Sensex ended the day with marginal fall of 14 points to 84,914 and Nifty surged over 1 point to 25,940 on Tuesday, September 24, 2024. Meanwhile, Nifty today surpassed 26,000 for the first time. Top Nifty Gainers included Tata Steel, Hindalco, Power Grid, and Tech Mahindra. Power and metal sector stocks witnessed rally. Nifty Bank slipped 137 points to 53,968 and Nifty Midcap surged 138 points to 60,850. Tata Steel shares witnessed sharp rally of 4.6% on BSE to 161.15 per share.
Earlier, Stock market opened on a strong note today, with both the Sensex and Nifty 50 reaching new all-time highs. However, the indices have since retreated slightly, though they remain close to their record levels. As of 11:45 AM, the Sensex was down 63 points (0.075%) at 84,864, while the Nifty 50 had erased its early gains and was trading 0.063% lower at 25,925.
The Nifty Metal index emerged as the top sectoral gainer, surging over 2%. This rally is due to the positive sentiment surrounding the Chinese economy. The auto sector also performed well, with stocks gaining 0.35%. Tata Steel, JSW Steel, Bharti Airtel, Power Grid, and NTPC were among the top performers, with some reaching new 52-week highs.
On the other hand, Hindustan Unilever, Infosys, and Bajaj Finance faced selling pressure, with declines of 1.98%, 0.66%, and 0.66%, respectively.
With ease, Nifty remains above the Exponential Moving Average (EMA) for nine days. Because of the strong strength shown by the daily and weekly RSI readings over 70, investors are keeping a close eye on events in the global market and expect Nifty to surpass its psychological 26k milestone soon.
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Sep 24, 2024, 3:24 pm IST
Dabur India To Consider Financial Results, Dividend On Oct 30; Shares In Red
FMCG major Dabur India Ltd share today slipped 0.63% on BSE. Current market price of Dabur India Ltd shares on BSE is Rs 656.85 per share. The company informed today that its Board of Directors will meet on 30, 2024 to consider financial results and declaration of interim dividend. Dabur India shares in 2024 jumped 17.79% and slipped 1.18% in last 2-weeks. The company has a market capitalisation of Rs 1,16,414.27 crore. Check details below:
Dabur India To Consider Financial Results, Dividend: As per the exchange filing of Dabur India dated September 24, 2024, “Pursuant to provisions of Regulations 29 and 50 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, the 30th October 2024 to inter alia, consider and approve the unaudited financial results for the quarter/half year ending on 30th September 2024 and to consider declaration of interim dividend on the equity shares of the Company for the Financial Year 2024-25.”
Sep 24, 2024, 3:06 pm IST
Bonus Share, Stock Split On Oct 3: JTL Industries Ltd shares Jump
Small cap company engaged in metals & ferrous sector JTL Industries Ltd shares today surged 6.05% on BSE at the time of writing the story. JTL Industries shares price on BSE is Rs 233.20 apiece today. The company informed today that its Board of Directors will hold meeting on October 3, 2024 to consider and approve the proposal of bonus share and stock split. JTL Industries shares rallied 15% in last 6-months and gained over 2278% in last 5-years. Its market capitalisation stood at Rs 4,336.54 crore. Check key details below:
JTL Industries To Consider Bonus Share, Stock Split In October: As per the regulatory filing of JTL Industries dated September 24, 2024, “this is to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 3rd October 2024, inter alia, to consider and approve the following items:
1. The sub-division/split of Equity Shares of the Company having a face value of Rs. 2/- each shall be in such manner as the Board may decide.
2. The proposal to issue bonus shares to the company's equity shareholders.
3. Increase in the Authorised Share Capital of the Company
4. Consequent alteration of Memorandum of Association of the Company and
5. Any other item with the permission of the Chairman.”
Sep 24, 2024, 2:36 pm IST
PSU Stock IEX Plunges 10% Amid Reports Of Market Coupling By FY25
The shares of the Indian Energy Exchange (IEX) experienced a sharp decline of nearly 10% in intraday trading on the National Stock Exchange (NSE), plummeting to Rs 215.65. This downturn follows reports indicating that the Indian government is considering implementing market coupling for power exchanges.
Market coupling refers to a system where buy and sell bids from all power exchanges in the country are aggregated and matched to establish a uniform market clearing price (MCP). This model aims to create a more efficient and transparent trading environment, enabling price discovery that reflects true market conditions. However, for IEX, the prospect of market coupling has been interpreted as a negative development.
Sep 24, 2024, 2:33 pm IST
Gold Price Jumps In India: 18K, 22K, 24K Gold Prices Hit New All Time High
Gold prices in India today witnessed rally for second day in a row as the yellow metal continues to hover near record high levels in the country. According to experts, several factors such as escalating geopolitical tensions, US Fed rate cut, buying by central banks are likely to keep the precious metal soaring in the medium term. Delhi gold prices today surged to 70150/10 grams, most expensive among all 4-metropolitan cities. Gold prices in Chennai, Kolkata, and Mumbai have hit the 70,000 mark for 24k/10 grams.
24k gold prices today in India hit new all-time high after rally of Rs 210 to Rs 76,360/10 grams while 100 grams of 24 carat yellow metal prices today rose by Rs 2100 to settle at Rs 7,63,600. 22k gold prices today in the country inched higher by Rs 200 to Rs 70,000/10 grams and 100 grams of 22 carat precious metal prices zoomed by Rs 2000 to Rs 7,00,000.
18k yellow metal prices today in India recorded record high surge of Rs 160 to Rs 57,270/10 grams and 100 grams of 18 carat gold prices today witnessed surge of Rs 1600 to Rs 5,72,700.
Sep 24, 2024, 2:15 pm IST
Adani Green Energy, Adani Energy Solutions Join UNEZA
Adani Green Energy and Adani Energy Solutions have joined the Utilities for Net Zero Alliance, a joint statement said on Tuesday. Utilities for Net Zero Alliance (UNEZA) was established at COP28 with the adoption of the UAE Declaration of Action. The alliance unites leading global utilities and power companies to spearhead the development of grids that are ready for renewable energy, promoting clean energy solutions and advancing electrification efforts, according to a PTI report.
Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (AESL) have become the first in their respective segments in India to join this global alliance, the statement said.
Sep 24, 2024, 2:04 pm IST
L&T Secures Major Contracts for Advanced Grid Systems in the Middle East
Larsen & Toubro Ltd. announced on Tuesday, September 24, that its power transmission and distribution division has secured significant contracts to develop advanced grid systems in the Middle East.
Sep 24, 2024, 1:47 pm IST
PNB Shares Dip 2.5% Following Discounted QIP Launch
Punjab National Bank's stock fell by 2.5% after the public sector lender initiated a Qualified Institutional Placement (QIP) at a price lower than its current market rate. The bank set a floor price of Rs 109.16 per share for the QIP, launched on September 23, representing a 2% discount from the closing price of Rs 111.49 on the same day.
Sep 24, 2024, 1:27 pm IST
JTL Industries Set to Discuss Stock Split and Bonus Issue
The board of directors of JTL Industries is scheduled to convene on Thursday, October 3, 2024, to deliberate on and potentially approve the sub-division/split of the company's equity shares, each having a face value of Rs 2, as per the board's decision. Additionally, the board will consider a proposal to issue bonus shares to the company's equity shareholders.
Sep 24, 2024, 1:00 pm IST
IEX Shares Retreat from 52-Week Highs Amid Market Coupling News
Shares of Indian Energy Exchange (IEX) saw a sharp decline from their 52-week highs following reports that the government is considering implementing market coupling for power exchanges. Market coupling involves aggregating and matching buy and sell bids from all power exchanges in India to establish a uniform Market Clearing Price (MCP).
Sep 24, 2024, 12:59 pm IST
Mankind Pharma Rallies for 4th Consecutive Session, Hits Record High
Mankind Pharma's shares surged for the fourth consecutive day, reaching a new all-time high of Rs 2,709.95 on September 24. This recent rally has resulted in an impressive 12% gain over the past four sessions.
Sep 24, 2024, 11:53 am IST
Ceinsys Tech Ltd.Announces The Allotment Of Equity Shares
Ceinsys Tech, Ltd. has successfully allotted equity shares on a preferential allotment basis and share warrants to raise Rs. 235 Cr (US $ 28 mn). This move will enable the company to expand through inorganic growth activities while also enabling Ceinsys's international footprint to increase by expanding its services portfolio overseas. The company has already started its efforts in that direction by recently acquiring the business assets of the USA based geospatial entity VTS. In addition to the investment in the USA, the Company has also expanded its presence to the Asia Pacific region by setting up a wholly owned subsidiary to expand into technology enablement services that will be offered globally.
Sep 24, 2024, 11:26 am IST
Advik Capital Enters Supply Chain Financing With MOU signed with Leading Agri‐Product FMCG Company
Advik Capital Limited, a Delhi NCR based emerging Non-Banking Financial Company (NBFC), announced its strategic entry into supply chain financing. This initiative aims to broaden our product offerings and provide essential financial support to businesses across diverse sectors, including agri-food, FMCG, FMCD, metals, and engineering goods. Designed to enhance operational efficiency, this program is set to drive sustainable growth within targeted industry supply chains. As part of this initiative, Advik Capital has signed a Memorandum of Understanding with a leading agri-product FMCG company.
Sep 24, 2024, 11:08 am IST
L&T Wins Mega Orders To Build Advanced Grid Systems
The Power Transmission & Distribution (PT&D) vertical of Larsen & Toubro has won new orders in the Middle East for expanding and strengthening the electricity grids at high voltage levels. The different operating regions in Saudi Arabia’s national electricity network are being interconnected through High Voltage Direct Current links that enable exchange of power between regions and enhanced system resilience. L&T has secured orders to establish ±500kV HVDC Transmission Links associated with these interconnections. L&T has also won orders for three more packages involving two 380kV overhead transmission lines and a bulk supply 380kV Gas Insulated Substation. These elements contribute significantly to the renewable generation interconnection and fortification of the grid. In Abu Dhabi, L&T has received an order to build two major 400kV Gas Insulated Substations. In addition to civil works, the scope also involves Series Current Limiting Reactors, Auto Transformers, related control, protection, substation monitoring & alarm systems including fault and power quality monitoring, telecommunication systems and integration with the Load Dispatch Centre. These substations will enhance the power transfer capacity of the electricity grid.
Sep 24, 2024, 10:34 am IST
Gold Prices In India Hit All-Time High; 24-Carat Gold Rates Crosses 76,000
The 24-carat gold price in India today has surged to record high levels, at Rs. 76,360/- per 10 grams, while 22-carat gold rate in India is currently at Rs. 70,000/-. This significant increase marks a jump of Rs. 220/- for 24-carat gold and Rs. 210/- for 22-carat gold in the 4th consecutive sessions of gains.
Sterling and Wilson Renewable Energy Limited (SWREL), a domestic renewable EPC is proud to announce that it has received two new domestic orders from Private IPPs valued at INR 512 crore. The company received an order for Engineering, Procurement and Construction of a 200 MW AC / 250 MWp DC PV plant for a PV project in Gujarat, India. It also received a LOA for Engineering, Procurement and Construction of a 50 MW AC / 65 MWp DC PV plant in Maharashtra, India. Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group shared, “We are very happy to bag two more prestigious domestic solar projects from leading Private IPPs and these project wins showcase our strong positioning in a fast growing market.” Both orders have been received from repeat clients thereby reaffirming our robust execution credentials. In the current year, out of the 6 major domestic orders received, 5 are from our existing clients showing the confidence customers have reposed in us to be a part of their growth in the domestic renewable market.
Sep 24, 2024, 10:11 am IST
Revolt Motors Newly Launched RV1 Electric Motorcycle Receives 16,000 Bookings in the First Week
Revolt Motors, India’s No.1 electric motorcycle company, is delighted at the success of its newly launched RV1 and RV1+ electric motorcycle, which have achieved over 16,000 bookings within the first week of its launch. This overwhelming demand reflects the massive acceptability and excitement for India’s first commuter electric motorcycle, positioning the RV1 as a game-changer in the country's two-wheeler segment. Launched on 17th September 2024 by Hon’ble Nitin Gadkari, Minister of Road Transport & Highways, the RV1 and its premium variant, RV1+, are offered at an introductory price of ₹ 84,990 for the RV1 and ₹ 99,990 for the RV1+. Revolt Motors is dedicated to offering not just cutting-edge products but also world-class service, ensuring an unmatched ownership experience for its customers.
Sep 24, 2024, 9:39 am IST
Indian Stock Market Opened Lower As Geopolitical Tensions Remain Centered On The Middle East
Tuesday's opening of the Indian benchmark indices was negative due to the Middle East's ongoing geopolitical unrest. In the initial session, the Nifty began 12 points down at 25,926 while the Sensex opened 43 points lower at 84,885 respectively. Sentiment for domestic markets continued to grow despite the conflicting signals from around the globe during the weekend.
Sep 24, 2024, 9:20 am IST
Morning Market View By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Two trends deserve attention. The serious global geopolitical concern continues to be the Middle East where things are getting worse. Israeli strikes on Lebanon have killed hundreds of people triggering concerns. Crude has inched up. Gold and the volatility index are moving up reflecting anxiety. However, the market remains resilient and the undertone continues to be bullish. Investors have to take a call based on these two trends.
The preference for quality and fair value is getting stronger in India as reflected in the continuous rise in Bank Nifty for the eighth straight session. The return of FIIs into the market in September will aid recovery in frontline banking stocks.
SEBI’s latest warning about 93% of individual traders losing money in the F&O market should be taken seriously. It is unfortunate that while systematic investors are making good money, the vast majority of individual traders are losing money. The primary responsibility of conserving and growing one’s hard earned money rests with the individual. Earlier the individual traders realise this, the better for them.
Sep 24, 2024, 9:09 am IST
Rupee Vs Dollar
In Tuesday's session, the rupee climbed to 83.53 against the US dollar. This week's primary drivers to keep an eye on are the US GDP, consumer confidence, and core PCE price index data. If these factors hold true, strong global equity markets and new FII inflows might cause the Indian Rupee to move slightly higher.
Sep 24, 2024, 8:58 am IST
Bank Nifty Option Chain
“Significant open interest is concentrated at the 55,000 call (24.29 lakh contracts) and the 53,000 put (29.52 lakh contracts). Active trading is focused on the 54,100-54,200 calls and 53,800-53,900 puts, reflecting a strong bullish sentiment. Call writers are shifting to higher levels, while put writers are aggressively increasing their positions, further solidifying the bullish structure. The 54,500 level is emerging as key resistance. The put-call ratio (PCR) has slightly decreased to 1.47 from 1.48, but it still indicates a dominant bullish bias. Max pain stands at 54,000, a pivotal level for future market movements,” said Mr. Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Sep 24, 2024, 8:35 am IST
Nifty Options Market Insights By Mr. Dhupesh Dhameja, Technical Analyst, SAMCO Securities
The options market reflects a bullish outlook, with heavy put writing outpacing call writing. Significant open interest is observed at the 25,500 put (86.69 lakh contracts) and 26,000 call (70.03 lakh contracts). Call writers have shifted their positions higher, from 25,700-25,850 strikes to 26,000-26,200, while robust put writing signals sustained positive momentum. The put-call ratio (PCR) has surged to 1.51 from 1.48, indicating a solid bullish bias. Max pain is at 25,900, highlighting a pivotal level for future market action.
Sep 24, 2024, 8:07 am IST
Bank Nifty Prediction By Om Mehra, Technical Analyst, SAMCO Securities
The index continues to display strength, as it holds the upper Donchian channel over the past few sessions, signalling sustained momentum. A key resistance lies at the Fibonacci extension of 127.2%, around the 54,400 level. A breakout beyond this point could potentially propel the index towards the 54,800 mark. The daily RSI remains elevated at 75, further strengthening the bullish sentiment. On the downside, immediate support is seen at 53,750, providing a buffer for any potential retracement.
Sep 24, 2024, 8:07 am IST
Nifty Prediction By Om Mehra, Technical Analyst, SAMCO Securities
Nifty holds comfortably above the 9-day Exponential Moving Average (EMA). The RSI on both daily and weekly charts is firmly positioned above 70, highlighting the robust strength. A pullback towards the 25,820-25,850 range could present a short-term buying opportunity. However, the resistance at 26,040, aligned with connecting swing highs, may act as a key hurdle in the coming sessions.
Sep 24, 2024, 8:06 am IST
Bank Nifty Outlook Today By Mr. Dhupesh Dhameja, Technical Analyst, SAMCO Securities
The outlook for Nifty Bank remains firmly bullish, backed by strong put writing and the index’s sustained strength above the psychological resistance of 54,000. With no sign of weakness in the past eight sessions, the bullish structure is well intact. The index is now trading in uncharted territory, with immediate resistance at 54,500. A buy-on-dips strategy remains favourable as long as the index holds above the 53,500-53,700 support levels.
Sep 24, 2024, 8:06 am IST
Nifty Outlook Today By Mr. Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Sentiment has decisively shifted in favour of the bulls, backed by heavy put writing and strong buying across broader markets. With consecutive closes above previous highs, call writers moving to higher strikes, and strong put additions, the index maintains a positive structure. A breakout above 26,000 could ignite further momentum, with 25,800 acting as immediate support. As the index ventures into uncharted territory, a buy-on-dips strategy remains favourable as long as it holds above the 25,800 level.
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