Indian Stock Markets News

Centrum Broking has initiated coverage on the wealth management sector, issuing a REDUCE rating for 360 One WAM and Nuvama Wealth. Target prices are ₹1,050 and ₹7,180, respectively, reflecting downsides for both amid a growing market for wealth management in India.

Stock Check: PI Industries received a ’hold’ rating from Axis Securities, targeting ₹4,980, a 7% rise from ₹4,668.50. The firm focuses on new product development and operational efficiency to drive revenue growth amid current market conditions.

Motisons Jewellers’ shares dropped approximately 4% on September 19 following a 1:10 stock split announcement. The Board set November 9, 2024, as the Record Date for determining shareholder eligibility for the split, with the stock hitting a low of ₹268.

Multibagger Stock: Senco Gold share price surged 300% from its IPO price in a year, attracting investor interest. A report from Emkay Global indicates strong growth potential and a revised target price of ₹1,600, despite recent profit-taking and overbought momentum readings.

The US Federal Reserve’s 50 basis points rate cut is expected to have a gradual impact on the IT sector, with companies like Tech Mahindra positioned to benefit from reduced interest burdens. JM Financial cautions against immediate spending boosts due to ongoing economic uncertainties.

Kalana Ispat’s SME IPO opened on September 19 and aims to raise ₹32.59 crore. It has seen limited demand, with a subscription rate of 0.05 times by midday on its first day. The shares are priced at ₹66 each and will list on the NSE SME platform.

Nazara Technologies shares reached a 52-week high but dropped over 6% due to profit booking. The company plans to raise ₹900 crores through a preferential equity issue to strengthen its financial position and pursue growth opportunities.

Upcoming IPO: Ellenbarrie Industrial Gases Ltd has submitted its draft red herring prospectus for an IPO with SEBI. As India’s largest 100% Indian-owned industrial gases firm, it plans to raise funds for debt repayment and a new air separation unit, alongside an extensive client base.

The US Federal Reserve’s 50 bps rate cut signals the start of a new easing cycle after months of speculation. Experts view this as both an opportunity for markets and a potential risk, stressing the need for careful monitoring of economic indicators in the coming months.

Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying - Computer Age Management Services Ltd (CAMS), and Samvardhana Motherson International Ltd.