Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Friday’s trading session in the negative territory. The NSE Nifty 50 plunged 292.95 points or 1.17% to settle at 24,852.15, while the BSE Sensex fell 1017.23 points or 1.24% to 81,183.93. The broader indices ended in negative territory, with falls led by Large-cap and Mid-cap stocks. Bank Nifty index ended lower by 147.85 points or 0.36% to settle at 52,841.25. Banking and Energy stocks fell over 1.5% among the other sectoral indices while Auto and Realty stocks shed.
Share Market Live: All frontline indices ended in red
The NSE Nifty 50 plunged 292.95 points or 1.17% to settle at 24,852.15, while the BSE Sensex fell 1017.23 points or 1.24% to 81,183.93.
Asian Paints, JSW Steel, Bajaj Finance, LTIMindree, and Divis Labs are top gainers on NSE Nifty 50 index whereas the top laggards include State Bank of India, Tata Motors, BPL, ICICI Bank, and Coal India.
Commenting on the market fall today Manish Chowdhury, Head of Research, StoxBox said that Our sense is that the weak US economic data this week has heightened speculation of the US economy entering into a recession, weighing on the overall market sentiment. Also, a sell-off in NVIDIA shares following lower-than-expected guidance by the company has kept a tight lid on “risk-on” mode in markets.
Chowdhury also added that On the domestic front, investors are seemingly cautious ahead of the September 9, 2024 deadline mandated by SEBI for additional disclosures for certain FPIs. Any failure to comply with the new norms could have triggered some FPIs to unwind their position in markets. Going ahead, today’s non-farm payrolls data in the US would be crucial for further direction as it would provide hints on the extent of rate cuts this month.
Synergy Green Industries shares surged 10.95% on the NSE, trading at Rs 447.35, following the finalization of significant orders from Vestas Wind Systems. The company secured Rs 163.74 crore worth of orders for fiscal year 2025-26, covering both 2 MW and 4 MW components. The orders are evenly split between domestic and export requirements.
India's state-run companies are facing continued selling pressure, with the Nifty PSE index falling as much as 2.4% on Friday before a slight recovery. This marks the third consecutive day of losses as markets await the crucial US jobs data.
Out of the 20 index constituents, 18 stocks are trading with losses, with all 20 stocks briefly in the red during the session. The decline is being led by Oil India, REC, NHPC, and oil marketing companies like HPCL and BPCL.
Despite recent gains, with REC being the top performer on the PSE index in 2023, surging over 250%, the selling pressure has weighed heavily on the index.
The board of Godfrey Phillips is set to meet on September 20 to consider and approve a 2:1 bonus issue of shares. If approved, shareholders will receive 2 additional shares for every share they currently hold.
In a regulatory filing, the company stated, "The Board is scheduled to meet on September 20 to consider and recommend to the shareholders for their approval, the issue of bonus shares in the ratio of 2:1."
Snowman Logistics has received a rectification order from the Income Tax Department for the assessment year 2018-19. The company’s contention was upheld, leading to a significant revision in the tax demand. The initial demand of Rs 16.23 crore has been reduced to Rs 51.92 lakh. Despite the favorable tax outcome, Snowman Logistics' stock fell 2.25% on the NSE, currently trading at Rs 81.55.
The Indian stock market experienced a sharp decline on Friday, with the benchmark Sensex plunging over 900 points during afternoon trading. By 1:12 PM, the 30-share BSE Sensex had fallen 936.14 points, or 1.14%, to 81,265.02, after opening at 82,171.08. The significant downturn reflects widespread market weakness.
Shares of Dreamfolks Services soared more than 10% on September 6, following the company's announcement of plans to launch highway dining services for travelers. The stock climbed to a day's high of Rs 522.15 per share on the NSE, marking a 10.63% increase from its previous close.
The rally came after a 4.67% rise at market open, reversing a two-day losing streak for the stock. The company's strategic move to expand into highway dining sparked the positive momentum.
Vodafone Idea shares tumbled over 14%, hitting an intraday low of Rs 12.92 following a "Sell" rating from Morgan Stanley. Despite the downgrade, the brokerage raised its target price for the stock to Rs 2.50 per share, up from the previous Rs 2.20.
In its research report, Morgan Stanley highlighted concerns over Vodafone Idea’s ability to compete with rivals in terms of capital expenditure. The brokerage pointed to a direct correlation between capex and revenue market share, stating that with competitors expected to spend at least 50% more on capex, Vodafone Idea is likely to lose another 300 basis points of market share over the next 3-4 years.
Read More: Vodafone Idea slips 14% today; Check what’s the reason behind
Several prominent stocks reached their 52-week highs on the NSE today, signaling strong market performance. Leading the pack was Bharat Rasayan, surging 10.73%, followed by Suven Pharma, which rose 3.96%. Marksans Pharma also saw gains of 1.36%, while Honasa Consumer increased 1.06% during today's trading session.
Bharti Hexacom has been slapped with a penalty of Rs 1.51 lakh by the Department of Telecommunications (DoT) in Rajasthan for violating subscriber verification norms. The penalty stems from the company's failure to adhere to regulatory guidelines in verifying its subscribers, following this stock slipped 0.85% on the NSE, currently trading at Rs 1,194.45.
"Oil price continues to see high volatility but overall has remained under selling-pressure amid further signs of deteriorating global economic outlook leading to sluggish demand (especially from China), but downside looks limited for the day amid support from bigger than expected drawdown in oil inventories and OPEC+ member’s decision to continue with their additional output cuts," said Pranav Mer, Vice President of EBG - Commodity & Currency Research at JM Financial Services.
"Gold witnessed a decent rally since the beginning of this calendar year. The price of yellow metal witnessed an upside in the domestic market especially after the outbreak of the geo-political tensions in West Asia, triggering volatility in prices around the mid-year. The factors that played a major role in this rally are strong official sector buying coupled with resilient physical demand which provided structural support that lifted gold’s trading range and also has the potential to continue till the rest of the year. Another factor is the Fed’s previous rate cut cycles, which gave support to gold prices wherein it gained as much as ~9% over 2-3 quarters after the first cut. Moreover, the strengthening of the USD further provided a boost to gold prices. Going forward, the global price and demand of the yellow metal heavily rely on the next move by the Fed," said Colin Shah, MD of Kama Jewelry.
Shares of Vodafone Idea fell more than 14% to an intraday low of Rs 12.92. The fall in the stock prices came after the brokerage house Goldman Sachs gave a "Sell" rating on the stock. However, it raised the target price to Rs 2.5 per equity share from Rs 2.2, earlier.
"Considering Suzlon's increasing order book and the project sites, the decision
to sell its large corporate office space appears both strategic and working-capital friendly. The shift away from owning such extensive office facilities and planned sub-leasing of the property is likely to help the company mobilise more working capital for enhanced execution. Overall, we view this transaction positively,
recognizing its potential to strengthen Suzlon's financial position and operational
performance amid favourable market conditions and an effective asset-light strategy," said JM Financial on Suzlon Energy in a research report.
Shares of State Bank of India fell 3.9% to an intraday low of Rs 787.10. The stock was the major loser in the Nifty 50 and was also one of the major draggers. It touched its 52-week low of Rs 543.20 on October 26, 2023.
Courtesy: NSE
"International and domestic gold and silver prices rose after Dollar the U.S. Treasury Yields fell on Thursday. The Dollar and the U.S. Treasury Yields fell after U.S. private employers hired the fewest number of workers in 3-1/2-years in August, potentially hinting at a sharp labour market slowdown and raising investors’ expectations of a bigger sized rate cut from the Fed this month. Additionally, data also showed jobless claims dropped by 5,000 from the previous week to 227,000 on the period ending August 31st, below market expectations of 230,000, and reaching a new 7-week low and did not help either. According to CME FedWatch tool, traders are pricing in a 59% chance of a 25-bps cut and 41% chance of a 50-bps cut. The downside in the dollar and bond yields were capped after ISM non-manufacturing PMI unexpectedly rose in August, stronger than expectations," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
LTIMindtree, Bajaj Finance, Bajaj Finserv, IndusInd Bank, and Wipro are the top gainers in the Nifty 50. Meanwhile, SBI, Coal India, UltraTech Cement, ONGC, and NTPC were the major losers in the Nifty 50 on September 06.
The NSE Nifty 50 opened 0.12% lower at 25,114.40, while the BSE Sensex opened 0.14% lower at 82,083.
"The Indian economy continues to do well and the macros are improving as indicated by the 47% growth in FDI in Q1 FY25 and the steady decline in Brent crude prices to below $73 now. There is financial stability and the growth momentum in the economy continues to be strong. The only concern is the elevated valuations and, therefore, investors should prioritise buying fairly valued quality stocks on declines," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"The stock market's catalysts are shifting rapidly, catching investors by surprise. Optimism over cooling US inflation has quickly turned to concerns about a slowing US economy, particularly after August's private payrolls came in below expectations while jobless claims fell. With Wall Street reacting negatively and the Federal Reserve's stance under scrutiny, all eyes are now on the upcoming August US jobs report on September 6," said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
The company approved raising Rs 800 crore via bonds. Also, it announces the early closure of the NCD public issue. Maharashtra Govt approves $10-billion semiconductor project by Israel firm and Adani Group.
A strategic joint venture (JV), equally owned by Adani Green Energy Limited (AGEL) and TotalEnergies, has been announced with the goal of managing a portfolio of solar projects totalling 1,150 MW. The projects are situated at Khavda, Gujarat, at the largest renewable energy plant in the world.
State-owned Coal India aims to add 5 gigawatt (GW) of renewable energy capacity by 2028, a year earlier than the company had envisaged, its business development director Debasish Nanda said at the BloombergNEF summit here on Thursday.
WTI crude prices were trading at $69.26 up by 0.15%, while Brent crude prices were trading at $72.79 up by 0.14%, on Friday morning.
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading up 0.05% at 101.02 on Friday morning.
The Union labour ministry has directed the Karnataka authorities to look into the delays in onboarding freshers by Infosys and take appropriate action under relevant labour laws, even though the tech giant has started sending joining dates to those awaiting appointment letters since 2022.