Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a slightly higher note on September 17. The BSE Sensex rose 58 points or 0.07% to finish the day’s trading at 83,047. The NSE Nifty 50 closed 23.15 points or 0.09% higher at 25,407. However, the Bank Nifty closed the day 0.01% lower at 52,145.80. The Nifty Midcap 100 closed 125 points or 0.21% lower at 60,135.
The NSE Nifty 50 closed 0.09% higher at 25,406.90, while the BSE Sensex closed 0.07% higher at 83,047.08.
Hero MotoCorp, Bajaj Auto, Bharti Airtel, NTPC, and M&M were the top gainers in the Nifty 50. While Tata Motors, Eicher Motors, Adani Ports, Coal India, and ITC were the major laggards in the Nifty 50 on September 17.
The softening of WPI inflation from 2% in July 2024 to 1.3% in August 2024, on the back of a decline in prices of food articles, especially vegetables and milk is encouraging, said Sanjeev Agrawal, President of PHDCCI. Food inflation softened from 3.4% in July 2024 to 3.1% in August 2024, supported by an above-normal monsoon. Food inflation reduced sequentially from 11.1% in June 2024 to 3.4% in July 2024, said Agrawal. WPI softened as a result of the decline in natural gas and crude oil prices, which went from 9.1% in July 2024 to 1.7% in August 2024, amidst deepening geo-political uncertainties, he said. "Going forward, we anticipate continuous softening in WPI inflation leading to a reduction in production costs and an increase in demand for consumption within the country," said Agrawal.
IGL, Policy Bazaar, Oil India, Maxx Health, and CG Power were the top midcap gainers on the NSE. Meanwhile, Biocon, Suzlon Energy, JSW Energy, Paytm, and Nykaa were the major midcap losers on the NSE on September 17.
Info Edge India shares hit a new record high for the fifth consecutive session today. In its latest report, brokerage house Centrum set a new target price of Rs 8,579, reflecting a 10% increase from its previous target of Rs 7,797.
Shares of Jindal Steel & Power extended their gains for the sixth consecutive session on Tuesday, rising 2.77% to Rs 1,073.70, bringing the stock's total gains to nearly 11% in September. This rise marks the end of a three-month slump for the company.
Indian stock markets continued to rise on Tuesday, with the Sensex and Nifty posting modest gains by early afternoon. The BSE Sensex climbed 132.77 points, or 0.16%, to 83,121.55, while the NSE Nifty50 gained 44.05 points, or 0.17%, reaching 25,427.80.
Investor sentiment was cautious ahead of the U.S. Federal Reserve’s interest rate decision on Wednesday, with expectations of potential rate cuts. Former New York Federal Reserve President William Dudley’s suggestion for a half-point reduction has heightened market anticipation.
Star Cement has incorporated KOPILI CEMENT (I) PRIVATE LIMITED (KCIPL) as a wholly-owned subsidiary in Meghalaya. Following the announcement, Star Cement's stock rose 2.16%, trading at Rs 212.02 on the NSE.
Bajaj Housing Finance shares surged 10% on Tuesday, hitting a fresh high of Rs 181.48 on the BSE and Rs 181.50 on the NSE, following a strong market debut. The company’s market capitalization rose to Rs 1.49 lakh crore. The stock had debuted at Rs 150 on Monday, a 114% premium over its issue price of Rs 70.
RailTel Corporation of India Ltd. has secured a work order worth Rs 48.70 crore from Health Insurance TPA of India Ltd. Despite the announcement, shares of RailTel slipped 0.77%, trading at Rs 466.10 on the NSE.
Netweb Technologies clarified that it has entered into a reselling arrangement with Beetel Teletech Ltd., allowing Beetel to resell Netweb’s existing product range. The company emphasized that this is a common business practice and does not involve launching new products or entering new markets. Following the announcement, Netweb Technologies' stock slipped 0.32%, trading at Rs 2,775.85 on the NSE.
Commenting on the derivative outlook Anand James, Chief Market Strategist, Geojit Financial Services said that Nifty weekly contract has highest open interest at 26000 for Calls and 25000 for Puts while monthly contracts have highest open interest at 25000 for Calls and 25000 for Puts. Highest new OI addition was seen at 26000 for Calls and 25400 for Puts in weekly and at 25400 for Calls and 25400 for Puts in monthly contracts.
James also added FIIs increased their future index long position holdings by 0.23%, decreased future index shorts by 1.64% and in index options by 1.95% decrease in Call longs, 5.58% decrease in Call short, 7.22% increase in Put longs and 3.16% increase in Put shorts
At afternoon trade on September 17, 2024, on the BSE, 1,587 stocks advanced while 2,195 declined, with 143 stocks remaining unchanged. Out of a total of 3,925 stocks traded, 257 hit a 52-week high, and 17 touched a 52-week low. Additionally, 288 stocks traded in the upper circuit, while 193 were in the lower circuit.
Shares of Tata Motors Ltd. dropped by as much as 2% on Tuesday, September 17, after 1.9 crore shares, representing 0.4% of the company's total equity, were exchanged in a block deal. The shares changed hands at an average price of Rs 970 each, with a total transaction value of Rs 1,758 crore.
Modern Insulators has approved an investment in 1,38,800 equity shares of Swiggy Limited at Rs 360 per share. Following the announcement, Modern Insulators' stock rose 1.51%, reaching Rs 138.25.
At noon trade, the top gainers on the NSE included Hero Motocorp, up 2.99%, followed by Bajaj Auto (1.51%), Bharti Airtel (1.39%), Britannia (1.33%), and Nestle India (1.31%).
The top losers were Tata Motors, down 2.19%, BPCL (-1.28%), Adani Ports (-1.15%), Tata Steel (-1.08%), and Maruti (-0.84%).
Geojit Financial Services' stock dropped 6.42% to ₹158.23 as of 10:57 AM on September 17, 2024, after the company announced a Rights Issue Committee meeting. Scheduled for September 19, 2024, the meeting will discuss the terms of the proposed rights issue, including the issue price and rights entitlement ratio.
"The listing is justified as the company was asking for a PE of 42.2x which seems the valuation was inline and reasonable looking at its industry peers average 40-45x and financial growth trajectory. Considering the company’s strong brand loyalty “P N Gadgil” and its solid position in Maharashtra state is well-positioned to capitalize on the demand and assuming to deliver impressive growth in future, we believe P N Gadgil Jewellers Ltd (PNG) IPO offer gave investors a unique opportunity to invest in the 2nd largest organized jewellery retailer in Maharashtra. We believe PNG is well-positioned in India’s growing organized jewellery sector. Hence, we recommend long-term investors to “Hold” in P N Gadgil Jewellers Ltd for a long-term perspective only," said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Shares of Hero MotoCorp rose 2.8% to hit a fresh 52-week high of Rs 5,942. The stock closed the counter at Rs 5,779.45 on September 17. The upper band for the stock is placed at Rs 6,357.35. The stock was the top gainer and contributor to the Nifty 50.
Bharti Airtel, ICICI Bank, Kotak Mahindra Bank, Hero MotoCorp, and NTPC were the top contributors to the Nifty 50.
Courtesy: NSE
Bajaj Housing Finance shares surged by up to 10% on Tuesday, September 17, hitting the upper circuit limit at Rs 181.5 after a robust IPO debut. The stock later moderated slightly, trading up around 8% at Rs 178.
On its listing day, Bajaj Housing Finance closed at Rs 165, representing a 135% increase from its IPO price of Rs 70. Phillip Capital has issued its first 'Buy' rating for the stock, setting a target price of Rs 210, suggesting a potential upside of 27%.
As of 10:45 AM, the top gainers on the NSE included Britannia, up 1.88%, followed by Apollo Hospitals at 1.28%, Divi’s Lab at 1.15%, Tata Consumer rising 0.99%, and Hindustan Unilever gaining 0.77%.
Among the top losers, Tata Motors fell 2.29%, HDFC Life dropped 1.06%, Eicher Motors declined 0.87%, Maruti slipped 0.80%, and TCS was down 0.68%.
The Rs 410 crore initial public offering (IPO) of Arkade Developers, which opened for subscription on Monday, September 16, saw strong demand, being oversubscribed by over six times on the first day. Prior to the IPO, the company raised approximately Rs 122.40 crore from anchor investors. According to the exchange filing, Arkade Developers allocated 95.62 lakh equity shares to nine anchor investors at Rs 128 per share.
Investor sentiment remains positive, with the grey market premium (GMP) for the Arkade Developers IPO rising to Rs 86, up from Rs 70 before the bidding started, as reported by investorgain.com.
The rupee appreciated by 2 paise to 83.84 against the US dollar in early trade on Tuesday, supported by a weaker greenback against major currencies and a decline in global crude oil prices. However, the gains were limited by a sluggish trend in domestic equities and fresh foreign fund outflows amid expectations of a US rate cut, according to forex traders.
Nifty Auto Index declined by 0.74%, closing at 25,639.15. Notable stocks that saw a drop of over 2% included Tata Motors, down 2.29%, Ashok Leyland, which fell 2.15%, and Apollo Tyres, down 2.01%.
P N Gadgil Jewellers shares made a strong debut on the stock exchanges today. On the NSE, the stock opened at Rs 830 per share, a 72.92% rise from its issue price of Rs 480. On the BSE, shares started at Rs 834, up 73.75% from the issue price.
“The Bank Nifty was also an outperforming sector and was partially responsible for taking Nifty higher in today’s trading session. We believe that the rally in BN is likely to continue and it can test the next resistance zone of 52,750-800 in the next few days. On the downside, the support zone lies at 51,900 / 51,400-500 while the resistance is seen at 52,350-400 / 52,750-800,” said Tejas Shah, Technical Research, JM Financial & BlinkX.
Shares of Indraprastha Gas Ltd. (IGL) and Mahanagar Gas Ltd. (MGL) soared over 5% on Tuesday, reaching record levels after global brokerage firm UBS upgraded IGL to a 'Buy' from its previous 'Sell' rating and raised the price target to Rs 700 from Rs 400 per share.
IGL’s stock gained as much as 5%, hitting an intra-day high of Rs 559.70, while MGL shares surged 6% to a record high of Rs 1,922 on the NSE. The revised price target for IGL implies a potential upside of nearly 32% from Monday’s closing levels.