Share Market Updates: The Indian market took a cue from the overnight Wall Street drag and remained in the red in today's session. Benchmark indices fell almost a per cent lower.
Most sectors close lower amidst a hawkish Fed tone on future rate hikes and rising oil prices.
Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought.
The Fed held its main interest rate steady at its highest level in more than two decades, as was widely expected. Fed Chair Jerome Powell said it's close to hitting the peak on rates, if not there already.
US 10-year bond yields rose to a 16-year high as Brent crude hovered around $96 a barrel, up by about a third over the last three months after Opec+, a grouping of oil-producing nations, cut output.
Indices fall for 3rd session in a row as Sensex and Nifty lose 600 and 150 pts, respectively; Bank, Auto, IT lead the drag
India's benchmark indexes extended decline for the third consecutive session on Thursday, dragged by Bank, IT, and Finance stocks, after the U.S. Federal Reserve signalled that interest rates could stay higher for longer.
The Nifty 50 lost 159 pts to close at 19,742, while the S&P BSE Sensex declined 570 pts to end at 66,230. Almost all sectoral indices ended in the red in today's session.
Both the benchmarks are down about 2% so far this week, after gaining 2% each and hitting all-time highs in the previous week.
Bank stock led the drag in the market as SBI, ICICI and IndusInd were among the top laggards. M&M and Tata Motors also shed significantly in today's session. TechM and Adani Ports jumped more than a per cent.
Media remained the only index to have gained in today's trading. Bank, Auto, Finance, Realty and IT tanked substantially on Thursday.
Asian and European stocks sank Thursday and the dollar advanced after the US Federal Reserve indicated it could hike interest rates again this year and keep them elevated longer than feared as it struggles to bring inflation to heel.
Japan's Nikkei share average ended more than 1% lower as technology heavyweights tracked their U.S. peers' declines after the Federal Reserve stiffened its hawkish stance with a further interest rate hike projected by the year-end.
The Nikkei fell 1.37% in its sharpest daily decline since Aug. 25. The broader Topix fell 0.94% with the nation's biggest banks limiting the decline.
China and Hong Kong stocks slipped further as risk sentiment was hit after the U.S. Federal Reserve signalled another rate hike by year-end and much tighter monetary policy through 2024 than previously expected.
China's blue-chip CSI 300 Index declined 0.9% to close at its lowest since November 2022, while Hong Kong's Hang Seng Index fell 1.3%.
European stock markets opened lower after the Federal Reserve indicated it could hike interest rates again this year, and ahead of a knife-edge Bank of England decision.
London stocks opened lower as U.S. Treasury yields climbed after the Federal Reserve signalled elevated interest rates for longer, while investors braced for the Bank of England's key monetary policy decision due later in the day.
Sensex Today Live: Kotak Bank, Zomato, Paytm, other shares with Canada Pension Fund investment fall
Shares of Kotak Mahindra Bank Ltd, Zomato, Paytm and other companies with significant investments from Canada Pension Plan Investment Board (CPPIB) declined as the fresh tensions between India-Canada relationship escalated.
Canada Pension Plan Investment Board is the largest pension manager in Canada and has significant holdings in some of the Indian companies. CPPIB disclosed an investment of $21 billion ( ₹1.74 lakh crore) in India about a year ago. (Read More)
Sensex Today: JIP buys 78.65% share of Toshiba through tender offer, close to complete $14 billion takeover
Japan Industrial Partners (JIP) has moved a significant step closer to finalizing its $14 billion deal by acquiring a 78.65% share of Toshiba through a tender offer, according to the Japanese firm.
With ownership of more than a two-thirds majority stake in the company, the JIP group is now in a better position to buy out the remaining shareholders. This move paves the way for Toshiba to potentially be delisted as early as December, marking the end of its 74-year history as a publicly listed firm. (Read More)
Sensex Today Live | Share Market Updates: Tata Power Renewable Energy enters Nepal market, ties up with Dugar Power
Renewables solution provider Tata Power Renewable Energy on Thursday said it has collaborated with Nepalese firm Dugar Power to accelerate Nepal's renewable energy initiatives.
This tie-up heralds TPREL's strategic entry into Nepal's rapidly evolving renewable energy sector and sets the stage for a quantum leap in accelerating Nepal's shift toward sustainable energy, according to a statement.
"Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with Dugar Power Private Ltd (Dugar Power), a subsidiary of Dugar Group which is a prominent business house in Nepal," a company statement said. (PTI)
Sensex Today Live: Kotak arm invests additional ₹600 cr in Sify to expand data centre capacity
Kotak Alternate Asset Managers (Kotakalt) on Thursday announced an additional ₹600 crore investment in Sify Technologies.
The investment by Kotak Data Center Fund into Sify Infinit Spaces (SISL), which takes the overall bet by Kotakalt to ₹1,600 crore, has been deployed for expanding data centre capacity across India and investing in renewable energy, as per a statement.
With the current investment of ₹600 crore, Kotakalt's total funding reached ₹1,000 crore in Sify, according to a statement. (PTI)
Sensex Today: Mint Explainer: What the Fed’s ‘hawkish pause’ means for markets
The Fed signaled that it is a hawkish pause, with the majority of officials saying there could be one more rate hike this year. This has added to the general uneasiness and kept market participants nervous. It has led to a rise in US bond yields and strengthened the dollar.
With interest rates likely to stay higher for longer, concerns about a global slowdown have also increased and expectations of interest-rate cuts have been deferred, weighing on markets. (Read More)
Sensex Today Live: Senco Gold share price jumps over 8%; Emkay Global sees 24% more upside
Senco Gold's share price experienced a notable surge on Thursday, rising by as much as 8.44% to reach a high of ₹509.25 per share on the BSE. Since its listing in July, Senco Gold's shares have demonstrated a strong performance, with gains exceeding 18%.
Senco Gold made a robust debut on the Indian stock market exchanges on July 14, listing with a premium of over 35% at ₹431 on the BSE.
Analysts are of the opinion that Senco Gold's shares are currently trading at a substantial discount compared to its peers, suggesting the potential for further upside in its share price. (Read More)
Sensex Today Live | Share Market Updates: China Stocks Slide to 10-Month Low as Growth Pessimism Persists
Chinese stocks extended their poor run on Thursday, pushing a key gauge to its lowest since November, as an exodus of foreign funds continued amid persistent concerns about the economy.
The MSCI China Index dropped as much as 1.6%, on track for a third consecutive week of losses. The Hang Seng Index and a gauge of major Chinese firms listed in Hong Kong also fell more than 1%. The onshore yuan weakened as much as 0.2%.
The selloff is yet another indication that Beijing’s efforts to restore market confidence are falling flat with investors. Just Wednesday, China’s central bank vowed to use various tools to keep liquidity reasonably ample, adding to a series of steps from policymakers in recent weeks — including a reduction in transaction costs for stock trading and some restrictions on stake sales by top shareholders. (Bloomberg)
Sensex Today: Banks to see margin pressure amid hike in deposit rates; IndusInd Bank, Axis Bank to defend NIMs better: Jefferies
Hikes in MCLRs has been relatively divergent across banks. Over the past few months, the brokerage noted, larger PSU banks have taken lower hikes in MCLRs as compared to smaller PSUs and private banks, mostly targeted to gain market share in corporate loans.
Jefferies estimates that banks like IndusInd Bank and Axis Bank have seen the majority of the hikes in term deposit rate pass-through to P&L and hence should see lower cost pressures. (Read More)
Sensex Today Live | Share Market Updates: Hi-Green Carbon IPO: Check latest GMP, subscription status, other key details
The initial public offering (IPO) of Hi-Green Carbon Ltd, a waste tire recycler specializing in processing waste hydrocarbons to produce valuable products like rCB (Recovered Carbon Black), has commenced for public subscription today, on September 21. This IPO by Hi-Green Carbon is categorized as an SME IPO and will remain open for subscription until September 25. (Read More)
Sensex Today Live | Share Market Updates: Oil falls as US rate hike expectations offset tight supply outlook
Oil prices fell on Thursday, after posting the largest decline in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.
Brent futures for November delivery were down 97 cents, or 1.04%, to $92.56 a barrel by 0809 GMT. U.S. West Texas Intermediate crude (WTI) fell 97 cents, or 1.08%, to $88.69, the lowest since Sept. 14. Both benchmarks had fallen more than $1 in trade earlier on Thursday.
"The Fed kept rates unchanged at yesterday's FOMC meeting, as widely expected. However, it was still seen as a hawkish pause, which put some pressure on risk assets" such as oil, said ING analysts in a client note. (Reuters)
Sensex Today: Agency hired by India to scrutinise Canadians' visa applications withdraws notice on suspension of services
A private agency hired by India to carry out initial scrutiny of visa applications of Canadians on Thursday put out a note on its website on suspension of visa services but hours later withdrew it.
The agency had put out a note that Indian visa services have been "suspended till further notice". However, the note was later withdrawn.
India and Canada are embroiled in a diplomatic row over the killing of a Khalistani separatist leader
The row erupted following Canadian Prime Minister Justin Trudeau's allegations of a "potential" involvement of Indian agents in the killing of a Khalistani separatist in Hardeep Singh Nijjar in June.
India on Tuesday rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case. (PTI)
Sensex Today Live: PL Stock Report: Alicon Castalloy (ALIC IN) - Visit Update - Working on a multi-pronged strategy
Himanshu Singh - Research Analyst, Prabhudas Lilladher Pvt Ltd: Alicon Castalloy (ALIC IN) - Rating: Not Rated | CMP: Rs855 | TP: NA
Visit Update - Working on a multi-pronged strategy
§ Reducing mix of 2W segment; Higher focus on 4Ws, EVs and exports.
§ Strong order book of Rs.140bn to be executed over next 7 years.
We visited Alicon Castalloy’s (ALICON) plants in Chinchwad, Pune. The company highlighted clear strategy for reducing mix of highly competitive and lower margin 2W business by 1) increasing share of 4Ws, 2) increasing presence in EVs, 3) scaling up revenue from global markets, and 4) focusing on technology products and solutions. ALICON aims to ramp-up new business segments for strong revenue growth, while its existing business is expected to decline over the medium term. The company has received big orders from JLR for e-axle, cylinder heads from Toyota, PSA, Maruti Suzuki, Daimler, etc. which will increase 4Ws mix. Also, substantial jump in content per vehicle from ICE to EVs can provide much higher revenue potential. The company expects 2W volume to grow at low single digit, with higher growth in 2W EV and premium segment and thus is reducing focus on the segment.
We believe ramp-up of new businesses and change in mix will help expand revenue and margins for medium term. ALICON aims to reach revenue of Rs. 16bn in FY24 and Rs. 22bn in FY25 with EBITDA margin of 14% over next 3-4 years. A strong and expanding order book gives confidence in the company’s ability to achieve its targets of revenue and mix. The stock trades at 20.2x PE FY24 bloomberg consensus. Not Rated.
Sensex Today Live | Share Market Updates: Auto index among the biggest laggards as all stocks in the index are trading lower
Sensex Today Live: Sai Silks Kalamandir IPO: Issue subscribed 12% on day 2 so far; retail portion booked 19%
As of day 2, the subscription status for the Sai Silks Kalamandir IPO stands at 12%. The IPO began accepting subscriptions on Wednesday, September 20, and the subscription period is set to conclude on Friday, September 22.
Here's a breakdown of the subscription status for different investor categories:
- Retail investors have subscribed to 19% of the allocated portion.
- Non-Institutional Investors (NII) have subscribed to 8% of their allotted portion.
- The Qualified Institutional Buyers (QIB) portion has not seen significant subscription at this stage. (Read More)
Sensex Today: Schneider Electric India lines up ₹3,200 cr capex by 2026: CEO & MD Deepak Sharma
Schneider Electric India has lined up an investment of ₹3,200 crore by 2026 to increase its footprint in the country, company's CEO & MD Deepak Sharma said.
The investments will be made in nine states, Sharma who is also the President – Greater India region told PTI in an interaction.
"In line with our growth ambitions, we have plans to invest EUR 350 million ( ₹3,200 crore) in expanding our industrial footprint with the addition of 12,00,000 square feet up to 2026. These investments are spread over Gujarat, Telangana, Karnataka, West Bengal, Odisha, Tamil Nadu, Maharashtra, Himachal Pradesh, and Uttarakhand," Sharma said. (PTI)
SCHNEIDER ELECTRIC INFRASTRUCTURE
Sensex Today Live: DGCA suspends Air India Flight safety chief for one month
DGCA has suspended Air India's Chief of Flight safety for a period of one month for a period of one month. The decision was taken after DGCA carried out the surveillance of Air India on 25th and 26th July 2023 in areas of internal audit, accident prevention work and availability of required technical man power.
A DGCA surveillance found deficiencies in the accidental prevention work carried out by Air India. The agency also found that the internal audit or spot checks done by the airline were done in a perfunctory manner and not in line with the regulatory requirements. (Read More)
Sensex Today Live | Share Market Updates: Kama Jewelry comments on Gold Outlook: We need to wait and watch the outcome of the next Fed meeting as it will play a major role in defining the gold prices right ahead of Dhanteras
Colin Shah, MD, Kama Jewelry on Gold Outlook post-Fed Announcement: The US Federal Reserve announced its interest rate decision today with the benchmark interest rates unchanged at 5.25 per cent - 5.50 per cent. Fed's announcement to keep the rates unchanged is as per the expectations of the industry as assumed an impending fear of recession has limited the Fed's ability to hike rates further. In the International market, the movement of the yellow metal will majorly depend on the economic data in the West, the intensity of the recession in the US along with the global geo-political conditions.
However, with the onset of the festive season in the domestic market, this pause will give a much-needed boost to gold prices as the purchase of gold during this season is considered to be auspicious. This will further drive the demand for gold in this period. The current pause is in result of the estimation of a hike in the rates in the near future considering that inflation is not in control. Having said that, we need to wait and watch the outcome of the next Fed meeting as it will play a major role in defining the gold prices right ahead of Dhanteras.
Sensex Today Live | Share Market Updates: HFCL launches Intermittently Bonded Ribbon or IBR fibre cables in UK
HFCL Limited (HFCL) today announced the launch of its Intermittently Bonded Ribbon (IBR) Cables in the United Kingdom (UK), according to a press release. The statement said that this strategic move is in line with HFCL’s global expansion plans and aims to further tap into UK’s urban and rural markets, accelerate 5G and FTTP adoption, and meet the growing bandwidth demands.
- IBR cables are next-gen optical fibre cables that fit in smaller ducts than a flat ribbon cable and offer high fibre density with a capacity of up to 864 counts of optical fibre
- IBR cable is ideal for use in microducts, especially useful in crowded urban areas in the UK market
- Its high productivity mass fusion splicing feature also enables faster installation, as well as quick restoration in case of an accidental outage
Sensex Noon Update: Indices crash as Sensex sheds 550 pts and Nifty almost 150 pts; IT, Pvt Bank, Finance shed, while PSU Bank remains stable
Sensex Today: JM Financial views on Metals and Mining: Steel margins to remain healthy in 2Q; spot spreads adversely impacted by higher RM cost
Ashutosh Somani of JM FInancial Institution views on Metal and Mining sector: India HRC prices witnessed a 2% MoM increase in Sep’23 to INR57.3k/t on the back of higher raw material cost. Coking coal prices have risen 13% MoM in Sep’23 to US$287/t as Australian-Japanese joint venture BHP Mitsubishi Alliance (BMA) has suspended operations at its Peak Downs mine (capacity - 11mtpa) on account of mining accidents. Domestic steel consumption continues to remain robust with 19.4%/3.8% YoY/MoM growth during Aug’23. Exports remained subdued given muted global demand while imports declined 6.4% MoM in Aug’23 as BIS certification of several international vendors have not been renewed. Indian steel prices continue to trade at a premium of INR4.7K/t / 4.9K/t vs China / S.Korea respectively. Indian steel companies are expected to report healthy margins during 2Q (up~INR0.6k/t QoQ) aided by lower coking coal consumption cost (~US$50/t decline during 2Q) partially offset by lower realisations ~INR2.1K/t. Spot spreads have been adversely impacted by the recent increase in coking coal prices. We anticipate further increase in steel prices as steel companies look to pass on the recent increase in coking coal prices. Absorption of higher steel prices remains a key monitorable.
Sensex Today Live: India wins bid to host international conference on cement in 2027
India has won the bid to host the International Congress on the Chemistry of Cement (ICCC) here in 2027, where global leaders, academicians, and professionals would deliberate on progress of research in this sector, an official statement said.
The bid was won against UAE and Switzerland.
The department for promotion of industry and internal trade (DPIIT) said that India's leading research and academic institutes, National Council for Cement and Building Materials (NCCBM) along with IIT Delhi successfully presented India's bid before the steering committee members of the conference during the ongoing 16th ICCC at Bangkok, Thailand. (PTI)
Sensex Today Live | Share Market Updates: Goldman Sachs pushes its forecast for Fed rate cut to Q4 2024
Goldman Sachs economists said they now expect the U.S. Federal Reserve to begin its interest rate-cutting cycle in the fourth quarter of next year, later than an earlier forecast of a cut in the second quarter.
The Fed on Wednesday kept its benchmark interest rate unchanged in the 5.25% - 5.5% range and its projections showed that it now expected to cut only by 50 basis points next year, down from a full percentage point cut estimated earlier.
"Today, participants appeared to move away from the view that monetary policy tightening could weigh on growth with a long lag next year, which weakens one argument for cutting," Goldman Sachs economists led by Jan Hatzius said in a note. (Reuters)
Sensex Today Live: IT index drags in today's trading as TCS, LTIM, HCL Tech shed more than 1.5%
Sensex Today Live | Share Market Updates: Co-working space startup Awfis plans to launch IPO in 2024; shortlists 3 investment banks: Report
Awfis Space Solutions Private Ltd is preparing to launch its initial public offering (IPO) in 2024, and it has selected three investment banks to assist in this endeavor. Backed by ChrysCapital and Peak XV Partners, Awfis aims to raise approximately $100 million to $125 million through the planned IPO. The company has entrusted ICICI Securities, IIFL Capital, and Axis Capital as advisors for the IPO, according to reports from Moneycontrol, citing multiple industry sources. (Read More)
Sensex Today: M&M sheds more than 2% and is at the bottom of the Sensex S&P stock charts
Sensex Today Live: Unihealth Consultancy shares make a tepid debut; lists at 2.3% premium at ₹135 on NSE SME
Unihealth IPO listing date: Shares of Unihealth Consultancy Ltd listed on NSE SME at a premium on Thursday. On NSE SME, Unihealth Consultancy share price today was listed at ₹135 per share, 2.3% higher than the issue price of ₹132. (Read More)
Sensex Today Live | Share Market Updates: Low-interest rates prompted households to shift to physical assets: SBI Research
A low-interest rate regime in India during the pandemic resulted in a "paradigm shift" of households' savings from financial to physical assets, according to a report by SBI Research.
In its study, it found that 55 per cent of the retail credit to households in the last two years has gone to housing, education, and vehicle purchases.
The report said arguments that the household savings fell to a 50-year low were “completely misleading". It backed its statement by saying household savings must be looked into as a sum total of physical and financial savings and not in isolation. (ANI)
Sensex Today Live: Despite an overall sluggish market, PSU Bank index shines and jumps a per cent with all stocks trading in the green
Sensex Today: EMS share price debuts at 33.7% premium at ₹282.05 on NSE
EMS Ltd's shares made a strong debut on the stock exchanges, listing at a premium on Thursday. On the NSE, the share price of EMS was listed at ₹282.05 per share, representing a significant increase of 33.7% from the issue price of ₹211. On the BSE, EMS shares were listed at ₹281.55 per share.
It's worth noting that the EMS IPO price band was set in the range of ₹200 to ₹211 per equity share, with a face value of ₹10 each. The IPO lot size for EMS is 70 equity shares, and thereafter, multiples of 70 equity shares. The floor price for the EMS IPO was 20 times the face value, and the cap price was 21.10 times the face value. (Read More)
Sensex Today Live: Meson Valves shares lists with a stellar 90% premium at ₹193.80 apiece on BSE SME
Meson Valves India Ltd, a manufacturer of valves and related flow control products, had an impressive debut in the Indian stock market on Wednesday. The shares of Meson Valves were listed with a substantial premium of 90%, trading at ₹193.80 apiece on the BSE SME platform, as compared to its issue price of ₹102 per share.
The company's initial public offering (IPO) garnered significant investor interest, with a remarkable subscription rate of 173.65 times during the subscription period from September 8 to September 12. (Read More)
Sensex Today Live | Share Market Updates: HDFC Bank share price extends decline; stock falls over 7% this week
The share price of HDFC Bank continued its downward trend for the third consecutive session on Thursday, primarily due to substantial selling pressure on this banking heavyweight. HDFC Bank's shares witnessed a decline of up to 1.65%, reaching ₹1,538.05 per share on the BSE.
For the week, HDFC Bank's stock has experienced a loss of more than 7%.
This selling pressure in HDFC Bank's shares is attributed to mixed assessments from brokerage firms following the bank's disclosure of details related to the merged entity in an analyst call. (Read More)
Sensex Today Live: Stoxbox and Choice Broking technical analysis and comments on today's market
Avdhut Bagkar, Derivatives & Technical Research (Institutional), Stoxbox: Outlook post FED decision
Nifty 50: Unless the Nifty 50 index breaks the 19,600 mark, the upward trend remains will continue. This support mark is not only its 50-simple moving average (SMA), but also the previous key breakout mark. Breakdown beneath its 50-SMA might lead the price to 19,111 level.
On the other hand, the index needs to sustain over 20,000 levels to recoup the losing bias. A breakout over 20,250 could see price action heading towards 20,500-20,600 range.
BSE Sensex: For the BSE Sensex, 65,700 remains a key support. The 50-SMA situated at 66,050 also portrays a support area. A breakdown below 65,700 may send the index to 64,400 level. A positive move over 67,000 could garner some respite in the current dicey mood. Only at 68,000 will the index to regain the momentum.
Deven Mehata, Equity Research Analyst, Choice Broking: On September 21st, the Sensex and Nifty indices are anticipated to commence the trading day with a slight decline, aligning with the signals from the GIFT Nifty. This follows a sharp decline on Wednesday, signalling increased bearish activity. Notably, there has been a negative crossover of the Relative Strength Index (RSI) and Stochastic RSI indicators, and the price is trading below the 10-day Exponential Moving Average (EMA) positioned at 19,935, which suggests further declines. Immediate support for Nifty is seen at 19,750, while resistance for Nifty is observed at 20,000.
The overall market sentiment hinges on Nifty maintaining levels within the range of 19,800 to 19,950. On the upside, an immediate obstacle is anticipated at 20,000, and a breakthrough beyond this level may pave the way for additional gains in the range of 20,100 to 20,200 points. Meanwhile, Bank Nifty finds support between 45,000 and 44,800, representing a critical juncture; a breach below this range could trigger additional selling pressure in the index.
Given the absence of clear trends in both Nifty and Bank Nifty, it is advisable for market participants to adopt a prudent, stock-specific approach.
Sensex Today Live | Share Market Updates: SJVN share price cracks 10% as OFS opens; board meet ahead to consider divestment
In early trading on Thursday, SJVN's share price experienced a 10% decline on the BSE as the offer for sale (OFS) for non-retail investors commenced. Retail investors will have the opportunity to participate in the OFS tomorrow, on Friday.
The stock opened at ₹74.69, down from the previous day's closing price of ₹81.75, and dropped by 10% to reach ₹73.53 on the BSE. Additionally, as per an exchange filing, SJVN's board of directors is scheduled to convene on Saturday, September 23, to discuss and approve a plan for raising funds through the securitization of assets. (Read More)
Sensex Today Live: HCL Tech sheds 2% in early trading and is the biggest laggard
Sensex Today: Geojit Financial views on today's market: For Nifty the biggest drag will be more FII selling in response to the rising dollar and US bond yields
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Even though the ‘hawkish pause’ from the Fed was on expected lines, the US markets reacted negatively since the indication from the Fed is that rates will remain ‘higher for longer’. The US GDP growth projection now stands at 2.1% for 2023 and 1.5% for 2024 recovering to 1.8% in 2025. As the Fed chief said, “soft landing is a plausible scenario." This narrative is likely to help the mother market consolidate around the current levels, supporting other markets, too, without any sharp corrections.
For Nifty the biggest drag will be more FII selling in response to the rising dollar and US bond yields. The dollar index above 105 and the US 10-year bond yield at 4.39 % suggest continued FII selling which has touched ₹13925 crores so far in September. But DII plus retail buying is likely to support the market on declines.
Domestic consumption stories like automobiles, hotels and real estate are on strong wicket and the capital goods segment has been witnessing buying in recent weeks even when FIIs were sellers in the market.
PSU banks are likely to witness renewed buying on declines since their valuations are attractive and prospects look good.
Sensex Today Live: Indices open in red as Sensex sheds 300 pts and Nifty around 100 pts; most sectors start lower with IT and Finance leading the drag
Sensex Today Live | Share Market Updates: Rupee opens marginally lower at 83.09 against the US dollar
The Indian rupee opened 2 paise lower against the US dollar on Thursday amid a jump in US Treasury yields after the US Federal Reserve officials indicated that interest rates were likely to remain higher for longer. The local currency opened at 83.09 as compared to previous close of 83.07.
The US dollar index, which measures the currency against a basket of rivals, rose to a six-month high of 105.68. The US 2-year yield climbed to 5.20% and the 10-year reached 4.45%, the highest since 2006 and 2007, respectively. (Read More)
Sensex Today Live: Sensex starts flat at the preopen session on Thursday; Karur Vysya, DCB Bank in focus in today's session
Sensex Today Live: HDFC AMC gets RBI nod to acquire stakes in Karur Vyasya Bank and DCB Bank
The Reserve Bank of India (RBI) has approved HDFC AMC to acquire up to 9.5% of Karur Vysya Bank's share capital or voting rights, subject to conditions.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we advised that the Reserve Bank of India vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd. (HDFC AMC) for acquiring aggregate holding of up to 9.5% of the paid-up share capital or voting rights of The Karur Vysya Bank Ltd," Karur Vysya Bank said in a regulatory filing. *(Read More)
HDFC ASSET MANAGEMENT COMPANY
Sensex Today Live | Share Market Updates: India Ratings revises India's FY24 GDP growth estimates to 6.2%
India Ratings and Research on Wednesday revised India's GDP growth estimate for FY24 to 6.2% from 5.9% projected earlier, citing sustained government capex, deleveraged balance sheet of corporates and banking sector, and the prospect of a new private corporate capex cycle.
The rating agency, part of the Fitch Group, however, cautioned that the Indian economy faces challenges from slowing exports, which contracted during the April-July period amid global headwinds and deficient monsoon. (Read More)
Sensex Today: Aurobindo's Andhra plant receives 1 observation from USFDA after inspection
Aurobindo Pharma on Wednesday said the US health regulator has issued a Form 483 with one observation after inspecting a formulation production facility of its unit in Andhra Pradesh.
The US Food and Drug Administration (US FDA) inspected Unit IV of APL Healthcare Ltd, a wholly-owned subsidiary of the company, in Tirupati district of Andhra Pradesh from September 13-19, 2023, the Hyderabad-based drug major said in a regulatory filing.
At the end of the inspection, a Form 483 was issued with one observation which is procedural in nature, it added. (PTI)
Sensex Today Live: Updater Services IPO opens on September 25, price band set at ₹280-300 per share
The IPO of Chennai-based Integrated facilities management company, Updater Services, is set to open for subscription on Monday, September 25, with the closing date on Wednesday, September 27. Prior to that, the allocation to anchor investors for Updater Services' IPO is scheduled to take place on Friday, September 22. The price band for the Updater Services IPO has been established within the range of ₹280 to ₹300 per equity share, with a face value of ₹10 each. (Read More)
Sensex Today: EMS IPO listing date today. GMP, experts predict strong debut of EMS shares on Dalal Street
EMS, a prominent player in the water and sewage infrastructure sector, is poised to make its debut on the stock exchanges this Thursday, September 21st. The company's initial public offering (IPO) garnered immense interest from investors, resulting in an impressive oversubscription rate of 75.29 times. Leading up to its stock market debut, EMS shares are commanding a significant premium of ₹82 in the unlisted market. At the upper price band of ₹211, it is anticipated that the shares will debut with a robust premium of 39%. (Read More)
Sensex Today Live: Stocks to Watch: Adani Green, Infosys, M&M, EMS, SJVN, Coal India, ABFRL, Page Industries, Coal India, Aurobindo Pharma, Apollo Tyres, and Godrej Properties
Top stocks in focus:
- Adani Green Energy plans to raise $1.5 billion with support from TotalEnergies SE.
- Infosys expands its partnership with Nvidia for AI training.
- M&M's market cap crosses ₹2 lakh crore mark.
- EMS set to debut on stock exchanges with anoversubscription rate of 75.29 times.
- Government to sell 4.92% stake in SJVN.
- Offline clothing retailers expected to report 7-8% revenue growth in FY24.
- Central trade unions demand salary hikes for non-executive employees at Coal India.
- Aurobindo Pharma's unit receives Form 483 with one observation from the US FDA.
- Apollo Tyres' production halted due to concerns over settlement agreement.
- Godrej Properties raises ₹1,160 crore through non-convertible debentures. (Read More)
Sensex Today Live | Share Market Updates: Apparel retailers to grow 7-8% this fiscal: Crisil
Offline clothing retailers are expected to report a revenue growth of 7-8% in the fiscal year 2024, bolstered by increased demand during festival and wedding seasons and an expansion of their store networks. This analysis comes from a report by the ratings firm Crisil, which was released on Wednesday.
Crisil conducted an assessment of 39 organized apparel retailers, collectively responsible for a quarter of the industry's ₹1.9 lakh crore revenue in the previous fiscal year. Additionally, the report noted that the stabilizing effect of moderating input prices would help counter the impact of higher marketing expenditures, thereby keeping profit margins steady. (Read More)
Sensex Today Live: Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends:
1] REC: Buy at ₹254, target ₹270, stop loss ₹248.
2] NCC: Buy at ₹152.65, target ₹162, stop loss ₹149.
Sensex Today Live: M&M market valuation crosses ₹2 lakh crore
The market capitalisation of Mahindra and Mahindra Ltd crossed ₹2 lakh crore mark, helped by a strong order book in the SUV segment and leadership position in the tractor segment.
M&M shares closed at ₹1,636.85 on the BSE, giving the firm a market value of ₹2.03 lakh crore, according to stock exchange data.
The automaker's market cap has doubled in less than one-and-a-half years - from ₹1 lakh crore in April 2022 to over ₹2 lakh crore this week. M&M market cap hit ₹2 lakh crore mark on Monday.
The incremental m-cap in the last two years is more than the incremental market value the firm had over the last decade. (PTI)
MAHINDRA & MAHINDRA
Sensex Today Live | Share Market Updates: Subho Moulik from Appreciate reaction on US Fed Reserve announcement
Subho Moulik, Founder & CEO, Appreciate, a fintech platform for savings and investments: As US headline inflation as well as most US inflation component measures decline, the Fed has decided to pause rate hikes for the moment. If the macroeconomic outlook continues to hold steady, rate cuts in 2024 (an US election year) could point to a significant upside for US markets overall in the next 6-12 months barring any large downside surprises arising from Ukraine or China.
Sensex Today Live: Total may lead Adani plan to raise $1.5 bn for green power
Adani Green Energy Ltd, in its effort to raise $1.5 billion, is likely to secure a significant portion of this capital from the French energy giant TotalEnergies SE, according to sources familiar with the matter. The renewable energy arm of the Gautam Adani-led group intends to allocate $750 million of this funding towards the repayment of bonds.
“Adani Green has got an approval to raise $1.5 billion this fiscal for capex and debt repayment. Of this, a major amount will come from TotalEnergies, which owns 20% in Adani Green," said the first person. (Read More)
ADANI GREEN ENERGY
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