Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a higher note on September 09. The BSE Sensex rose 352 points or 0.43% to finish the day’s trading at 81,535.80. The NSE Nifty 50 closed 88 points or 0.36% higher at 24,940. However, the Bank Nifty closed the day 1.03% or 520 points higher at 51,097.25. The Nifty Midcap 100 closed 83.40 points or 0.14% higher at 58,418.55.
The NSE Nifty 50 closed 0.36% higher at 24,940.45, while the BSE Sensex closed 0.43% higher at 81,535.80.
Hindustan Unilever, ICICI Bank, ITC, Shriram Finance, and Britannia were the top gainers in the Nifty 50. Meanwhile, ONGC, Tech Mahindra, Hindalco, Tata Motors, and NTPC were the major losers in the Nifty 50 on September 09.
"WTI crude oil prices rebounds a percent up at $68.650 on Monday during mid-European hours, the bounce was in part a reaction to a potential hurricane in the U.S. Gulf Coast. Last week Brent had dropped 10% on the week to the lowest level since December 2021, while WTI fell 8% to its lowest close since June 2023 on weak jobs data in the U.S. The oil prices have been hammered by growing worries of economic slowdown in two of the leading two energy consuming nations i.e. US and China, accounting 38% of global demand. The August factory gate inflation further contracted by 1.8% annually and US hiring eased to 142K with downwards revision in last two months data. The next catalyst for market would be the release of US CPI, which may give some clarity on size of rate cuts. The overall outlook for crude oil demand remains lacklustre and OPEC decision to delay the restoration of production cuts would not support price decline unless is supported by strong demand. We expect prices to head lower towards $65 in medium term while for short term prices would remain volatile with in trading range of $67-$72," said Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas.
"Indian Rupee traded flat to positive on expectations that the RBI may intervene to support the Rupee preventing it to slip to fresh lows. A recovery in the domestic markets in the latter half of the day and sharp decline in crude oil prices on Friday also favoured the Rupee. India’s forex reserves for the week ended August 30, 2024 rose to a record high $683.99 billion vs $681.69 billion in the prior week. However, a strong US Dollar and recovery in US treasury yields capped sharp gains. US Dollar recovered amid mixed non-farm payrolls data. We expect Rupee to trade with a slight negative bias on strong US Dollar and concerns over global economic growth. However, positive domestic markets and any intervention by the RBI may support the Rupee at lower levels. Investors may remain cautious ahead of US CPI and ECB monetary policy this week," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
Shares of SpiceJet flew 5.5% to an intraday high of Rs 64.86 on BSE after the company entered into a pact with Carlyle Aviation Management to restructure debt.
In an exchange filing the company said, SpiceJet and Carlyle Aviation Management Limited have entered into a term sheet to restructure certain aircraft lease obligations of SpiceJet aggregating to $137.68 million (as of June 30, 2024), which upon settlement/waivers will be adjusted to $97.51 million, owed to various lessor entities managed by CAML or its affiliates.
"Bajaj Housing Finance benefits from distinguished heritage of the “Bajaj” brand, which enjoys widespread recognition as a reliable retail brand. It has strong risk management framework which helps it to maintain stable asset quality. BHF is confident of maintaining stable NIM through borrowing cost optimization & has guided for leverage ratio of ~6x-8x. The IPO is fairly priced at 3x FY25 P/BV (on diluted basis). Given all the positives, recommend "Subscribe" to the issue," said Motilal Oswal in an IPO note.
Marine Electricals (India) has been awarded a Rs 12.1 crore order by ArcelorMittal Nippon Steel for the supply of LV power and motor control centers, which will be integrated with automation systems. Despite the significant order, Marine Electricals' stock fell by 3.65% on the NSE, trading at Rs 244.
Thomas Cook (India) Ltd and its group company, SOTC Travel, have entered into a 24-month partnership with Malaysia Aviation Group (Malaysia Airlines). Following the announcement, Thomas Cook's stock rose by 1.38% on the NSE, trading at Rs 215.55.
Commenting on gold outlook Colin Shah, MD, Kama Jewelry said that Gold prices saw some upward movement after the announcement of the US Jobs Data last week on Friday. The US jobs data was below than expected level at 4.2%. This has heightened the possibility of a rate cut in the upcoming Fed meeting, though there are a few more economic data sets to be released this week.
Shah also added that "rate cut by the US Fed will lead to a rally in gold as investors move funds to higher-yielding assets. Back home in India, the ongoing festive season will ensure steady demand for gold and gold jewellery. The higher gold rates will not likely impact demand for gold in India”.
The Kross IPO opened to investors on September 9 and will close on September 11. The company aims to raise Rs 500 crore through a mix of fresh capital and secondary share sales. On September 9, Kross shares were trading at a 21% premium in the grey market, an unofficial trading platform where shares are traded before their official listing.
Read More: Kross IPO opens today: Check GMP, price band, and other important details before subscribing
Aerpace Industries has announced a collaboration with Cavok Engineering to expedite the development of large drones capable of carrying payloads up to 1.5 tonnes. Following the announcement, shares of Aerpace Industries are trading in the upper circuit limit on the BSE at Rs 43.68, reflecting a 5% increase.
As of 12:39 PM on September 9, 2024, the Bajaj Housing Finance IPO has been subscribed 0.71 times. The Qualified Institutional Buyer (QIB) portion is 0.01 times subscribed, the Non-Institutional Investor (NII) portion is 1.61 times subscribed, and the retail portion is 0.72 times subscribed. Portions reserved for employees and shareholders are subscribed 0.16 times and 0.99 times, respectively. The issue will close on September 11.
Among the sectors, consumer durables received the highest FII inflows, with purchases amounting to Rs 5,297 crore. This was followed by significant investments in the information technology (Rs 4,529 crore), services (Rs 4,251 crore), and financial sectors (Rs 2,782 crore).
Interestingly, the services and financial sectors, which had experienced substantial selling pressure in July with outflows of Rs 1,474 crore and Rs 7,648 crore, respectively, continued to face sell-offs in early August.
Shares of newly-listed Premier Energies Ltd. climbed by as much as 8% on Monday, September 9, continuing their strong post-IPO momentum. The stock had previously rallied 18% on September 6 and 15% on September 5.
Following its explosive market debut with a 120% surge over its IPO price of ₹450 per share, Premier Energies has shown no signs of slowing down, delivering multibagger returns. The stock has now surged 164% from its issue price, maintaining strong investor interest.
Shares of RBM Infracon surged 5% to reach the upper circuit limit of ₹800 on Monday after the company announced a significant order win. In a filing made on Friday, RBM Infracon revealed it had secured a service order from Oil and Natural Gas Corporation (ONGC).
The contract, valued at ₹3,498 crore, comprises ₹3,371 crore allocated for crude oil services and ₹127 crore for gas services at ONGC’s Nandej site. This major win has driven investor confidence, contributing to the stock’s upward movement.
At noon on September 9, 2024, the BSE saw 4,023 stocks traded, with 1,447 advancing and 2,422 declining, while 154 stocks remained unchanged. Notably, 226 stocks reached a 52-week high, and 58 stocks touched a 52-week low. Additionally, 288 stocks were trading in the upper circuit, while 248 were in the lower circuit.
As of 12 noon, the NSE witnessed notable movements with Shriram Finance leading the top gainers, rising by 2.01%. Other gainers included SBI Life, up by 1.74%, Hindustan Unilever with a 1.36% increase, ICICI Bank gaining 1.30%, and Britannia advancing by 1.28%.
On the downside, ONGC led the list of top losers, declining by 3.90%, followed by Hindalco down by 2.06%, Tata Motors slipping 1.84%, Coal India falling by 1.76%, and NTPC losing 1.63%.
Kross IPO opened to investors for subscription on September 09. It will stop taking bids from September 11. The company wants to collect a sum of Rs 500 crore, through a combination of fresh capital and the sale of secondary shares. The shares of Kross were attracting a grey market premium of 21% on September 09. The grey market is an unofficial place or black market, where shares trade illegally ahead of listing. The company kept the IPO price band in a range of Rs 228 to Rs 240 per equity share.
Read more: Kross IPO opens today: Check GMP, price band, and other important details before subscribing
Tolin Tyres IPO opened to investors for bidding on September 09 and will close on September 11. The company wants to collect a sum of Rs 230 crore, through a combination of fresh shares and an offer for sale. The company set the IPO price band in a range of Rs 215 to Rs 226 per equity share. The shares of Tolins Tyres attracted a premium of a bit over 13% in the grey market. It is an unofficial market where shares change hands ahead of listing.
As of 10:45 AM, the BSE Sensex rose by 200.98 points, or 0.25%, to 81,384.91. Meanwhile, the Nifty 50 gained 49.15 points, or 0.2%, reaching 24,901.30.
SpiceJet's share price surged over 5% after the company announced it will issue shares to Carlyle Aviation to convert part of its outstanding dues into equity. Carlyle Aviation will acquire SpiceJet shares to settle $137.68 million in dues. The restructuring agreement will cut SpiceJet’s total dues to $97.51 million, with $40 million of the amount being converted into equity.
Sarveshwar Foods Ltd has formed strategic partnerships with several Non-Banking Financial Companies (NBFCs) to boost financial support for farmers, who are integral to the company's supply chain, and to drive improvements in the agricultural sector. Following this announcement, Sarveshwar Foods' stock surged by 8.26% on the NSE, trading at Rs 10.48.
Shares of Mahindra & Mahindra (M&M) remained flat following the announcement that its subsidiary, Mahindra Last Mile Mobility Limited, will launch a groundbreaking electric four-wheeler, the ‘E-ZEO’.
Deep Industries' share price surged by 17% to a 52-week high during Monday's trading session, following the company's announcement of securing a substantial ₹1,402 crore contract from Oil and Natural Gas Corporation (ONGC). This contract, the largest project awarded to Deep Industries to date, will more than double the company's existing order book, which was valued at Rs 1,246 crore as of June 30, 2024.
Gala Precision Engineering debuted at Rs 721.10 on the National Stock Exchange, marking a 36% premium over the issue price. The shares had fetched a premium of over 45% in the grey market the day before listing. The grey market is an unofficial platform where shares trade before their official listing.
Read More: Gala Precision Engineering makes positive debut; lists at 36% premium
Shares of Ola Electric Mobility fell by more than 3% to an intra-day low of Rs 105.15 on Monday, marking the end of the company's one-month shareholder lock-in period. Today marks exactly one month since Ola Electric’s debut on the stock exchanges.
“The Bank Nifty was clearly an underperforming sector and it was also primarily responsible for dragging Nifty lower during this week. It is likely to find resistance in the 50,900-51,100 area on an immediate basis. On the downside, the support zone lies at 50,350-450 / 49,650-700 while the resistance is seen at 50,900-51,100 / 51,375-400,” said Tejas Shah, Technical Research, JM Financial & BlinkX.
"International and domestic gold and silver prices drop from near-record levels as U.S. jobs data blurs rate outlook. Additionally, the Dollar and benchmark 10-year bond yields rebounded on Friday’s session and pulled bullion lower. The picture is unclear as the unemployment rate retreated and average hourly earnings ticked up, but payrolls rose weaker than expectations. The data won’t give the market clarity on the size of September’s rate cut as investors are now unsure whether the Fed will opt for a 25 or 50-bps rate cut even though the CME FedWatch tool, suggests that the markets are pricing in a 67% chance of a 25-bps cut and 33% chance of a 50-bps cut. However, the downside in bullion was capped after the dovish Fed talk," said Sriram Iyer, Senior Research Analyst at Reliance Securities. "Domestic gold and silver could track overseas prices and start marginally stronger this early Monday morning. The range for MCX October gold is 71,000 to 72,000, while that for MCX December silver is 81,450 to 85,000."
HDFC Life Insurance, SBI Life Insurance, Hindustan Unilever, Bajaj Finserv, and Bajaj Finance were the top gainers in the Nifty 50. Meanwhile, ONGC, Hindalco, Tata Steel, Adani Ports, and Power Grid Corp were the major losers in the Nifty 50 on September 09.