Sensex witnessed surge of 121 points to 82,505 and Nifty gained 19 points to 25,255 on September 2, 2024. Nifty Bank rose marginally by 11 points to 51,369 and Nifty Midcap declined 221 points to 59,064 on Monday. Mid cap company from the gas & petroleum sector, Gujarat Gas shares today zoomed over 10.07% on BSE. Current market price of Gujarat Gas Ltd shares on BSE is Rs 667.80 per share. Gujarat Gas hit 10% upper circuit and 52-week high in trade today. Shares of IT and FMCG sector witnessed rally in trade today.
Earlier, Indian stock market kick started September month with a bang. On Monday, Sensex touched a new all-time high of 82,725.28, while Nifty hit its fresh lifetime high of 25,333.65. Bajaj Finserv, and Bajaj Finance were top gainers. While Tata Motors emerged as top bear.
Healthcare, IT and banking stocks were top contributors to the uptrend in benchmarks. Midcap and smallcaps witnessed significant jump as well.
On the global front, Asian shares were in green as investors braced key economic data this week including the US jobs report that is expected to give further clarity on the Fed's rate cut later in the current month. Last week, Wall Street also concluded in gains.
The market's performance is despite the GDP numbers for first quarter of FY25, which came in at 5-quarter low to 6.7%.
Overall, in August 2024, Sensex and Nifty ended with 1% gains each.
LIVE Feed
Sep 02, 2024, 1:55 pm IST
Adani Energy Solutions Acquires 7 GW Khavda Transmission Project
Adani Energy Solutions on Monday said it has acquired a 298-km special purpose vehicle (SPV) of the Khavda Phase IV Part-A transmission project entailing an investment of Rs 4,091 crore. Khavda IVA Power Transmission Ltd, an SPV, was set up by REC Power Development and Consultancy Ltd (RECPDCL) to evacuate 7 GW of renewable energy from Khavda RE park, the company said in a statement. Adani Energy Solutions (AESL) will commission the project in Gujarat in the next 24 months on BOOT (build, own, operate and transfer) basis, it said. The company will invest Rs 4,091 crore to build the 298 km (596 ckm) transmission project, as per the statement, according to a PTI report. The project also includes setting up 300 MVAr STATCOM and 3x1500 MVA, 765/400 kV Inter-connecting Transformer (ICTs) with 1x330 MVAr, 765 kV and 1x125 MVAr, 420 kV bus reactors, it said.
Sep 02, 2024, 1:20 pm IST
Epic Energy Inks Pact With Niva Ecotech To Set Up 25 MW Solar Park
Epic Energy Ltd (Epic) on Monday said it has inked a pact with Niva Ecotech to set up a 35 MWp (25 MW) solar park in and around Solapur. "Epic Renewable Projects Pvt Ltd is a 100 per cent subsidiary established by Epic Energy Ltd for the purpose of setting up solar parks in India. We are very excited about the first venture to be executed in collaboration with Niva," Pranav Chhatre, Director, Epic Renewable Projects Pvt Ltd, said in a BSE statement. We have already identified several sites in and around Solapur, Maharashtra, to set up the first Epic Solar Park of 35 MWp (25 MW), according to a PTI report. Our goal is to reach a total installed capacity of 140 MWp (100 MW) within the next two years."
According to the statement, Epic Energy Ltd, a significant player in the Solar EPC market, has entered into an Agreement with Niva Ecotech Pvt Ltd, (Niva), an established player in the business of setting up Solar Parks to, inter alia, set up a 35 MWp (25 MW) solar park in and around Solapur in Maharashtra.
Sep 02, 2024, 1:02 pm IST
Godrej Properties Wins Bid For Two Housing Plots In Gurugram
Realty firm Godrej Properties bagged bid for two residential plots in Gurugram costing Rs 515 crore and will develop luxury homes worth Rs 3,400 crore on these land parcels. According to a BSE filing dated September 2, Godrej Properties said it "emerged as the highest bidder and has secured the Letter of Intent to develop two group housing plots at premium locations in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP)". The combined bid value for both plots is Rs 515 crore, it added. The plot measuring 3.6 acres is located in the prestigious Golf Course Road micro-market whereas the plot measuring 1.97 acres is strategically located in Sector 39 with proximity to NH 48. "The land parcels together will offer a development potential of over 1 million square feet and an estimated revenue potential of over Rs 3,400 crore comprising luxury residential apartments of varied configurations," Godrej Properties said.
Sep 02, 2024, 12:41 pm IST
Hindustan Copper To Declare Dividend
Hindustan Copper Ltd. will hold its 57th Annual General Meeting on September 26, 2024 and plans to declare dividend as well for financial year 2023-24. Current market price of Hindustan Copper shares on BSE is Rs 323.50 per share with decline of 2.84% in trade today. Hindustan Copper has a market capitalisation of Rs 31,283.23 crore. Hindustan Copper shares offered shareholders return of 180% in last 2-years but slipped over 9% in last 3-months.
Sep 02, 2024, 12:18 pm IST
2:5 Stock Split: Varun Beverages Declares Record Date For Stock Split
Varun Beverages Ltd shares today witnessed rally of over 1% on BSE. Current market price of Varun Beverages Ltd shares on BSE is Rs 1516.05 per share. Varun Beverages shares offered 66% return in last 1-year and declined over 4% in last 1-week. The company’s market capitalisation stood at Rs 1,97,223.78 crore. Today, the large cap FMCG company fixed September 12, 2024 as the record date for stock split in the proportion of 2:5. The company also recommended an interim dividend of Rs 1.25 per equity share and fixed August 9, 2024 as the record date.
As per the BSE filing of Varun Beverages dated September 2, 2024, “the Board of Directors fixed Thursday, September 12, 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division / split of existing Equity Shares of the Company, such that each Equity Share having face value of Rs. 5/- (Rupees Five only) each fully paid-up, be subdivided/split into such number of Equity Shares having face value of Rs. 2/- (Rupees Two only) each fully paid-up, as approved by the Equity Shareholders through Postal Ballot on August 30, 2024.”
Sep 02, 2024, 12:16 pm IST
Gold Prices Drop In India, Sept 2: 24k/100 Grams Gold Price Falls By Rs 2700, Silver Dips
Gold prices recorded decline in India on Monday as traders looked forward to crucial US jobs data to bolster their bets on the size of the Federal Reserve’s interest rate cut expected to take place later in September. Meanwhile, US gold prices traded in narrow range on September 2. 22K gold prices today in India slipped by Rs 250 to Rs 66,700/10 grams and 100 grams of 22 carat precious metal prices today in the country stood at Rs 6,67,000 after fall of Rs 2500. 24k gold prices today in India slipped by Rs 270 to end at Rs 72,770/10 grams and 100 grams of 24 carat yellow metal prices today declined by Rs 2700 to Rs 7,27,700.
18k gold prices today fell by Rs 210 to Rs 54,570/10 grams and 100 grams of 18 carat yellow metal price today dipped by Rs 2100 to Rs 5,45,700. 1 gram gold rate today for 22k gold prices slipped by Rs 25 to Rs 6670 and 1 gram gold price today for 24k gold got cheaper by Rs 27 to Rs 7277. 1 gram gold price today for 18k gold slipped by Rs 21 to 5457.
Spot Gold, Spot Silver Prices Today: Spot gold declined 0.1% at ,499.47 per ounce, as of 0143 GMT. US gold futures surged 0.2% to ,531.90. Spot silver jumped 0.6% to .66 per ounce, platinum almost stayed unchanged at 6.50 and palladium gained 0.1% to 6.25, according to Reuters.
Sep 02, 2024, 12:04 pm IST
Techno Electric Secures RailTel Contract for Edge Data Centers
Techno Electric & Engineering Company has won a contract from RailTel Corporation of India to design, build, finance, operate, and transfer edge data centers (EDCs).
Sep 02, 2024, 11:30 am IST
Insecticides India Greenlights Rs 50 Crore Buyback of 5 Lakh Shares
The Board of Directors of Insecticides India has authorized the buyback of 5,00,000 shares, representing 1.69% of the company's equity, at a price of Rs 1,000 per share. The total buyback amount is capped at Rs 50 crore, with the record date set for September 11.
Sep 02, 2024, 10:35 am IST
Adani Energy Solutions Finalizes Acquisition of Khavda Transmission Project
Adani Energy Solutions Ltd (AESL) has successfully completed the acquisition of the Khavda Phase IV Part-A transmission project, following the receipt of a letter of intent (LOI) from REC Power Development and Consultancy Ltd (RECPDCL). Khavda IVA Power Transmission Ltd, a special purpose vehicle (SPV) created by RECPDCL to facilitate the evacuation of 7 GW of renewable energy from the Khavda Renewable Energy Park under the Phase IV Part A package, has now been acquired by AESL to carry out the project.
Sep 02, 2024, 9:54 am IST
GoDigit Share
GoDigit stock falls more than 4% from its highs after Emkay Global gives SELL recommendation.
Sep 02, 2024, 9:53 am IST
PSU stocks rally
PSU stocks like RailTel, SJVN and NHPC surged between 2.5% to 4.5% after government provided Navratna status to the three companies.
Sep 02, 2024, 9:30 am IST
Sensex, Nifty Hold Onto Gains
Currently, Nifty50 traded above 25,300 levels, while Sensex performed over 82,580 zone. This is after the benchmarks opened at new record high in the opening bell of Monday.
Sep 02, 2024, 9:26 am IST
Tata Motors Share Price Falls
Tata Motors emerged as top loser in the early trade of September 2nd. The stock fell by over 2% on BSE and NSE. This comes after the company's DVR shares were suspended from stock exchanges from August 30, 2024.
Sep 02, 2024, 9:24 am IST
Nifty Hits New Lifetime High
Just like its counterpart Sensex, Nifty 50 opened at 25,333.60 on September 2, 2024, and touched its fresh all-time high of 25,333.65 compared to its previous print of 25,235.90 last week. Stocks like Hero MotoCorp, Cipla, HDFC Life, Asian Paint and Bajaj Finance are top bulls. Tata Motors is top laggar with a decline of 2%.
Sep 02, 2024, 9:23 am IST
Sensex Hits Fresh Record High
Sensex opened at a new lifetime high of 82,725.28 in the early trade of September 2, 2024. The benchmark has continued its gaining momentum, compared to the previous session's print of 82,365.77. HCL Tech, ITC, Asian Paint, Bajaj Finserv, Bajaj Finance, and Power Grid are top gainers.
Sep 02, 2024, 9:14 am IST
Bank Nifty, Bankex Support And Resistance
Prabhudas Lilladher: BankNifty has been sluggish overall, as compared to Nifty index, with the 50EMA zone at 50800 levels maintained as an important support and upside would need a decisive breach above 51800 zone to establish strength. The index has further targets of 53500 and 55000 levels once the 50800 zone is decisively sustained. Bankex has consolidated for the last 4 sessions in the range of 57800–58500 and would have the important support zone near 20 DMA and 50 EMA levels, while a clear breakout above the 58700 zone would trigger a fresh upward move for the next higher targets of 59500 and 60000 levels in the coming days. BankNifty would have the weekly range of 50300-52500 levels, with Bankex support at 57000 and resistance at 59500 levels.
Sep 02, 2024, 9:14 am IST
Sensex Technical Guide
Prabhudas Lilladher: Sensex has indicated a clear breakout above the previous peak zone of 22800 levels and closed above the psychological 82000 landmark to create. The bias is maintained very strong and can carry on with the positive move till the next targets of 83000 and 83500 levels in the coming days, with major support maintained near 20 DMA levels at the 80500 zone as of now. The support for the week is seen at 81300/24900 levels while the resistance is seen at 83500/25600 levels.
Sep 02, 2024, 9:14 am IST
Nifty Technical Outlook
Prabhudas Lilladher: The week witnessed a strong gain for Nifty index with consecutive gains for 12th straight session, breaching above the previous peak zone of 25078 level to scale the all-time high level creating history and is anticipated for further rise with bias and sentiment maintained strong. The index has projected initial target of 25600 level in the coming days with 24900 level maintained as the important support with the broader markets also actively supporting the benchmark index.
Sep 02, 2024, 9:13 am IST
Rupee Vs Dollar
The rupee traded at 83.89 against the dollar in the early bell of Monday's session at the interbank forex market, after the latest US inflation figures hinted that the US Federal Reserve may refrain from giving a larger rate cut in the upcoming policy meeting. This was a subdued level compared to the previous session against the US dollar. The day's range of rupee is between 83.856 and 83.917.
Sep 02, 2024, 8:44 am IST
Day Trading Guide
Prashanth Tapse, Senior VP (Research), Mehta Equities: This Monday morning, the stage is set for solid gains in the benchmark Nifty, bolstered by Wall Street's surge following the Fed's preferred inflation gauge, which signals potential rate cuts in September. Optimism on Dalal Street is further fueled by a 3.1% drop in WTI crude futures and strong FII buying of Rs 9,217 crore last week. Investors are now eyeing the August US jobs report, set to be released on September 6th, which could shape the Fed's next move. Meanwhile, Bajaj Housing Finance's IPO is set to open on September 9th, aiming to raise Rs 6,560 crore. The recommended trades: Buy Nifty and Bank Nifty at CMP, with targets of 25350/25551 and 51357/51750, respectively. NTPC is the top stock pick, with a buy at CMP of 416 and targets of 427/435.
Sep 02, 2024, 8:08 am IST
India GDP Numbers
India's gross domestic product (GDP) growth rate comes at 6.7% in the first quarter of FY25, missing RBI's forecast of 7.1% for the said period. Also, GDP numbers missed market estimates of 6.9%. India's economy grew at a slower pace on quarter-on-quarter and year-on-year basis. This is also the lowest growth in 5 quarters.
Sep 02, 2024, 8:06 am IST
Market Last Week
Last week, on Friday, despite recent weakness in the broader market, which was mostly driven by a small number of heavyweights, Sensex and Nifty ended higher. While the Sensex added 257.11 points, or 0.31%, to end at 82,391.72, the Nifty ended 94.85 points, or 0.38%, higher at 25,246.80.
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