Stock Market Today: Nifty, Sensex Extend Fall As Reliance Industries, Bharti Airtel Drag

The rupee closed at a record closing low of 83.98 against the US dollar. -The currency hit an all-time low of 83.99 during the day. It closed at 83.97 on Wednesday.

Source: Bloomberg

India's benchmark indices ended lower on Thursday as heavyweights Reliance Industries Ltd. and Bharti Airtel Ltd. weighed. The NSE Nifty 50 extended fall for the second day to end 0.21% or 53.60 points lower at 25,145.10, while the BSE Sensex declined by 151.48 points, or 0.18%, to close at 82,201.16.

"Sector rotation and defensive play like on consumption has picked up in the last couple of days. Staples and retail have been benefitting from the growth," said Siddharth Khemka of Motilal Oswal Financial Services Ltd. Shares in the FMCG and consumer durables space were in green.

Stock of the day Zomato Ltd. ended nearly 5% higher after JPMorgan raised its target price, citing food delivery platform's significant strides in the quick commerce sector and its ambitious expansion plans. The brokerage has also retained its 'overweight' rating on the company.

India has surpassed its rival China to secure the largest weighting in the MSCI EM investable market index, and is poised to surpass its neighbor as the largest emerging market. The country's rising weight in a key emerging market index would draw more absolute foreign flows, according to Morgan Stanley.

On the listing front, Raymond Lifestyle Ltd. was locked in a 5% lower circuit after a stellar market debut on Thursday. Shares of the company listed at Rs 3,000 apiece on the BSE on Thursday, a premium of 99.5% over its base price of Rs 1,503.3 per share.

Shares of RIL, Bharti Airtel, and Larsen & Toubro Ltd. contributed the most to the losses in the Nifty.

Titan Ltd., ITC Ltd., Infosys Ltd. and HDFC Bank Ltd. advanced the most.

Broader indices outperformed the benchmarks. The BSE Midcap closed 0.27% higher and BSE Smallcap ended 0.56% up.

Ten of the 20 sectoral indices on the BSE ended lower and 10 advanced. The BSE Realty fell the most.

The market breadth was skewed in the favour of buyers. Around 2,260 stocks rose, 1,667 fell, and 111 remained unchanged on the BSE.

• After a higher open, Nifty extended fall to second consecutive session and Sensex to a third

• Nifty ends 0.21% or 53.60 points lower at 25,145.10

• Sensex ends 0.18% or 151.48 points down at 82,201.16

• Intraday, Nifty rose as much as 0.30% to 25,275.45 and Sensex added as much as 0.32% to hit a high of 82,617.49

• Broader indices outperformed; Nifty Midcap 100 ended 0.34% higher while Nifty Smallcap 250 closed 0.96% up.

• Most sectoral indices ended mixed; Nifty Media was the top gainer and Nifty Realty fell the most

• Titan Co. Ltd. and LTIMindtree were top Nifty gainers

• Cipla and Reliance were top losers among Nifty stocks

• Board approves 1:1 bonus issue

• Board approves increasing authorised share capital to Rs 50,000 crore from Rs 15,000 crore

Source: Exchange filing

Arm gets order from Israel Aerospace to supply Titanium cast components

Source: Exchange filing

Approves incorporation of arm for manufacturing electric buses

Source: Exchange filing

Commissions battery energy storage system for Solar Energy Corp in Lakshadweep

Source: Exchange filing

• Gets order worth Rs 215 crore from Uttar Pradesh agriculture department

• Gets order for supply of 8,085 solar water pumping system

Source: Exchange filing

• Total registrations up 81% at 2,681 units

• Jaguar registrations up 74% at 607 units

• Land Rover registrations up 83% at 2,074 units

  Source: Society of Motor Manufacturers and Traders

India's benchmark indices fell for the second day on Thursday, led by losses in information stocks, as market participants remained cautious about overpriced domestic stocks. The NSE Nifty 50 and the S&P BSE Sensex slipped as much as 0.19% and 0.2%, respectively, so far in the day, even as most Asian indices rebounded following Wednesday's selloff.

At 12:15 p.m., the 50-stock NSE Nifty was trading 9.8 points, or 0.04%, lower at 25,188.9, and the 30-stock Sensex was down 43 points, or 0.05%, at 82,309.3.

India has surpassed its rival China to secure the largest weighting in the MSCI EM investable market index, and is poised to surpass its neighbor as the largest emerging market. India's rising weight in a key emerging market index would draw more absolute foreign flows, according to Morgan Stanley.

On the listing front, Raymond Lifestyle Ltd. was locked in a 5% lower circuit after a stellar market debut on Thursday. Shares of the company listed at Rs 3,000 apiece on the BSE on Thursday, a premium of 99.5% over its base price of Rs 1,503.3 per share.

Stability in US markets sets the tone for the resumption of rally in India, according to VK Vijayakumar, chief investment strategist at Geojit Financial Services. But there is no room for a breakout taking the benchmark indexes to much higher levels, he said. "In the present context of elevated valuations, investors should refrain from aggressive investment in poor-quality stocks."

Most Asian indices bounced back from Wednesday's sell-off, and global bond yields fell as a weak economic print in the US brought back wagers that the Federal Reserve will initiate a half-point interest cut in September. The MSCI Asia Pacific index, excluding Japan, advanced by 0.28% to 687.14 during the day.

From a technical standpoint, the pullback post the setback construes a positive scenario, with strong support being seen around the 25,100-25,080 spot zone for Nifty, according to Sameet Chavan, head of research, technical and derivative at Angel One. "On the higher end, the highs of 25,300-25,350 is now expected to be seen as a resistance."

Shares of Titan Co., ITC Ltd., State Bank of India Ltd., Sun Pharmaceutical Industries Ltd., and Tata Steel Ltd. cushioned the loss in the Nifty 50.

While those of Larsen & Toubro Ltd., Bharti Airtel Ltd., Infosys Ltd. Bajaj Finance Ltd. and Tata Consultancy Services Ltd. weighed on the index.

On NSE, nine of the 12 sectors advanced, with Nifty Media and PSU Pharma rising the most during the session. The Nifty Realty and Auto fell the most on Wednesday.

Broader markets outperformed the benchmark indices. The BSE Midcap and Smallcap were up 0.45% and 0.68%, respectively.

On BSE, eight of the 20 sectors declined, with BSE Reality and Capital goods leading the fall.

Market breadth was skewed in the favour of the buyers. Around 2,342 stocks rose, 1,453 stocks declined, and 141 stocks remained unchanged on the BSE.

• Clarifies on report of buying stake in Kishlay Foods

• No material information that requires disclosure

Source: Exchange Filing

Key investors included leading domestic financial institutions and foreign institutional investors, with the company receiving an oversubscription by the investors.

Source: Exchange Filing

In pact with Telangana govt for AI innovation hub

Source: Exchange Filing

Emerges as lowest bidder for project worth Rs 1,341 crore

Source: Exchange Filing

Shares of Hindustan Unilever surged to Rs 2,855, its highest level since 21 September, 2021.

• Company evaluates various strategic opportunities for growth & expansion of business

• No material event, information at this stage

• Clarifies on report of being in talks to acquire rail engineering business of Escorts Kubota

Source: Exchange Filing

Defaults making instalment payment, interest to some banks

Source: Exchange Filing

• Plants shut down for maintenance, repair

• Expect to resume operations as early as possible

Source: Exchange Filing

Shares of MOIL Ltd. continued to advance on Thursday after the company posted its best ever August production of 1.24 lakh tonnes. The company achieved production of 7.24 lakh tonne during the first five months of the current financial year, registering a growth of 7% over the same period last year. The stock rose over 3% a day prior.

Shares of Sapphire Foods India Ltd., the franchisee operator of brands such as Kentucky Fried Chicken, Pizza Hut, and Taco Bell, surged over 8% to reach an all-time high on Thursday—the company's record date to determine the eligibility of its equity shareholders for a share split.

Gets export order worth Rs 70 crore from US-based retailer

Source: Exchange Filing

• Initiates 'buy' with target of Rs 831, implying upside 18.5%

• Stock has de rated to 18 times 12 month forward PE , from 25 times over last 12 months

• Has growing market share in deposits

• Bank read to graduate to next level, transition into “Universal bank”

• Forecast Earnings growth of 27% CAGR over FY24-27

• This is on back of improving return on assets

• Has robust loan growth driven by commercial retail portfolios

• Is relatively better on improving deposit market share, better asset quality control, operating efficiency, including merger synergies

• Target prices values the company at 23 times 12 month forward PE ratio

Laurus Labs, Divi's Laboratories, and Lupin contributed the most to the gains.

• Rupee weakened by 2 paise to a record low of 83.99 against the US dollar.

• It closed at 83.97 on Wednesday.

Source: Bloomberg

Shares of Raymond Lifestyle Ltd. listed on the BSE on Thursday at Rs 3,000 apiece, a premium of 99.5% over its base price of Rs 1,503.3 per share. On the National Stock Exchange, the stock debuted at Rs 3,020 per share, marking a premium of 93% against the base price of Rs 1,562.6 per share.

Shares of Biocon Ltd. extended its gains in the second consecutive session to hit its highest level in over 30 months. The stock has gained nearly 8% in two sessions.

Shares of Raymond Lifestyle Ltd. listed on the BSE on Thursday at Rs 3,000 apiece, a premium of 99.5% over its base price of Rs 1,503.3 per share. On the National Stock Exchange, the stock debuted at Rs 3,020 per share, marking a premium of 93% against the base price of Rs 1,562.6 per share.

Gautam Singhania's consumer lifestyle business demerged its consumer lifestyle business from Raymond to create a pure-play consumer branded apparel and textiles business. Post the demerger, Raymond Lifestyle will have four key segments: Wedding and ethnic wear, Garments exports, Branded apparel and Textiles.

Shares of Linde India jumps over 5% after agreement with Tata Steel to acquire two 1,800 tons per day air separation units for their Kalinganagar Phase 2 expansion.

At pre-open, the Nifty was at 25250.50, up by 0.21% or 51.80 points and the Sensex was up 0.14% or 117.1 points at 82469.79.

Retail car sales—measured as vehicle registrations on the government’s VAHAN website—fell 4.53% YoY to 3.1 lakh units on weather-related woes.

• Car retail sales down 4.53% at 3.1 lakh units (YoY)

• ⁠⁠2-wheeler retail sales up 6.3% at 13.4 lakh units (YoY)

• 3-wheeler retail sales up 1.6% at 1.05 lakh units (YoY)

• ⁠Commercial vehicle retail sales down 6.1% at 73,253 units (YoY)

• ⁠Total vehicle retail sales up 2.9% at 18.9 lakh units (YoY)

Source: FADA Statement

• The yield on the 10-year bond opened flat at 6.85%.

• It closed at 6.86% on Wednesday.

Source: Bloomberg

• Rupee opened flat at 83.98 against the US dollar.

• It closed at 83.97 on Wednesday.

Source: Bloomberg

Maintains 'buy' and raise target price for

• UPL- Price target at Rs 680; upside 12.2%

• PI Industries- Price target at Rs 5000;upside 10.8%

• Dhanuka Agritech- Price target at Rs 2000'upside 17.9%

Maintains hold on

• Bayer Crop Science- Price target at Rs 6300; downside 3%

• Rallis- Price target at Rs 251; downside 26.5%

• Higher crop sowing positive, but rains may slow 2Q growth.

• Good rainfall boosts 2HFY25 sales; FY25e outlook healthy.

• Dhanuka to outperform with new launches, high domestic exposure (75%-98%).

• UPL, PI less impacted with low domestic exposure (13%-18%), global Agro recovery positive.

• Maintains 'outperform', target price Rs 8,546, 18.6% upside

• Entered agreement with Tata Steel to acquire two 1,800 tons per day air separation units

• Overall capacity increases by 37% to 13,330 tons/day

• Expansion leading to it being potentially world’s largest single-site ASU

• On track to double production capacity in India

• Forecast revenue and PAT CAGR of 33% and 34% over FY24-27E

In pact with Blue Star to for employee expense management platform

Source: Exchange Filing

Board approves issue price of QIP at Rs 1,674/share

Source: Exchange Filing

Arm to pay $25 mn over 5 years to the United States

Source: Exchange Filing

• Retains 'overweight' with target of Rs 340 vs Rs 208 earlier, upside 40%

• Company spearheading rapid retail consumer transformation via Quick commerce

• Going deeper across metros, planning 1500 stores in next 2.5 years

• Scale should help monetization from channel margins and ad spending

• Incremental store economics should turn more positive on Ebitda

• Expects company to lead disruption of Modern Trade and Ecommerce

• See Bigger 'going out' business; adding to monetization

• Raises FY25-27 forecast by 15%-41%

• Upgrades quick commerce per share value by 115% to Rs. 150

• Upgrades food delivery estimates for FY26 EBITDA by 11%

• India has become the largest weight in MSCI EM IMI Index overtaking China, yesterday

Upside:

• Rising weight means more absolute foreign flows

• The problem for foreign flows is that domestic flows are outbidding them

Downside:

• There are several reasons to believe that correction in a strong bull market is on the anvil

• Looking at China’s history its performance did suffer after becoming the largest EM though India need not follow the same

Point to note:

• India is gaining share in global GDP and in Global market

Conclusion:

• India remains top pick

• Believes corrections would be shallow, should drive money on the sidelines to pour in

• A bull market is possible still in the future

• India’s weight in EM could have some more room before it peaks out

• Sets IPO price band at Rs 456-480/share

• Bid for issue to open on September 10 & close on September 12

Source: Company statement

• U.S. Dollar Index at 101.3

• U.S. 10-year bond yield at 3.76%

• Brent crude 0.39% higher at $72.98 per barrel

• Nymex crude 0.42% higher at $69.49 per barrel

• GIFT Nifty flat at 25,363.00 as of 07:38 a.m.

• Bitcoin was down 0.14% at $57,962.43

• Nifty September futures down by 0.41% to 25,247.8 at a premium of 149.1 points.

• Nifty September futures open interest up by 1.21%.

• Nifty Bank September futures down by 0.46% to 51,607.6 at a premium of 207.35 points.

• Nifty Bank September futures open interest up by 1.98%.

• Nifty Options Sept. 5 Expiry: Maximum call open interest at 25,300 and maximum put open interest at 25,000.

• Bank Nifty Options Sept. 11 Expiry: Maximum call open interest at 51,500 and maximum put open interest at 51,500.

• Securities in ban period: Aditya Birla Fashion And Retail, Balrampur Chini Mills, Hindustan Copper, RBL Bank.

• Ex/record dividend: Chaman Lal Setia Exports, Sunteck Realty and Mrs Bectors.

• Ex/record AGM: Clean Science & Technology, Gandhar Oil Refinery, Dynamatic Technologies, Honda India Power Products, Jamna Auto Industries and Roles Rings.

• Mastek: Patronus Tradetech Llp bought 5.06 lakh shares (1.64%) at Rs 2,767.51 apiece, while ICICI Prudential Mutual Fund bought 5 lakh shares (1.62%) and Ghisallo Master Fund Lp bought 2.27 lakh shares (0.73%) at Rs 2,751 apiece. On the other hand, Europacific Growth Fund sold 17.19 lakh shares (5.57%) at Rs 2,766.36 apiece and Patronus Tradetech Llp sold 217 shares at Rs 2,845.23 apiece.

• EFC (I): Miv Investment Services Pvt. bought 3.76 lakh shares (0.76%) at Rs 473.21 apiece, while Aegis Investment Fund sold 3 lakh shares (0.6%) at Rs 474 apiece.

• Thangamayil Jewellery: Custody Bank Of Japan Ltd. Re Rb Amundi India Small Cap Equity Mother Fund bought 6.81 lakh shares (2.48%) at Rs 2,090 apiece and F3 Advisors Pvt. bought 2.22 lakh shares (0.8%) at Rs 2,121.56 apiece. Balusamy Ramesh sold 4.33 lakh shares (1.57%) at Rs 2,123.4 apiece, Narayanan Balusamy Kumar sold 4.33 lakh shares (1.57%) at Rs 2,091.2 apiece and Das Balarama Govinda sold 4.33 lakh shares (1.57%) at Rs 2,090.32 apiece.

• Morepen Laboratories: Hrti Private Ltd bought 82.89 lakh shares (1.62%) at Rs 89.41 apiece and Graviton Research Capital Llp bought 47.32 lakh shares (0.92%) at Rs 88.16 apiece.

• Rama Steel Tubes: Hrti Private Limited bought 421.92 lakh shares (2.71%) at Rs 11.67 apiece and Graviton Research Capital Llp bought 75.15 lakh shares (0.48%) at Rs 11.4 apiece.

• Camlin Fine Sciences: Infinity Portfolio Holdings bought 13.38 lakh shares (0.79%) at Rs 102.98 apiece, while Infinity Direct Holdings sold 13.38 lakh shares (0.79%) at Rs 102.98 apiece.

• DCW: Baron Emerging Markets Fund bought 15.39 lakh shares (0.52%) at Rs 88.66 apiece.

• Hinduja Global Solutions: Aviator Global Investment Fund sold 3 lakh shares (0.64%) at Rs 887.56 apiece.

• RattanIndia Enterprises: The Great International Tusker Fund sold 82.05 lakh shares (0.59%) at Rs 81.52 apiece.

• ECOS (India) Mobility & Hospitality: Matthews India Fund bought 1.45 lakh shares at Rs 400.28 apiece, Plutus Wealth Management bought 10.70 lakh shares at Rs 443.33 apiece and TNTBC AS The Trustee of Nomura India Stock Mother Fund bought 22.80 lakh shares at Rs 439.11 apiece.

Raymond Lifestyle: Shares of Gautam Singhania's consumer lifestyle business, Raymond Lifestyle Ltd., to list on stock exchange today. As per NDTV Profit calculations, the share price of Raymond Lifestyle would be priced between Rs 3,100 and Rs 7,800 apiece, depending on how the street values the business.

• Gala Precision Engineering: The IPO bags the second largest subscription in 2024. The IOP has been subscribed 201.41 times on the third and final day. The bids were led by non-institutional investors (414.62 times), employee reserved (259 times), institutional investors (232.54 times), and retail investors (99.95 times).

• Shree Tirupati Balajee Agro: The IPO will open for its first day of subscription on Sept. 5. The total issue size of the initial public offering stands at Rs 169.65 crore shares. The IPO consists of a fresh issue of up to 1.47 crore equity shares and an offer for sale of up to 56.90 lakh equity shares. The price band set for the IPO is in the range of Rs 78 to Rs 83 per share at a face value of Rs 10. The company raised Rs 50 crore from anchor investors on Wednesday, ahead of its initial public offering.

• Shanti Educational Initiatives: Albula Investment Fund Ltd bought 47.2 lakh shares (2.93%) at Rs 122.85 apiece, while Lts Investment Fund Ltd sold 47.2 lakh shares (2.93%) at Rs 122.85 apiece.

• Trent: Siddhartha Yog bought 1.21 lakh shares (0.03%) at Rs 6,966 apiece, while Dodona Holdings Limited sold 1.21 lakh shares (0.03%) at Rs 6,966 apiece.

• Raymond: Shares of Gautam Singhania's consumer lifestyle business, Raymond Lifestyle Ltd., to list on stock exchange today.

• PNB Housing Finance: The board will consider raising up to Rs 2,500 crore through NCDs on Sept. 9.

• Sona BLW Precision Forgings: The company has set the floor price at Rs 699.01 per share for qualified institutional placement to raise Rs 2,400 crore. The QIP price is at a 3% discount to the current market price. The company may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue.

• Linde India: The company is in a pact to buy Tata Steel industrial gas assets at the Kalinganagar Phase 2 expansion project.

• Canara Bank: The company will issue five-year $300 million medium-term notes through the IFSC Banking unit. The bonds are to be issued at a coupon rate of 4.896% to be paid semi-annually.

• Suzlon Energy: Executes conveyance deed with OE Business Park for the sale of office space for Rs 440 crore. The company will lease One Earth Property back for five years.

• General Insurance Corp.: The government of India will exercise the oversubscription option in its current offer for sale, which will include an additional 50.49 lakh equity shares. The overall offer size will, therefore, increase to 6.45 crore shares or 3.68% stake.

• Century Textiles: The arm will buy Hindalco land in Kalwa, Thane. The company will give a Rs 400 crore corporate guarantee for the land to Hindalco.

• Exide Industries: Arun Mittal tenders resignation from the position of managing director and chief executive officer of its arm, EESL, effective Oct. 31. Mittal's resignation is for personal reasons.

• Indostar Capital Finance: The company announced a public issue of NCD of the face value of Rs 1,000 each, aggregating up to Rs 300 crore. The issue is scheduled to open on Sept 6, 2024, and close on Sept 19, 2024.

• Allied Blenders and Distillers: The board approves the acquisition of a majority stake in the target entity to be formed in collaboration with film star Ranveer Singh, represented by Oh Five Oh Talent Ltd. Liability Partnership. The company will undertake manufacturing, distribution, licensing, and marketing of various types of luxury and premium spirits comprising owned and third-party brands. The company appoints Anil Somani as chief financial officer and key managerial personnel effective Sept 5.

• TARC: The company gets a registration certificate from the Haryana Real Estate Regulatory Authority for TARC ISHVA, a luxury group housing development in Gurugram.

• Satin CreditCare: The company completes its first PTC transaction worth Rs 119 crore with HSBC India.

• Kaynes Technology India: The company clarified that it has received no formal letter from the government to build a semiconductor unit.

• Kalpataru Projects International: The board approved the conversion of the outstanding loan granted to Kalpataru Power Do Brasil Participações, a Brazil-based wholly-owned subsidiary of the company, into equity shares of KPBPSA.

• Godrej Properties: The company approved the issuance of 6,460 unsecured, redeemable, rated, listed, non-convertible debentures of the face value of Rs 1 lakh, aggregating to Rs 64.60 crore.

• Ganesha Ecosphere: The company approves the incorporation of a joint venture with Race Eco Chain to set up washing plants.

• Apollo Hospitals: Apollo Healthco Ltd., an unlisted material wholly owned subsidiary of the company, incorporated a wholly owned subsidiary named Apollo 2417 Insurance Services Ltd. on Sept. 3.

• Borosil Renewables: The company will acquire a 49% stake in Clean Max Prithvi Pvt Ltd from Clean Max Enviro Energy Solutions Private Ltd. The acquisition is to be completed in two months.

• Interarch Building Products: The meeting of the Board of Directors is scheduled to be held on Sept. 12, 2024. The company will consider and approve the financial results of the company for the quarter ended June 30, 2024.

The GIFT Nifty was at 25,362.00, up by 14 points, or 0.06% as of 6:43 a.m.

In Asia, while South Korea's Kospi and Australia's ASX 200 were trading 1.28% and 0.45% higher at 6:41 a.m., Japan's Nikkei was 0.6% lower.

Indices in Japan fell after the release of Japan’s July wage data, which rose 3.6% year-on-year, as against 4.5% in June.

In the US, benchmarks kicked off Wednesday's session lower. However, they recovered later in the day to end mixed as July job openings reinforced hopes of a September rate cut.

Job openings for the month of July in the country fell to 7.67 million against the estimated 8.1 million, the lowest since the start of 2021.

S&P 500 ended 0.16% down, while tech-heavy Nasdaq Composite fell 0.3% and Dow Jones Industrial Average was up 0.1% at close.

Brent crude was trading 0.25% higher at $72.88 a barrel as of 06:45 a.m. Gold remained flat at $2,496.08 an ounce.

Treasury yields fell sharply after data revealed a further slowdown in the US labour market, leading Wall Street to bet on upcoming Federal Reserve rate cuts.

The Indian benchmark indices took a breather from a record rally to close lower on Wednesday as sentiment was hit after a rout in global stocks. The closing came after Asian stocks plunged, tracking the overnight loss in the US markets, led by weak economic data and easing oil prices on weak global demand.

The NSE Nifty 50 ended 0.32%, or 81.15 points down at 25,198.70, while the S&P BSE Sensex declined 0.25%, or 202.80 points to close at 82,352.64.

Overseas investors remained net buyers of Indian equities for the fifth consecutive session on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 975.5 crore, while domestic institutional investors stayed net buyers for the third consecutive day and purchased equities worth Rs 97.4 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed flat at 83.97 against the US dollar.