Sensex ended the day with the rally of 666 points to 85,836 and Nifty rose 212 points to 26,212 on Thursday, September 26, 2024. Nifty Bank surged 273 points to 54,375 and Nifty Midcap surged marginally by 4 points to 60,469 on September 26, 2024. Meanwhile, metal, IT, and auto stocks recorded rally in trade today. Oil India Ltd shares price witnessed steep decline of 21.05% in last 1-month span and slipped 3.93% in trade today on BSE. Current market price of Oil India shares on BSE is Rs 555.60 per share. ITC shares witnessed rally after market capitalisation surged past Rs 6.5 lakh crore for the first time.
Earleir, strong rally observed in the equity market in Afternoon session on Thursday when the benchmark indices touched fresh record levels. As of 1:45 PM, the Sensex surged 282 points (0.33%) to 84,452, while the Nifty 50 climbed 83 points (0.20%), breaching its own record high of 26,100 currently at 26,081.
Earlier, Sensex and Nifty 50, scaled new all-time highs on Thursday, following a subdued start to the trading session. Sectorally, the IT index rose by 0.28%, metals stocks gained 1.32%, and PSU registered a 0.5% increase. However, the realty, power, capital goods, and oil & gas sectors experienced declines of 0.5% each. Meanwhile, the midcap and smallcap indices, the Nifty Midcap 100 and Nifty Smallcap 100, both retreated by around 0.50%.
Asian stocks gained on Thursday on China's central bank's announcement of its largest stimulus injection since the Covid epidemic. South Korea, Japan, and Hong Kong futures all experienced gains. After China's economic stimulus measures and interest cuts to stimulate the economy, the metals industry will be the centre of attention in the home market.
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Sep 26, 2024, 3:03 pm IST
Zetwerk Manufacturing Gets Module Supply Order From NTPC
Zetwerk Manufacturing on Thursday said it has received a solar module supply order from state-owned NTPC for its Gujarat project. The order is for the manufacturing and supply of 1,515 MWp (megawatt peak) of (Approved List of Models and Manufacturers) ALMM-compliant 'Made in India' solar PV modules, including mandatory spares, for the 1,200 MW Khavda Solar project, the company said in a statement, according to a PTI report. The company did not disclose any financial details of the project awarded by NTPC. Zetwerk aims to execute the order in a span of 210 days, it said.
Sep 26, 2024, 2:44 pm IST
Coal India Arm BCCL Books 2.40 Metric Tonne Coking Coal For Steel Sector
The government on Thursday said 2.40 million tonnes (MT) of coking coal have been booked of the 3.36 MT offered by Coal India arm Bharat Coking Coal Ltd (BCCL) under auction mode for the steel sector for long-term linkages. Coking coal is a key raw material that is used to manufacture steel through the blast furnace route, according to a PTI report.
"BCCL achieved record-breaking success in the recently concluded long-term linkage e-auction (tranche VII) for the steel sub-sector. Of the 3.36 MT of coking coal offered, 2.40 MT was successfully booked, setting a new benchmark in coal bookings," coal ministry said in a statement. BCCL CMD Samiran Dutta said efforts to make the auction process more inclusive and transparent have paid off significantly.
Sep 26, 2024, 2:30 pm IST
Gold Prices Steady In India: Check Latest Gold Price After Prices Hit New Peak
Gold prices in India today remained steady after touching new all-time peak on Wednesday amid prospects of yet another big rate cut by US Federal Reserve and rising tensions in the Middle East. 18K gold prices today stood at Rs 57,770/ 10 grams and 100 grams of 18 carat precious metal prices are retailing at Rs 5,77,700 after prices stayed unchanged on Thursday. 22k gold prices today in India stayed steady at Rs 70,600/10 grams and 100 grams of 22 carat yellow metal prices stood at Rs 7,06,000.
24k gold prices today in the country stayed neutral at Rs 77,020/10 grams and 100 grams of 24 carat yellow metal prices are quoting at Rs 7,70,200. Silver Prices in India recorded sharpest rally in September today.
Sep 26, 2024, 2:22 pm IST
Oil India Ltd Shares Fall 3.93%
Oil India Ltd shares price witnessed steep decline of 21.05% in last 1-month span and slipped 3.93% in trade today on BSE. Current market price of Oil India shares on BSE is Rs 555.60 per share. Shares of oil and gas sector registered decline in last few days due to sharp fall in crude oil prices. Recently, there was a downward revision in world oil demand forecasts by OPEC with significant drop in demand from China. Meanwhile, Oil India shares declined 27.59% from 52-week high price of 767.30 per share that it hit on August 30, 2024. Oil India has a market capitalisation of Rs 90,374.33 crore.
Sep 26, 2024, 1:45 pm IST
NSE Indices Rejig: BEL, Trent To Enter Nifty 50; Vodafone Idea's Exclusion Revoked; Stocks In Focus
In the latest update of its semi-annual rejig of the largest stock exchange, NSE has decided to revoke its exclusion of telecom company, Vodafone Idea. The latest rejig in indices will come into effect from September 30. The biggest change is in Nifty 50, where two giants like Bharat Electronics (BEL) and Tata Group-backed company Trent will replace LTIMindtree and Divi's Lab in the mainboard.
Synergy Green Industries Ltd. Finalizes Rs 64.50 Crores Worth Orders From M/S Flender Drives Pvt. Ltd.
Synergy Green Industries Ltd. announces the finalization of Rs 64.50 Crores orders from Flender Drives Pvt. Ltd. to be executed during next 12 months i.e., 116% growth over previous year. These orders are for Wind & Industrial Gear Box components. Flender Drives Pvt. Ltd. is one of the largest Wind Gearbox manufacturers in the world and has been associated with Synergy Green Industries Limited for over a decade now. Synergy Green Industries Limited is into manufacturing of large size critical castings to Wind Parts with state-of-the-art facilities located at Kolhapur (Maharashtra) and established as a reliable supplier to all major Global Wind OEM’s.
Sep 26, 2024, 12:54 pm IST
Krsnaa Diagnostics Ltd Acquires Strategic Stake In India’s First PPP Dedicated For Cancer & Cardiac Care Hospitals
Krsnaa Diagnostics Ltd, one of India's largest providers of integrated diagnostic services, has announced a strategic investment in Apulki Healthcare Private Limited (‘Apulki’), India’s first Public Private Partnership (PPP) dedicated for cancer and cardiac care hospital. Under this collaboration, Krsnaa will deliver a comprehensive suite of integrated diagnostic services at Apulki’s facilities, enhancing access to advanced and super specialized diagnostics. Under this collaboration, Krsnaa Diagnostics will become the exclusive diagnostics partner for Apulki’s state-of-the-art cancer and cardiac hospitals for the next 30+ years. This ensures Krsnaa's sustained leadership in the high-growth oncology and cardiac diagnostic segments, with access to Apulki’s planned network of 10+ hospitals across India. The initial rollout includes two advanced 125+ bedded hospitals in densely populated regions of Pune and Mumbai, with more hospitals to follow in other metropolitan areas. This initiative will cater to the unmet demand for specialized diagnostics, helping improve outcomes for patients from all socioeconomic backgrounds.
Sep 26, 2024, 12:19 pm IST
Mukta Arts Shares Rise 15% After Strategic Deal With Zee Entertainment
Shares of Mukta Arts Ltd witnessed a significant surge, climbing over 15% on a single Thursday, marking a nearly 40% increase over the past five trading sessions. This upward momentum is attributed to a recently announced partnership with Zee Entertainment, establishing a six-year deal for 37 films. This collaboration, detailed in a release dated 24th September 2024, involves the assignment of satellite and media rights for a selection of the company's films to Zee Entertainment Enterprises Limited for a period beginning 25th August 2027.
Linc Limited Announces JVA with Mitsubishi Pencil Company, Limited
Linc Limited (LINC) and Mitsubishi Pencil Company Limited (MITSUBISHI) have entered into a Joint venture to carry out manufacturing and sales of high quality yet affordable writing instruments tailored for Indian consumers. The initial paid-up capital of the Company shall be an amount of INR 200,000,000 divided into 20,000,000 (Twenty Million) Equity Shares. The shareholding of MITSUBISHI and LINC in the JVC will be divided as LINC with 49% and Mitshubishi at 51 % .
Sep 26, 2024, 11:16 am IST
EaseMyTrip Enters Into An Exclusive Agreement With PhonePe
EaseMyTrip.com, one of India’s leading online travel tech platforms, enters into an exclusive partnership with PhonePe for launching its Hotels segment on the platform. This collaboration aims to enhance the user experience by providing seamless access to millions of domestic and international hotels. This partnership provides PhonePe users with unique access to a wide range of top hotel deals and special offers. Beyond just Hotels, EaseMyTrip plans to expand its offerings by introducing Activities and Cabs on PhonePe, creating a comprehensive travel booking experience. The EaseMyTrip Hotels platform is recognized for its user-centric approach, featuring a seamless interface, competitive pricing, and flexible booking options, including free cancellations. All such benefits will now be transferred to PhonePe users as well. This collaboration marks the beginning of a broader strategy, aimed at enhancing the travel booking experience for millions of PhonePe users across India. By combining EaseMyTrip's expertise in travel with PhonePe's expansive reach, this partnership is poised to redefine convenience in travel planning, ensuring users can book their entire journey, from accommodation to activities, all within one platform.
Sep 26, 2024, 10:56 am IST
India Gold Rates On 26th September Maintains Steadiness After Continuous Rally
India gold rates for 24-carat gold remained steadfast at Rs. 77,020/- per 10 grams, while its 22-carat counterpart held steady at Rs. 70,600/- per 10 grams. Similarly, the price of 18-carat gold mirrored this stability, at Rs. 57,770/- per 10 grams.
Hero MotoCorp, India's largest two-wheeler manufacturer, faced a significant decline in its stock price on Thursday, September 26th. The shares dropped by nearly 3%, reaching an intraday low triggered by a negative rating from the international brokerage firm, UBS.
Sep 26, 2024, 10:16 am IST
Allcargo Gati announces General Price Increase from January 1st, 2025
Allcargo Gati Limited (Formerly Gati Limited), one of India’s leading premier Express Distribution and Supply Chain Management company, announces a 10.2% average General Price Increase (GPI) effective from January 1, 2025, for its Express Distribution services. This is the first price revision since Allcargo Logistics Limited’s strategic acquisition of Gati in 2019, driven by the necessity to align pricing with ongoing operational investments and maintain high standards of service quality. The GPI will help offset the significant increase in costs over the years, taking into consideration inflation, administrative costs related to regulatory and security measures, enabling further investment in infrastructure and technological advancements. New customers who sign up between October 1 and December 31, 2024, will have the GPI excluded.
Sep 26, 2024, 9:55 am IST
Seasonality: October, a month strongest seasonality
Neeraj Agarwal of JM Financial Institutional Securities said, “Globally, markets deal with a deceptively simple concept: Seasonality. In our analysis, it pertains to the consistent pattern of price returns that the underlying asset demonstrates throughout the calendar month. Our analysis for the month of October indicates that the Nifty has shown one of the strongest positive price seasonality. In the last 10 years, the index has closed in the green on 8 occasions with an average and median return of 1.7% and 2.5% respectively. The Nifty Mid-cap index has also exhibited a strongest seasonality, closing in the green on 9 occasions with an average and median return of 2.1% and 2.2% respectively. However, it has managed to outperform the Nifty only on 5 occasions with an average outperformance of 0.4%.”
Sep 26, 2024, 9:33 am IST
Opening Bell: Nifty/Sensex In Green
On Thursday, the benchmark indices opened higher tracking strong global cues. Nifty stayed above the 26,000 mark in the pre-opening session while Sensex climbed above 150 pts to surge over 85,300.
Sep 26, 2024, 9:18 am IST
A range-bound market in the near term?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "There are no immediate near-term triggers that can take the market sharply up or down. Up moves may attract selling by FIIs who are likely to move some more money to China and Hong Kong since these markets are cheap and are witnessing an uptrend now. But FII selling is unlikely to push the market down significantly since the ample domestic liquidity can easily absorb such selling. A range-bound market is the near-term scenario and, therefore, the real action will be stock-specific. Since there is no valuation comfort in the market now and the mid and smallcap segments are overvalued, investors should give priority to safety and prefer largecaps. Bank Nifty has more potential to move up and there is valuation comfort in this space."
Sep 26, 2024, 9:16 am IST
Rupee Vs Dollar
Thursday's opening rate for the rupee against the US dollar is 83.64, up from Wednesday's closing rate of 83.59 against the USD.
Sep 26, 2024, 9:15 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
A late surge pushed the Index higher to end the session above 26,000. The Index has virtually tested its immediate support of 25,850 and reversed to form a bullish candle on the daily chart suggesting a trend continuation to rally till 26,200. In contrast, the support level is shifted higher to 25,950. The technical setup of the banking stocks indicates a continuation of BankNifty's trend. With a DOJI candlestick formation at the record level, a temporary pause can be expected in the Auto sector; however, tyre stocks look promising. We will remain bullish on the Energy, Metal, and Realty sectors. For the IT sector, we will take action after a convincing move on either side of the range.
Sep 26, 2024, 9:05 am IST
Prestige Group Shares In Focus
The Prestige Group announced the opening of Prestige Pine Forest, an opulent condominium project in Whitefield with a potential sales potential of Rs 1100 crore. Prestige Pine Forest, which is in a desirable Whitefield neighbourhood, is close to the IT Parks and has great connectivity. Accessible by arterial routes are the IT parks located on Whitefield Road, ITPL, Sarjapur Road, and the Outer Ring Road.
Sep 26, 2024, 8:45 am IST
Sector Update: PSU Banks: Time to boost the festive mood
Neeraj Agarwal of JM Financial Institutional Securities said, the BJP's victory in the Indian General Election for a third consecutive term failed to cheer the PSU sector particularly in the banking space. The PSU Bank index (NSEPSBK) fell from a high of 8,053 on June 3 to a low of 6,503 on September 11, representing a decline of ~19% over 3.5 months. We believe this significant drop offers an opportunity to re-evaluate the sector, with expectations that the PSU Bank index is more likely to outperform the Nifty in the future.
Sep 26, 2024, 8:04 am IST
Market Outlook Today By Vaibhav Porwal, co-founder, Dezerv
The current market levels are a reflection of market fundamentals and liquidity flows. Fundamentally the markets should deliver 12-15% returns per annum and therefore we expect 18-24 months for markets to get to these levels. However, there is a strong buying momentum in the market that is fueled by strong liquidity. In such a scenario markets can overextend. Which means that we may see the 100k number shortly.
Sep 26, 2024, 8:01 am IST
Nifty Outlook Today By Osho Krishnan, Sr. Analyst, Technical & Derivatives of - Angel One
The benchmark index is showing a strong formation of higher highs, indicating active participation from various sectors, which bodes well for overall market sentiments. As we approach the monthly expiration session, it is important to closely monitor the overheated technical and derivative metrics. Additionally, the Nifty index has been consistently hovering near the upper band of the 'Rising Channel' on the daily time frame, which is anticipated to limit the momentum and requires careful monitoring in the upcoming sessions. Hence, we need to stay vigilant with the developments. As far as levels are concerned, 26200-26250 is the next potent resilience for the benchmark index. On the lower end, 25850-25800 is likely to cushion any short-term blips with a series of support placed from 25700-25500 in positional view. We remain sanguine with strategic risk management and would advise to keep booking profits at the elevated terrain. Additionally, sector churning is prudent and requires exclusivity in stock selection for outperformance. Simultaneously, it is advisable to stay vigilant to global developments.
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