On Tuesday, the benchmark indices ended on a flat note tracking mixed global cues. Nifty ended 14 pts lower above 25,790 level. Sensex ended 33 pts lower above 84,260 level.
Sensex and nifty retreated from their intraday high after opening strong. Following yesterday's crash the market seems to be consolidating. As of 11:55 AM, the Sensex was up 27 points (0.033%) at 84,327.41, while the Nifty 50 was down 6.45 points (0.025%) at 25,804.40. Sectorally, the IT index was the top performer, gaining 0.64%, followed by the Nifty Bank index. However, the Realty, FMCG, Pharma, and Metal sectors were under pressure. Both the BSE Midcap and Smallcap indices were trading flat.
The benchmark indices opened higher after a solid recovery in the US markets and a surge in Japanese markets. Nifty opened at 25,788.45 level while Sensex hit the opening bell at 84,257.17. On the Nifty 50 index, Tech Mahindra, Bajaj Finserv, SBI, M&M and Larsen and Toubro were the top gainers while Asian Paints, JSW Steel, Hindalco Industries, Tata Steel and Titan Company were the top losers.
The Nikkei increased 1.58% to 38,519.80 as of 9:51 PM, while the Topix as a whole increased 1.34% to 2,681.05 hence the Asian stock market is rising as a result of the weaker yen. Markets will now be watching for the Q2FY25 results season in the upcoming month, but before that, auto stocks will be closely watched as OEMs will be releasing their monthly sales statistics going forward. IT and banking sectors, where companies will begin to release their pre-quarterly updates this week. This will occupy investors' time as they may pick sector-specific stocks in the next sessions.
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Oct 01, 2024, 3:16 pm IST
Company Update: Vijaya Diagnostic Centre | The fastest growing diagnostic chain
Amey Chalke of JM Financial Institutional Securities said, Vijaya Diagnostics (Vijaya) has a strong thrust on expansion with a focus on organic (Kolkata and Hyderabad) and inorganic (Pune) growth which has helped it to grow to a strong network of ~150 centres. This report explores: (1) Growth prospects of Vijaya in the new locations including Pune and Kolkata; (2) The geographic presence and pricing comparison with competition in these locations; (3) Its ability to gain and retain its customer base based on the services provided and (4) Its ability to retain premium pricing. Led by these factors, we are confident that Vijaya would be fastest growing firm among listed peers with the ability to maintain 40% margins (industry leading) due to business mix and strong pricing power in the region it operates. This enables us to value Vijaya at 55x (vs 50x earlier) and arrive at TP of INR 1,145. Reiterate the BUY rating on the stock.
Oct 01, 2024, 2:51 pm IST
USD To INR Forecast By Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
USDINR CMP- 83.82 (spot) Indian Rupee declined on Monday on weak domestic markets and disappointing macroeconomic data from India. India’s manufacturing PMI fell to 56.5 in September vs forecast of 56.7 and 57.5 in August. Widening fiscal deficit and current account deficit further pressurised the Rupee. A recovery in US Dollar also weighed on the domestic unit. However, weak crude oil prices cushioned the downside.
We expect Rupee to trade with a slight negative bias on weakness in domestic markets amid profit booking and recovery in the US Dollar. FII outflows may also weigh on the Rupee. However, weakness in crude oil prices may support the Rupee at lower levels. Traders may take cues from ISM manufacturing PMI and JOLTS jobs data from the US. Investors may watch out for non-farm payrolls report from the US this week. USDINR spot price is expected to trade in a range of Rs 83.65 to Rs 84.
Oct 01, 2024, 2:18 pm IST
Orient Green Power Completes Upgrade of 12 Wind Energy Generators
Orient Green Power announced that it has successfully completed the upgrade of 12 out of its 15 Wind Energy Generators (WEGs), with the 12th unit resuming operations on October 1, 2024. The remaining three WEGs are currently being upgraded and are expected to be completed by March 31, 2025.
Oct 01, 2024, 1:59 pm IST
Orient Green Power Completes Upgrade of 12 Wind Energy Generators
Orient Green Power announced that it has successfully completed the upgrade of 12 out of its 15 Wind Energy Generators (WEGs), with the 12th unit resuming operations on October 1, 2024. The remaining three WEGs are currently being upgraded and are expected to be completed by March 31, 2025.
Oct 01, 2024, 1:43 pm IST
IIT Bombay and ABB India Join Forces to Launch Advanced Electrical Machines Lab
The Indian Institute of Technology Bombay (IIT Bombay) has partnered with ABB India to set up a state-of-the-art teaching laboratory for electrical machines and drives at the Department of Energy Science and Engineering. This collaboration aims to offer undergraduate and postgraduate students practical experience with modern industrial equipment, equipping them for future roles in the rapidly evolving energy and industrial sectors while emphasizing environmental sustainability.
Oct 01, 2024, 1:43 pm IST
Blue Dart Shares Surge 6% Following Announcement of Price Hike
Blue Dart Express shares jumped 6% after the logistics company announced a general price increase, set to take effect on January 1, 2025. The average hike will be between 9% and 12%. However, customers who sign up between October 1 and December 31, 2024, will be exempt from this price adjustment.
Oct 01, 2024, 12:40 pm IST
Zydus Gets USFDA Approval for Transdermal Patch Facility at Ahmedabad
Zydus has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its transdermal patch manufacturing facility located at Pharmez, Ahmedabad. The inspection, conducted from July 15th to 19th, 2024, has resulted in the facility being classified as Voluntary Action Indicated (VAI).
Oct 01, 2024, 12:02 pm IST
Gold Rates In India Today Plunges For second consecutive Time This Week
Gold rates in India today are Rs. 76,910/- for 24-carat gold and Rs. 70,500/- for 10-grams of 22-carat yellow metal. Today's India gold prices plummeted by Rs.330/- and Rs. 300/- for both Pure and standard gold varieties.
Rathi Steel To Expand Product Portfolio By Setting Up Forward Integration Project
Rathi Steel and Power Limited, a leading stainless steel long product manufacturer announces plans to invest up to Rs. 50 crores to set up a forward integration project at its existing facility at Ghaziabad. This facility will convert wire rods to downstream products like bright bars / wires etc. This project is a strategic initiative which will enhance capacity utilization by consuming part of its existing production in-house. Additionally, it will enable the company to expand its domain of supply to sectors such as automotive (including EVs and batteries), defence, solar, engineering and household either directly or through B to B customers who will be using these products. The project will be implemented in phases at the company's existing site in Ghaziabad, Uttar Pradesh, conditions.
Oct 01, 2024, 11:25 am IST
Northern Arc Capital Reports Strong Q1FY25 Performance With 43% growth In PAT
Northern Arc Capital Limited, a diversified financial services platform, has successfully concluded its Initial Public Offering (IPO) with an overwhelming response. The IPO saw robust participation from institutional investors, HNI’s, and retail investors alike, raising ₹777 Crores (Rs. 277 Cr offer for sale and Rs. 500 Cr of fresh equity capital). Earlier in April 2024, the Company raised Rs. 382 Cr of fresh equity capital from marquee investors, including IFC. The company announced its Q1FY25 results, showcasing a solid performance across key business metrics, demonstrating resilience and a strong growth momentum. Pre-provision operating profit (PPoP) grew by 43% YoY to Rs. 175 Cr in Q1FY25. Profit after tax grew by 43% YoY to Rs. 93 Cr in Q1FY25.
Oct 01, 2024, 10:51 am IST
Sun Pharma and Philogen enter into a global Exclusive Commercialization, License, and Supply Agreement
Sun Pharmaceutical Industries Limited today announced that they have entered into a global licensing agreement for commercializing Philogen’s specialty product, Fibromun (L19TNF). Fibromun, an innovative anti-cancer immunotherapy, is being investigated in registration trials by Philogen for the treatment of soft tissue sarcoma and glioblastoma. Under the terms of the agreement, Sun Pharma will have the exclusive worldwide rights to commercialise Fibromun. Philogen will complete the ongoing pivotal clinical trials for the product, pursue Marketing Authorization with regulatory authorities, and manufacture commercial supplies. Sun Pharma will be responsible for commercialization activities. The two partner companies will share post-commercialization economics in about 45(Philogen):55(Sun Pharma) ratio. Other financial terms were not disclosed.
TARC Limited announces refinancing of its existing debt along with {250 crore additional working capital facility to be available on call. This strategic move is supported by a successful fund raise from a consortium of marquee lndian banks and financial institutions, underscoring the confidence of long-term and quality lenders.Kotak Mahindra Bank, which led a consortium comprising prominent institutions such as Nomura Capital, Aditya Birla Capital, and STCI. This collaboration has been pivotal in securing {1,000 crores at highly favorable terms, reflecting the confidence of these institutions in TARC's strategic direction and financial acumen besides the inherent merit of its Projects, their ongoing Sales and timely execution of construction activities
Oct 01, 2024, 10:19 am IST
Mahindra Auto Announces A 16% Growth In September 2024
Mahindra & Mahindra Ltd. (M&M Ltd)., today announced that its overall auto sales for the month of September 2024 stood at 87839 vehicles, including exports. In the Utility Vehicles segment, Mahindra sold 51062 vehicles in the domestic market, a growth of 24% and overall, 52590 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 23706. According to Veejay Nakra, President, Automotive Division, M&M Ltd., “We sold 51062 SUVs in September, a growth of 24% and 87839 total vehicles, a growth of 16%. This month we launched the all-new VEERO in the LCV<3.5ton segment, based on India’s first multi-energy modular CV platform. With best-in-class mileage, exceptional performance, industry leading safety features, enhanced occupant protection and a premium cabin experience, VEERO is set to disrupt the LCV<3.5ton space and has received a very positive response from the market. As we enter into the festivities of Navratri, we open bookings for the much-awaited Thar RoXX on 3rd October.”
Oct 01, 2024, 10:02 am IST
Zen Technologies Secures Annual Maintenance Contract Worth Rs.46 Cr From Ministry of Defence
Zen Technologies Limited (Zen) has signed an Annual Maintenance Contract (AMC) worth Rs.46 crores (inclusive of 18% GST) for simulators with the Ministry of Defence. The contract, effective for a period of five years, ensures the continued maintenance of simulators designed and developed by Zen. This AMC solidifies Zen’s ongoing partnership with the Ministry of Defence and underscores the Ministry’s confidence in the company’s cutting-edge defence solutions. The agreement highlights Zen’s ability to meet the demanding operational needs of India’s defence forces through advanced simulator technology. As of this contract, Zen continues to lead the way in the defence simulation space, ensuring the highest standards of operational readiness and maintenance support for the Ministry of Defence’s critical defence assets.
Oct 01, 2024, 9:46 am IST
Escorts Kubota Shares In Focus
Compared to 12,081 tractors sold in September 2023, Escorts Kubota Limited Agri Machinery Business Division sold 12,380 tractors in September 2024, a 2.5 percent growth. With 11,985 tractors sold domestically in September 2024, up 5.7% from 11,334 tractors sold in the same month in 2023. In September 2024, 395 export tractors were sold, compared to 747 in the same month the previous year.
Oct 01, 2024, 9:12 am IST
Rupee Vs Dollar
Tuesday sees the rupee start at 83.81 against the US dollar, compared to Monday's closing value of 83.79.
Oct 01, 2024, 9:11 am IST
Nifty Derivative outlook today by Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 26000 for Calls and 23050 for Puts while monthly contracts have highest open interest at 27000 for Calls and 26000 for Puts. Highest new OI addition was seen at 26000 for Calls and 23050 for Puts in weekly and at 26500 for Calls and 25800 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 5.08%, decreased future index shorts by 1.06% and in index options by 22.59% increase in Call longs, 10.69% increase in Call short, 53.35% increase in Put longs and 20.48% increase in Put shorts.
Oct 01, 2024, 9:11 am IST
Nifty Outlook Today by Anand James, Chief Market Strategist, Geojit Financial Services
We are in for a pause or a pull back aiming 25945, but not much beyond with oscillators in daily charts still allowing continued downsides aiming 25600-24600. However, if we manage a few hours’ trade above 25890, we may be encouraged to incorporate a stronger recovery view in the next few days.
Oct 01, 2024, 8:59 am IST
Stocks And Sectors In Focus Today By - Mr. Aditya Gaggar, Director of Progressive Shares
The bears dominated session ended lower at 25,811 and formed a strong negative candle on the daily chart depicting the bearish strength. Considering the higher top higher bottom formation, the next support for the Index is at 25,500 coupled with the 21DMA backing. Due to the change in polarity, 26,000 will be considered as an immediate hurdle. For BankNifty, the support is placed at 52,600; while on the flip side, 53,400 will act as resistance. As indicated yesterday, a round of correction was witnessed in the overheated Auto segment but the revision is providing a good opportunity to add technically strong stocks. From the Energy sector, we will continue to remain positive on HindPetro and Tata Power. Despite the weakness in the markets, the Metal sector extended its inherent strength, and the stock that we had recommended will continue with the same. Both Mid and Smallcaps are indicating a trend reversal (not yet confirmed) with a DOJI and Spinning Top candlestick patterns and if the trend reversal is confirmed then it will minimize the downside for the Index as well.
Oct 01, 2024, 8:42 am IST
Nifty Prediction By Rupak De, Senior Technical Analyst, LKP Securities
The Nifty slipped sharply following a brief pause in the previous trading session, breaking below its recent consolidation. This decline was accompanied by a significant negative divergence in the RSI (14), indicating potential further weakness. Sentiment may remain weak in the near term, with support placed at 25,750. A break below 25,750 could lead to further correction. On the higher side, resistance is seen at 26,000.
Oct 01, 2024, 8:10 am IST
Market performance in H1FY25 by Pankaj Singh, smallcase Manager and Founder & Principal Researcher at Smartwealth Ai
As H1FY25 concludes, the Nifty 50 index has surged by an impressive 17%, while gold and government securities grew by 9% and 5-6%, respectively. Net inflows into the cash segment tripled, crossing ₹1.5k crore in H1FY25 from the vicinity of ₹50k crore in the previous period. This led to broad-based growth across small-cap, mid-cap, and micro-cap equities, reflecting a favourable environment for the stock market.
Several domestic factors have driven this growth, including the 2024 Lok Sabha elections, where the NDA government’s third consecutive term caused market volatility. While a significant drop occurred on June 4th, the markets quickly rebounded, reaching all-time highs as the new leadership settled in. The 2024 Union Budget, with its focus on ambitious growth targets and social welfare, initially triggered a five-day decline due to mixed reactions to tax changes. However, the market soon recovered, supported by factors such as monsoon progress and the central bank’s monetary policy stance.
Sectors like automotive, consumer durables, manufacturing, and public sector enterprises (PSEs) experienced the strongest growth. In contrast, banks, services, infrastructure, oil & gas, and energy sectors grew at a slower pace than the index.
The resilience of the domestic economy continues to drive growth and inflows into Indian equities, with concerns about overvaluation easing. While the outlook for H2FY25 remains positive, global factors, particularly U.S. interest rate cuts, will be critical to watch.
Oct 01, 2024, 7:58 am IST
Nifty Outlook Today By Rajesh Bhosale, Equity Technical Analyst, Angel One
Bears dominated, wiping out last week’s entire gains on the inaugural session of the week. This was expected, as various indicators entered the overbought zone, and prices reached a key resistance area last week around 26200 - 26300, marked by Fibonacci extensions on the higher-degree chart, which we highlighted in our previous outlook. Going forward, we anticipate that profit booking may continue, and prices could test the 20 EMA around the 25500 - 25500 zone. On the flip side, resistance is likely to be found at 26000, followed by a bearish gap at 26100 left today. With a mid-week holiday on Wednesday, traders are advised to keep positions light; ideally, any bounce could be used to reduce long positions.
While individual stocks and themes continue to present trading opportunities for bulls, we have recently witnessed several failed breakouts, making it essential to be selective in stock picking. Additionally, the resurgence of geopolitical tensions must be monitored to understand market direction.
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