The Indian equity market closed in the red for the second day in a row on Wednesday. The benchmark index Sensex fell 0.44% at 286.06 points, while Nifty 50 was down 0.47% at 19,436.10 points.
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Oct 04, 2023, 3:58 pm IST
Top 5 Gainers and Losers Today
Source: NSE
Oct 04, 2023, 2:57 pm IST
Fundraising Through IPOs Slumps 26% To Rs 26,300 Crore in H1FY24
Fund mobilisation by India Inc plummeted 26% in the initial half of the current financial year compared to the same period of the previous year, according to the data provided by Prime Database.
As many as 31 companies raised Rs 26,300 crore via main board initial public offerings (IPOs) in the April-September period compared to Rs 35,456 crore through 14 IPOs in the year-ago period.
Oct 04, 2023, 2:52 pm IST
Red Alert For Bank Nifty: Shares of Axis Bank, ICICI Bank, State Bank of India (SBI) Drag Nifty 50 Below 19,400 Level
Banking heavyweights including Axis Bank, ICICI Bank, and SBI were among the biggest drags on Bank Nifty today. On the Bank Nifty, 11 out of 12 stocks were trading in the red in today's intraday trading.
Oct 04, 2023, 2:23 pm IST
World Financial Day: Asset Allocation Is Key To Successful Planning
On the ocassion of World Financial Day on Octobe 4th, Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "It is important to set financial goals and make investments for the realisation of those financial goals. Since financial goals vary across persons, investment strategy also has to be different. Asset allocation is the key to successful financial planning."
The company today said that Niraj – Mahavir JV has received work order for “Construction of buildings overhead & underground water tanks, road etc. & P. way work in connection with augmentation of coaching facilities at Lokmanya Tilak Terminus from Central Railway value of worth Rs. 13.96 Crores excluding GST.
In a separate announcement the company also informed that Niraj Jandu JV has received work order for “Construction of two lane with paved shoulders road from Tamenglong to Mahur (NH-137) in the state of Manipur from km 10.000 near Dialong Village to km 31.430 near Barak River (Length- 21.43 km) on EPC mode from National Highway & Infrastructure Development Corporation Limited (NHIDCL) value of worth Rs. 292.44 Crores excluding GST.
Oct 04, 2023, 2:08 pm IST
Nifty PSU Bank Index Down Almost 3%: Punjab & Sind Bank, PNB, Union Bank, Bank Of India Among Top Draggers
Nifty PSU Bank Index shed 2.91% at 5,226.65 points in today's intraday trading session. The Banking stocks that led the losses include Punjab & Sind Bank, PNB, Union Bank, and Bank Of India, among others.
Oct 04, 2023, 1:12 pm IST
Banking Stocks Drag Broader Markets
After hitting new 52-week high in the previous session, Nifty PSU Bank emerged as the top loser on Wednesday. The index has nosedived over 3% and touched an intraday low of 5,198.45.
Meanwhile, its peers Nifty Private Bank also shed over 1% to touch an intraday low of 22,701.70.
In state-owned banking stocks, all stocks were in red with Punjab & Sind Bank, Union Bank, Central Bank of India, PNB, Canara Bank, Bank of India, SBI, Indian Overseas Bank, and Bank Of Baroda were major draggers with a downfall of 3% to 6.5%.
In the private banks, except HDFC Bank, all other stocks tumbled. Axis Bank, RBL Bank, Federal Bank, IndusInd Bank and IDFC First Bank were top losers with a drop of 2.5% to 4%.
Kotak Institutional Equities today said, BFSI stock price performance was mixed in September 2023, with Bank NIFTY up 0.2% during the month. Axis Bank as up 6%, ICICI Bank was down 2% and HDFC Bank was down 4% mom. SBIN was up 4% mom.
It added, best-performing segments: PSU banks, regional private banks and capital market players were the best-performing segments. Central Bank of India stock saw a sharp rally of 46% mom.
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MCX Silver prices continued to trade lower. The 1kg silver futures expiring in December ranged from Rs 67,250 to Rs 66,901 at the commodity exchange.
Kotak Institutional Equities in its note said, "- COMEX Silver prices pared early losses and closed marginally lower on Tuesday, as recent plunge prompted buying at lower levels. Still, the sentiments remain weak and we expect Silver prices to edge lower amid uncertainty on Chinese economic recovery, risk off sentiments from higher rates and demand concerns from a looming slowdown towards the end of 2H 2023/ early 2024. Lackluster economic growth in China calls for further support measures to aid domestic demand, as overseas demand wanes." Check Silver Rates In India Here:
Gold prices continue to fall for eighth consecutive day due to elevated treasury yields and dollar index. Spot gold dipped near the day's low of ,815.80 an ounce, while US gold futures slipped near ,831.75 an ounce.
At home, MCX gold futures expiring in December traded lower and has touched an intraday low of Rs 56,720 per 10 grams.
Kotak Institutional Equities in its note said, ". The yield on the US 10-year notes surpassed 4.8%, as strong economic data underscored the resilience of the US economy to high borrowing costs, improving the conviction that Fed might be forced to keep the interest rates higher for a longer period. Data showed that the number of job openings in US rose by 690,000 to 9.61 million in August, well above the market consensus of 8.8 million and indicating a robust labor market despite the Fed's unprecedented monetary policy tightening measures." He added, as long as the US data keeps coming better, yields might continue the upside, weighing down on bullions.
Check India Gold Rates Here:
Edelweiss Mutual Fund has announced the launch of Edelweiss Multi Cap Fund An open-ended equity scheme investing across large cap, mid cap, small cap stocks. The new fund offer of the scheme will open for subscription on 4th October and closes on 18th October 2023.
The primary objective of Edelweiss Multi Cap Fund is to generate long-term capital appreciation by investing in a diversified portfolio of equity & equity-related instruments across large cap, mid cap and small cap stocks. The scheme will be benchmarked against NIFTY 500 Multicap 50:25:25 Index TRI.
Oct 04, 2023, 12:51 pm IST
India's first SME IPO focused AIF Announces Its Maiden Investment
SKI Capital's Alternative Investment Fund (AIF) closed its first and initial investment in an SME. The fund is focused on sustainable growth and societal impact, particularly through the strategic support of Small and Medium Enterprises (SMEs). SKI is SEBI registered - Category 1 Merchant Banker with an experience of more than three decades in Capital Markets.
SKI has also successfully filed DRHP for two SME IPOs as the lead manager. Saket Seven Star Industries Limited is slated to be listed on the Emerge platform of NSE and Karma Ecotech Limited will be listed on BSE's SME Platform.
With a target corpus of INR 600 crores, the AIF is specifically focused on SMEs by providing them with vital capital and strategic support.
Oct 04, 2023, 12:49 pm IST
Adani Enterprises Share Extend Rally
Adani Group-backed flagship firm Adani Enterprises (AEL) has extended its rally in the second half of Wednesday's trading session. The stock crossed Rs 2,500 mark and has advanced by a whopping 5% so far in the day.
The robust upside in AEL can be attributed to optimism showed by Abu Dhabi's IHC who increased its stake in the company, taking it above 5%.
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HDFC Bank shares emerged among top gainers after its Q2 results update and management rejig. HDFC Bank's latest September quarterly update for FY24, has shown some impressive double-digit growth in advances and deposits. The most eye-catching would be the highest ever home loan disbursals of Rs 48,000 crore in Q2FY24, which is thanks to merging the once largest housing finance company HDFC. Overall, HDFC Bank's balance sheet has witnessed robust growth post-merger. But there's a catch!
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Bajaj Finance Share Hits 52-Week High On Robust Q2 Growth
Bajaj Finance defied the weak market trend to trade its new 52-week high of Rs 8,040.55 in early trade on October 4 after it declared robust business growth in the second quarter of this fiscal year.
Oct 04, 2023, 11:28 am IST
35% Of Investment Advisors Are Still Not Registered: SEBI Chairperson
There is a need to build adequate risk mitigation measures. We need good guys to come and tell us what are the malpractices in market, said SEBI Chairperson, Madhabi Puri Buch. 35% of investment advisors are still not registered despite having an easy registration process, added Madhabi Puri.
Oct 04, 2023, 11:02 am IST
Dodla Diary Arm Begins Manufacturing Of Cattle Feed Plant At Kuppam
Orgafeed Private Limited (wholly owned subsidiary of Dodla Dairy Limited) kicked off new manufacturing of cattle feed plant at Kuppam, Chittoor District, Andhra Pradesh and the capacity of the new plant is expected to be 12,000 tons per month.
Dodla Dairy shares rallied 5.91% in morning trade to 717.10 apiece on BSE. The overall capacity of Orgafeed Private Limited is 14,400 tons per month ( Kadapa Plant Capacity is 2,400 tons per month and Kuppam Plant Capacity is 12,000 tons per month)
Oct 04, 2023, 10:07 am IST
Top 5 Gainers and Losers Today
Source: NSE
Oct 04, 2023, 9:54 am IST
USD-INR outlook today
"As long as above 83.25, we shall continue to look for 83.4-83.49 initially and 83.73 thereafter. Downside marker may be placed at 83.07 or 82.98," said Anand James, Chief Market Strategist at Geojit Financial Services.
Oct 04, 2023, 9:54 am IST
Nifty Derivative Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Nifty weekly contract has highest open interest at 19700 for Calls and 19500 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19500 for Puts. Highest new OI addition was seen at 19600 for Calls and 19250 for Puts in weekly and at 19600 for Calls and 19600 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 3.22%, increased future index shorts by 18.09% and in index options by 48.59% in Call longs, 42.45% in Call short, 20.22% in Put longs and 5.96% in Put shorts."
Oct 04, 2023, 9:53 am IST
Nifty Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "As bears tighten grip, elevating the chances of an 18600 move, we are rooting for the prospects of a recovery move, if Nifty manages to get back above 19460 after early weakness. Alternatively, inability to scale 19540 on the bounce could extend down move, but not exceeding 19340."
Oct 04, 2023, 9:43 am IST
Market Opens Lower
On Wednesday, the Sensex plunged nearly 400 points in the early session and the Nifty 50 reached its lowest level in a month. Nifty 50 dropped 0.6 percent at 19,404. Sensex declined 450 points at 65,064, Nifty Bank plummeted 360 points at 44,036 and Nifty Midcap and Nifty Smallcap were down 0.7 per cent and 0.4 per cent, respectively.
Oct 04, 2023, 9:37 am IST
Morning Market View
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Global cues are negative for markets in the near-term. The sustained rise in the US bond yields, which has triggered continuous FII selling, is showing no signs of abating. The dollar index is now clearly above 107 and the US 10-year bond yield is at 4.83%. This means FIIs will continue to sell and the bulls will be on the back foot. On the positive side, valuations in some segments are becoming attractive and this may push DIIs and retail investors to buy stocks in such segments. An inevitable consequence of this complex situation is heightened volatility.
Investors should watch out for stocks which look strong even in a weak market. Stocks like Bajaj Finance, L&T and Zomato have been exhibiting strength even in a weak market.
A significant trend in the market is that fundamentally strong stocks like large cap private sector banks have turned weak on FII selling. For long-term investors, this is an opportunity."
Oct 04, 2023, 9:18 am IST
Gold - down for the seventh straight day
Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, Yesterday, spot gold weakened for the seventh day in a row as the US yields continued to surge. The ten-year US yields closed 2.37% higher at 2.795% . Two-year US yields were up 0.90% to end at 5.15%.The US Dollar Index at 107.07 was up 0.16%. Spot gold closed with a loss of 0.25% at 22.
US JOLTs job openings data posted a beat of over 4 standard deviation as the openings in August came in at 9610K Vs the forecast of 8815k. Prior data was revised higher as well. Losses in gold would have been more but for the intervention talks in USDJPY pair, which sent the pair quickly lower as it moved above the psychologically crucial level of 150 mark.
Total known global gold ETF holdings fell to a fresh cycle low for the third straight day through October 2.
Support is at 15/00, while resistance is at 50/58.
Outlook remains weak.
Oct 04, 2023, 8:45 am IST
Adani Enterprises In Focus
In an exchange filing on Tuesday, it was revealed that Abu Dhabi's International Holding Company (IHC) had raised its stake in Adani Enterprises Ltd (AEL) by 0.06%, putting it to a total of 5.04%. Green Vitality RSC Ltd., a division of IHC, and its subsidiaries Green Enterprises Investment Holding RSC Ltd. and Green Energy Investment Holding RSC Ltd. each acquired a 0.06 per cent stake in Adani Enterprises, bringing their total shareholding in the company to 5.04 per cent.
"We see IHC's increased stake as a ringing endorsement of our robust capex plans, governance and transparency. This inter-generational relationship with IHC reflects well on India's dynamic growth potential and offers substantial returns to our stakeholders," said a spokesperson, Adani Group.
Oct 04, 2023, 8:39 am IST
Stocks To Watch Today
Adani Enterprises, CEAT, Trent, Mastek, Hero MotoCorp and JSW Infrastructure, are among the top 10 stocks to watch today.
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