Sensex today witnessed sharp decline of 955 points to 81,255 and Nifty fell 268 points to 24,876 in late afternoon trade on Friday. Nifty Bank slipped 679 points to 50,800 and Nifty Midcap declined by 720 points to 58,728 on September 6, 2024. Shares of Coal India and Tata Motors declined in trade today. Premier Energies shares gained 14% in trade today.
Earlier, the Indian stock market traded in red during the opening bell of Friday with Sensex touching an intraday low of 81,961.06 and Nifty 50 hitting the day's low of 25,085.10. Bank Nifty dived by over 210 points. The latest trend is fuelled by selling pressure in the global market and lack of key triggers in the domestic front.
Stocks like Bajaj Finance, Bajaja Finserv, IndusInd Bank, Asian Paint and TCS were top gainers, while stocks like SBI, NTPC, Ultratech Cement, and Reliance were top laggards.
Smallcap stocks outperformed with the index on BSE shining by 416 points. Midcap index was marginally down.
On September 6, companies in the F&O ban list are Aditya Birla Fashion, Balrampur Chini Mills, Bandhan Bank, Biocon, Chambal Fertilisers, Hindustan Copper and RBL Bank.
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Sep 06, 2024, 3:17 pm IST
What's Ahead After Market's Latest Selloff ?
As per Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services, Market participants are now awaiting the official nonfarm payrolls report from the Bureau of Labor Statistics, expected later today. Additionally, nervousness in banking stocks has surfaced ahead of the release of loan and deposit growth data.
Sep 06, 2024, 3:16 pm IST
Why Indian Market Fell Today?
Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services: The key Indian benchmark indices, Sensex and Nifty50, declined by nearly 1%, trading at 81,400 and 24,900, respectively, as investor sentiment weakened ahead of the U.S. jobs report, which is expected to provide clarity on the potential scale of a U.S. interest rate cut. Investors are opting to stay on the sidelines, holding cash in anticipation of the report’s release. Sector performance has been uniformly negative, with Nifty PSU and Energy leading the losses. Notably, Nifty50 has fallen below the critical 25,000 mark, prompting put writers to cover their short positions, exacerbating the market downturn. This decline is primarily attributed to concerns over a potential slowdown in the U.S. labor market, following the ADP nonfarm employment report, which revealed that private businesses added only 99,000 jobs in August, significantly below the forecasted 144,000.
Sep 06, 2024, 2:30 pm IST
Bajaj Housing Finance IPO Much Awaited
The Initial Public Offering (IPO) of Bajaj Housing Finance is one of the most eagerly anticipated stock market events of the year. The IPO, valued at Rs 6,560 crore, is backed by the Bajaj Group, known for marquee names like Bajaj Finance and Bajaj Auto. The IPO will come with an offer that includes a special shareholders' quota. The Bajaj Housing Finance IPO is set to open on September 9, and investors are advised to keep an eye on the shareholder reservation category, especially if they hold shares in Bajaj Finance or Bajaj Finserv. For those who qualify, this is a once-in-a-lifetime opportunity to get early access to a company that is poised for growth in the housing finance sector.
Sep 06, 2024, 1:59 pm IST
Docusign Expands India Operations, Opens New Office In Bengaluru
Docusign, the Intelligent Agreement Management company, today announced the opening of its new office in Bengaluru, marking a significant expansion of its operations in India. The Docusign India office will serve as a technology center of excellence for the company's global operations, advancing its vision to help businesses unlock growth and revolutionize the entire agreement management process, according to PTI.
Since establishing its presence in India last year, this expansion reflects a major inflection point for Docusign, with the introduction of a new SaaS category and its Intelligent Agreement Management (IAM) platform. Docusign is building on 20 years of experience as a pioneer in e-signature to help organizations break free from outdated systems and poorly managed agreements, which can lead to nearly trillion in lost economic value globally1.
Sep 06, 2024, 1:44 pm IST
Bajaj Housing Finance IPO Offers Special Quota For Shareholders Of Bajaj Finance
The Initial Public Offering (IPO) of Bajaj Housing Finance is one of the most eagerly anticipated stock market events of the year. The IPO, valued at Rs 6,560 crore, is backed by the Bajaj Group, known for marquee names like Bajaj Finance and Bajaj Auto. The IPO will come with an offer that includes a special shareholders' quota.
The Bajaj Housing Finance IPO stands out from the crowd due to the shareholders' reservation feature, which is a special allocation for those who hold shares in Bajaj Finance or Bajaj Finserv. This reservation amounts to Rs 500 crore worth of shares, exclusively set aside for shareholders as a reward for their loyalty. The provision allows investors who held shares of Bajaj Finance or Bajaj Finserv as of the RHP (Red Herring Prospectus) filing date on August 30 to apply under this category.
Sep 06, 2024, 1:23 pm IST
Sarveshwar Foods Surge Over 3% In Early Trade
The shares of Sarveshwar Foods opened on the NSE at Rs 8.95 each and rose to a day high of Rs 9.26 on Friday. During early intraday trading, the shares climbed by approximately 3.50%. In Jammu & Kashmir, Sarveshwar Foods Limited has been a well-known brand in the rice trade, processing, and farming industries for more than 130 years. The company serves both domestic and foreign markets by handling both Basmati and non-Basmati rice categories. One of Dalal Street's multibagger stocks is Sarveshwar Foods, whose stock price increased by 97.4% during the previous year and outpaced its peers in the sector by 57.66%.
Sep 06, 2024, 12:43 pm IST
Cellecor Gadgets Hit 5% Upper Circuit On Friday After 37% Jump In 5 Sessions
Shares of Cellecor Gadgets Limited surged by 5% today, reaching an intraday high of Rs 47.25 per share, up from its previous closing price of Rs 45. The stock also set a fresh 52-week high at this new level, continuing its strong performance in recent trading sessions. Over the past year, Cellecor Gadgets has delivered multibagger returns of over 366%, making it one of the standout performers in the market. The company's consistent rise has been marked by back-to-back 52-week highs in recent weeks, reflecting strong investor confidence.
Sep 06, 2024, 12:34 pm IST
GST Council Likely To Discuss 18% GST On Payments Apps On Transactions Upto Rs 2000
The 54th GST Council is set to convene in New Delhi on September 9th and is likely to discuss a proposal that seeks to clarify the imposition of an 18% GST on payment apps to facilitate digital payment transactions of less than Rs 2,000 through debit cards, credit cards, and other payment options, according to sources informed to CNBCTV18. Payment aggregators, who process digital payments using POS systems, net banking, and QR scanning, are currently exempted from GST on transactions under Rs 2,000.
"The fitment committee is of the view that payment aggregators such as PineLabs, Razorpay, etc, whose platforms are used to conduct digital payments-such as QR code scanning, POS machines, net banking, etc.-for transactions of less than Rs 2,000 via debit cards, credit cards, etc, will need to pay GST on the income earned from facilitating these transactions," referred to sources cited by CNBCTV18.
Sep 06, 2024, 12:23 pm IST
Gold Price Surges In India: 24k/100 Grams Yellow Metal Rises 5,500, Sharp Gain In Silver
Gold prices in India today witnessed jump as investors focused on U.S. jobs data that could exert influence on the size of an expected rate cut this month. 22K gold prices today surged by Rs 510 to Rs 67,200/10 grams and 100 grams of 22 carat yellow metal prices today rallied by Rs 5,100 to Rs 6,72,000 as precious metal prices are set for a weekly gain. 24k gold price today jumped by Rs 550 to Rs 73,310/10 grams and 100 grams of 24 carat yellow metal prices today gained by Rs 5,500 to settle at Rs 7,33,100.
18k gold prices today soared by Rs 422 to Rs 54,982/10 grams and 100 grams of 18 carat yellow metal prices today rose by Rs 4,220 to Rs 5,49,820. 1 gram gold rate today for 22k gold prices stood at Rs 6,720 after rally of Rs 55 and 1 gram gold price today for 24k gold jumped by Rs 55 to Rs 7,331. 1 gram gold price today for 18k gold gained by Rs 42.20 to Rs 5498.
According to Dr. Renisha Chainani, Research Head at Augmont Gold for All, “gold prices reached fresh two-week highs above 00 ahead of the NFP report release today. Yesterday's US jobs data indicated a cooling labour market, leading to anticipation of a 50-bps interest rate cut by the Federal Reserve in the coming two weeks. According to the ADP National Employment Change, private employers recruited fewer people than predicted, adding only 99K in August, significantly below the 145K projected and downwardly revised July statistics. On the other hand, the economy remains resilient, with economic activity in the services sector improving despite forecasts of a recession. The NFP data for August is forecasted to grow from 114K to 163K, while the unemployment rate is expected to fall from 4.3% to 4.2%.”
Sep 06, 2024, 12:20 pm IST
VA Tech Wabag Bags Rs 2700 Cr Order From Saudi Arab Authority
Leading company engaged in engineering sector, VA Tech Wabag Ltd shares today zoomed 4.84% to Rs 1352.95 per share at the time of writing the story. VA Tech Wabag Ltd today informed via its BSE filing about an order win from Saudi Water Authority. The order is worth Rs 2700 crores, as per the BSE filing of the company. VA Tech Wabag shares offered attractive return of 111% year-to-date and zoomed 174% in last 1-year. The company’s market capitalisation stood at Rs 8381.40 crore.
VA Tech Wabag Ltd Bags New Order, Shares Jump: As per the exchange filing of VA Tech Wabag Ltd dated September 6, 2024, “VA TECH WABAG (‘WABAG’), a leading pure-play water technology Indian Multinational Group, continues to strengthen its presence and cementing its leadership position in the Middle East region with this Mega order worth ~USD 317 Million (~SAR 1,190 Million / ~INR 2,700 Crores) from the Saudi Water Authority (the ‘SWA’). WABAG's impressive track record and technologically superior proposal were critical in winning this prestigious order towards Engineering Procurement, Construction & Commissioning (‘EPCC’) of a 300 Million Litre per Day (MLD) Mega Sea Water Reverse Osmosis (‘SWRO’) Desalination Plant in Yanbu, Kingdom of Saudi Arabia (‘KSA’).”
Sep 06, 2024, 11:47 am IST
VA Tech Wabag Surges 9% After Securing Rs 2,700 Crore Order
VA Tech Wabag Ltd. shares soared by 9% on Friday following the announcement that the company had won a Rs 2,700 crore contract from the Saudi Water Authority for a desalination plant project.
Sep 06, 2024, 11:32 am IST
RITES Secures Lowest Bid for Rs 60 Crore Contract from UP State Bridge Corporation
On Friday, September 6, engineering consultancy PSU RITES Ltd. announced that it had emerged as the lowest bidder for a Rs 60 crore tender issued by the Uttar Pradesh State Bridge Corporation Limited.
Sep 06, 2024, 11:18 am IST
Sundaram-Clayton Begins Commercial Production of Aluminum Die Castings at New Facility
Sundaram-Clayton has commenced commercial production of aluminum die castings as of September 5. The new manufacturing unit, situated in the industrial area of the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), boasts an initial annual capacity of 7,750 MT for aluminium die castings.
Sep 06, 2024, 10:29 am IST
Baazar Style Retail Shares Make a Flat Debut, Miss Grey Market Expectations
Baazar Style Retail shares had a muted debut on September 6, opening at Rs 389 on the Bombay Stock Exchange, exactly at their IPO price. This listing fell short of grey market predictions, where the shares were expected to trade at an 8% premium. The grey market, an unofficial platform where stocks are traded before their official listing, had anticipated a stronger performance for Baazar Style shares leading up to the debut.
Sep 06, 2024, 9:34 am IST
Sensex Gainers And Losers
Stocks like Bajaj Finance, Bajaja Finserv, IndusInd Bank, Asian Paint and TCS were top gainers, while stocks like SBI, NTPC, Ultratech Cement, and Reliance were top laggards.
Sep 06, 2024, 9:33 am IST
Sensex, Nifty In Red
The latest trend is fueled by selling pressure in the global market and lack of key triggers in the domestic front. In the opening bell, Sensex touched an intraday low of 81,961.06 and Nifty 50 recorded the day's low of 25,085.10. Both the benchmarks have continued the bearish tone so far in the session.
Sep 06, 2024, 9:12 am IST
Rupee Extends To All-Time Low Against Dollar
In the early trade of Friday at the interbank forex market, the rupee is nearing the 84 mark, slipping to an all-time low of 83.99 per dollar. In the previous session, the rupee was at 83.9850 against the dollar. Nonetheless, the rupee continues to be the least volatile currency in the emerging market in 2024 so far, with periodic intervention from RBI to curb the depreciation. Notably, the rupee hits a new low amidst dovish remarks from the Federal Reserve and expectations of a rate cut in the forthcoming policy.
Sep 06, 2024, 8:46 am IST
Stocks To BUY On September 6
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommended Buying three stocks on September 6. These are - BUY NAM-INDIA cmp 707.65 Stop Loss 692 Target 738; BUY CENTURY TEXT cmp 2370 Stop Loss 2320 Target 2485; and BUY EIHOTEL cmp 392.65 Stop Loss 384 Target 412.
Sep 06, 2024, 8:44 am IST
Day Trade Guide
Prashanth Tapse, Senior VP (Research), Mehta Equities: The stock market's catalysts are shifting rapidly, catching investors by surprise. Optimism over cooling US inflation has quickly turned to concerns about a slowing US economy, particularly after August's private payrolls came in below expectations while jobless claims fell. With Wall Street reacting negatively and the Federal Reserve's stance under scrutiny, all eyes are now on the upcoming August US jobs report on September 6. As a result, Nifty is expected to trade nervously today, with sell signals on both Nifty and Bank Nifty. Investors are also advised to sell Dixon Technology on any intraday strength due to weakening momentum.
Sep 06, 2024, 8:38 am IST
Gold Demand
Ajay Kedia, Kedia Advisory: Physical demand for gold remains low in absolute terms, with China's central bank not making any purchases since May. He highlighted that gold imports from Hong Kong to China increased by 6% month-over-month and 17% in net terms. While ETF investors' buying interest is recovering, with holdings up 3% from the multi-year low in mid-May.
Sep 06, 2024, 8:32 am IST
Market Previous Session
On Thursday, the benchmark indices ended on a lower note tracking mixed global cues as Nifty ended 54.45 pts or (0.22%) lower at the 25,144.25 mark while Sensex ended at 82,201.16 after losing 151.48 pts or (0.18%). On the Nifty pack, the top gainers were Titan Company, LTIM, Wipro, BPCL and ITC whereas the top 5 underperformers were Cipla, Dr Reddy's Laboratories, Coal India, Reliance Industries and Britannia Industries.
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