Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 dropped 32.40 points or 0.13% to settle at 25,356.50, while the BSE Sensex fell 71.77. points or 0.09% to 82,890.94. The broader indices ended in mixed territory, with gain led by Small-cap and Midcap stocks. Bank Nifty index ended higher by 147.85 points or 0.36% to settle at 52,841.25. Realty and Media stocks outperformed among the other sectoral indices while Energy and FMCG stocks shed.
Benchmark domestic indices BSE Sensex and NSE Nifty 50 ended in positive territory on Friday.
The NSE Nifty 50 dropped 32.40 points or 0.13% to settle at 25,356.50, while the BSE Sensex fell 71.77. points or 0.09% to 82,890.94.
Wipro, Bajaj Finance, Bajaj Finserv, IndusInd Bank, and Axis Bank are the top gainers on NSE Nifty 50 index whereas the top laggards include SBI Life Insurance, Adani Ports and SEZ, HDFC Life Insurance, Coal India.
The U.S. International Development Finance Corporation (DFC) is considering additional funding to support India’s clean energy sector, with companies like Tata Power and JSW Energy likely to benefit. The DFC has already provided nearly $4 billion in financing to India and is exploring further deals to spur growth in the country’s renewable energy initiatives.
As of 3 pm on September 13, 2024, the BSE saw 2,484 advancing stocks compared to 1,454 decliners, with 111 stocks remaining unchanged. Out of the 4,049 stocks traded, 321 reached a 52-week high, while 27 hit a 52-week low. Additionally, 381 stocks were locked in the upper circuit, while 190 traded in the lower circuit.
Thermax has entered into a loan agreement with its wholly-owned subsidiary, Thermax Babcock and Wilcox Energy Solutions Ltd. (TBWES), to secure a loan of up to Rs 250 crore in multiple tranches. Following this announcement, shares of Thermax rose 2.29% on the NSE, trading at ₹4,747.
Top Nifty PSU Bank stocks saw significant gains on Friday, with Indian Overseas Bank (IOB) leading the pack with a 4.01% increase. Punjab & Sind Bank (PSB) followed closely, rising 3.82%, while Bank of Maharashtra and UCO Bank posted gains of 3.68% and 3.40%, respectively.
Shares of gold loan companies Manappuram Finance and Muthoot Finance surged up to 5.2% on Friday, driven by record-high gold prices and expectations of an interest rate cut by the US Federal Reserve.
Manappuram Finance saw its stock rise 5.2%, hitting an intra-day high of Rs 216.5, while Muthoot Finance climbed 4.6%, reaching a peak of Rs 2,078.75.
Read More: Manappuram Finance, Muthoot Finance shares surge over 5% on record high gold prices
Commenting on the gold outlook Renisha Chainani, Head Research - Augmont - Gold For All said that Gold prices have risen beyond $2550 due to increasing rate cuts bets and heightened geopolitical tensions, indicating a potential for further rise. The Federal Reserve has a quandary in lowering interest rates when it meets next week, according to Nick Timiraos of the Wall Street Journal, since the decision comes despite a softening job market and recent hints of sticky inflation.
Chainani also added that the central bank is expected to convene next week, with markets divided on a 25 or 50 basis point drop. According to CME Fedwatch, recent inflation data suggests a 25 basis point reduction in interest. Markets anticipate the Fed will lower rates by more than 100 basis points this year, with any. After Gold has cleared the $2550 (Rs 72500) resistance, the next resistance is $2600 (Rs 75000)
Shares of Godfrey Phillips surged over 11% on Friday, continuing their upward momentum for the second consecutive day after a three-day losing streak. The stock began its rally on Thursday ahead of the company's upcoming board meeting.
The board of Godfrey Phillips is scheduled to meet on September 20 to consider a bonus share issue in a 2:1 ratio, meaning shareholders will receive two bonus shares for every one share held. The anticipation of this bonus issue has driven the recent surge in the stock price.
According to Motilal Oswal Asset Management Company, continued domestic flows help sustain stability. MOAMC predicts that if FPIs continue to remain buyers, the positive momentum in the market is likely to increase.
"Crude oil prices have seen a strong recovery in the past couple of sessions, supported by short-covering ahead of futures expiry next week, with additional support from temporary supply outages at the Gulf of Mexico due to storm Francine. However, the upside looks limited amid weak global demand. On the chart, prices hold resistance at 5910/ 6000, while on the downside support holds at 5690/ 5520," said Pranav Mer, Vice President of EBG - Commodity & Currency Research at JM Financial Services.
Courtesy: NSE
Wipro, Bajaj Finance, Bajaj Finserv, Tata Steel, and IndusInd Bank were the top gainers in the Nifty 50. Meanwhile, HDFC Life Insurance, SBI Life Insurance, Adani Ports and SEZ, ITC, and Tata Consumer Products were the major losers in the Nifty 50 on September 13.
“India’s headline inflation has fallen below RBI’s central target point of 4% since Jul’24. It is likely to stay around 4% for the remaining seven months of FY25. FY25 average CPI inflation could be 20-30bps lower than the RBI’s estimate of 4.5%. Yet, we still think that it’s a status quo on rates, at least in the next two policies. The growth inflation mix in India could allow RBI to be patient on any rate moves. Moreover, an improvement in banking system liquidity has led overnight rates to soften below overnight rates in recent months. While the core inflation shows signs of bottoming out from an ultra-low level, it still stays benign,” said Namrata Mittal, Chief Economist at SBI Mutual Fund.
Nifty Midcap 100 hits an all-time high of 60,160.80. The index is up 468 points or 0.78% at 60,108.
Shares of Bajaj Housing Finance rose 2.3% to an intraday high of Rs 7,599. The stock touched a 52-week high of Rs 8,192 on October 06, 2023. The stock was among the top gainers.
ITC, ICICI Bank, HDFC Bank, Infosys, and HUL are the major draggers of the Nifty 50 on September 13.
Courtesy: NSE
The 24-carat gold rate in India was Rs 73,020 per 10 grams on September 13. The rate for 24-carat gold per gram is Rs 7,302. The rate of 22-carat gold was Rs 66,935 per 10 grams. The rate of 24-carat gold has risen by 2% in the last one week, and the yellow metal has risen by 2.14% in the last ten days. The silver currently quotes at Rs 86,860 per kilogram.
The 24-carat gold rate in India was Rs 73,020 per 10 grams on September 13. The rate for 24-carat gold per gram is Rs 7,302. The rate of 22-carat gold was Rs 66,935 per 10 grams.
The rate of 24-carat gold has risen by 2% in the last one week, and the yellow metal has risen by 2.14% in the last ten days. The silver currently quotes at Rs 86,860 per kilogram.
Shares of Granules India plunged over 19% in two days, hitting a low of Rs 541.10 on the NSE, after the drugmaker received six observations from the US Food and Drug Administration (USFDA). The stock saw heavy selling, with more than 3 crore shares changing hands by 2:30 pm. The USFDA issued a Form 483 to the small-cap pharmaceutical company, citing six observations. One of the key observations raised concerns about the company’s manufacturing practices.
Jefferies has issued a buy call on Bharti Airtel, raising the target price to Rs 1,970. In its report, Jefferies highlighted that Jio's growing focus on expansion and Vodafone Idea's (VIL) continued market share losses could necessitate multiple tariff hikes over the next few years.
The report also noted that Jefferies has raised its FY26/27 India revenue and EBITDA estimates by 5-9%, modeling a 10% tariff hike in mid-FY26 in addition to a similar hike previously projected for Q2FY27.
Jefferies expects Bharti Airtel to achieve a strong 19% compound annual growth rate (CAGR) in EBITDA over FY24-27, with lower capex supporting a 23% CAGR in free cash flow to equity (FCFE), which is expected to drive stock returns.
Shares of Patanjali Foods were traded in a significant block deal on Friday, September 13. A total of 1.2 crore shares, representing 3.3% of the FMCG company's equity, worth Rs 2,223.4 crore, changed hands during the session. The identities of the buyers and sellers involved in the deal remain undisclosed.
Tata Motors, Tata Steel, Hindalco, JSW Steel, and Nestle India are the top gainers on NSE Nifty 50 index whereas the top laggards include Asian Paints, Divis Labs, Adani Enterprises, Bajaj Finance, and Sun Pharma.
The NSE Nifty 50 opens up by 41.55 points or 0.16% at 25,430.45, while the BSE Sensex jumps 128.84. points or 0.16% to 83,091.55 in the opening trade.
Commenting on Today's Market Outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Nifty and Sensex have hit historic highs at 25,433.35 and 83,116.19, reflecting strong market confidence. Investors remain optimistic, eyeing Nifty's next psychological target of 26,000, driven by FOMO.
Tapse also added that Key stocks in focus include Bharti Airtel, surging on Wi-Fi service expansion, and steel stocks, buoyed by robust demand as reported by ICRA. On the downside, Granules India fell 16% after US FDA observations.
"For traders, Nifty is a buy between 25,200-25,300 with targets up to 26,100, while Bank Nifty offers aggressive targets up to 55,000. Jindal Steel & Power remains a top pick for a bullish rebound," tapse further said.
BLS International Services Limited has announced the signing of an agreement to acquire a 100% stake in Citizenship Invest, a Dubai-based firm specializing in investor programs for residence and citizenship across more than 15 countries. The acquisition is valued at $31 million (approximately Rs 260 crore) and will be financed through internal accruals. The deal is expected to be completed by October 31, 2024, subject to necessary approvals.