nifty, Sensex Snap Two-Day Rally As Volatility Spikes Ahead Of Fed Decision: Closing Bell
Benchmark equity indices snapped two sessions of gains and ended lower amid caution as markets await the much anticipated interest rate cut in the US after keeping it unchanged in eight consecutive meetings.
This will be the first rate cut since 2020. India VIX, an indicator of volatility closed 6.2% higher at 13.37. Shares of information technology stocks dragged the indices while finance stocks limited the downside.
The Nifty ended 0.16% or 41 points lower at 25377.55 and Sensex ended 0.16% or 131.43 points lower at 82948.23. Intraday, both Nifty and Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38 respectively.
According to Aditya Gaggar, director of Progressive Shares, "Considering an overnight event (outcome of FOMC on rate cut), big swings can be expected on either side for the Index where 25,580 will be considered as a hurdle while 25,250 will serve as support."
Shares of Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., HCL Tech Ltd., and Sun Pharmaceutical Industries Ltd. dragged the Nifty.
While those of HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., Larsen & Toubro Ltd., and Shriram Finance Ltd. cushioned the fall.
Most sectoral indices ended lower with Nifty IT falling the most.
Market breadth was skewed in favour of sellers with around 2,437 stocks declining on BSE. On Wednesday, 1,527 stocks rose, and 106 stocks remained unchanged.
Broader markets underperformed benchmark indices. The Midcap and Smallcap indices ended 0.71% and 0.52% lower, respectively.
On BSE, 18 sectors declined and two advanced out of 20. The BSE IT emerged as the top loser with 3% decline, while the BSE Financial Services rose the most.
Markets At Close
Nifty, Sensex snap their two-session rally after hitting record highs
Intraday, both Nifty and Sensex rose as much as 0.3% to hit their new record highs of 25,482.20 and 83,326.38 respectively
Nifty ends 0.16% or 41 points lower at 25377.55
Sensex ends 0.16% or 131.43 points lower at 82948.23
Broader indices underperformed; Nifty Midcap 100 ended 0.47% down while Nifty Smallcap 250 closed 0.36% lower.
Except Nifty Financial Services , Nifty PSU Bank, and Nifty Bank, all sectoral indices ended lower
Nifty IT fell the most by over 3% ahead of anticipation of an interest rate cut by US Federal Reserve
Shriram Finance and Bajaj Finance were top Nifty gainers
TCS and HCL Tech fell the most
Nifty IT Ends Over 3% Lower
On Wednesday, market cap of IT companies declined by Rs 1.20 lakh crore. This happened as market watchers were on edge over the quantum of the likely rate cut by the US Federal Reserve and as Tata Consultancy Services Ltd.'s management expects a softer second quarter.
No Emerging Markets Investor Can Ignore India, Says Vikas Khemani Of Carnelian
Global asset allocators focused on emerging markets will find it difficult to overlook India, says Vikas Khemani, founder of Carnelian Asset Management & Advisors. Khemani expressed a strong bullish outlook for the Indian market, predicting a significant inflow of foreign investments in the coming years.
Read more here.
SEBI's Ashwani Bhatia Speaking At Launch Of Data Benchmarking Institutions
Ashwani Bhatia, WTM, SEBI, at the launch of Data Benchmarking Institutions said that REITs growing in India since 2014 SEBI regulations and the total REIT assets in India are at 1.4 lakh crores. He also said that SEBI supports small REIT investments and DBI offers standardized data for transparent valuations.
DBI tool allows real-time asset valuation adjustments, he said.
BSE Hits Record High
BSE surged 16.96% on Wednesday to Rs 3,899.00, the highest level since its listing on Feb 3, 2017. The stock was trading 15.34% higher at Rs 3,844.05 as of 2:19 p.m., as compared to 0.29% decline in the NSE Nifty 50 index.
The stock gained 209.36% in 12 months, and 73.36% on year to date basis. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 82.80, which implied the stock is overbought.
Out of seven analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 26.8%.
Siemens India Got BSE Letter Of Scheme
Got BSE letter on scheme of arrangement with 'no adverse observations'. Board has approved SoA amongst company, Siemens Energy & Shareholders on May 2024.
Source: Exchange Filing
NDTV Profit Exclusive: Income Tax Act Review Put On Fast-Track With January Deadline
The Finance Ministry is seeking to fast-track the review of Income-Tax Act 1961 to target its completion by January, ahead of the Union Budget in the following month, according to people aware of the development.
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Heritage Foods Approves New Ice-Cream Facility
Heritage Foods has approved setting up an ice-cream manufacturing facility in Telangana and said it expects the new facility will be commissioned by November 2025 with capital investment Of Rs 204 crore.
Source: Exchange Filing
NSE Sets Record Date For 4:1 Bonus Share Issue
National Stock Exchange Ltd.'s board of directors has set Nov. 2 as the record date for bonus share issuance. The board of the market infrastructure providing company approved to issue four fully paid-up equity share capital of Re 1, against one-fully paid equity share with Re 1 value, NSE said in a press release on Wednesday.
Jupiter Wagons Declares Interim Dividend
Board declares interim dividend of Rs 1/share for FY25
Source: Exchange Filing
India Volatility Gauge Jumps Ahead Of Fed Meet Outcome
SBI Cards Board Approves Fund Raise
Board approves raising funds aggregating to Rs 5,000 crore via NCDs On private placement basis.
Source: Exchange Filing
Lupin In Pact With Takeda
Lupin has entered into non-exclusive patent licensing agreement With Takeda. The company is in agreement to commercialise Vonoprazan, novel gastrointestinal drug in India.
Source: Exchange Filing
Nifty, Sensex Notch Fresh Highs Ahead Of Fed Meet Outcome: Midday Market Update
India's benchmark indices climbed to fresh life highs on Wednesday led by financial stocks, just ahead of the crucial decision by the US Federal Reserve.
At 12:08 a.m., the NSE Nifty 50 was trading 40 points, or 0.16% higher at 25,258, and the S&P BSE Sensex was up 154 points, or 0.19%, at 83,234. Both Nifty and Sensex rose as much as 0.24% and 0.28% respectively, to hit record levels earlier in the day.
India's information technologies stocks plunged with the NSE Nifty IT emerging as the top sectoral loser. The market cap of IT companies declined by Rs 95,757.06 crore during the early hours of trade.
Traders globally remained on edge over the quantum of the likely rate cut by the US Federal Reserve.
Meanwhile, the gauge of financial stocks rose to a fresh record after underperforming the benchmark indices in the year so far. Shriram Finance Ltd. and ICICI Lombard General Insurance Co. lifted the index on Wednesday.
India is set to extend its leadership position in MSCI's gauge for emerging markets Investable Market Index, after recently pipping China. India is now the largest EM market per MSCI IMI (investible large, mid and small cap) criteria, while China's weight has fallen by a half since peaking in early 2021, according to Morgan Stanley. This could attract foreign inflows amid peak valuations.
TCS Shares Hits One-Month Low After Management Commentary On Q2 Guidance
The management said that Q2 is likely to be soft, most business to come from India business in Q2FY25 and growth and deals won in Q1 are likely fizzling out. North America and BFSI in bit of struggling mode, the management said.
SpiceJet Falls Over 4%
Data from exchange filing showed that nearly Rs 800 crore pending in various statutory dues. Total unpaid statutory dues of the company stood at Rs 427 crore, total disputed statutory dues stand at Rs 367 crore, and Rs 35.5 crore pending as dues towards the Provident Fund.
Tata Power Arm Gets New Order
The company's arm has got letter of award for development of 400 MW hybrid project from Maharashtra Discom.
Source: Exchange filing
Zee Refutes Star India Claims
Zee Entertainment has categorically refuted all claims & assertions made by Star India including claims for damages and said that the alliance agreement between Star India & Company has been validly terminated by Star India. Damages will be determined as of the date of the tribunal’s award, it said.
Source: Exchange Filing
TCS In Pact With McDonald's Philippines
TCS has signed deal with McDonald's Philippines to digitise IT operations for over 760 restaurants.
Source: Exchange filing
UK August Inflation Data
UK August Consumer Prices rise 2.2% year-on-year, matching estimates
UK August Core CPI rises 3.6% year-on-year, matching estimates
Source: Bloomberg
Citi On LTIMindtree
Brokerage firm Citi Research has maintain a 'sell' on LTIMindtree with target price of Rs 6,417, implying upside of 0.4%. It said the company's margins are likely see continued pressure and growth is moderate from cost takeout deals. Meanwhile, the brokerage likes its demand outlook better than last year and is seeing easing in demand environment.
ICICI Bank Hits Lifetime High
The stock was among the top contributors to the rise in Nifty today, which hit also hit a record high.
Alok Industries Appoints COO
The company had appointed Biji Chacko as COO of the company.
Source: Exchange filing
Intellect Design Introduces WealthForce.AI
The company has introduced WealthForce.AI for Middle East market. WealthForce.AI is built on eMach.ai standards
Source: Exchange filing
Aurobindo Pharma Arm's Facility Inspection Ended
Aurobindo Pharma's arm Eugia Steriles has got establishment inspection report from US FDA for its facility situated at Parawada Mandal, Anakapalli District, Andhra Pradesh.
Source: Exchange Filing
IPO Update
Srigee DLM files for IPO including fresh issue of 17.15 lakh shares.
Source: DRHP
This AC, Refrigerator Maker Stock Gained 53% On Strong June Quarter Results
Epack Durable Ltd. has been in focus ever since it reported its first-quarter results. The company listed in February this year, but the past five days have seen the stock rally 30%, with the past month aiding gains of 53% for shareholders. What is behind the positive momentum, and could there be more rally?
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TCS Or Infosys— Which One Should You Pick?
Tata Consultancy Services Ltd. is Macquarie's pick over Infosys Ltd. due to better rebound in spending trends after Covid-19 and the global financial crisis.
Read more here.
NTPC JV Got Govt's Approval For Nuclear Projects
Govt has approved NPCIL-NTPC JV company for nuclear power projects. The JV will build, own, and operate nuclear power plants and the Govt has given exemption on Rs 5,000 crore investment.
Source: Company Statement
Nifty, Sensex Hit Record Highs
Eight IPOs Get Closing Date Extension Due To Eid-e-Milad Bank Holiday In Maharashtra
The subscription process for initial public offers ending on Sept. 18 has been extended for a day due to a bank holiday in the state of Maharashtra. The date change will also affect the subscription scheduled for the public offers that opened on Sept. 16.
Click here to find out.
Nifty Bank Hits Highest Level Since July 23
Bandhan Bank and HDFC Bank were the top gainers in the index.
Oil India, ONGC, IOC Shares Gain After Centre Cuts Windfall Tax To Zero
Shares of oil and gas companies including ONGC, Oil India, BPCL, Indian Oil and HPCL gained up to 2% in early trade on Wednesday after the government reduced the windfall tax on crude to 'Nil' on Tuesday
Vishnu Chemicals Vishakhapatnam Plant Resumes Operations
The Visakhapatnam plant of Vishnu Chemicals has resumed full operations effective today.
Source: Exchange Filing
Torrent Power Surges on Order Win
Torrent Power Ltd. rose over 5% on Wednesday as it received a letter of intent from Maharashtra Electricity Distribution Co. for procurement of 1,500 megawatt energy capacity, it said in the exchange filing. The company will receive the detailed order award from MSEDCL after the latter obtains approval from the Maharashtra Electricity Regulatory Commission.
Torrent Power will supply 1,500-mw energy capacity from its upcoming Pumped Hydro Storage Project, which is being set up in Raigad district of Maharashtra, the exchange filing said. The power company will make provision for a contracted capacity of 1,500 mw which will have capability of schedule discharge of eight hours per day.
Rise of wind and solar power generation will create a need for energy storage solutions for providing firms reliable, dispatchable renewable energy power, Torrent Power said in the exchange filing. It has identified Pump Storage Project sites in multiple states, the exchange filing said.
Shares of Torrent Power Ltd. rose as much as 5.23% to Rs 1,873.10. It was trading 2.46% higher at Rs 1,823.80 as of 10:27 a.m., as compared to 0.03% decline in the NSE Nifty 50 index.
The scrip gained 152.12% in 12 months, and 94.99% on year to date basis. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 62.62.
Out of 11 analysts tracking the company, three maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 24.05%.
XM Australia Expects 50-Basis-Point Fed Rate Cut, Sees Oil Prices Rising
XM Australia expects the US Federal Open Market Committee to cut the benchmark federal fund rate by 50 basis points at its two-day policy meeting, Chief Executive Officer Peter McGuire said
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Garden Reach Upgraded To 'Schedule A' Status
Government has upgraded garden reach to 'Schedule A' status. The company said that it will help to enhance senior management capacity.
Source: Exchange filing
ICICI Securities Delisting Case
Quantum Mutual Fund has filed appeal against the NCLT Mumbai order. NCLT has approved ICICI Securities delisting despite objections from minority shareholders.
Source: People associated with the case
Inox Wind Private Platform Raises Capital
IGREL Renewables, Inox Wind's private platform has raised Rs 300 crore equity capital from marquee investors.
Source: Exchange filing
Reliance Infra Shares Surge
The company has agreed to put to rest a years-long dispute with Adani Electricity Mumbai Ltd. and Adani Energy Solutions Ltd.
The companies will settle disputes and withdrawal of arbitration claims against each other as mutually agreed on Sept. 17, 2024, Reliance Infra said in an exchange filing on Wednesday. There is no monetary consideration exchanged between the parties.
The company has also completed one time settlement with LIC relating to NCDs issue by company worth Rs 600 crore, according to an exchange filing.
Mamaearth To Start Distributing Through Canteens Under Defence Ministry
Mamaearth will start distribution through canteen stores department under defence ministry, according to an exchange filing.
Nifty Financial Services Hits Record High
The index hit its record high of 24,136.30 points with most of its constituents trading higher. PFC, REC, and Bajaj Finance were top gainers and SBI Cards, Axis Bank, and ICICI Lombard were the only stocks that fell.
Nifty IT Falls The Most Among Sectoral Indices
All constituents of the index were trading lower at 9:28 a.m. with Mphasis falling nearly 4%, the most.
Nifty, Sensex Open Lower As Infosys, TCS Drag: Opening Bell
Benchmark equity indices opened lower a day after recording their highest closing as shares of Infosys and TCS dragged them.
At pre-open, the Nifty 50 was at 25402.40, down 0.06% or 16.15 points and the Sensex was at 83036.43, down 0.05% or 43.23 points.
According to Vikas Jain, head of research at Reliance Securities, the Nifty 50 is resisting to cross the higher band of 25,500 levels and trending in a narrow range ahead of the Federal meeting outcome which would give an either side breakout over the next few days.
"On the higher side the pivot resistance would be at 25,550 levels followed by 25,700 which coincides with highest call OI strikes," he said. "RSI is overbought on hourly charts and a breakdown below 23,350 will witness some pullback on the downside to test 25,150 levels."
Shares of Infosys Ltd., Tata Consultancy Services Ltd., HCL Tech Ltd., ICICI Bank Ltd., and Tech Mahindra Ltd. pulled the indices lower and those of HDFC Bank Ltd., ITC Ltd., HUL Ltd., NTPC Ltd., and Shriram Finance Ltd. cushioned the fall.
Most sectoral indices were trading higher at open. Nifty FMCG rose the most and Nifty IT was the top loser.
Nifty, Sensex Flat At Pre-Open
At pre-open, the Nifty 50 was at 25402.40, down 0.06% or 16.15 points and the Sensex was at 83036.43, down 0.05% or 43.23 points.
Hindalco Industries To Remain In Focus
Shares of Hindalco Industries will remain in focus after Rohit Pathak, CEO of Copper Division at a recent event said that the company will invest Rs 2,450 crore in Gujarat copper projects.
The company will set up India’s first copper and e-waste recycling plant at Dahej and the overall project targets recovering 200 kt of copper. The new facility will reduce Hindalco's reliance on imported copper concentrate and first phase of project to involve Rs 2,000 crore investment.
Inox Wind Gets Letter Of Intent From
The company has received letter of intent from IGREL Renewables for execution of 550 MW wind capacity on turnkey basis.
Source: Exchange filing
Vidarbha Industries Ceases To Be Reliance Power Arm
Vidarbha Industries Power is no longer a subsidiary of Reliance Power and the entire obligations of the company as a guarantor on behalf of the former stands fully settled including all obligations and claims thereunder in relation to the outstanding debt of VIPL amounting to Rs 3872.04 Crore.
Source: Exchange Filing
Morgan Stanley On Emerging Markets
In a report, Morgan Stanley said that India has displaced China as the largest stock in MSCI all countries IMI (investible large, mid and small cap) index and that the country will continue to gain share due to market outperformance and liquidity improvement.
The brokerage said that it remains 'Overweight' on India & 'Underweight' on China in pan-Asia EM asset allocation.
Read more here.
F&O Cues
The Nifty September futures ended 0.03% higher at 25,449 at a premium of 31 points and open interest fell by 1.9%.
Nifty Bank September futures ended 0.07% higher at 52,295 at a premium of 107 points and open interest fell 3.66%.
In the Nifty Options expiring Sept. 19, maximum call open interest was at 26,000 and maximum put open interest at 25,000.
In the option of Bank Nifty Options Sept. 18, maximum call open Interest at 53,000 and maximum put open interest at 52,000.
Shares of Aarti Industries, Balrampur Chini Mills, Biocon, Birlasoft, GNFC, Granules, Hindustan Copper, LIC Housing Finance, Punjab National Bank, and RBL Bank will not be traded in the derivatives market due to F&O ban.
Block And Bulk Deals
In a block deal on Tuesday, Kotak Special Situations Fund sold 45 lakh shares or 1.25% stake in Nuvoco Vistas Corp while SBI Mutual Fund bought the same number of shares at Rs 352 apiece. In Trent, Dodona Holdings sold 10.95 lakh shares or 0.3%) and Siddhartha Yog bought the same number of shares at Rs 7,330 apiece.
Bulk deals happened in Suraj Estate Developers, in which LIC Mutual Fund bought 2.83 lakh shares or 0.63% at Rs 758.89 apiece, and VST Industries, in which Damani Radhakishan sold 1 lakh shares or 0.64% at Rs 439.19 apiece.
IPO Offerings
Public issue of Arkade Developers and Northern Arc Capital will open for retail investors for a third day.
Arkade Developers was subscribed to 16.21 times on day 2 and Northern Arc Capital public issue was subscribed 9.99 times.
Stocks To Watch On Wednesday
Shares of Infosys will react to the news of company entering into a pact with UK-based Metro Bank for digital transformation and those of Mankind Pharma and Satin Creditcare will be in focus on the news that its board will consider fundraise on September 20.
SKF India's stock will move as its board decided to initiate a separation of its automotive business and for REC, investors will assess the news of undertaking a non-binding financial commitment to increase renewable book by over Rs 3 lakh crore by 2030.
Shares of Torrent Power and Ceigall India will rise after order wins. DCM Shriram got a observation letter from BSE on the amalgamation of Lilly Commercial with itself.
Shares of RattanIndia Enterprises, Vakrangee, and AYM Syntex will also remain in focus.
GIFT Nifty Trades Above 25,400
The GIFT Nifty was trading 0.10%, or 25 points higher at 25,447.00 as of 06:37 a.m. Shares of Infosys Ltd., Mankind Pharma Ltd., Ceigall India Ltd., REC Ltd. will remain in focus among others in today's session.
The Indian market will also track Asia-Pacific share indices, which rose early Wednesday as traders await the outcome of the US Federal Open Market Committee's policy decision, due to be released later today.
The Nikkei 225 rebounded Wednesday, and was trading 243.24 points, or 0.67% higher at 36,446.46 as of 06:28 a.m. On Tuesday, the Japanese yen declined against the dollar, which supported nations' stocks and turned outlook on the export oriented country positive, Bloomberg reported.
The Kospi and S&P ASX 200 were trading 0.13% and 0.08% higher, respectively.
US stocks ended with little gains on Tuesday, as the FOMC started its two-day policy meeting. Traders are still divided about the quantum of rate cut from the US rate-setting panel.
The S&P 500 and Nasdaq Composite ended 0.03% and 0.20% higher, respectively. The Dow Jones Industrial Average ended 0.04% lower.
November contract of brent crude was trading 0.08% lower at $73.06 per barrel as of 06:36 a.m. Gold was trading 0.17% higher at $2,573.88 as of 06:37 a.m.
The Nifty and Sensex logged gains on Tuesday, led by Bharti Airtel Ltd. and Larsen & Toubro Ltd. Throughout the session, the benchmarks traded near record highs, while market participants shifted their focus to the US Federal Open Market Committee's policy meeting, starting later in the day.
The NSE Nifty 50 settled 34.80 points, or 0.14%, higher at 25,418.55 and the S&P BSE Sensex ended 90.88 points, or 0.11%, up at 83,079.66. Intraday, Nifty rose 0.23% to 24,441.65 and Sensex jumped 0.20% to 83,152.41.
Overseas investors turned net buyers of Indian equities on Tuesday after a day of selling. Foreign portfolio investors mopped up stocks worth Rs 482.7 crore, while domestic institutional investors stayed net buyers for the third consecutive session and purchased equities worth Rs 874.2 crore, the NSE data showed.
The Indian rupee rose 0.15% to settle at Rs 83.76 against the US dollar.
