Stock Market Today: Nifty, Sensex End Record Week With Closing Highs as HDFC Bank, ICICI Bank Lead

Benchmark equity indices logged gains for a second consecutive week and hit new highs in four out of five sessions this week. On Friday, they tracked the gains in US as well as other Asian markets and recorded fresh closing highs again.

The Nifty ended at 25818.70, up 1.59% or 402.90 point and Sensex ended at 84574.06, 1.67% or 1389.26 points higher, their highest closing.

Intraday, both Nifty and Sensex rose around 1.6% to hit their new record highs of 25,831.35 and 84,639.23 respectively

"Post FED rate cut markets are assuming additional inflow can rush in from FPIs which is why today large caps are trading 2-3% high," said Prashanth Tapse, senior vice president of research at Mehta Equities Ltd.

He added that Nifty’s immediate goalpost continues to be at psychological 26000 milestone. "The line in the sand is at Nifty’s support at 25350 mark," he said adding that fresh buying should be on cautious note.

Shares of ICICI Bank, HDFC Bank, Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., and Reliance Industries Ltd. contributed the most to the gains.

While those of Grasim Industries Ltd., State Bank Of India, Tata Consultancy Services Ltd., NTPC Ltd., and Oil & Natural Gas Corp. Ltd. minimised the upside.

Market breadth was skewed in favour buyers as 2,466 stocks rose. Around 1,484 stocks declined, and 109 stocks remained unchanged on BSE.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 1.16% and 1.37% higher, respectively.

On BSE, all 20 sectoral indices ended Friday on a positive note with the BSE Realty emerging as the top gainer. The BSE IT declined the most.

The Nifty added 1.7% this week and the Sensex jumped 1.99%. Among sectors, Nifty Realty and Nifty Bank were the top gainers and Nifty Media and Nifty IT fell.

Rupee strengthened by 12 paise to open 83.57 against the US dollar after it closed at 83.69 on Thursday.

Source: Bloomberg

1. Nifty, Sensex record highest closing

2. Nifty ends at 25818.70, up 1.59% or 402.90 points

3. Sensex ends at 84574.06, 1.67% or 1389.26 points higher

4. Intraday, both Nifty and Sensex rose around 1.7% to hit their new record highs of 25,849.25 and 84,694.46 respectively

5. Both Nifty and Sensex hit new lifetime highs in four out of five sessions this week

6. Broader indices also rose; Nifty Midcap 100 ended 1.6% up while Nifty Smallcap 250 closed 1.06% higher.

7. All sectoral indices ended lower

8. Nifty Bank, Nifty Financial Services, and Nifty FMCG hit new record highs on Friday

9. M&M and ICICI Bank were top Nifty gainers

10. Grasim Industries and SBI fell the most

ITD Cementation India Ltd. shares hit the 20% upper circuit on Friday after reports said that Adani Group has become the top contender to acquire stake in the company. The share price rose to the highest level since Aug 29.

Patel Engineering has become lowest bidder for a Rs 240-crore hydro power project from NHPC. The work involve modification of diversion tunnel into tunnel spillway arrangement – Civil & Hydro Mechanical works for Package 6 - TEESTA-V Power Station in Sikkim.

Source: Exchange filing

Most share indices in Europe tumbled on Friday as the Mercedes-Benz Group AG declined over 8% after it cut earnings forecast. Further, the initial reaction from the Federal Reserve's rate cut and dovish guidance faded which weighed on the stocks.

US FDA has issued form 483 for Pithampur plant in Madhya Pradesh and has closed the inspection with one observation. "We will respond to the USFDA within the prescribed time-frame and will work in close collaboration with the agency to address the observation at the earliest possible time," the company said.

Source: Exchange filing

ITD Cementation India Ltd. share hit a 20% upper circuit on Friday on news that the Adani Group is likely to acquire stake in the company to strengthen its civil engineering portfolio. The share price rose to the highest level since Aug 29.

Reliance Infra surged to hit its highest level since January 2019 after its board on Thursday approved raising Rs 3,014 crore by preferential issue of shares to promoter and non-promoter entities to fund business expansion. The company also sought shareholders' nod to raise up to Rs 3,000 crore by making a qualified institutional placement of shares.

Shares of BSE jumped nearly 9% on Friday to hit a lifetime high of Rs 4,050. The stock had hit its lifetime high on Wednesday as well. Recently, India's market regulator cleared its rival, the National Stock Exchange, in a long-standing case. Investors believe that BSEs shares might surge in value now that NSE is moving towards an initial public offering after this regulatory decision.

Tata Consultancy Services has expanded its operations in Poland by opening new global delivery centre in Warsaw. "With the new delivery centre, TCS expects to double its workforce to 1200-plus in a year to support its further growth in the region," an exchange filing said. "Located in the heart of the city, the new delivery centre showcases TCS’ capabilities across industries and technologies."

In July, Reliance Jio net lost 7.58 lakh mobile subscribers, Vodafone Idea net lost 14.1 lakh mobile subscribers, BSNL net added 29.3 lakh mobile subscribers, and Bharti Airtel net lost 16.9 lakh mobile subscribers.

Source: Bloomberg

Traders sent India's benchmark indices to fresh highs for the third consecutive session as positive global cues enabled fresh buying on domestic stocks.

On Dalal Street, financials and consumer stocks led the day's gains on positive sentiment.

Nifty rose as much as 1.22% to cross the key 25,700 mark while Sensex surged by 1.27% to 84,240. At 11:46 a.m., the NSE Nifty 50 was trading 272 points, or 1.07% higher at 25,688, and the S&P BSE Sensex was up 932 points, or 1.12% at 84,117.

Sectoral indices like Nifty Financial Services, and FMCG climbed to fresh life highs during the session.

A significant trend in India is the outperformance of Bank Nifty, which is up two percent this week against Nifty’s rise of 0.2%, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. "Weakness in the broader market on valuation concerns is another important trend. These trends are likely to continue."

Major Asian indices like Japan's Nikkei and Hong Kong's Hang Seng extended their gains buoyed by soft landing hopes in the US. Japanese stocks led the rise after the Bank of Japan maintained the status quo on its policy decision.

Positive sentiment for the region came as the latest jobs data in the US support the Fed's hopes on soft landing. The MSCI Asia Pacific index, excluding Japan, rose by 0.74% to 710.63 during the day.

Shares of ICICI Bank Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd., and Larsen and Toubro Ltd. were positively contributing to changes in the Nifty 50.

While those of Tata Consultancy Services Ltd., Axis Bank Ltd., Cipla Ltd. and Grasim Industries Ltd. were negatively contributing to the changes.

On NSE, all 12 sectors gained, with Nifty Metal and Auto climbing the most on Friday morning. Nifty Pharma rose the least.

Broader markets also rose alongside the benchmark indices, with the Midcap and Smallcap trading 0.54% and 1.10% higher, respectively, through midday on Friday.

On the BSE, all 20 sectors advanced, with BSE Metal and Bankex leading the climb.

Around 2,472 stocks rose, 1,275 stocks declined, and 146 remained unchanged on the BSE.

Vodafone Idea’s mounting debt obligations and its inability to generate sufficient cash flow are driving a bleak outlook for the company and it "seems headed to bankruptcy", said Capitalmind CEO and portfolio manager Deepak Shenoy.

Adani Energy Solutions Ltd. could rally 130% with strong growth and diversified business, according to Cantor Fitzgerald. The research firm initiated coverage on the Adani Group's power transmission arm with an 'overweight' rating and has a target price of Rs 2,251 per share against the previous close of Rs 979.45 apiece on the BSE.

Shares of RITES Ltd. jumped to hit their one-month high on the record date of the company's bonus issue of 1:1 as well as final dividend of Rs 5 per share.

Mankind Pharma's stock was up more than 6% as brokerage firm Investec rated the company "Buy", setting a target price of Rs 3,300 per share, which implies a potential upside of 37.7%.

Investec attributes Mankind's strong market performance to its sales force of over 16,000 representatives and a portfolio of popular consumer brands, including Manforce and PregaNews

Nifty FMCG hit its highest level of 65,631.45 points. Most stocks were up with Balrampur Chini Mills and United Spirits leading.

Vodafone Idea Ltd.'s target price was slashed by brokerages as they factored in the negative impact of Supreme Court dismissing the telecommunication companies' plea to reconsider calculation of  adjusted gross revenue dues.

Shares of Vodafone Idea Ltd. extended their fall on Friday. The stock was trading over 3% lower at Rs 10.05 per share as of 10:28 am. The scrip has declined 7.82% in 12 months.

Total traded volume on NSE so far in the day stood at 0.44 times its 30-day average. The relative strength index was at 17.58, which implied the stock is oversold.

Out of 22 analysts tracking the company, five maintain a 'buy' rating, three recommend a 'hold,' and 14 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.1%.

The index hit a lifetime high of 324,638.90. Most stocks in the index traded higher and ICICI Bank, HDFC Life Insurance, and REC were the top gainers. Muthoot Finance fell the most by 3%.

Nifty hit a new high of 25,684.70. Most stocks of the index rose with the top gainers being JSW Steel, M&M, and Coal India. Grasim, Cipla, NTPC, and TCS were the only stocks that fell.

Phoenix Mills jumped nearly 8% on Friday after company’s unit Casper Realty got declared as highest bidder for 2 city-centric plots in Mohali, Punjab. However, it erased all its gains to trade 0.14% lower at 10:13 a.m.

Sensex hit its highest level of  83805.26 points as all stocks in the index rose except TCS, Tata Motors, NTPC, and IndusInd Bank. JSW Steel, M&M, and Tata Steel were the top gainers.

The index rose in the seventh consecutive session today to hit its lifetime high of 53,398.85 points. Most stocks were up with ICICI Bank, Kotak Mahindra Bank led the gains.

IIFL Finance shares surged to its five-month high on Friday after RBI removed restrictions on gold loan business. The restrictions, placed in March, had required IIFL Finance to stop lending against gold with immediate effect. The banking regulator had then found serious operational lapses in the company's operations.

The brokerage maintains a 'sell' on Vodafone with higher target of Rs 2.5, implying downside of 76%. The company has annual dues of $3.3 billion from FY26, rising to $5 billion from FY27, it said adding that AGR dues event increases probability of more tariff hikes for Vodafone. It expects cashflow to be negative for Vodafone Idea until FY31 and estimates ARPU to rise to Rs270 by 150% to be cashflow neutral

On Bharti Airtel, it maintains 'buy' with a target of Rs 1,700, implying upside of 1.7%. It has estimates elevated investments to translate into share gains and said this would be aided by tariff hikes in 2HCY25.

The brokerage has also maintained 'sell' on Indus Towers with target of Rs 350, implying downside of 11%. It said near term looks strong, limited visibility to long term growth. This is because of estimated share loss of Vodafone idea, it said.

Nomura has upgraded Vodafone to 'buy', keeping target unchanged at Rs 15, implying upside of 44.5%. Th company is likely to use the option of converting debt to equity, it said adding that it has total dues of Rs 430 billion to government starting FY26/27. It said that company will be able to convert Rs 120 billion of dues into equity.

Investec has rated Mankind Pharma as "buy" with target price of Rs 3,300 per share and upside 37.7%. The stock is the brokerage's top Pick as it outperforms IPM, supported by over 16,000 sales force and popular brands like Manforce and PregaNews.

Recently acquired Bharat Serums and Vaccines adds R&D strength in women's health and IVF, enhancing MNKI's specialty offerings, it said adding that it believes BSV has potential to drive growth for longer periods.

Citi Research has maintained a 'buy' rating on Airtel and has raised its target price to Rs 1950 from Rs 1750, implying upside of 16%. The target price upgrade is driven by solid execution driving market share gains, favourable industry outlook, robust earnings growth, solid FCF generation, deleveraging, and prudent capital allocation.

Benchmark equity indices opened higher on Friday tracking gains in its global peers led by rise in shares of heavyweights HDFC Bank and Reliance Industries.

At pre-open, the Nifty was at 25525.9, up 0.58% or 148.40 points and the Sensex was at 83602.61, up 0.79% or 654.38 points.

According to Vikas Jain, head of research at Reliance Securities, a rally in the global market, good monsoon and favorable government policy will be support domestic market. "Expectation of stock and sector specific action to be continue," he said. "Technically, Nifty sustained above 25350nlevel in the last few sessions, indicating upward journey to be continue. "

Shares of HDFC Bank, M&M, Reliance Industries Ltd., JSW Steel Ltd., and Infosys Ltd. contributed the most to gains. While those of Tata Motors Ltd., Axis Bank Ltd., UltraTech Cement Ltd., and Asian Paints Ltd. weighed.

All sectoral indices opened higher with Nifty Metal leading.

At pre-open, the Nifty was at 25525.9, up 0.58% or 148.40 points and the Sensex was at 83602.61, up 0.79% or 654.38 points.

The yield on the 10-year bond opened flat at 6.76% after closing at 6.76% on Thursday, according to Bloomberg.

Rupee strengthened by 6 paise to open 83.63 against the US dollar after it closed at 83.69 on Thursday, according to Bloomberg.

Bank of Japan has kept the overnight call rate at 0.25%, as expected. Yen strengthened after the decision. Bank of Japan said that the underlying inflation is expected to increase gradually and the economy is likely to keep growing above potential growth rate.

Source: Bloomberg

Citi has maintained 'sell' on Lupin with target price of Rs 1,700 implying downside of 21.7% and Zydus Lifescience with target price of Rs 900 implying downside of 14.7%. It said that the US appeals vacates district court judgement in gMyrbetriq. Myrbetriq had contributed meaningfully in 1QFY25 numbers for both companies.

Axis Bank has clarified that its unit Axis Capital's activities were 'Bona Fide' and in compliance and that the arm will have no material impact due to SEBI Order

SEBI has barred Axis Capital from managing new debt offerings.

Source: Exchange filing

KRN Heat Exchangers has set IPO price band at Rs 209-220/share. The bid for issue will open on September 25 & close on September 27.

Source: Company Statement

Nuvama has maintained 'hold' with a lower target of Rs 11.5, implying upside of 10.2% as against Rs 16.5 earlier. It sees Supreme Court verdict as a big problem, even after its FPO and tariff hikes, is highly stretched balance sheet. It added that the company needed capital infusion, tariff hikes and liabilities waiver to survive and while the first two conditions have been met, liabilities waiver now appears to be off the table.

Citi Research, which maintain 'buy' has reduced target to Rs 17 from Rs 22 , upside. The new target implies 63% upside. It said it does not believe this impacts the ability to continue with planned network investments

Board has approved acquisition of further 9.56% in arm Elica PB for Rs 167 crore and post acquisition, company to hold 96.81% shares of arm.

Source: Exchange filing

The US Dollar index was at 100.62 and the country's 10-year bond yield was at 3.71%. Brent crude was 0.3% down at $79.78 per barrel.

As of 8:13 a.m., the GIFT Nifty, an early indicator of the Nifty 50 index was at 25,520.00, down by 44 points or 0.17%.

The Nifty September futures were up by 0.43% to 25,506 at a premium of 91 points and open interest rose 0.4%.

Nifty Bank September futures up by 0.8% to 53,177 at a premium of 140 points and open interest was up 0.87%.

In the Nifty options expiring Sept. 26, maximum call open interest at 27,000 and maximum put open interest at 25,000. 

Meanwhile, in Bank Nifty options expiring Sept 25, maximum call open Interest at 53,000 and maximum put open interest at 52,000.

Shares of Aarti Industries, Biocon, Birla soft, Chambal Fertilizer, GNFC, Granules, LIC Housing Finance, National Aluminium, Oracle Financial Services, PNB, RBL Bank, and Sail are banned from F&O trading on Friday.

In bulk deals on Thursday, Rohini Nilekani Small Cap Portfolio bought 8.13 lakh shares or 0.62% stake in Allcargo Gati at Rs 105.21 apiece and India Advantage Fund S4-I sold 10 lakh shares or 1.04% stake in EPACK Durable at Rs 380.19 apiece.

Damani Radhakishan also sold 1 lakh shares or 0.64% in VST Industries through a bulk deal at Rs 439.05 apiece. Among the buyers were Reliance Mutual Fund bought 0.85 lakh shares or 0.55% stake in the company at Rs 439.96 apiece and Thrift Savings Plan bought 0.83 lakh shares or 0.54% stake at Rs 440.74 apiece.

Shares of IIFL Finance are expected to gain after RBI lifted its restrictions imposed in March on gold loans businesses those of NTPC are likely to rise as it received investment approval for Darlipali project at an estimated cost of Rs 11,131 crore.

Reliance Infra will react to the company approving fund raise and IDFC Bank to the news of RBI approval for re-appointment of V Vaidyanathan as MD and CEO for three years.

Infosys share price will also be monitored on collaboration with Posti for operational efficiency solutions via Infosys Topaz and Tata Power sought arbitration in dispute with Adaro International over coal supply.

Power Grid Corp's stock are likely to rise as it was declared a successful bidder for the Khavda transmission project in Gujarat.

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The GIFT Nifty was trading 9 points, or 0.04%, lower at 25,555 as of 06:36 a.m. Shares of IIFL Finance Ltd., Infosys Ltd., NTPC Ltd., and Reliance Infrastructure Ltd. will remain in focus today.

Indian market will also track other Asia-pacific share indices, which rose on Friday before the outcome of the Bank of Japan's policy meeting. The central bank is expected to keep the rates unchanged, according to Bloomberg.

The Nikkei 225 was trading 719.07 points or 1.94% higher at 37,874.40, and the KOSPI was 26.06 points or 1.01% higher at 2,606.86 as of 06:28 a.m.

US stocks ended higher on Friday after the Federal Reserve reduced benchmark rates in line with most market participants' expectations. The S&P 500 and Nasdaq Composite ended 1.70% or 2.51% higher, respectively. The Dow Jones Industrial Average settled 1.26% higher.

The December contract of the brent crude was trading 0.25% lower at $74.69 a barrel as of 06:31 a.m. The Bloomberg spot Gold was 1.79% higher at $2,588.53.

The Nifty and Sensex ended at fresh closing highs on Thursday as risk appetite increased among traders as the US Federal Open Market Committee guided for more rate cuts after reducing key rates by 50 basis points.

The Nifty ended 38.25 points, or 0.15% higher at 25,415.80, and Sensex settled up 236.57 points, or 0.29% at 83,184.80.

Overseas investors turned net sellers of Indian equities on Thursday after two days of buying. Foreign portfolio investors offloaded stocks worth Rs 2,547.5 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors stayed net buyers for the fifth consecutive session and purchased equities worth approximately Rs 2,012.9 crore, the NSE data showed.

The Indian rupee appreciated 7 paise to end at 83.69 against the US dollar.