Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Friday’s trading session in the positive territory. The NSE Nifty 50 fell 37.10 points or 0.14% to settle at 26,178.95, while the BSE Sensex dropped 264.27 points or 0.31% to 85,571.85. The broader indices ended in mixed territory, with gain falls by Small-cap and Mid-cap stocks. Bank Nifty index ended lower by 541.05 points or 1% to settle at 53,834.30. Pharma and Energy stocks outperformed among the other sectoral indices while Media and Realty stocks shed.
The NSE Nifty 50 fell 37.10 points or 0.14% to settle at 26,178.95, while the BSE Sensex dropped 264.27 points or 0.31% to 85,571.85.
On September 27, 2024, stocks on the BSE saw an advance with 1,972 stocks gaining, while 1,938 declined, and 126 remained unchanged. A total of 4,036 stocks were traded during the session. Notably, 278 stocks recorded a 52-week high, whereas 33 hit a 52-week low. Additionally, 323 stocks were trading in the upper circuit, while 238 were in the lower circuit.
At 3: 157pm, the top gainers on the NSE were BPCL, leading with a 6.32% surge, followed by Cipla (2.82%), Sun Pharma (2.77%), Hindalco (1.82%), and Reliance (1.80%). On the other hand, the top losers included Power Grid, down by 3.16%, Bharti Airtel (-2.47%), Kotak Mahindra Bank (-1.76%), Hero MotoCorp (-1.65%), and ICICI Bank (-1.63%).
Alkem Laboratories Ltd. has refuted claims that its Pan-D and Clavam 625 product batches were classified as not-of-standard quality (NSQ) by the Central Drugs Standard Control Organization (CDSCO), as reported by various media outlets. The company clarified in a stock exchange filing that it has already submitted a response to the CDSCO, along with an assessment report confirming that the samples collected were spurious and not produced by Alkem. Shares of the company remained flat, trading at ₹6,169.55 on the NSE.
As of 12:25 pm on Friday, September 27, investors had placed bids for 1,00,63,07,900 equity shares, marking a subscription of 91.52 times compared to the 1,09,93,000 shares offered. The three-day bidding window, which opened on Wednesday, September 25, concludes today.
SJVN shares jumped 4.93%, trading at Rs 132.20 on the NSE, after the company announced the signing of two Memorandums of Understanding (MoUs) with the Maharashtra government. The agreements are expected to strengthen SJVN's operational presence and contribute to the state's energy development plans.
Allcargo Gati shares traded slightly lower at Rs 114.49 after the company announced a 10.2% General Price Increase (GPI) for its Express Distribution services, effective January 1, 2025. This is the first price revision since Allcargo’s acquisition of Gati in 2019, aimed at offsetting rising costs and supporting operational investments.
Bharti Airtel has been issued a notice by the Department of Telecommunications (DoT), imposing a penalty of ₹16,000 for allegedly violating subscriber verification norms. In response to the notice, Bharti Airtel shares fell by 2.36%, trading at ₹1,729.25 on the NSE.
Commenting on the key levels to watch on Gold Renisha Chainani, Head Research - Augmont - Gold For All said that The gold prices have rebounded after touching their peak of $2708 (~Rs 76500) as US economic data of GDP and Jobless Claims numbers predicted better recovery in the US. The US GDP reached 3% in Q2, beating expectations of 2.9%. US durable goods orders were constant at 0% in August, beating estimates of a -2.6% contraction but falling short of July's 9.8% gain.
Chainani also added that the jobless claims for the week ending September 21 were 218K, falling short of expectations for a 225K increase and the prior figure of 222,000. Market investors have completely priced in at least a 25-basis point rate drop by the Federal Reserve. According to the CME Fed Watch Tool, the odds of a 50-bps cut have dropped to 51.3%, down from 60% the day before. Gold prices are in the overbought zone and we can see a retracement up to $2600 (~Rs 73500) and $2500 (~Rs 71000) anytime soon.
Commenting on the crude oil outlook Rahul Kalantri, VP Commodities, Mehta Equities said that Crude oil fell towards $67 per barrel as concerns over oversupply impacted the market. According to reports released on Thursday, Saudi Arabia, the world's largest exporter, is willing to abandon its unofficial $100 per barrel price target and increase production in December, even if it results in continued lower prices.
Kalantri also added that We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $66.55-65.90 and resistance at $68.10-68.80. In INR terms, crude oil has support at Rs5,600-5,540 while resistance is at Rs 5,740-5,820.
Shares of SJV rose almost 5% to an intraday high of Rs 132 after the company inked two initial pacts with the Maharashtra government for developing pumped storage and floating solar projects in the state with an investment of Rs 48,000 crore.
Policy Bazaar, BSE, Godrej Properties, Suzlon Energy, and Lodha with others are dragging the Nifty Midcap 100 index.
Courtesy: NSE
Shares of Power Grid Corp fell as much as 3.2% to an intraday low of Rs 353.70. The stock was the major loser in the Nifty 50. The brokerage house Motilal Oswal gave a 'Buy" rating to the stock with a target price of Rs 425. According to the brokerage firm, the upcycle in transmission capex is likely to benefit the company.
S Chand And Company announced that ICRA Limited has reaffirmed its long-term rating of [ICRA]A- (Stable) for the enhanced Fund Based-Overdraft Facility of Rs 110.00 crore, provided by various banks and financial institutions. Following this announcement, S Chand And Company's shares are trading at Rs 219.08 on the NSE, reflecting a gain of 0.65%.
Several PSU bank stocks are trading over 1% higher today, reflecting positive momentum in the sector. UCO Bank leads the gains with a rise of 1.50%, followed closely by Canara Bank at 1.36%. Other notable performers include Punjab & Sind Bank (PSB) at 1.32%, Punjab National Bank (PNB) at 1.29%, and Indian Bank, which has seen an increase of 1%.
The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration Limited opened for bidding on September 26, 2024, and will remain available until September 30, 2024. The company has set the IPO price band between Rs 209 and Rs 220 per equity share, aiming to raise Rs 341.95 crore through this entirely fresh book-built issue. The subscription status indicates a robust response from investors, and positive market sentiment has further boosted grey market activity.
Market observers report that the grey market premium (GMP) for the KRN Heat Exchanger IPO has reached Rs 253 today, reflecting an increase of Rs 13 from Thursday’s GMP of Rs 240. This strong premium indicates expectations of multibagger returns for fortunate allottees of this ongoing mainboard IPO. Analysts attribute the rise in grey market sentiment to two key factors: the robust subscription status of the KRN Heat Exchanger IPO and the bullish trend on Dalal Street.
The Manba Finance IPO opened on September 23, aiming to raise Rs 150.84 crore, and closed on September 25. The allotment of shares was finalized on September 26, with refund processes initiated shortly after. The book-built issue sold 1.26 crore fresh shares, with a price band set between Rs 114 and Rs 120 per equity share. The listing on both the NSE and BSE is expected to occur on September 30. Hem Securities managed the book, while Link Intime India served as the registrar for the issue.
Manba Finance shares are currently commanding a robust premium in the unlisted market. According to stock market observers, the grey market premium (GMP) for the Manba Finance IPO today stands at Rs 60 per share. This indicates that in the grey market, Manba Finance shares are trading at Rs 60 above their issue price.
This week, investors should keep an eye on two significant Main Board IPOs. Manba Finance launched its initial public offering (IPO) on September 23, aiming to raise Rs 151 crore through the issuance of 1.26 million new shares.
Additionally, the KRN Heat Exchanger IPO is set to open on September 25 and will close on September 27. This offering will issue 1.55 million new shares, valued at Rs 342 crore, providing another opportunity for investors to engage in the IPO market.
Reliance Power shares rose by 5% today, reaching a new 52-week high of Rs 46.36. This marks an impressive 46.6% gain over the last eight consecutive trading sessions, highlighting the stock's sustained upward trajectory and significant interest from investors.
Top gainers among Nifty metal stocks include National Aluminium, which rose by 4.23%, followed by Steel Authority of India Limited (SAIL) with an increase of 3.24%. Hindalco also saw gains of 2.87%, while Ratnamani Industries climbed by 2.17%, reflecting positive momentum in the sector.
Biocon shares are trading flat on the NSE at Rs 373.70 as the company announced a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company, a subsidiary of Astra Industrial Group. This agreement aims to commercialize Biocon's Glucagon-like peptide-1 (GLP-1) products in select countries in West Asia.
RailTel Corporation of India has secured orders valued at Rs 155.72 crore (excluding taxes) from the Rural Development Department of Maharashtra for the operationalization of the ASSK-GP project in the Konkan, Pune, and Nashik regions. Following the announcement, RailTel's stock rose by 1.71% on the NSE, trading at Rs 469.50.
Kitex Garments' board has approved the acquisition of Kitex Childrenswear Ltd, with plans to take immediate steps to complete the acquisition, subject to applicable regulatory compliance. Following the announcement, Kitex Garments' stock surged by 3.16%, trading at Rs 483 on the NSE.
RITES shares are currently trading at Rs 358.55 on the NSE, reflecting a decline of 1.89%. The decrease comes as a RITES-led consortium emerged as the lowest bidder for a Rs 87.58-crore tender issued by Delhi Metro Rail Corporation Ltd.
All the constituents of Nifty Metal were trading higher after China slashed the reserve ratio by 50 bps to improve its economic health. Hindalco was leading the index by contributing almost 37 points.
Courtesy: NSE
Courtesy: NSE