Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a lower note on September 18 after hitting record highs. The BSE Sensex fell 210 points or 0.25% to finish the day’s trading at 82,869. The NSE Nifty 50 closed 74 points or 0.29% lower at 25,345. However, the Bank Nifty closed the day 0.88% higher, bucking the overall market trend, at 52,646.75. The Nifty Midcap 100 closed 510 points or 0.85% lower at 59,672.
Shriram Finance, Bajaj Finance, Bajaj Finserv, Nestle India, and ICICI Bank were the top gainers in the Nifty 50. Meanwhile, TCS, HCL Technologies, Infosys, Tech Mahindra, and Wipro were the major losers in the Nifty 50 on September 18.
Courtesy: NSE
The Bajaj Housing Finance stock sees sharp 4% selloff in intra-day trade. The stock has seen steady upmove after its listing highs and gained over 70% in 2 days.
"The prices of gold hold steady with the dollar and yields rising as the US retail sales for August were stronger than expected. The world's largest economy is expected to see the first rate cut today in four and a half years, amidst fears of an oncoming recession with the market expecting a 50-bps cut in rates thus boosting demand for the safe-haven asset. Participation in gold has remained at elevated levels, and prices may further strengthen as more participants increase their exposure. We believe gold prices will rise from their current levels. However, the risk of a delay in interest rate cuts may push prices down in the near term, though such dips could present an opportunity to accumulate gold," said Chintan Mehta, CEO of Abans Holdings.
BSE shares rallied almost 14% to hit a fresh 52-week high of Rs 3,794 and daily volumes saw a significant spurt in daily volumes. On the technical side, the company’s stock broke out of a four-and-a-half month-long consolidation phase. The stock rallied on September 16, 2024, as well as by 19%, intraday to Rs 3,459. The company recorded a net profit of Rs 265 crore in Q1 of FY25, a fall of 40% on year, against Rs 443 reported in the same quarter a year ago. However, the revenue from operations stood at Rs 608 crore, a jump of 181% on year from Rs 216 crore posted in the year-ago quarter.
Courtesy: NSE
Jupiter Wagons announced a strategic transformation of its subsidiary, changing the company's name from Bonatrans India Private Limited to Jupiter Tatravagonka Railwheel Factory Private Limited, said the company in a media statement. Also, the company revealed capacity expansion plans for this subsidiary, with the establishment of a new facility featuring state-of-the-art production lines for forged wheelsets. The new plant, located in Odisha, will increase the annual production capacity of Jupiter Tatravagonka Railwheel Factory Private Limited from the current 20,000 forged wheelsets per annum to 100,000 forged wheelsets per annum by investment of approx Rs 2,500 crore. The facility is expected to be fully operational by calendar year 2027
Shares of Shriram Finance rose 3.4% to hit a fresh 52-week high of Rs 3,541.75. The stock was the top gainer in the Nifty 50. The upper band for the stock is placed at Rs 3,767.05.
Arkade Developers IPO Day 3: The IPO opened to investors on September 16 and was subscribed to a total of 17.41 times more than the offered shares as of September 17. The retail segment was booked 21.40 times while the NII category was subscribed 30 times. On the first day, the IPO was subscribed 6 times and the retail part was booked 8.75 times.
HDFC Bank, Bajaj Finance, Reliance Industries, ICICI Bank, and M&M were the major contributors to the Nifty 50.
Courtesy: NSE
"Gold and silver prices dipped slightly on Tuesday ahead of the anticipated Federal Reserve meeting outcome. Market participants booked profits from their long positions amid ongoing discussions about whether the Fed would opt for a 25 or 50 basis point rate cut. A recovery in the US dollar, buoyed by stronger-than-expected US economic data, kept investors cautiously optimistic. However, the U.S. retail sales and core retail sales data released on Tuesday fell short of expectations, exerting downward pressure on precious metal prices," said Rahul Kalantri, Vice President of Commodities at Mehta Equities.
Hero MotoCorp, Bajaj Finance, Shriram Finance, Bajaj Finserv, and Ultratech Cements were the top gainers in the Nifty 50. Meanwhile, Wipro, Tech Mahindra, Infosys, LTIMindtree, and TCS were the major losers in the Nifty 50 on September 18.
The NSE Nifty 50 opened 0.09% lower at 25,395, while the BSE Sensex opened 0.13% lower at 82,972.09.
"The market is likely to open flat today following a mixed trend in global markets ahead of the US Federal Reserve monetary policy decision later today. Most stocks in Asia rose in early trade on Wednesday taking cues from Wall Street as the US Federal Reserve geared up to announce the crucial decision. US stocks closed nearly unchanged on Tuesday, giving up earlier gains that had vaulted the S&P 500 and Dow Industrial Average to record highs as investors braced for the first Federal Reserve rate cut in 4-1/2 years. Oil prices fell in Asian trade on Wednesday, cutting short a recent rebound as industry data showed an unexpected increase in U.S. inventories," said Stoxkart by SMC Global in a pre-market comment.
Foreign institutional investors (FII) mopped shares worth Rs 482.69 crore, while domestic institutional investors (DII) bought shares worth Rs 874.15 crore on September 17, 2024, according to the provisional data available on the NSE.
Commenting on the Technical outlook of Nifty Kunal Kamble, Sr. Technical Research Analyst at Bonanza, said that The Nifty Index is currently consolidating at higher levels, and the formation of a Doji candlestick pattern indicates indecision in the market. For a fresh entry into the index, the price needs to rise above 25,500 to signal a potential upward move. Conversely, if the index falls below the 25,200 level, it may experience profit booking, which could push it towards the 25,000 level. The 25,000 level is a key support zone and may attract buying interest if the index declines to this point.
The NSE added Biocon, Punjab National Bank, Aarti Industries, Balrampur Chini Mills, Bandhan Bank, Birlasoft, GNFC, Granules India, Hindustan Copper, LIC Housing Finance, and RBL Bank in the F&O Ban on September 18, 2024.
The company has fully settled its obligations as a guarantor for Vidarbha Industries Power, resulting in the release and discharge of its corporate guarantee, undertakings, and all liabilities tied to the outstanding debt of Rs 3,872.04 crore. Furthermore, the company has successfully resolved all disputes with CFM Asset Reconstruction.
Read More: Reliance Power Share Price Today Live Updates, 18 Sep, 2024: Reliance Power on the radar
WTI crude prices were trading at $71.12, down by 0.10%, while Brent crude prices stood at $73.69, slightly lower by 0.01%, on Wednesday morning.
The company has made a non-binding financial commitment to expand its renewables loan portfolio to over Rs 3 lakh crore by 2030. This initiative aims to boost the share of renewable energy in its overall loan book from the current 8% to 30% by the end of the decade. By 2030, the company’s total loan portfolio is projected to reach Rs 10 lakh crore.
Read More: REC Share Price Today Live Updates, 18 Sep, 2024: REC on the radar
The US Dollar Index (DXY), which tracks the dollar's performance against a basket of six major foreign currencies, rose by 0.03% to trade at 100.88.
U.S. stocks closed nearly flat on Tuesday, surrendering earlier gains that had pushed the S&P 500 and Dow Jones Industrial Average to record highs, according to a report by Reuters. Investors remained cautious ahead of the anticipated Federal Reserve rate cut, the first in 4.5 years. The Nasdaq Composite, driven by tech stocks, rose 35.93 points, or 0.20%, to close at 17,628.06. The S&P 500 edged up by 1.49 points, or 0.03%, to end at 5,634.58, while the Dow Jones Industrial Average dipped by 15.90 points, or 0.04%, finishing at 41,606.18.
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