Stock Market Today: Nifty Ends Shy Of 20,000 Level, Sensex Above 67,100; FPIs Turn Net Buyers

Overseas investors snapped a five day selling streak of Indian equities to become net buyers on Monday.

Foreign portfolio investors mopped up stocks worth Rs 1,473.09 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers and bought equities worth Rs 366.24 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,30,987 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed 4 bps higher at 7.25% on Monday.

Source: Bloomberg

• The local currency weakened 8 paise to close at Rs 83.03 against the U.S dollar on Monday.

• It closed at 82.95 on Friday

Source: Bloomberg

India's benchmark stock indices advanced for the seventh straight day to log the best stretch of gains in 11 weeks since June 26 to July 6, when the indices advanced for the eight days.

While, Nifty 50 crossed 20,000 level for the first time intra-day, Sensex was about 400 points shy of its record closing high at 67,571.90 points. PSU banks, metal and auto sectors rose in trade whereas the media shares were under pressure.

The S&P BSE Sensex closed up 528 points, or 0.79%, at 67,127.08, while the NSE Nifty 50 was 176 points of 0.89% higher at 19,996.35.

Europe’s Stoxx 600 rose 0.5% and US futures pointed to gains on Wall Street. Tesla Inc. rallied 5% in U.S. premarket trading on an upgrade from Morgan Stanley.

Italian banks led gains among European lenders after a report that the government is weighing changes to a controversial tax on banks’ windfall profits.

In China, there’s hints that the economy may be stabilizing after a sharp downturn. The benchmark CSI 300 Index rose 0.7% on Monday, snapping a four-session losing streak.

Shares in Hong Kong fell as trading resumed after a closure on Friday and property stocks there sank following disappointing earnings at Sun Hung Kai Properties Ltd.

Reliance Industries Ltd., HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., Adani Ports and Special Economic Zone Ltd., and ITC Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, Larsen & Toubro Ltd., Coal India Ltd., Bajaj Finance Ltd., Oil & Natural Gas Corporation Ltd., and IndusInd Bank Ltd., and were negatively contributing to the change.

The broader market indices ended higher; the S&P BSE MidCap Index was up 1.20%, whereas S&P BSE SmallCap Index was also 0.70% higher.

All the 20 sectors compiled by BSE advanced. S&P BSE Telecommunication, S&P BSE Power, and S&P BSE Utilities rose the most.

The market breadth was skewed in the favour of the buyers. About 2112 stocks rose, 1660 declined, while 170 remained unchanged on the BSE.

• The index took 52 sessions to hit all-time high since July 20, 2023.

• Sensex, Nifty On Course To Scale Record Highs

• Nifty Nearly 30 Points Away From Hitting 20,000

• Sensex Crosses 67,000 Mark

• Nifty Bank Up 0.8%, Above 45,300 Level

• PSU Banks, Metals, Auto Sectors Gain

• RIL, HDFC Bank Lead; Bajaj Finance, L&T Drag

Source: Bloomberg

• Bags Rs 82.60 crore order from domestic telecom service provider.

• Company to supply optical fibre cables by November 2023.

Source: Exchange filing

• 49 lakh shares changed hands in three large trades.

• 0.05% equity changed hands in a price range of Rs 242.15 to Rs 242.20 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 15 lakh shares changed hands in a large trade.

• 0.16% equity changed hands at Rs 159.55 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 1.29 crore shares changed hands in a large trade.

• 0.1% equity changed hands at Rs 84.40 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Shares of ITI Ltd. rose to an over three year high after it developed its own branded laptop and micro computer, as per an exchange filing.

Branded as ‘Smaash’, the products have already been deployed in the market, and ITI Ltd. has won many tenders competing against multi-national brands like Acer, HP, Dell and Lenovo. The two flagship products - laptop and micro computed have been designed in association with Intel Corporation with which an MoU has also been signed for design and manufacturing

The scrip rose 14.66% to Rs 143.7 per share as of 12:49 p.m., in comparison with 0.65% advance in the NSE Nifty 50. It rose as much as 17.16% intraday to hit Rs 145.9 apiece, the highest level since Aug. 20. 2020.

The stock has gained 36.8% on a year-to-date basis. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 79, implying that the stock maybe overbought. Bloomberg covers no analyst tracking the company.

• The market value of Adani Group company stocks rose over Rs 45,000 crore intraday to Rs 11.47 lakh crore, which was the highest since Aug. 23, 2023 when it was Rs 11.59 lakh crore during intraday trade.

• The market capitalisation is nearing to Rs 12 lakh crore, which will be highest in seven months.

Source: Cogencis

India's benchmark stock indices opened higher and inched closer towards its all-time high scaled on July 20, 2023. While, Nifty 50 was nearly 50 points away from 20,000 level, Sensex was about 600 points shy of its record high above 67,600 mark.

PSU banks, realty, metal and auto sectors rose in trade whereas the media shares were under pressure.

As of 12:03 p.m., the S&P BSE Sensex was up 341 points, or 0.51%, at 66,939.52, while the NSE Nifty 50 was 118 points of 0.59% higher at 19,937.80.

Asian equities traded mixed amid a lack of positive drivers. Shares in Hong Kong fell as trading resumed after a closure on Friday and property stocks there sank following disappointing earnings at Sun Hung Kai Properties Ltd. Equities in mainland China climbed to snap a four-day loss, with easing deflationary pressure and a report on more cities relaxing mortgage rules helping stabilize sentiment.

U.S. stock futures ticked marginally higher after shares saw small moves at the end of the week, with the S&P 500 edging higher after a three-day drop. Nvidia Corp. and Tesla Inc. weighed on the megacap space, while Apple Inc. bounced after a rout.

Reliance Industries Ltd., HDFC Bank Ltd., Adai Ports and Special Economic Zone Ltd., Tata Consultancy Services Ltd., and State Bank of India a were positively adding to the change in the Nifty 50 Index.

Whereas, Oil & Natural Gas Corporation Ltd., Cipla Ltd., Coal India Ltd., IndusInd Bank Ltd., and Bajaj Finance Ltd. were negatively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.96%, whereas S&P BSE SmallCap Index was also 0.78% higher.

All the 20 sectors compiled by BSE advanced. S&P BSE Telecommunication, S&P BSE Power, S&P BSE Utilities, S&P BSE Realty and S&P BSE Services rose the most.

The market breadth was skewed in the favour of the buyers. About 2,213 stocks rose, 1,398 declined, while 199 remained unchanged on the BSE.

• Vaibhav Bhanchawat appointed as COO-India & Foods Business w.e.f. Oct. 1, 2023.

Source: Exchange Filing

• 55.3 lakh shares changed hands in a large trade.

• 0.05% equity changed hands at Rs 53.90 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Shares of JSW Energy Ltd. rose as much as 6.01% to Rs 418.25 per share as of 11:21 a.m., in comparison with 0.62% advance in the NSE Nifty 50. It rose as much as 7.69% intraday to hit a record high at Rs 424.9 apiece.

The stock has gained 45.43% on a year-to-date basis. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 79, implying that the stock maybe overbought.

Of the 11 analysts tracking the company, four maintain a 'buy' rating, two recommend a ‘hold’, and five suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 27.8%.

• Passenger vehicle sales rise 9.4% to 3,59,228 units.

• Two-wheeler sales rise 0.6% to 15,66,594 units.

• Three-wheeler sales rise 68.8% to 64,763 units.

Source: SIAM

Shares of Coffee Day Enterprises Ltd. fell over 13% after IDBI Trusteeship Services filed a bankruptcy and insolvency plea with the NCLT against the company on an alleged Rs 228.45 crore default.

The scrip fell 14.12% to 45.6 96.5 per share as of 10:45 a.m., in comparison with 0.62% rise in the NSE Nifty 50. It declined as much as 18.36% intraday, the most in over two years since May 24, 2021.

The stock has fallen 4.61% on a year-to-date basis. Total traded volume stood at 5.9 times its 30-day average. The relative strength index was at 50.8. Bloomberg covers no analyst tracking the company.

Nvidia Corp., has also tied up with Reliance Industries Ltd. to develop India’s own large language model, trained on regional languages for tailored Generative AI apps. Nvidia will provide Reliance Jio Infocomm access to its most advanced supercomputing service on the cloud to build AI applications for its 450 million telecom subscribers as well as stakeholders in India’s technology space.

Shares of the company Ltd. rose as much as 0.60% to Rs 2,462.95quote per share as of 10:30 a.m., in comparison with 0.48% advance in the NSE Nifty 50. It rose as much as 0.81% to Rs 2,468.

The stock has risen 6.27% on a year-to-date basis. The relative strength index was at 50.31

Of the 40 analysts tracking the company, 32 maintains 'buy', five suggests 'hold' and three recommends 'sell'. The return potential of the stock implies an upside of 13.5%.

Shares of Tata Communications Ltd. hit a record high on Monday after company announced collaborating with Nvidia to develop an AI cloud in India aimed at providing critical infrastructure that enables computing’s next lifecycle. That will result in high-speed data transfer for enterprises.

Shares of the company Ltd. rose as much as 1.86% to Rs 1,920.30 per share as of 10:26 p.m., in comparison with 0.54% advance in the NSE Nifty 50. It rose as much as 2.69% to hit a record high at Rs 1,935.9.

The stock has risen 50.05% on a year-to-date basis. Total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 72, implying that the stock maybe overbought.

Of the eight analysts tracking the company, three maintains 'buy', three suggests 'hold' and two recommends 'sell'. The return potential of the stock implies a downside of 13.4%.

Shares of IDFC First Bank Ltd. advanced on Monday after GQG Partners acquired 5.07 crore shares of the bank, in a large pre-market trade. The company acquired shares from V Vaidyanathan, managing director and chief executive officer of the lender, as per the exchange filing.

The total proceeds of the sale stand at around Rs 478.7 crore, which is net of STT and other brokerage charges. These proceeds will be utilised for three purposes.

• Subscribing to fresh shares of the bank through the exercise of options and this increasing V Vaidyanathan's stake from 0.58% to 1.04%.

• Payment of related income tax on the appreciation in the market value of the options held by V Vaidyanathan

• Contributing to specific pre-committed social causes.

The scrip rose as much as 1.21% to Rs 96.5 per share as of 10:28 a.m., in comparison with 0.53% advance in the NSE Nifty 50. It rose as much as 2.15% intraday, the most since Sept. 4, 2023.

The stock has risen 64.2% on a year-to-date basis. The relative strength index was at 66.5.

Out of the 17 analysts tracking the company, 11 maintain a 'buy' rating, two recommend a 'hold' and four suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 5.4%.

• 44.1 lakh shares changed hands in a large trade.

• 0.04% equity changed hands at Rs 53.60 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Secures contract valued at Rs 100.2 crore.

• To set up 29 MW captive open access solar power plant.

Source: Exchange Filing

• Ratnaveer Precision Engineering lists at Rs 123.20 apiece on the NSE, 20.45% premium to IPO price.

• Ratnaveer Precision Engineering lists at Rs 128 apiece on the BSE, 30.61% premium to IPO price .

Source: Exchanges

• Rishabh Instruments lists at Rs 460.05 apiece on the NSE, 4.32% premium to IPO price.

• Rishabh Instruments lists at Rs 460.00 apiece on the BSE, 4.31% premium to IPO price.

Source: Exchanges

The U.S. signed an agreement with India, Middle Eastern countries and the European Union aimed at connecting them via a network of railways and sea routes.

The U.S. has been quietly holding talks since January on the project with India, Saudi Arabia, the United Arab Emirates and Israel. The plan is to link Middle Eastern countries by rail and to India through shipping lanes from ports in the region, extending on to eastern Europe. 

This led to a run up in railway infrastructure related companies.

Rates as of 9:45 a.m.

Shipping companies also rose in trade following the rail corridor development.

Rates as of 9:51 a.m.

• Appoints Amitava Goswami as the new Chief Compliance Officer

Source; Exchange Filing

India on Saturday announced the launch of the Global Biofuel Alliance and urged G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20%.

"Today, the need of the hour is that all countries should work together in the field of fuel blending. Our proposal is to take an initiative at a global-level to take ethanol blending in petrol up to 20%," said Prime Minister Narendra Modi.

Shares of the companies that make ethanol rose in trade on Monday after the announcement.

Rates as of 9:42 a.m.

• GQG Partners acquires shares from V Vaidyanathan.

• Sale proceeds of Rs 478.7 crore to be used to exercise stock options, increase stake to 1.04% from 0.58%.

Source: Exchange Filing

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.77%, whereas S&P BSE SmallCap Index was also 0.83% higher.

All the 20 sectors compiled by BSE advanced. S&P BSE Power, S&P BSE Utilities and S&P BSE Services rose the most.

The market breadth was skewed in the favour of the buyers. About 2,111 stocks rose, 524 declined, while 136 remained unchanged on the BSE.

India's benchmark stock indices opened higher on Monday after logging their best week in two months after rising for six consecutive sessions on Friday.

At pre-open, the S&P BSE Sensex was up 209 points, or 0.31%, at 66,807.73, while the NSE Nifty 50 was 70 points of 0.35% higher at 19,890.

Asian equities edged lower amid a lack of positive drivers, while the the yen was on the front foot following potentially hawkish remarks by the Bank of Japan governor.

Shares in Hong Kong fell as trading resumed after a closure on Friday due to a heavy rainstorm. Equities in mainland China climbed to snap a four-day loss, with easing deflationary pressure and a report on more cities relaxing mortgage rules helping stabilize sentiment. Japanese stocks pared their gains after BOJ Governor Kazuo Ueda’s comment on negative interest rates boosted bank shares.

U.S. stock futures were flat early Monday after shares saw small moves at the end of the week, with the S&P 500 edging higher after a three-day drop. Nvidia Corp. and Tesla Inc. weighed on the megacap space, while Apple Inc. bounced after a rout.

• 14.2 lakh shares or 0.15% equity changed hands in a large trade

• Buyers and sellers not known immediately

Source: Bloomberg

• 88.9 lakh shares or 4.1% equity changed hands in a large trade.

• Buyers and sellers not known immediately.

Source: Bloomberg

• At pre-open, the S&P BSE Sensex was up 209 points, or 0.31%, at 66,807.73, while the NSE Nifty 50 was 70 points of 0.35% higher at 19,890.

Source: Bloomberg

• The yield on the 10-year bond opened flat at 7.21% on Monday.

Source: Bloomberg

• The local currency opened flat at Rs 82.94 against the U.S dollar on Monday. It opened below 83 level after three days.

• Rupee closed at 82.95 against the U.S dollar on Friday.

Source: Bloomberg

• 5.07 crore shares changed hands in a pre-market large trade

• 0.76% equity changed hands at Rs 94.50 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• U.S. Dollar Index at 104.8

• U.S. 10-year bond yield at 4.29%

• Brent crude down 0.43% at $90.26 per barrel

• Nymex crude down 0.70% at $86.90 per barrel

• GIFT Nifty down 18.5 points or 0.09% at 19,919.5 as of 8:05 a.m.

• Bitcoin down 0.56% at $25,674.87

• Price Band Revised From 10% To 5%: Jayaswal Neco Industries

• Price Band Revised From 10% To 20%: Texmaco Rail & Engineering

• Price Band Revised From 20% To 10%: Ashapura Minechem, GTL Infrastructure

• Ex-date Dividend: Dilip Buildcon, Gujarat Gas, Sterling Tools, Asahi India Glass, Landmark Cars, Nitin Spinners, Manorama Industries, Pokarna, Garware Technical Fibres

• Ex-date AGM: Dilip Buildcon, Sterling Tools, Asahi India Glass, Nitin Spinners, Manorama Industries, IndoStar Capital Finance, Pokarna, Garware Technical Fibres

• Record-date Dividend: Gujarat Gas

• Ex/Record Date Stock Split: Adf Foods

• Move Out Of Short-Term ASM Framework: Indiabulls Housing Finance, India Pesticides

• Inox Wind: Promoter Inox Wind Energy released a pledge of 9 lakh shares on Sept. 6.

• Emami: Promoters Diwakar Finvest released a pledge of 10 lakh shares between Sept. 4 and 5, and Suraj Finvest released a pledge of 2 lakh shares on Sept. 6.

• Greenpanel Industries: Promoter Prime Holdings bought 41,500 shares between Sept. 6 and 7.

• Kirloskar Oil Engines: Promoters Navsai Investments and Alpak Investments each bought 13,200 shares on Sept. 7.

• Genus Power Infrastructures: Promoter Simple Agarwal sold 3.18 lakh shares on Sept. 5.

• Info Edge (India): Promoter Endeavour Holding Trust sold 9,000 shares on Sept. 8.

• Advanced Enzyme Technologies: Promoters of Advanced Vital Enzymes sold 1.5 lakh shares between Sept. 5 and 7.

• Paisalo Digital: Promoters Equilibrated Venture Cflow, PRI CAF, and PRO FITCCH each bought 45,000 shares on Sept. 8.

• Birla Cable: Multiplier Share & Stock Advisors bought 2.14 lakh shares (0.7%) at Rs 402.51 apiece.

• Hi-Tech Pipes: Dream Achiever Consultancy Services bought 10 lakh shares (0.76%) at Rs 75.9 apiece.

• Infibeam Avenues: Citadel Securities India Markets bought 1.38 crore shares (0.5%) at Rs 15.82 apiece.

• Mangalam Cement: Jatayu Textiles & Industries sold 1.68 lakh (0.6%) at Rs 366.01 apiece, while Rambara Trading bought two lakh shares (0.7%) at Rs 366.56 apiece.

• RattanIndia Power: Abarc-Ast-002-Trust sold four crore shares (0.74%) at Rs 7.31 apiece.

• VRL Logistics: Anand Vijay Sankeshwar sold 35 lakh shares (4%) at Rs 681.08 apiece, while SBI Mutual Fund bought 19.29 lakh (2.2%) at Rs 681.

• Adani Enterprises: Adani Global Pte., Singapore, has signed a 50-50 joint venture agreement with Singapore-based Kowa Holdings Asia Pte.

• Reliance Industries: The company will partner with U.S.-based chipmaker Nvidia to develop India’s own large language model, trained on regional languages, for tailored generative AI apps. Nvidia will provide Reliance Jio Infocomm access to its most advanced supercomputing service on the cloud to build AI applications for its 450 million telecom subscribers as well as stakeholders in India’s technology space.

• Tata Communications: The company will collaborate with Nvidia to develop an AI cloud in India aimed at providing critical infrastructure that enables computing’s next lifecycle. That will result in high-speed data transfers for enterprises.

• TCS: The IT major will utilise the AI infrastructure to build and process generative AI applications as well as collaborate with clients with an AI-first approach. Additionally, TCS will upskill its 6,00,000-strong workforce by leveraging the partnership.

• ICICI Bank: The lender has received the RBI's nod to make I-Process Services a wholly-owned subsidiary. The bank currently holds a 19% stake in the manpower and training support provider.

• REC: The state-owned company has received shareholders' approval to increase the overall borrowing limit of the company from Rs 4.5 lakh crore to Rs 6 lakh crore in its 54th AGM. Besides, the shareholders also approved a special resolution for raising funds through the private placement of unsecured or secured non-convertible bonds or debentures up to Rs 1 lakh crore in one or more tranches till Sept. 5, 2024.

• NTPC: Subsidiary NTPC Green Energy and V O Chidambaranar Port Authority will jointly develop a green hydrogen hub at Tuticorin in Tamil Nadu. The hub that VOCPA is providing the land for will produce green hydrogen and its derivatives, such as green ammonia and green methanol.

• SJVN: Subsidiary SJVN Green Energy signed a power purchase agreement for 25 years with Bhakra Beas Management Board for an 18 MW solar power project in the states of Himachal Pradesh and Punjab.

• Coffee Day Enterprises: IDBI Trusteeship Services has filed a bankruptcy and insolvency plea with the NCLT against the company on an alleged Rs 228.45 crore default.

• Gateway Distriparks: Sandeep Kumar Shaw will resign as CFO effective Nov. 28, citing personal reasons.

• Vakrangee: The company will acquire a 48.5% stake in Vortex Engineering from Aaviskaar Capital.

• Shyam Metalics and Energy: The company has announced an offer for sale of up to 1.3 crore shares, or 5.11% stake, for Rs 414 apiece. Promoters Narantak Dealcomm and Subham Buildwell will sell stakes. The OFS will open and close on Sept. 11 for non-retail investors and on Sept. 12 for retail investors.

• Ratnaveer Precision Engineering: The IPO was subscribed 93.96 times on the final day. The portion for non-institutional investors was subscribed to 135.20 times, and that of institutional buyers received 133.05 times subscription. The quota for retail investors got subscribed 53.95 times. The issue price is Rs 98 apiece.

• Rishabh Instruments: The IPO was subscribed 31.65 times on its third and final day. The bids were led by non-institutional investors, who subscribed 4.65 times, followed by retail investors (2.79 times), and institutional investors (0.22 times or 22%). The energy-efficiency solutions provider plans to raise Rs 490.8 crore via a fresh issue and an offer for sale. The issue price is Rs 441 apiece.

EMS: The IPO got subscribed 3.77 times on the first day. The category for non-institutional investors was subscribed to 6.00 times, while the retail individual investors part received 4.82 times subscription. The portion for qualified institutional buyers got subscribed 9%.

Asian equities traded mixed in a cautious open while the yen was on the front foot following potentially hawkish remarks by the Bank of Japan governor.

Stocks rose in South Korea and were higher in Japan’s Topix index, where financial stocks led the gains, while shares fell in Australia. Futures for Hong Kong equities were unchanged as the market is scheduled to reopen after a Friday closure due to a heavy rainstorm.

U.S. stock futures were little changed early Monday after shares saw small moves at the end of the week, with the S&P 500 edging higher after a three-day drop. Nvidia Corp. and Tesla Inc. weighed on the megacap space, while Apple Inc. bounced after a rout.

Brent crude prices were steady above $90 a barrel, and WTI crude was above the $86 mark. The yield on the 10-year U.S. bond was trading at 4.29%, and Bitcoin was below the $26,000 level.

At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 18.5 points, or 0.09%, at 19,919.5.

India's benchmark stock indices logged their best week in two months after rising for six consecutive sessions on Friday. Intraday, the Nifty 50 crossed the 19,800 level, and the Sensex rose beyond the 66,700 level for the first time in over six weeks since July 27. This was the best week that the indices have seen since the week ending June 30.

The local currency strengthened about 27 paise to close at Rs 82.95 against the U.S. dollar on Friday.