Stock Market Today: ICICI Bank, L&T Help Sensex To Close At Record High

The BSE Sensex ended Monday's session at a record high, after both the indices traded at fresh opening highs, paring gains through midday. The NSE Nifty 50 also ended higher, buoyed by gains in ICICI Bank Ltd., and Larsen & Toubro Ltd.

The Nifty 50 ended 27.25 points or 0.11% higher at 25,383.75, and the BSE Sensex settled 97.84 points or 0.12% higher at 82,988.78.

Intraday, the Nifty 50 and Sensex advanced as much as 0.35% to 25,445.70 and 82,184.34 respectively.

"The index oscillated in an extremely thin range of 25,350-25,420 and finally settled at 25,383.75 with gains of 27.25 points. Among the sectors, Media was the top performer followed by Energy and Metal while FMCG was the major laggard," said Aditya Gaggar, director of Progressive Shares.

On the lower time frame, i.e. hourly chart, it appears that the index is forming a bullish pennant and pole formation where a strong move above 25,430 will be considered as a breakout point. In case of a breakout, the approximate target comes at 25,770, Gaggar added.          

ICICI Bank Ltd., Larsen & Toubro Ltd., NTPC Ltd., and Axis Bank Ltd. led the gains in the NSE Nifty 50 benchmark.

While Bajaj Finance Ltd., Hindustan Unilever Ltd., and ITC Ltd. weighed on the index.

10 out of 12 sectors advanced on Monday, with Nifty Media and Nifty energy leading the gains. Only Nifty FMCG and Nifty IT declined.

Broader markets ended higher on BSE. The BSE midcap and Smallcap indiced ended 0.12% and 0.31% higher, respectively.

On BSE, 15 sectors ended higher, and five declined out of 20. The BSE Utilities rose the most, while the BSE FMCG declined the most.

Market breadth was skewed in favour of buyers. Around 2,185 stocks rose, 1,927 stocks declined, and 89 stocks remained unchanged on BSE.

• Rupee strengthened by 2 paise to close at 83.88 against the US dollar.

• It closed at 83.90 on Friday.

Source: Bloomberg

1. Sensex records its highest closing and Nifty ended 6 points below its highest close

2. Nifty ends 0.08% or 21.30 points higher at 25377.80

3. Sensex ends 0.12% or 97.84 points higher at 82988.78

4. Intraday, both Nifty and Sensex rose as much as 0.35% to hit their record highs of 25,445.70 and 83,184.34 respectively

5. Broader indices also ended higher; Nifty Midcap 100 ended 0.38% up while Nifty Smallcap 250 closed 0.16% higher.

6. Among sectoral indices, Nifty FMCG fell the most and Nifty Media was the top gainer. During the session Nifty Pharma, Nifty Financial Services, and Nifty IT hit their lifetime highs.

7. NTPC and JSW Steel were top Nifty gainers

8. Bajaj Finance and Hindustan Unilever fell the most

Shares of PVR Inox Ltd. rose nearly 3% after Anand Rathi, an Indian brokerage, shared a note on the company, maintaining a 'buy' rating, with a target price of Rs 2,065 apiece, implying a 25% upside from the stock's previous close of Rs 1,655 per share.

Shares of Dixon Technologies (India) Ltd. rose over 6% on Monday, after its wholly owned subsidiary Padget Electronics Pvt. signed a memorandum of understanding with Asus India to manufacture notebooks for the company.

The company has inaugurated new R&D facility at IKP Knowledge Park, Telangana. Key highlights of the facility include total investment incurred for setting up the new R&D is Rs 250 crore, 2,00,000 square foot facility equipped with modern laboratories and infrastructure, an R&D center to support the CDMO business of Laurus Labs and that it will provide job opportunities to over 800 people.

Source: Exchange Filing

The scrip rose as much as 18.79% to Rs 3,448 apiece, the highest level. It pared gains to trade 17.4% higher at Rs 3,408.15 apiece, as of 2:14 p.m. This compares to a 0.2% advance in the NSE Nifty 50 Index.

It has risen 53.6% on a year-to-date basis. Total traded volume so far in the day stood at 10.33 times its 30-day average. The relative strength index was at 80.92, indicating that the stock may be overbought.

Out of the seven analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 17.2%.

The index rose as much as 0.51% to hit 52203.65, its highest level since July 29.

"We feel to proud to inform that the Insolation Green Energy Private Limited a Wholly Owned Subsidiary Company of the Insolation Energy Ltd., performed the Bhoomi Poojan Ceremony for 3GW PV Module Facility and 12,000 MTA Aluminium frame Plant at Village – Sawarda, Ajmer Road, Jaipur - Rajasthan," a press release said. "This in line with our planned capex in Insolation Green Energy Private Limited."

India's benchmark indices pared gains on Monday after opening at record highs in the session to trade flat at midday, as shares of Hindustan Unilever Ltd., Bajaj Finance Ltd., and Reliance Industries Ltd. dragged the Nifty and Sensex lower.

At 12:23 p.m., the NSE Nifty 50 was trading 18.35 points, or 0.07% lower at 25,338.15, and the S&P BSE Sensex was down 47.44 points, or 0.06% at 82,843.50. Nifty and Sensex rose as much as 0.35% during early trade on Monday.

Nifty, which has rallied 16.7% year-to-date, is one of the best performing stock indices in the world. Even though India’s economic fundamentals and corporate earnings are strong, the single most important factor driving the Indian market now is the sustained domestic liquidity flows into the market, according to VK Vijayakumar, chief investment strategist, Geojit Financial Services Ltd. "Since the undertone of the market continues to be bullish, it makes sense to remain invested. Among sectors, IT and pharma are showing strength."

Globally, equity markets will be focused on the Fed rate action on Wednesday, which is likely to influence the stock market trend in the near-term, Vijayakumar said.

"The first rate cut by the Fed in four years is a foregone conclusion, the only uncertainty is about the extent of the rate cut, that is, whether the cut will be 25 basis points or 50 basis points. The market will also be keenly watching the Fed commentary on the evolving economic outlook."

Shares of Bharti Airtel Ltd., Axis Bank Ltd., Mahindra & Mahindra Ltd., and HDFC Bank Ltd. were positively contributing to gains in the Nifty 50.

While those of Hindustan Unilever Ltd., Bajaj Finance Ltd., Reliance Industries Ltd., and Infosys Ltd. were weighing the index.

On NSE, eight of the 12 sectors advanced, with Nifty Media and Metal advancing the most during the session. The Nifty FMCG slipped the most on Monday.

Broader markets underperformed the benchmark indices, with the Midcap and Smallcap trading flat through midday on Friday.

On BSE, 12 of the 20 sectors advanced, with BSE Power and Utilities leading gains.

Market breadth was skewed in the favour of buyers. Around 2,041 stocks rose, 1,892 stocks declined, and 131 remained unchanged on the BSE.

The company has commenced Phase-I of greenfield cold rolling mill at West Bengal plant.

Source: Exchange filing

Mahindra has unveiled Veero range of light commercial vehicles at a starting price of Rs 7.99 lakh to solve intracity cargo transport at a media event in Pune.

The company said LCVs of less than 1.5 tonne is 68% of the light-commercial-vehicle market and Veero has got its first-in-segment driver airbag, 1,500 kg as payload cap along with 8-10 feet of cargo bay, averages 18.5 litre/diesel, 500 km range.

M&M seeks to grow market share in Southern India, which accounts for nearly 40% of all LCV sales, the company said adding that the platform is EV ready, for when M&M’s rolls out its “born electric” range.

The company committed investments of over Rs 64,000 crore at 'RE-Invest 2024' with potential employment of 26,000. The company has also submitted affidavit for installing 10 GW of RE projects by 2030, with investment of Rs 57,000 crore and to set up 1 lakh KTPA green ammonia production facility with investment of Rs 7,200 crore.

It has also inked MoU for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka, Gujarat.

Source: Exchange Filing

Boosts ATM security for more than 26,000 machines with GMV’s enhanced solutions, according to an exchange filing.

Nazara Technologies Ltd. share price rose to the highest level since Feb 2, 2022 before it board meets to consider fundraise through issuance of shares on a preferential basis. The board is scheduled meet on Wednesday, Nazara Technologies said in an exchange filing on Saturday.

The company has elevated Aditya Malik to group chief operating officer.

Source: Exchange Filing

In a significant move, the Indian government hiked the basic customs duty on refined palm oil, soybean oil, and sunflower oil from 12.5% to 32.5%. This decision, which came into effect Sept. 14, is expected to have wide-ranging effects across various sectors, especially the edible oil and fast-moving consumer goods companies.

The hike in customs duty is set to benefit domestic edible oil producers, such as Godrej Agrovet Ltd., Adani Wilmar Ltd., and Patanjali Foods, who stand to gain from reduced competition from imported oils.

Tolins Tyres got listed at a premium of 0.88% on NSE at Rs 228 against issue price of Rs 226. On the BSE, it got listed at Rs 227.

Source: Exchange Filing

Kross Ltd got listed at its issue price of Rs 240 on NSE and BSE both.

Source: Exchange Filing

Bajaj Housing Finance got listed at Rs 150 on the NSE as against issue price of Rs 70 , a premium of 114.3%. On BSE too, it was listed at Rs 150.

Source: Exchange Filing

Share price of MIC Electronics Ltd.'s share price extended gains to fifth day on positive sentiment after the company secured orders worth Rs 1.33 crore from Southern Railway.

The Nifty hit a new high of 25445 points and the Sensex hit 83184.34, its lifetime high.

JSW Energy Ltd. rose to the record high level on Monday after its step-down unit completed commissioning of 300 megawatt wind power capacity at Tuticorin, Tamil Nadu. The 300 MW is part of 450 MW ISTS-connected wind power project awarded by Solar Energy Corp Tranch X, the company said in an exchange filing on Sunday.

Shares of Gautam Adani owned Adani Green Energy Ltd. and Adani Power Ltd. rose over 4% on Monday as the companies reported major deal wins.

Infosys has collaborated with LIC Of India to accelerate digital transformation.

Source: Exchange Filing

The company will raise Rs 103 crore through preferential allotment and has introduced two alternative investment funds.

Source: Exchange filing

Phoenix Mill's board has approves issuance of bonus equity shares in the ratio of 1:1.

Source: Exchange Filing

Emkay maintains a 'buy' rating on Adani Green Energy at a target price of Rs 2550, implying 42.6% Upside. On 5 GW power supply order win, it said that it sees thw development as a key positive and believes order's flat tariff rate of Rs 2.7/kWh is attractive.

Company's secured power purchase agreement capacity now at 26 GW and expects bid to have solar capacity utilization factor rate of 24%.

The brokerage also believes company to gain from more traction in hybrid orders and has raises FY25/26/27 EPS estimates by 4%/2%/1%.

Benchmark equity indices opened higher tracking the Wall Street as the market expects a rate cut by US Federal Reserve in its meeting to start on Tuesday.

At pre-open, the Nifty 50 was at 25406.65, up 0.20% or 50.15 points and the Sensex was at 82981.03, up 0.11% or 90.09 points.

According to Vikas Jain, head of research at Reliance Securities, "Sentiment is expected to remain positive due to the anticipated US Fed rate cut, a global market rally, declining oil prices, and continued FIIs buying interest."

He added that metal stocks are likely to see a rebound due to the falling Dollar Index, rising base metal prices on the London Metal Exchange, and the People's Bank of China’s decision to cut mortgage rates.

In another note, he said on the higher side the pivot resistance would be at 25,550 levels followed by 25,700 which coincides with highest call OI strikes. "RSI is trending above the average line and other key technical indicators are positively poised from current levels," he said.

Shares of Reliance Industries Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Hindalco Industries Ltd., and Tata Steel Ltd. contributed the most to the gains.

While those of Hindustan Unilever Ltd., Britannia Industries Ltd., Nestle India Ltd., Hero MotoCorp Ltd., and ICICI Bank Ltd. weighed on the Nifty.

Except Nifty FMCG, all sectoral indices on the NSE opened higher with Nifty Metal leading.

Jindal Steel has signed MoU with Jindal Renewables to invest in green hydrogen production for steelmaking in Angul, Odisha. The partnership include supply of ~3 GW renewable energy to JSPL.

Source: Exchange filing

At pre-open, the Nifty 50 was at 25406.65, up 0.20% or 50.15 points and the Sensex was at 82981.03, up 0.11% or 90.09 points.

The yield on the 10-year bond opened flat at 6.79% after it closed at 6.79% on Friday.

Source: Bloomberg

The rupee opened flat at 83.90 against the US dollar after closing at 83.90 on Friday.

Source: Bloomberg

Nomura has raised Bharat Forge's target to Rs 1,789 from Rs 1,431 earlier, with upside of 10% while maintaining 'neutral' rating. DAC proposal puts Future Ready Combat Vehicles in focus, said Nomura adding that requirement for FRCV is 1,770 units is worth Rs.12,700 crore/year according to Nomura.

Bharat Forge has capability to garner a substantial portion of this, it said adding that Indian Army also approved the procurement of 707 artillery guns and the company might be key beneficiary since it has 2 lightweight guns to offer.

The brokerage estimates opportunity in towed guns at Rs. 2000 cr/yr and said defense share can rise to 25% by FY30F from 10% in FY24.

The brokerage believes demand is expected to gain traction due to pre-buying before emission changes in 2027 and has raise target EV/EBITDA multiple to 20 times from 16 times earlier.

Emkay has initiated coverage on Stove Kraft with 'buy rating and target price of Rs. 1350, implying 56% upside. The brokerage likes that the company is growing significantly ahead of peers and enjoys massive cost-leadership, led by deeply-entrenched manufacturing.

The brokerage also likes the company's strong new product innovation capabilities and strategic value for money positioning as well as improving branding/distribution expansion, including new-age channel.

The company is rapidly improving its exports positioning (largest exporter; supplies to Walmart) and has the potential mass-consumer demand cycle recovering after 2 tough years, according to Emkay. It said that Stove Kraft is sharply enhanced manufacturing edge and expects 15%/33% revenue/EPS CAGR over FY24-27E. Emkay said valuation at 13 times Sep-26E EV/EBITDA (46% discount to TTK Prestige) is attractive.

Bidding process of buyback to remain open today and close tender offer on September 19.

Source: Exchange filing

Arm to acquire up to 11% of equity on fully diluted basis & up to 19% on non-diluted basis at REE Automotive. The total investment for acquisition is up to $15 million.

Source: Exchange filing

The company has approved investment to develop a mixed use project worth Rs 972 crore in Pune.

Source: Exchange filing

• U.S. Dollar Index at 100.99

• U.S. 10-year bond yield at 3.65%

• Brent crude 0.20% higher at $71.75 per barrel

• Nymex crude 0.36% higher at $68.90 per barrel

• GIFT Nifty was at 25,436.50 up by 19.5 points or 0.1% as of 08:14 a.m.

Nifty September futures rose by 0.06% to 25,372 at a premium of 16 points while Nifty September futures open interest was down by 1.6%.

Nifty Bank's September futures were up by 0.32% to 51,929 at a premium of 10 points and open interest rose 0.43%.

In Nifty options of Sept. 19 expiry, maximum call open interest at 26,000 and maximum put open interest at 25,000 and Bank Nifty options expiring Sept. 18 had maximum call open Interest at 52,000 and maximum put open interest at 49,000.

 Aarti Industries, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizers, Granules, Hindustan Copper, RBL Bank are in F&O ban period.

Through bulk deals, Jai Hanuman Shri Siddhivinayak Trust sold 7.5 lakh shares (0.96%) at Rs 1,227.88 apiece in Senco Gold and Edelweiss Employees Welfare Trust sold 50 lakh shares (0.53%) at Rs 114.12 apiece in Edelweiss Financial Services.

In Godrej Agrovet: V-Sciences Investments sold 27.1 lakh shares (1.4%) at Rs 785.13 apiece, through a bulk deal and in Patanjali Foods, GQG Partners Emerging Markets Equity Fund bought 45.03 lakh shares (1.24%) at Rs 1,854 apiece and Patanjali Ayurved sold 97.92 lakh shares (2.7%) at Rs 1,854.08 apiece.

Medimatter Health Management sold 33.3 lakh shares (4.74%) of Medi Assist Healthcare Services through a bulk deal and HDFC Mutual Fund bought 12.5 lakh shares (1.78%), ICICI Prudential Mutual Fund bought 5 lakh shares (0.71%) and Aditya Birla Sun Life Mutual Fund bought 4 lakh shares (0.57%) at Rs 635 apiece.

Western Carriers (India) will open for subscription on second day after The public issue it was subscribed 0.79 times on day 1. There bids were led retail investors (1.41 times), followed by non-institutional investors (0.38 times).

Arkade Developers The company will offer its shares for bidding on Monday. The price band is set from Rs 121 to Rs 128 per share. The company raised 122 crores from anchor investors.

Northern Arc Capital company will also offer its shares for bidding on Monday. The price band is set from Rs 249 to Rs 263 per share. The Rs 777-crore IPO issue is combination of a fresh Issue of Rs 500 crore and rest offer for sale. The company raised 228 crores from anchor investors.

Bajaj Housing Finance, Tolins Tyres and, Kross will debut on the exchanges on Monday.

Bajaj Housing Finance's Rs 6,560-crore IPO was subscribed 63.61 times on its third and final day. Bids were led by institutional investors (209.36 times), followed by non-institutional investors (41.51 times), reserve for shareholders (17.53 times), retail investors (7.04 times) and portion reserved for employees (2.05 times).

Tolins Tyres' shares will debut at an issue price of Rs 26 apiece. The Rs 230-crore IPO was subscribed 23.89 times on its third and final day.

Kross will debut at an issue price of Rs 240 apiece. The Rs 500-crore IPO was subscribed 16.81 times on its third and final day.

Edelweiss Employees Welfare Trust sold 98.79 lakh shares (1.04%) at Rs 124 apiece in Edelweiss Financial Services while Abu Dhabi Investment Authority bought 35.68 lakh shares (0.37%) at Rs 124 apiece and Ashoka India Equity Investment Trust Plc bought 6.6 lakh shares (0.06%).

India Acorn Icav also bought 53.73 lakh shares (0.56%) and India Acorn Icav - Ashoka Whiteoak Emerging Markets Equity Fund bought 2.76 lakh shares (0.02%).

Infinity Holdings sold 22 lakh shares (8.39%) at Rs 400 apiece in Jagsonpal Pharma while Infinity Portfolio Holdings bought 22 lakh shares (8.39%).

Shares of Dixon Technologies (India) will react to the news of company’s arm Padget signing an MoU with Asus for manufacturing IT products and Zaggle Prepaid Ocean Services has entered into an agreement with Founderlink Tech to provide business loans to Zaggle Corporate customers.

RPG Life Sciences's stock will be in focus after company has assigned the surplus leasehold of a Navi Mumbai land parcel to KRSNA Dynasty for Rs 145 crore and CDSL's board has approved the appointment of Nehal Vora as managing director and chief executive officer for five years.

GMR Airports Infrastructure will react to its August passenger traffic, which stood at 1.06 crore, up 9% year-over-year, and August aircraft movement up 8% year-on-year.

Exide Industries invested Rs 100 crore in a wholly owned subsidiary on Friday by way of subscription in the equity share capital on a rights basis and Trident incorporated a unit in Singapore to expand business in the global market.

HEG has sanctioned an increase in the investment to Rs 250 crore from the previous limit of Rs 200 crore to facilitate portfolio expansion and Nazara Technologies will conduct a board meeting on Sept. 18 to consider and approve fund raising and other business.

Laurus Labs' Hyderabad API facility was inspected by the US FDA and closed with zero observations and Thermax is likely to rise on as its arm received an international order worth Rs 516 crore for the supply of two industrial boilers.

For more stocks to look for in Monday's session. Click here.

GIFT Nifty was trading at 25,433.00, up 16 points, or 0.1% as of 06:54 a.m.

Markets in Australia gained on Monday while traders parsed economic data that came from China over the weekend. They also await the Federal Reserve's policy outcome this week.

The S&P ASX 200 was trading 0.50% higher at 8,139.40 as of 06:19 a.m. Markets in Japan, South Korea, and Mainland China are closed on Monday.

China's factory output, consumption, and investment slowed more than expected in August, highlighting a further slowdown in the world's second largest economy, Bloomberg reported. Moreover, unemployment rate hit a six-month high in China.

The Federal Reserve is expected to deliver a 25 basis-point rate cut after its two-day policy meeting on Sept. 18. Market participants will be assessing comments from the Fed Chair Jerome Powell to get clues about the future course of monetary policy.

The S&P 500 and Nasdaq Composite ended 0.54% and 0.65% higher, respectively. The Dow Jones Industrial Average ended 0.72% on Friday.

Brent crude was trading 0.06% higher at $71.65 a barrel. Gold rose 0.16% to $2,581.88 an ounce as of 06:25 a.m.

The NSE Nifty 50 and the S&P BSE Sensex ended Friday's session in loss as Reliance Industries Ltd. and ITC Ltd. dragged. However, the Indian benchmark stock indices recorded the most weekly gains since June end.

Nifty ended 32.40 points, or 0.13% lower at 25,356.50 and Sensex settled 71.77 points, or 0.09% down at 82,890.94.

Overseas investors remained net buyers of Indian equities for the fifth consecutive day on Friday. Foreign portfolio investors mopped up equities worth Rs 2,364.8 crore, while domestic institutional investors turned net buyers after a day of selling and bought equities worth Rs 2,532.2 crore, according to provisional data from the National Stock Exchange.

The Indian currency strengthened by 7 paise to close at 83.90 against the US dollar.