Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a bit lower note on October 01. The BSE Sensex fell 34 points or 0.04% to finish the day’s trading at 84,266. The NSE Nifty 50 declined 14 points or 0.05% to 25,797. The Bank Nifty closed the day’s trading 0.10% lower at 52,922. Outperforming the overall markets, the Nifty Midcap 100 closed the session 205 points or 0.34% higher at 60,358.
The NSE Nifty 50 closed 0.01% lower at 25,809.35, while the BSE Sensex closed 0.04% higher at 84,335.41.
Tech Mahindra, M&M, Adani Enterprises, Britannia, and Infosys were the top gainers in the Nifty 50. Meawhile, IndusInd Bank, ONGC, Asian Paints, Bajaj Auto, and Titan were the major losers in the Nifty 50 on October 01.
IndusInd Bank along with HDFC Bank and Axis Bank were dragging the banking index, Nifty Bank, on October 01.
Courtesy: NSE
Shares of IndusInd Bank fell as much as 2.8% to an intra-day low of Rs 1,407.20. The stock was the major loser in the Nifty 50. The lower band for the stock is placed at Rs 1,302.85. The stock touched its 52-week low of Rs 1,329.20 on August 07, 2024.
HDFC Bank, Reliance Industries, Asian Paints, L&T, and Hindustan Unilever were contributing most in the fall of Nifty 50 on October 01.
Courtesy: NSE
Mahindra & Mahindra Ltd. (M&M) reported robust auto sales for September 2024, with a total of 87,839 vehicles sold, including exports. In the Utility Vehicles segment, domestic sales reached 51,062 units, reflecting a 24% growth, while total sales, including exports, stood at 52,590 vehicles. The company's domestic sales for Commercial Vehicles amounted to 23,706 units. Following the announcement, M&M shares were trading at Rs 3,118.70 on the NSE, up 0.77%.
Indian stock markets remained flat in mid-day trading on Tuesday, with the Sensex and Nifty showing marginal declines due to mixed global cues and cautious investor sentiment. As of 1:45 pm, the Sensex was down by 47.39 points, or 0.06%, at 84,252.39. Meanwhile, the Nifty50 registered a decline of 20.40 points, or 0.08%, trading at 25,790.45.
GE Power India Limited has received a contract from Blue Energy Limited, valued at INR 2,404 million and NPR 340 million (exclusive of taxes and duties). Following this announcement, GE Power's stock gained 1.59%, trading at Rs 403 on the NSE.
SML ISUZU recorded sales of 1,055 vehicles in September 2024, marking a 21% increase compared to the 872 units sold in September 2023. Following this sales performance, the company's shares traded at Rs 1,925 on the NSE, up by 5.43%.
Rail Vikas Nigam Limited (RVNL) has emerged as the lowest bidder (L1) for a Rs 283 crore project from East Coast Railway. The project involves the construction of the 3rd and 4th railway lines between Jarapada and Talcher Road, along with a new line between Angul and Balram. Despite the contract win, RVNL shares traded at Rs 526.10 on the NSE, down by 1.01%.
Godrej Properties Ltd, a prominent Indian real estate developer, announced that its Board of Directors has approved raising up to Rs 6,000 crore through the issuance of various securities. The decision was made during a board meeting held on October 1, 2024. Following the announcement, shares of Godrej Properties were trading at Rs 3,189 on the NSE, up by Rs 28.05 or 0.89%.
Solar photovoltaic (PV) module manufacturer Vikram Solar has filed its draft red herring prospectus (DRHP) with SEBI to raise up to Rs 1,500 crore through an initial public offering (IPO). The IPO includes a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million equity shares by the promoter group.
Vikram Solar, an integrated solar energy solutions provider, specializes in manufacturing solar PV modules and offers engineering, procurement, and construction (EPC) services, along with operations and maintenance (O&M) services.
As of 12:45 noon on October 1, 2024, the BSE recorded 2,302 advancing stocks against 1,484 that declined, while 128 stocks remained unchanged. A total of 3,914 stocks were traded, with 203 hitting 52-week highs and 30 reaching 52-week lows. Additionally, 315 stocks were locked in the upper circuit, while 199 traded in the lower circuit
Steel Strips Wheels Ltd. reported a net turnover of Rs 362.12 crore for September 2024, a decline from Rs 401.88 crore in the same month last year. Despite the drop in turnover, the company's stock saw a modest rise, trading at Rs 216.57 on the NSE, up by 0.99%.
In noon trade on Tuesday, Tech Mahindra emerged as the top gainer on the NSE, rising by 2.85%, followed by M&M at 2.15%, Infosys at 1.24%, SBI at 1.23%, and Wipro at 1.21%.
On the losing side, Hindustan Unilever saw a decline of 1.77%, Asian Paints dropped by 1.53%, IndusInd Bank fell by 1.13%, Bajaj Auto was down by 1.10%, and Titan slipped by 1.05%.
Shares of PC Jeweller were locked in the 5% upper circuit on Tuesday, October 1, after the company announced a 1:10 stock split. This marks the fourth consecutive session in which the stock has reached the upper circuit limit. The share price opened at Rs 184.70 and extended gains to s 186.80, also achieving a 52-week high.
Tata Power shares rose 1.8% to an intraday high of Rs 491.20 after the company signed a MoU with Rajasthan Government for an investment plan of Rs 1.2 lakh crore in power distribution, transmission and renewables.
"Gold prices have given up some of the gains after Federal Reserve Chairman Jerome Powell stated that the recent 50-basis-point cut should not be seen as a sign of further aggressive cuts, representing his confidence in economic strength and indicating cooling in inflationary pressure. The future interest rate trajectory will be driven by developments in economy, thus making the upcoming economic data even more important to gauge the economic progress. With U.S. elections nearing, investors are likely to shift towards safer assets due to the uncertainty surrounding the political landscape and future policies, bolstering gold’s appeal," said Chintan Mehta, CEO of Abans Holdings.
Indian equity markets will be closed on Wednesday, October 2, on account of Gandhi Jayanti. Both the bourses - NSE and BSE- will be closed along with the Multi-Commodity Exchange (MCX). Trading in equity, equity derivates, and securities lending and borrowing (SLB) segments will be closed. Also, the Multi Commodity Exchange will halt trading for both sessions on October 02. The regular operations will commence from October 03 onwards, allowing investors to trade.
Read more: Complete list of BSE, NSE holidays in October, Mahurat Trading
Several major stocks hit 52-week highs on the NSE today, led by VMart, which surged 10.52%. Zee Media followed with a gain of 9.99%, while PC Jeweller increased by 5%. Other notable performers included IIFL Securities at 4.01%, Reliance Power at 3.90%, and Senco Gold at 3.85%.
Commenting on the gold outlook Renisha Chainani, Head Research - Augmont - Gold For All said that Gold has dropped more than 2% after reaching its all-time high of $2707 (about Rs 76500), which might cause the yellow metal's losses to continue towards $2600 (about Rs 73500). While the RSI is decreasing and the short-term momentum favours bears, the Gold long-term trend is still positive. Traders should take advantage of the short-term move and be aware of this, but they should also remember that bulls are still in control.
Chainani also added that After Israel bombed Hezbollah's headquarters in Lebanon and killed its commander, geopolitical tensions are still high. Bullion has not taken off, even if it justifies increasing gold prices. The likelihood of a 25 basis point rate cut has grown among market participants, from 46.7% to 56.4% in the previous session. The CME FedWatch Tool indicates that there is currently a 43.6% possibility of a greater 50 bps drop.
Sun Pharmaceutical Industries has entered into a global licensing agreement with Philogen S.p.A to commercialize Philogen’s specialty product, Fibromun (L19TNF). Fibromun is an innovative anti-cancer immunotherapy currently undergoing registration trials for the treatment of soft tissue sarcoma and glioblastoma. Despite the announcement, Sun Pharma shares remained flat, trading at Rs 1,914.95 on the NSE.
Shares of Tech Mahindra rose 4.2% to an intraday high of Rs 1,642.90. The stock was the top gainer in the Nifty 50. It touched its 52-week high of Rs 1,672 on September 17, 2024. The upper band for the stock is placed at Rs 1,734.90.
Tech Mahindra, M&M, L&T, Wipro, and Infosys were the top gainers in the Nifty 50. While Asian Paints, JSW Steel, Hindalco, Maruti Suzuki, and Tata Steel were the major losers in the Nifty 50 on October 01.
The NSE Nifty 50 opened 0.31% higher at 25,890.15, while the BSE Sensex opened 0.34% higher at 84,585.19.
"Nifty saw heavy profit booking in yesterday’s session, closing on a weak note. The market is likely to remain cautious on the 1st trading day of October, driven by overbought technical conditions, growing investor interest in Chinese stocks, and fading hopes for a significant rate cut in November. The near-term direction hinges on Friday’s US non-farm payrolls data, along with GST and auto sales figures for September due on October 1st. FIIs were net sellers, while DIIs bought shares. Nifty is expected to trade in the 25000-26000 range, with 26000 acting as a key resistance level," said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.