Sensex ended the day with the gain of 237 points to 83,184and Nifty zoomed 38 points to 25,416 on September 19, 2024. Nifty Bank soared 287 points to 53,037 and Nifty Midcap slipped 400 points to 59,351on Thursday. Shares of Vodafone Idea slipped more than 15%. Vi shares are quoting Rs 11.41 apiece on the NSE. Indus Towers' shares price declined 10% to quote Rs 384.25 on BSE as telecom stocks witnessed selling pressure after Supreme Court rejected telecommunication companies' plea for the re-computation of adjusted gross revenue (AGR) dues. FMCG shares witnessed rally in trade today.
Earlier, Sensex and Nifty, after a strong start and reaching all-time highs in the early morning session, are still trading at higher levels. This broad-based rally is primarily due to the U.S. Federal Reserve's decision to initiate its monetary easing cycle with a substantial 50-basis-point rate cut.
As of 11:40 AM, the Sensex has gained 297 points, reaching 83,245, slightly lower than its recent peak. The Nifty 50 is up by 0.30%, gaining 75.85 points to reach 25,453.
Stocks from the Auto IT, financial, FMCG and sectors are leading the gains on both major market indices. The FMCG stocks have outperformed other sectors, rising by 0.98%, while the Realty index has also seen a strong increase of 1.10%. Most of the sectoral indices are currently in positive territory with the Bank index showcasing a particularly strong performance, currently up by 0.42% at 52,971. However, the BSE Midcap and Smallcap indices are down by 1% each.
In early action, 1,858 shares advanced, 474 shares declined, and 119 remained unchanged. LTIMindtree, NTPC, Wipro, Tech Mahindra, and Infosys led the gainers on the Nifty, while ONGC and Bharti Airtel were among the few to see losses.
LIVE Feed
Sep 19, 2024, 6:49 pm IST
Suresh Darak, Founder & Director, Bondbazaar On Fed Rate Cut
Fed rate action is a pivot which is likely to boost money flow to emerging markets and lead to increased demand across asset classes. It may lead to a rate cut cycle in India, which will result in demand and price escalation of long duration bonds.
Sep 19, 2024, 3:09 pm IST
Rhetan TMT Plans To Set Up 2 MW Solar Plant For Captive Use
Steel products maker Rhetan TMT Ltd plans to set up a 2 MW solar power plant at its Kadi manufacturing facility in Gujarat, according to a statement. The TMT bar and round bars manufacturer will set up the solar power plant for its captive use which will help it cut power costs and move towards green energy, according to a PTI report. The board of the company is scheduled to meet on Friday to consider and approve the 2 MW solar plant, the company said in a statement.
Rhetan TMT operates a rolling mill with a daily capacity of 100-120 MT at Kadi (Mehsana) in Gujarat. The mill produces TMT Bars and Round Bars which are primarily used in the construction industry. The company in a statement said that it signed an MoU at Vibrant Gujarat Global Summit 2024 for setting up a solar power plant at its Kadi facility. Under the MoU, the Gujarat government has proposed to support the company in obtaining the necessary permissions, registrations, approvals, clearances, etc, from the relevant state departments. The company in May this year shifted to the mainboard BSE platform from the SME platform. It reported revenue of Rs 19.34 crore for the June quarter.
Sep 19, 2024, 2:46 pm IST
Western Carriers IPO: Public Issue Subscribed 20x On Final Day, GMP Hints Strong Listing
The initial public offering (IPO) of Western Carriers (India) Limited, which wraps up today, has generated a notable buzz in the Indian primary market. As of September 19, 2024, market observers report a strong response from investors, buoyed by recent economic developments including a significant rate cut by the US Federal Reserve.
By 1:39 pm on the final day of bidding, Western Carriers' IPO had been subscribed 19.36 times. Breaking this down further, the retail portion was oversubscribed 23.59 times, the Non-Institutional Investors (NII) segment saw a 34.79 times subscription, and the Qualified Institutional Buyers (QIB) portion was subscribed 39%.
Sep 19, 2024, 2:20 pm IST
Reliance Infrastructure Shares Gain 29% In 1-Week, Latest Debt Statement Issued
Reliance Infrastructure Ltd shares price today slipped nearly 1.26% on BSE but gained more than 29% in last 1-week. Reliance Infrastructure on September 18, 2024 issued a statement on its debt status. Current market price of Reliance Infrastructure shares on BSE is Rs 279.20 per share. The company has a market capitalisation of Rs 11,065.92 crore. Reliance Infrastructure recommended 25 dividends since August 3, 2001.
Reliance Infrastructure Issue Statement On Debt: As per the company’s press release dated September 18, 2024, “Reliance Infrastructure Limited (Reliance Infra) announced that Invent Assets Securitisation and Reconstruction Private Limited, a lender to the Company, has novated certain charged securities to recover its dues. As a result, Invent ARC's entire fund based outstanding amount has been reduced to Zero. Additionally, Reliance Infra has cleared its funded outstanding dues to Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders.”
The Company’s external debt liability is down to INR 475 crore. Consequently, the net worth of the Company will stand at ~INR 9,041 crore, added Reliance Infrastructure.
Sep 19, 2024, 2:16 pm IST
Gold Prices Fall In India For 3rd Day: Yellow Metal Loses Glitter, Silver Prices Steady
Gold prices in India declined for 3rd consecutive day after US Federal Reserve slashed interest rates by 50 basis points pushing the Dollar lower. 22k gold prices in India today slipped by Rs 250 to Rs 68,250/10 grams and 100 grams of 22 carat yellow metal prices fell by Rs 2500 to Rs 6,82,500 on Thursday. 24k gold prices today declined by Rs 280 to Rs 74,450/10 grams and 100 grams of 24 carat precious metal prices today fell by Rs 2800 to Rs 7,44,500.
18k gold prices today turned cheaper by Rs 210 to Rs 55,840/10 grams and 100 grams of 18 carat gold price today edged lower by Rs 2100 to Rs 5,58,400.
According to Renisha Chainani, Head Research - Augmont - Gold For All, “gold finally touched the psychological level of the 00 (~Rs 73750) mark in the active contract as the FED cut interest rates after four years. The Federal Reserve cut its benchmark interest rate by 50 bps to 4.75%-5%, with rates expected to decrease another 50 bps by the end of the year. In the so-called dot plot, Fed members saw rates decreasing to 3.4% in 2025, down from a previous forecast of 4.1%, and 2.9% in 2026, down from a prior forecast of 3.1%.”
Sep 19, 2024, 2:03 pm IST
Telecom Stocks In Focus
The AGR dispute has been a contentious issue for India's telecom sector. The AGR calculations, which determine the revenue on which telecom companies must pay government dues, have been a source of friction between the industry and the Department of Telecommunications (DoT). Telecom companies, including Bharti Airtel and Vodafone Idea, have challenged the calculations, alleging that they were flawed and unfairly punitive.
Sep 19, 2024, 1:34 pm IST
BSE Midcap Index Fell By 680 Points
While Sensex touched new all-time high, the index of BSE Midcap nosedived by nearly 680 points. Stocks like Vodafone Idea, Oil India, Torrent Power, JSW Infra, REC Ltd, PFC, and BHEL plunged by 4% to 14%.
Sep 19, 2024, 1:12 pm IST
BSE Smallcap Index Dipped 805 Pts
The BSE Smallcap Index nosedived by 805.23 points or 1.41% to trade at 56,110.70. Stocks like Chambal Fertilizers, Renaissance Global, Nava, PTC India, IIFL Securities, IIFL, Geojit Financial Services, Nazara Tech nosedived by 6-8%.
Sep 19, 2024, 12:57 pm IST
NTPC Green Energy IPO
NTPC Green Energy, a subsidiary of NTPC Ltd, India's largest power producer, has taken a step toward expanding its renewable energy footprint by filing draft papers with the Securities and Exchange Board of India (SEBI) on Wednesday. The company is seeking to raise Rs 10,000 crore through an initial public offering (IPO).
Sep 19, 2024, 12:40 pm IST
Anil Ambani Stock
Reliance Infrastructure is trading higher ahead of its board meeting. The stock neared its 52-week high of Rs 308 apiece earlier today. This is ahead of board meeting outcomes where plans for long term fund raising through preferential placement/QIP/Rights Issue will be considered.
Sep 19, 2024, 11:55 am IST
Broader market Indices Slip
Broader market indices currently are moving downhill .The SmallCap index fell by a substantial 2.21%, while the Midcap index dropped by over 2%.marking the largest single-day drop for the Midcap index since August 5th, indicating a major shift in investor sentiment.
Sep 19, 2024, 11:01 am IST
BPCL Shares Plunge Over 2% Due To Global Market Pressure
Bharat Petroleum Corporation Limited (BPCL) shares declined by over 2% on Thursday early trade, mirroring the downward trend in global crude oil prices. As Brent crude futures approached the USD 74 per barrel mark, concerns over refining margins weighed on BPCL's stock.
Sep 19, 2024, 10:40 am IST
Gold Price Outlook: How Fed's 50 Bps Rate Cut Will Drive 22K, 24K, 18K Yellow Metal In Coming Days?
Gold prices in India is likely to see the upside, thanks to the surprise and aggressive rate cut of 50 bps by the US Federal Reserve. As per experts, when the interest rates are lowered, non-yielding assets like gold become attractive against the dollar in the overseas market. Silver prices are also expected to surge in the coming days.
Currently, gold price in India is at Rs 68,500 in 22k of 10 grams, and at Rs 74,730 for 24k of 10 grams. The prices of 22K and 24K have dropped by Rs 3,000 and Rs 3,200 in two days.
DCX Systems Shares Jump 2% on Lucrative Export Order
DCX Systems Stocks surged by 2% on Thursday after the company announced a significant export order from Israel-based Elta Systems. The order, valued at ₹154.80 crore, is for the supply of RF electronic modules.
Sep 19, 2024, 10:16 am IST
IRIS Signs MoU With Government Of Telangana
Global fintech IRIS Business Services Limited has announced a collaboration with the Government of Telangana to support growth of the MSME Ecosystem in the state. At a glittering function held yesterday to mark the launch of the MSME policy for the state by Chief Minister Revanth Reddy, IRIS CEO, S Swaminathan, and the state’s Special Chief Secretary, Shri Jayesh Ranjan, signed a Memorandum of Understanding detailing the contours of collaboration. The collaboration will be a public private partnership under the terms of which IRIS will invest to create and deliver technology driven solutions, the costs of which the company may be allowed to recover through the levy of user charges. The role of the government will be to provide appropriate administrative and policy support as required from time to time, and also help in creating awareness of the various initiatives to ensure percolation of the benefits therefrom to as many MSMEs as possible and to the maximum extent possible.
Sep 19, 2024, 10:05 am IST
Macrotech Developers to Acquire Ivanhoe Warehousing’s Stake in Digital Infrastructure Platform
Macrotech Developers has signed Securities Purchase Agreements with Ivanhoe Warehousing India Inc. to acquire their entire stake in the Digital Infrastructure Platform entities. These entities include Bellissimo Digital Infrastructure Development Management Private Limited, Palava Induslogic 4 Private Limited, and Bellissimo In City FC Mumbai 1 Private Limited. The acquisition, valued at Rs 239.56 crore, is contingent on the fulfilment of specific closing conditions. This strategic move strengthens Macrotech's position in the digital infrastructure space.
Sep 19, 2024, 10:05 am IST
GMR Power Reappoints Key Leadership Roles
GMR Power has announced the reappointment of Srinivas Bommidala as Managing Director and Subbarao Gunuputi as Executive Director, effective from January 31, 2025.
In addition, the company’s board has also reappointed Madhva Bhimacharya Terdal as Executive Director, with his term beginning on August 8, 2024. These leadership renewals aim to strengthen the company's management as it continues its growth trajectory.
Sep 19, 2024, 10:04 am IST
Nazara Technologies To Raise Rs 900 Crore, Acquires Additional Stake in Sportskeeda
Nazara Technologies, a leading gaming and sports media company, has announced plans for its largest fundraise yet, aiming to secure Rs 900 crore to accelerate its growth. The company's board has approved a preferential equity issue for this capital raise.
In addition to the fundraising, Nazara Technologies has increased its stake in Absolute Sports, the parent company of Sportskeeda, by acquiring an additional 19.35% share for Rs 145.5 crore. Half of this amount was paid in cash, while the other half was settled through stock. This acquisition brings Nazara's total ownership in Absolute Sports to 91%, further strengthening its position in the sports media industry.
Sep 19, 2024, 9:19 am IST
Market Opens At Record High; Sensex & Nifty Soar
Amid mixed global cues, Indian markets opened at fresh record highs on September 19, with the Nifty crossing the 25,500 mark for the first time. The Sensex surged by 558.35 points, or 0.67%, to reach 83,506.58, while the Nifty gained 166.00 points, or 0.65%, to trade at 25,543.50.
Sep 19, 2024, 9:15 am IST
Rupee Opens Stronger, Gains 7 Paise Against the Dollar
The Indian Rupee started Thursday’s trading session on a positive note, opening 7 paise higher at 83.69 per US Dollar, compared to Tuesday’s close of 83.76.
Sep 19, 2024, 8:33 am IST
Oil Prices Drop as Fed Rate Cut Fails to Lift Market Confidence
Oil prices declined in Asian trading on Thursday, as the Federal Reserve's larger-than-expected rate cut heightened concerns about the U.S. economy. Brent crude futures for November slipped by 34 cents (0.46%) to .31 per barrel, while WTI crude futures for October dropped 42 cents (0.59%) to .49 per barrel.
Asian markets climbed on Thursday, with the Nikkei rising by 2%, as investors reacted positively to the Federal Reserve's decision to lower interest rates by half a percentage point.
Sep 19, 2024, 8:33 am IST
GIFT Nifty Signals Flat to Positive Opening for Indian Markets
Early trends on GIFT Nifty suggest a flat to slightly positive start for Indian markets, with an increase of 26.50 points or 0.10%. Nifty futures were trading around the 25,426.50 level, indicating steady momentum for the broader index.
Sep 19, 2024, 8:32 am IST
US Fed Slashes Rates by Half Point
In a decisive effort to strengthen the US labor market, the Federal Reserve cut its benchmark interest rate by half a percentage point on Wednesday. This marked the start of a significant policy shift aimed at economic stability.
Following the Fed’s two-day meeting, projections revealed that a slim majority—10 out of 19 officials—backed further rate cuts of at least half a point across the two remaining meetings of 2024. The Federal Open Market Committee voted 11 to 1 in favor of reducing the federal funds rate to a range of 4.75% to 5%, breaking from its year-long hold at the highest level in two decades.
Sep 19, 2024, 8:31 am IST
Wall Street Slips as Dollar Strengthens After Aggressive Fed Rate Cut
US stock markets ended Wednesday with modest losses, while the dollar gained traction following the Federal Reserve's larger-than-expected rate cut. In its first adjustment to borrowing costs in over four years, the central bank reduced the overnight rate by half a percentage point, exceeding the typical quarter-point move. This aggressive action reflected the Fed’s growing confidence in achieving its 2% inflation target.
The S&P 500 initially surged by 1% after the announcement but reversed course, closing 0.29% lower at 5,618.26. Similarly, the Dow Jones Industrial Average dropped 0.25%, finishing at 41,503.10, while the Nasdaq Composite fell 0.31% to end the session at 17,573.30.
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