Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 470.45 points or 1.89% to settle at 25,388.90, while the BSE Sensex jumped 1439.66 points or 1.77% to 82,962.71. The broader indices ended in positive territory, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended higher by 762.40 points or 1.49% to settle at 51,772.40. Metal and Auto stocks outperformed among the other sectoral indices while Media and Realty stocks gained marginally.
Benchmark domestic indices BSE Sensex and NSE Nifty 50 ended in positive territory on Thursday.
The NSE Nifty 50 gained 470.45 points or 1.89% to settle at 25,388.90, while the BSE Sensex jumped 1439.66 points or 1.77% to 82,962.71.
As of 3:25 pm on September 12, 2024, a total of 2,326 stocks advanced on the BSE, while 1,589 declined, and 128 remained unchanged. Out of 4,043 stocks traded, 273 hit a 52-week high, while 36 recorded a 52-week low. Additionally, 312 stocks traded in the upper circuit, and 223 in the lower circuit.
Granules India shares dropped 15.55% on the NSE to Rs 571.45 after the company reported the completion of a USFDA inspection at its Gagillapur FD facility. The inspection resulted in six observations, triggering the significant fall in the stock price.
Zomato shares surged more than 3% on September 12, nearing a record high after UBS reaffirmed its 'buy' rating on the stock, setting a target price of ₹320.
UBS highlighted a 2.5% month-on-month industry volume growth in August 2024, adjusted for the number of days. The brokerage also noted that the competitive rivalry between Zomato and Swiggy persisted into Q2FY25, estimating Zomato's gross merchandise value (GMV) growth at approximately 7% quarter-on-quarter for the period.
Commenting on the USD-INR Outlook Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said that We expect Rupee to trade with a slight negative bias on positive US Dollar and a recovery in crude oil prices. However, rise in risk appetite in global markets may support the Rupee.
Choudhary also added that Any intervention by the RBI may support the Rupee at lower levels. Traders may take cues from India’s CPI data and ECB monetary policy. Investors may remain cautious ahead of US FOMC meeting next week. USDINR spot price is expected to trade in a range of Rs 83.80 to Rs 84.20
Sterlite Technologies showcased its cutting-edge 288 fibre Microcable featuring 180-micron fibre at the Connected Britain 2024 event. The new technology highlights the company's innovation in the fibre optic space. Following the announcement, Sterlite Technologies' shares rose by 2.02%, trading at Rs 131.08 on the NSE.
Vedanta announced plans to ramp up its nickel and nickel sulphate production to meet the growing demand for electric vehicle (EV) battery materials in northeast Asian markets.
In a statement to Reuters, the company confirmed that its business unit, Vedanta Nico, aims to expand its capacity for producing these key materials in the coming years.
Following the news, Vedanta shares rose by 2.65%, trading at Rs 437.10 on the NSE.
Bharti Airtel, Shriram Finance, Hindalco, Hero MotoCorp, and NTPC are the top movers on NSE Nifty 50 index where the only laggard on the index is Nestle India.
"The Indian rupee traded rangebound with a slight positive bias today on positive domestic and Asian markets. However, a positive US Dollar and surge in crude oil prices capped sharp gains. The dollar gained as CPI rose in August (m-o-m), which trimmed expectations of a 50 bps rate cut at the FOMC meeting next week. Core CPI increased 0.3% in August (m-o-m) vs the forecast of 0.2%. however, annual inflation cooled off to 2.5% (y-o-y) in August vs 2.9% in July, in line with the forecast of 2.5%. We expect the rupee to trade with a slight negative bias on positive US dollars and a recovery in crude oil prices. However, a rise in risk appetite in global markets may support the rupee. Investors may remain cautious ahead of the US FOMC meeting next week," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
M&M, Hero MOtoCorp, Bajaj Auto, TVS Motors, and Motherson were the top five contributors to the Nifty Auto index.
Courtesy: NSE
SBI, Bank of Baroda, and Canara Bank were the top three contributors to the Bank Nifty on September 12.
Courtesy: NSE
Stocks of Tata Motors have fallen continuously since UBS maintained a "Sell" rating on the stock. On September 12, the stock is down 1.9% to an intraday low of Rs 958. It has erased 9.8% of investors' wealth in the last five days. The stock was the major loser in the Nifty 50.
Shares of Shriram Finance are on a winning spree, the stock rose 2.6% to become the top gainer in the Nifty 50. The stock touched an intraday high of Rs 3,366.80. Yesterday, the counter was closed at a price of Rs 3,279.90.
Copper prices have remained stable and range-bound over the past week. The copper futures contract on the Multi Commodity Exchange (MCX) has fluctuated between Rs 778 and Rs 797 per kg. Currently, it is trading near the upper limit of this range at Rs 796 per kg.
Commenting on the Gold Outlook Renisha Chainani, Head Research - Augmont - Gold For All said that The gold price has recovered from $2500 after the critical US CPI report prompted investors to lower their expectations of a greater, 50-basis-point interest rate decrease by the Federal Reserve next week. According to the US Bureau of Labor Statistics, the headline CPI increased 0.2% in August, however, the annual rate fell more than expected, from 2.9% to 2.5%, the weakest increase since February 2021.
Chainani also added that according to the CME Group's FedWatch tool, the markets are now pricing in an 87% likelihood of a 25 basis point rate drop at the next FOMC policy meeting on September 17-18, compared to 71% before the US CPI data. US Treasury bond rates are rising as the chances of a more aggressive policy easing by the US central bank decrease. If Gold breaks its previous high of $2530, we could see new highs of $2550 (~Rs 73000) and $2600 (~Rs 75000) in the short term.
Honasa Consumer, the parent company of Mamaearth, saw its share price fall by over 6% in early trade on Thursday, following reports of a block deal. Shares dropped as much as 6.10% to Rs 490.15 per share on the BSE. This decline follows a 3.5% drop in the stock price on Wednesday.
Shares of Varun Beverages rose by 4% to Rs 1,588 per share on September 11, in anticipation of its record date for a 2:5 stock split. Starting September 12, the stock will trade on an ex-split basis.
Shares of Varun Beverages rose by 4% to Rs 1,588 per share on September 11, in anticipation of its record date for a 2:5 stock split. Starting September 12, the stock will trade on an ex-split basis.
"Crude oil experienced a modest rebound from its three-year low, with prices rising by nearly three percent on Wednesday, driven by concerns over prolonged production disruptions due to Hurricane Francine. U.S. CPI inflation figures aligned with expectations, increasing the likelihood of a Fed rate cut in the upcoming September policy meeting. However, the dollar index strengthened following higher-than-expected U.S. core CPI data, and last week's surge in U.S. crude oil inventories may limit gains in crude prices. We expect crude oil prices to remain volatile throughout today's session. In INR terms, support is at Rs 5,620-5,560, while resistance is at Rs 5,760-5,820," said Rahul Kalantri, Vice President of Commodities, Mehta Equities.
P N Gadgil Jewellers IPO will close on September 12. It was opened for investors on September 10. The company wants to collect Rs 1,100 crore via fresh capital and selling of secondary shares. The IPO has been subscribed to a total of 9.63 times more than the offered shares.
Shares of Bajaj Auto rose 3.14% to a fresh 52-week high of Rs 11,779.25. This is the second straight day for the stock's rally. The stock was the top gainer in the Nifty 50.
Shree Tirupati Balajee was listed at Rs 90 on the National Stock Exchange, a premium of 8.4% to the issue price. The issue was opened on September 05 and closed on September 09. The shares of Shree Tirupati Balajee were fetching a premium of 32% in the grey market. It is an unofficial place where shares trade illegally ahead of listing.
Read more: Shree Tirupati Balajee makes positive debut, lists at 8.4% premium on NSE
Honasa Consumer shares dropped over 6% in early trading on Thursday, following reports of a block deal in the stock. The parent company of Mamaearth saw its shares fall by as much as 6.10%, hitting ₹490.15 per share on the BSE. This decline comes on the heels of a 3.5% drop in the stock price on Wednesday.
Commenting on the Derivative Markets outlook Anand James, Chief Market Strategist, Geojit Financial Services said that Nifty weekly contract has highest open interest at 25000 for Calls and 24500 for Puts while monthly contracts have highest open interest at 25000 for Calls and 25000 for Puts. Highest new OI addition was seen at 25000 for Calls and 22350 for Puts in weekly and at 25000 for Calls and 25000 for Puts in monthly contracts.
James also added that FIIs decreased their future index long position holdings by 0.69%, increased future index shorts by 1.91% and in index options by 8.50% decrease in Call longs, 6.91% decrease in Call short, 5.21% decrease in Put longs and 5.59% decrease in Put shorts.
Tata Steel shares surged 2%, reaching an intra-day high of Rs 152.44 on the NSE after the company signed a £500 million Grant Funding Agreement with the UK Government. The agreement is part of a £1.25 billion Green Steel project at Tata Steel's Port Talbot plant, aimed at enhancing sustainability and reducing carbon emissions.
Tata Steel, Shriram Finance, Hindalco, Bharti Airtel, and Adani Ports and SEZ are the top gainers on NSE Nifty 5o index whereas the top laggards includes Asian Paints, Tata Motors, Nestle India, and Bajaj Finserv.
The NSE Nifty 50 opens up by 141.20 points or 0.57% at 25,059.65, while the BSE Sensex jumps 407.02 points or 0.50% to 81,930.18 in the opening trade.
Commenting on today's market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that in yesterday's session, Nifty closed below the key 25,000 mark with a negative bias, though the positive takeaway was FIIs being net buyers to the tune of ₹1,255 crores. Wall Street remained volatile amid expectations of a modest Fed rate cut, but excessive pessimism may be unwarranted given the cooling US inflation.
Tapse also added that Bears appear to be capitalising on concerns over Chinese growth to fuel fears of a US recession. Technically, Nifty has support in the 24,641-24,753 zone, while investors await US producer price data for further cues. Our top picks for today are Persistent Systems, Berger Paints, and Britannia.
Asian markets were trading higher on Thursday morning, following overnight gains in the US markets. Japan's Nikkei 225 surged 2.83% to 36,627, while South Korea's Kospi gained 1.22% to reach 2,543.95. The Asia Dow also saw a rise of 1.15%, trading at 3,502.66. Meanwhile, China's benchmark index, the Shanghai Composite, edged up 0.27% to 2,729.06.