Sensex and Nifty 50,suffered significant losses on Monday, marking a negative start to the week. The indices experienced a sharp decline, driven by heavy profit-taking across various sectors. Sensex shed a substantial 1272.07 points (1.49%) , to close at 84,299.78. While Nifty ended at 25,810.85 down losing 368.10 points(1.41%) Most sectoral indices experienced significant losses, with the notable exceptions of Nifty Metal and Media. The Nifty Auto sector emerged as the worst performer, plunging by 2.11%. The Bank index also suffered a decline, falling by 1.59%.
Earlier, Indian stocks plunged on Monday morning as the stock market crashed. Benchmark indices opened lower and continued to plummet throughout the morning. Both BSE Sensex and Nifty 50 were down over 1% at 11:45 AM, following a disastrous start to the trading session. Sensex was at 84,563, down 1016 points(1.19%) while the Nifty 50 was at 25,929, down 289 points(1.11%) While the nifty metal sector emerged as a lone bright spot, BSE Midcap and Smallcap indices also suffered losses. Reliance Industries, Axis Bank, M&M, ICICI Bank, and Tech Mahindra were among the top losers on the Sensex, while the top gainers were JSW Steel, Tata Steel, Asian Paints, Titan Company, and HCL Tech.
The market tracks decline in Gift Nifty and Asian stocks, despite record high performance of Wall Street last week with dollar and treasury yields toppling after subdued US inflation report.
Stocks in focus are Welspun Enterprises, IDFC First Bank, Dr Reddy's Laboratories, and Zomato.
The current trading week is holiday shortened, with Gandhi Jayanti celebration on October 2.
The Indian stock market experienced a sharp downturn on Monday, September 30, as the Sensex and Nifty 50 indices crashed by more than 1% each, triggered by a combination of weak global cues and profit-booking by investors at elevated levels. The selloff was not limited to largecap stocks, as both midcap and smallcap segments witnessed declines, resulting in an overall loss in market capitalization for BSE-listed firms. The Sensex opened at 85,208.76, slightly below its previous close of 85,571.85, and quickly plunged over 1% to reach a low of 84,530.32. Meanwhile, the Nifty 50 also struggled, falling below the psychologically significant 26,000 mark. The index opened at 26,061.30, compared to its previous close of 26,178.95, and slipped further to 25,882.30, recording a fall of over 1%.
CIL Makes Interest Rates Uniform For Delayed Receivables
Coal India Limited (CIL), effective 1st October 2024, will be applying uniform interest rates on delayed amounts of receivables, adjustments and recoverable sums that remain outstanding after the due date. Earlier, the interest rates were skewed with wide variances even for the same generating company that had different Fuel Supply Agreements (FSAs) with CIL. The policy tweak is for coal sold under different FSAs and schemes. This is yet another consumer friendly approach by CIL enabling ease of business. CIL’s Board had given its nod for the parity in the last week of July 2024, amending the definition of interest rate mentioned in the body of FSAs. CIL’s revised interest rate is Repo Rate of Reserve Bank of India as applicable on the due date of payment plus 3%. This would be much lower than earlier rates easing the customer stress. Prior to the revision, interest rates for delayed payments used to hover between 9.5% and 14.85% under several FSAs. Repo rates are reviewed by RBI on quarterly basis.
Sep 30, 2024, 2:44 pm IST
Moneyboxx Finance Expands Branch Network To 141 By Entering South India
Moneyboxx Finance Limited (Moneyboxx), a BSE-listed Non-Banking Finance Company that focuses on impact financing by providing business loans to micro entrepreneurs in Tier-III & below places, announced the opening of 28 branches in September 2024, of which 18 branches were opened in the states of Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana. With the addition of these branches to its branch network, Moneyboxx has commenced operations in south India. Moneyboxx opened 6 branches in Andhra Pradesh – Vijayawada, Rajahmundry, Eluru, Kakinada, Guntur and Nellore; 5 branches in Karnataka – Tumkur, Ballari, Hubli, Mysore and Davanagere; 4 branches in Tamil Nadu – Hosur, Salem, Kanchipuram, and Ambur; 3 branches in Telangana – Khammam, Warangal and Karimnagar. Moneyboxx aims to have 25 branches in south India by the end of October 2024.
Sep 30, 2024, 2:26 pm IST
Jindal Stainless Announces Partnership With CJ Darcl Logistics Limited
In a significant move towards sustainable mobility, Jindal Stainless, India’s largest stainless-steel manufacturer, has collaborated with CJ Darcl Logistics Limited (CJ Darcl), one of India's leading logistics providers, to develop lightweight and sustainable stainless steel containers. These containers, fabricated using high-strength JT grade stainless steel (also known as N7 as per BIS 6991 specifications), are designed to transport a variety of goods, including polymers, batteries, and rubber. Jindal Stainless supplied 2.2 metric tonnes of JT stainless steel for each container, replacing the traditional carbon steel used in the sidewalls, end walls and roof. In addition, the underframes of containers are also made up of customized stainless steel tubes. These transitions have resulted in a weight reduction of approximately 500 kilograms per container, leading to increased cargo capacity, improved fuel efficiency, and reduced operational costs. Additionally, the containers benefit from enhanced safety and prolonged life owing to the superior impact and fire resistance of JT grade stainless steel.
SBI Card, India's largest pure-play credit card issuer, in partnership with Singapore Airlines Limited (SIA}, the national carrier of Singapore, has launched the KrisFlyer SBI Card today. This is Singapore Airlines' first co-branded credit card in India. This one-of-its-kind travel centric co-branded credit card has been meticulously designed to cater to super-premium cardholders, offering exclusive privileges in the air and on ground with the SIA Group that comprises of Singapore Airlines, Scoot airline, KrisShop.com, Kris+ lifestyle app and Pelago. The newly launched credit card is available in two variants, KrisFlyer SBI Card and KrisFlyer 581 Card Apex. With this partnership, KrisFlyer SBI Card customers will unlock a range of accelerated rewards and milestone benefits on their travel spends. Packed with exclusive welcome offers of 3,000 KrisFlyer miles on the KrisFlyer SBI Card and 10,000 KrisFlyer miles on the KrisFlyer 581 Card Apex, the cards aim to redefine the travel experiences of their well-heeled customers, by providing them with unparalleled convenience and luxury.
Sep 30, 2024, 2:06 pm IST
Adani Energy Solutions Finalizes Business Transfer Agreement with Subsidiary
Adani Electricity Mumbai, a subsidiary of Adani Energy Solutions, has entered into a Business Transfer Agreement with its subsidiary, North Maharashtra Power, to facilitate the separation of the Adani Dahanu Thermal Power Station.
Sep 30, 2024, 1:55 pm IST
Shakti Pumps to Evaluate Proposal for Bonus Shares Issuance
Shakti Pumps' board is set to review a proposal for issuing bonus shares at a ratio of 5:1. This means that for every existing fully paid-up equity share of Rs 10 each, shareholders would receive five new fully paid-up equity shares of Rs 10 each. The issuance is subject to shareholder approval.
Sep 30, 2024, 1:48 pm IST
Coal India Standardizes Interest Rates for Overdue Receivables
Effective October 1, 2024, Coal India Limited (CIL) will implement a uniform interest rate policy on overdue receivables, adjustments, and recoverable sums that remain outstanding beyond the due date. Previously, interest rates varied significantly, even for the same generating company with multiple Fuel Supply Agreements (FSAs) with CIL. This policy adjustment applies to coal sold under various FSAs and schemes.
Sep 30, 2024, 1:36 pm IST
Tata Motors Commences Rs 9,000 Crore Investment in New Tamil Nadu Manufacturing Facility
Tata Motors Group has initiated the construction of its new vehicle manufacturing facility in Tamil Nadu, marking the start with a groundbreaking ceremony. The company is set to invest Rs 9,000 crore in this greenfield facility, which will boast an annual production capacity exceeding 2.5 lakh vehicles. Production will begin in phases, with a gradual ramp-up to full capacity expected over the next 5-7 years.
Sep 30, 2024, 1:04 pm IST
BHEL Drops 4% on First Day of Nifty Next 50 Inclusion
Shares of Bharat Heavy Electricals (BHEL) fell over 4% on September 30, following its debut on the Nifty Next 50 index. BHEL is among seven stocks that have commenced trading on the index from today. Despite the dip, the state-owned capital goods company's stock is expected to attract inflows of around million following its inclusion in the Nifty Next 50.
Sep 30, 2024, 12:44 pm IST
Mankind Pharma Approves Major Fundraising Plan
Mankind Pharma's fundraising committee, in a meeting held on September 30, 2024, approved the issuance of Non-convertible Debentures (NCDs) and Commercial Papers (CP). The company plans to issue up to 500,000 INR-denominated, secured, rated, and listed NCDs, each with a nominal value of Rs 100,000, totaling up to Rs 50,000 crore across 3-4 distinct series with maturities of up to 48 months. Additionally, the company approved listed and rated commercial papers with a face value determined per applicable laws, amounting to an aggregate financing of up to Rs 50,000 crore, in multiple tranches or series.
Sep 30, 2024, 12:00 pm IST
Manba Finance Shares Make Stellar Debut, List At 25% Premium From IPO Price On Exchanges
Manba Finance Limited made an entrance into the stock market with its shares listing at a significant premium from its Initial Public Offering (IPO) price. The financial company's shares made their debut on Monday, September 30, 2024. Manba Finance's shares opened at Rs 145 on the National Stock Exchange (NSE), marking a premium of 20.83% over the IPO price of Rs 120 per share. On the Bombay Stock Exchange (BSE), the shares debuted at Rs 150, a 25% jump over the issue price.
Today's Trading Session Update By Discount Broker Stoxkart
Indian benchmark indices, i;e Sensex and Nifty50 started the week on a negative note and faced downward pressure, amidst mixed cues from global markets. This decline was largely attributed to significant sell-offs in major heavyweight stocks, including Reliance Industries, Infosys, TCS, and ICICI Bank, which collectively influenced the market's negative sentiment. The India VIX, a gauge of market volatility, increased by 6%, signalling heightened uncertainty among investors. Overall, the Sensex opened significantly lower, down 400 points, while the Nifty fell below the 26,000 mark, reflecting cautious investor sentiment in the current market landscape. Derivative data suggests hefty option writing by call writers at 26000, 26100 & 26200 strikes which indicates that bears are actively pressurising the markets overall. We expect markets to remain under pressure in the second half of the day as well.
Sep 30, 2024, 11:09 am IST
Gold Rates In India Takes a hit On 30th September; Retreat from Recent Highs
The 24-carat gold price in India for 10 grams currently is Rs. 77,240/- and Rs. 70,800/- for 10 grams of 22-carat gold. Prices for both pure gold and standard gold have dropped by Rs. 160/- and Rs. 150/- per 10 grams respectively.
L&T Secured Mandate To Implement Energy Management Systems In South India & Expands Portfolio In US
The Digital Energy Solutions (DES) arm of Larsen & Toubro’s Power Transmission & Distribution (PT&D) business has received the mandate to develop and implement Energy Management Systems in regional and state load dispatch centers in South India. This order is the latest addition to such digitally based intelligent projects being executed by L&T DES globally. As part of the order in Southern India, Energy Management System and associated software systems will be implemented for 12 set of control rooms. These systems are being implemented for main and backup configurations for the Southern Regional Load Dispatch Centre (RLDC) and the State Load Dispatch Centers (SLDC) of Andhra Pradesh, Kerala, Puducherry, Tamil Nadu and Telangana. The integration and implementation of these systems will be carried out without causing any downtime for the existing system.
In a significant breakthrough for its global ambitions, Manaksia Coated Metals & Industries Limited (MCMIL | NSE: MANAKCOAT | BSE: 539046) has secured a milestone contract worth USD 24 million (approx. ₹200 crore) with a leading European client. The agreement includes the supply of 20,000 metric tonnes of premium pre-painted steel coils, Alu Zinc coated steel coils, and galvanized steel products over the next 12 months. The agreement has the potential to transform into a recurring order, providing a steady pipeline of revenue for MCMIL over the coming years. This will also allow the company to fully utilise the additional capacity expected from its Continuous Galvanizing Line (CGL) upgrades, scheduled to complete in Q4-FY2025, further enhancing MCMIL’s production capabilities and global competitiveness.
Sep 30, 2024, 10:16 am IST
Persistent Announces The Plans For Acquisition of Arrka
Persistent Systems, a global pioneer in Digital Engineering and Enterprise Modernization, today announced the intent to acquire Arrka, a Pune-based company renowned for its decade-long data privacy expertise, its pioneering Data Privacy Management platform and growing expertise in AI governance. This strategic acquisition significantly enhances Persistent’s AI-led, platform-driven services and strengthens its ability to provide comprehensive offerings in digital governance, including data privacy, AI governance, and cybersecurity, among others. With Arrka's expertise, Persistent will help clients accelerate their transformation journeys while ensuring ethical, responsible, and compliant AI.
Sep 30, 2024, 9:45 am IST
Realty Stocks Top Laggard
Nifty Realty index nosedived by 14.25 points or 1.27% to trade at 1,103.55. Stocks like Phoenix Mills, Raymond, Lodha, Prestige, and Godrej Consumer and Brigade plunged by 1% to 5%.
Sep 30, 2024, 9:40 am IST
KRN Heat Exchanger IPO Allotment
The shares allotment of KRN Heat Exchanger IPO will be happening on Monday, September 30, after the company witnessed strong demand from investors during its 3-days bidding period. Furthermore, the latest GMP on September 30, signals at triple-digit percentage premium listing.
Sep 30, 2024, 9:38 am IST
Auto stocks fall ahead of monthly sales data
Nifty Auto index dipped by 340.35 points or 1.23% to trade at 27,270.40. All auto stocks are in red with Hero MotoCorp, TVS Motor, Motherson, Balkrishna, and M&M shares falling by 1.5% to 3%.
Sep 30, 2024, 9:37 am IST
Sensex, Nifty Falls In Opening Bell
Broad-based selling pressure in Indian equities, led Sensex and Nifty to topple below 85,200 and 26,100 levels. Market tracked downside in Asian cues. Auto, realty, oil and gas, & healthcare indices witnessed most selloff, while metal stocks outperformed benchmarks and counterparts.
Sep 30, 2024, 9:33 am IST
Metal Stocks Shine Amid Bear Market
Indian metal stocks such as Hindalco, JSW Steel, Tata Steek surged by nearly 2% each. While PSU NMDC rose for 8th session straight. The Nifty Metal index is trading at 10,170.85, up by 1%.
Sep 30, 2024, 9:28 am IST
What Is Influencing Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: One significant factor that is influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 % in September. This surge has been triggered by hopes of revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities. The cheap valuations of Chinese stocks are keeping the momentum intact. This can prove to be a tactical trade which can sustain for some more time. This means FIIs may continue to sell in India and move some more money to better performing markets. FII selling is unlikely to impact the Indian market significantly since the massive domestic money can easily absorb whatever the FIIs are selling. Investors can use dips to buy quality largecaps which are fairly valued.
Sep 30, 2024, 9:27 am IST
Nifty Price
Nifty 50 opened at 26,061.30, and tumbled by at least 117.65 points to hit the day's low of 26,045.10. The 50-scrip benchmark is struggling to keep 26,000 mark. Top gainers are BPCL, Hindalco, NTPC, JSW Steel, and Tata Steel. Top bears are Hero MotoCorp, Tech Mahindra, ICICI Bank, Infosys and M&M.
Sep 30, 2024, 9:23 am IST
Sensex Price
Sensex dipped as much as 464 points in the opening bell as it touched an intraday low of 85,107.63. Stocks like NTPC, JSW Steel, Tata Steel, Titan and Bajaj Finance are top gainers. However, heavyweights like Tech Mahindra, ICICI Bank, Infosys, M&M, and Nestle dipped by 1% to 2% dragging the market most.
Sensex opened at 85,208.76.
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