Sensex ended the day with the gain of 362 points to 81,921 and Nifty 50 rallied 104 points to 25,041 on September 10, 2024. Nifty Bank soared 154 points to 51,272 and Nifty Midcap soared 691 points to 59,039 on Tuesday. Shares of Bharti Airtel, Infosys, and HCL Tech emerged as top gainers. IREDA shares rallied nearly 5% after it inked an MoU with SJVN and GMR Energy to develop and implement 900 MW Upper Karnali hydro-electric project in Nepal. Meanwhile, telecom, IT, and media stocks witnessed rally today.
Earlier, after a strong opening on Tuesday, the Sensex and Nifty gave up their early gains, with both indices trading flat in the early morning session. However, a late surge pushed the Sensex above 81,700, while the Nifty inched closer to 25,000. As of 11:25 AM, the Sensex had recovered 185 points to 81,744, and the Nifty was hovering just below 25,000, up 0.21%.
Asian markets are primarily up slightly today after yesterday's 1% spike in US markets as investors awaited this week's core CPI data and the Federal Reserve's policy announcement next week.
This occurred after the benchmark index closed close to its all-time high of 25268, reflecting an upbeat mood. A policy meeting between the US and Europe in the near future might prolong market volatility in the face of widespread volatility and conflicting global cues for the market. In the meanwhile, following poor Q2 GDP statistics from Japan and disappointing jobs data, Wall Street Indices rebounded on Monday, with the S&P 500 rising 1.16%, the Dow Jones Industrial Average rising 1.2%, and the Nasdaq Composite soaring 1.16%.
LIVE Feed
Sep 10, 2024, 3:30 pm IST
MIC Electronics Secures 3rd Order From Indian Railway Zones; Scrip Near 52W-High
MIC Electronics Ltd., a small-cap company specializing in electronic and telecom-based solutions, has been awarded a significant order from the Salem Division of the Southern Railway Zone. The company has received a Letter of Acceptance for the provision of telecom-based passenger amenities at three key locations: SGE, SA, and the provision of FIOSNET at ELS, Erode. The total value of this contract is Rs. 1,33,08,976.53, marking another milestone in the company's successful partnerships with Indian Railways.
This announcement comes amid a strong performance in the stock market.
Sep 10, 2024, 3:09 pm IST
ITI Bags Rs 300 Cr Order From BREDA, Shares Jump 7%
Public sector undertaking from the Department of Telecommunication, Ministry of Communications, ITI Ltd shares gained nearly 7% today after it bagged an order worth Rs 300 crore from Bihar Renewable Energy Development Authority (BREDA). Current market price of ITI Ltd shares on BSE is Rs 297.40 per share. ITI shares offered eye-catching returns of 140% in last 1-year and slipped 2.62% year-to-date. The company’s market capitalisation stood at Rs 28,576.78 crore. Check details below:
ITI Ltd Bags Order From BREDA: As per the regulatory filing of ITI dated September 10, “ITI Limited, country’s first PSU post-independence and premier telecom manufacturing company has received an Order worth around Rs. 300 Crores from Bihar Renewable Energy Development Authority (BREDA) for supply and installation of 1,00,000 numbers of Solar Street Light Systems to Bihar State Government. This is in addition to 80,000 solar street light systems the Company is currently executing in Bihar for BREDA.”
Sep 10, 2024, 2:49 pm IST
SEPC Bags Rs 182 Cr Order From Bihar Govt, Shares Surge 25% In 1-Week
SEPC Ltd shares today jumped 5.42% after the company bagged Rs 182 crore order from the irrigation division of Bihar government. Current market price of SEPC shares on BSE is Rs 31.92 per share. SEPC shares jumped nearly 25% in last 1-week and rallied 159% in last 1-year. The company offered dividend last time in 2012 when its Board recommended Rs 1.20 per share. The company’s market capitalisation stood at Rs 5034.98 crore.
Sep 10, 2024, 2:24 pm IST
IREDA Inks MoU With SJVN, GMR For 900 MW Hydro Project In Nepal; Shares Rally
Indian Renewable Energy Development Agency Ltd shares recorded nearly 5% rally on September 10, 2024 after it inked an MoU with SJVN and GMR Energy to develop and implement 900 MW Upper Karnali hydro-electric project in Nepal. Current market price of IREDA shares on BSE is Rs 233.00 per share. IREDA shares slipped over 2% in last 1-week and gained 123% so far this year. Meanwhile, SJVN Ltd shares also zoomed 4.51% at the time of writing the story. Current market price of SJVN Ltd shares on BSE is Rs 132.00 per share with intraday gain of 4.51%. IRDEA has a market capitalisation of Rs 62,718.99 crore.
Sep 10, 2024, 2:24 pm IST
Gold Prices Decline In India, Sept 10: Yellow Metal Prices Fall, Silver Unchanged
Gold prices in India today witnessed marginal decline amid stronger dollar as investors awaited US inflation report that may provide more hints about the size of the Federal Reserve's interest rate cut next week. 22k gold prices today edged lower slightly by Rs 30 to Rs 66,770/10 grams and 100 grams of 22 carat precious metal prices today fell by Rs 300 to Rs 6,67,700. 24k gold prices today fell by Rs 30 to Rs 72,840/10 grams and 100 grams of 24 carat precious metal prices slipped by Rs 300 to Rs 7,28,400.
18k gold prices today declined by Rs 30 to settle at Rs 54,630/10 grams and 100 grams of 18 carat yellow metal prices today dived by Rs 300 to Rs 5,46,300. On the other hand, 1 gram gold rate today for 22k gold prices stood at Rs 6,677 after decline of Rs 3. Meanwhile, 1 gram gold price today for 24k gold fell by Rs 3 to Rs 7,284 and 1 gram gold price today for 18 gram gold is retailing at Rs 5466 after fall of Rs 3 on Tuesday in India.
Sep 10, 2024, 2:04 pm IST
Snack Stocks Surge as GST Rate Cut Boosts Investor Sentiment
The shares of Gopal Snacks Ltd., Bikaji Foods Ltd., and Prataap Snacks Ltd. soared over 7% each on Tuesday following the GST Council's decision to revise tax rates on namkeen. On Monday, the council reduced the GST on extruded namkeen snacks from 18% to 12%, bringing it in line with other savoury items like fruit and vegetable chips, bhuijas, and snack foods, which are already taxed at 12%. This tax alignment has fueled investor optimism, driving up snack company stocks.
Sep 10, 2024, 12:46 pm IST
ITI Ltd Shares Jump 9% Following Rs 300 Crore Order Win
The shares of ITI Ltd saw a sharp rise of up to 9% on Tuesday after the state-owned company announced securing a significant order worth nearly Rs 300 crore from the Bihar Renewable Energy Development Authority (BREDA).
Sep 10, 2024, 12:29 pm IST
Gold Prices Fall In India, Sept 10: 22k per gram gold Dips
1 gram gold price today for 24k gold fell by Rs 3 to Rs 7,284 in India on Tuesday
Sep 10, 2024, 11:56 am IST
Archies Sets Sights On Global Expansion While Achieving 150% Growth In India’s Quick Commerce Market
Archies, A legacy brand in a social expression industry for decades, is entering a new phase of its journey. Known for bringing emotion to life through its extensive range of greeting cards, gift wraps, and more, the brand is now embracing the rapid evolution of retail with its foray into the quick commerce sector. Last year, Archies saw a remarkable Rs. 6 crore in sales through platforms like Blinkit, Zepto, and Swiggy Instamart, and the brand has set an ambitious target of Rs.15 - Rs.18 crore for FY 2025, a phenomenal 150% to 200% growth. This marks a significant shift for a brand steeped in tradition, as it adapts to a fast-paced, technology-driven consumer landscape.
Sep 10, 2024, 11:45 am IST
ITI Limited Bags Order Worth Rs. 300 Cr For Solar Street Light Systems In Bihar
ITI Limited, country’s first PSU post-independence and premier telecom manufacturing company has received an Order worth around Rs. 300 Crores from Bihar Renewable Energy Development Authority (BREDA) for supply and installation of 1,00,000 numbers of Solar Street Light Systems to Bihar State Government. This is in addition to 80,000 solar street light systems the Company is currently executing in Bihar for BREDA. ITI Limited’s Naini Plant which has been manufacturing solar panels for the last six years has received an order for Supply & Installation of 1,00,000 numbers of Solar Street light Systems amounting to around Rs. 300 Cr under “Mukhyamantri Gramin Solar Street Light Yojana”. The districts covered in this Order are Gopalgunj, Siwan, Samastipur, Purnia, Araria, Gaya, Darbhanga, Patna, Katihar, and Khagaria.
Sep 10, 2024, 11:41 am IST
Infosys and Proximus Group Strengthen Their Strategic Collaboration
Infosys, a global leader in next-generation digital services and consulting, and Proximus Group, Belgium’s leading digital services and communication solutions provider, today announced a strategic collaboration to help unlock new business opportunities. The new strategic collaboration will focus on a joint go-to-market approach that will use best-in-class products of Proximus’ International affiliates, including Route Mobile's Communications Platform as a Service (CPaaS) and Telesign’s Digital Identity (DI) solutions. This combined with Infosys digital services will drive innovation in omnichannel customer engagement and AI-driven digital assistants for their customers. The collaboration will enhance digital security by providing robust DI and fraud protection solutions, ensuring trusted communication online.
Sep 10, 2024, 11:04 am IST
TCS Signs Strategic Deal to Digitally Transform Mansfield Building Society’s Services In The UK
Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has entered into a strategic partnership with Mansfield Building Society in the UK to digitally transform its business. TCS will deploy its state-of-the-art digital banking solution, TCS BaNCSTM for Core Banking, along with its Digital Home Lending Solution, to enhance member and intermediary experiences and support Mansfield’s ambitious growth plans. For over 200 years, UK building societies have operated as community-led financial institutions, serving over 26 million people with savings and mortgage offerings. Established in 1870, Mansfield Building Society has a steadfast member-centric philosophy.
Sep 10, 2024, 10:45 am IST
Bharti Airtel Launches Fixed Deposits (FDs) With An Attractive Interest Rate of Up To 9.1%
One of the top telecom companies in India, Bharti Airtel, announced on Monday the official launch of a fixed deposit platform through Airtel Finance, its digital division. The alluring interest rate on these fixed deposits is as high as 9.1% annually. In order to achieve this, the company has partnered with top NBFCs and small finance banks in India. Customers are welcome to use the Airtel Thanks App to manage and track their investments in a safe and secure manner. Bharti Airtel aims to offer fixed-income and guaranteed return investment options on the digital platform that is based on Airtel's Thanks App foundation through Airtel Finance.
Sprayking Ltd. Imports State-of-the-Art Finishing Machinery From China Worth Rs.21.69 Million
Sprayking Limited, a leading manufacturer in the industry, announced the acquisition of advanced high-tech machinery designed to enhance the finishing process of its products. The cutting-edge equipment, imported from China, marks a significant step forward in the company’s commitment to innovation and quality. The machinery, valued at 221 69 million, has been fully paid for in advance. This strategic investment reflects Sprayking Limited’ s focus on maintaining its competitive edge by integrating modem technology into its production processes. Delivery and installation of the equipment are expected to take place within the next 60 days. Once operational, the new machinery will enable Sprayking Limited to improve the precision and efficiency of its finishing processes resulting in superior quality and reduced lead times for customers.
Sep 10, 2024, 10:19 am IST
Sona BLW Precision Forgings Ltd Successfully Raises INR 2400 crores Through QIP
Sona BLW Precision Forgings Ltd., a leading mobility technology company providing mission-critical systems and components for electrified and non-electrified powertrain segments, has completed its ₹2,400 crore Qualified Institutions Placement (the “QIP”). The issue garnered strong interest from institutional investors and sovereign wealth funds, resulting in over 5.5 times subscriptions, underscoring investors' confidence in the Company’s strategic vision and growth strategies. The QIP opened on September 4, 2024 and closed on September 9, 2024. Sona Comstar issued 34,782,608 equity shares to qualified institutional buyers (QIBs) at an issue price of Rs 690 per equity share, including a premium of Rs 680 per equity share. Some of the largest investment managers, such as SBI Mutual Fund, ICICI Prudential Mutual Fund, White Oak, Goldman Sachs Asset Management, Axis Mutual Fund, Aditya Birla Mutual Fund, Norges, BNP Paribas Fund, Fidelity International, Franklin Templeton and Fidelity Management & Research, amongst others, participated in the QIP, a positive reflection on the company's long-term growth prospects.
Sep 10, 2024, 10:00 am IST
Nifty Likely To Trading In Range of 24770 – 25090 Or Rally May Continue Upto 25220 – 25296
Hashim Yacoobali, Director of South Gujarat Shares And Sharebrokers said, after a weak opening Nifty managed to hold support zone of 24792 – 24770. On upward side 24942 – 25090 will act as major resistance zone. After a supply pressure nifty witnessing relief rally only as dollar index showing strength we expect profit booking in equity likely to remain continue. Nifty trading at crucial level we may see either time correction where nifty likely to trading in range of 24770 – 25090 or rally may continue upto 25220 – 25296 then fresh supply likely to emerge for 24489 – 24210.
Sep 10, 2024, 9:35 am IST
Sensex, Nifty 50 Recovered Monday's Losses In Opening Session
Tuesday saw Sensex and Nifty 50 rebound from Monday's losses and rise as a result of a surge in overseas markets and strong global cues. The US and European markets experienced a 1% spike overnight, while the Asian markets began the day with moderate gains as investors awaited the publication of new US inflation data tomorrow.
Sep 10, 2024, 9:16 am IST
Rupee Vs Dollar
In contrast to Monday's closing of 83.95, the Indian rupee started unchanged on Tuesday at 83.95 per dollar.
Sep 10, 2024, 8:58 am IST
Sectors/Stocks To Watch Today As Per Aditya Gaggar, Director of Progressive Shares
Banking and FMCG-led recovery helped the Index end 09th September trade at 24,936. On the daily chart, the Index has made a green candle at 38.2% retracement (23,893.70-25,333.65) coupled with 21DMA support which suggests a potential trend continuation (bullish). The zone of 24,730-24,780 will be considered as a strong support area while on the higher side, it needs to clear the hurdle of 25,000-25,100 to resume an uptrend. BankNifty is seen forming an Inverted Head and Shoulder formation where the breakout point (neckline) comes at 51,800 (ICICI Bank- Rounding Bottom Formation, Kotak Bank- Symmetrical Triangle Formation). A strong close above the neckline point will open the gate for a rally of almost 2000 points. After correcting over 1000 points, the Auto sector has formed a DOJI candlestick pattern which indicates probable trend reversal (Tata Motors- Bullish Cypher Pattern). We have been constantly recommending FMCG counters and they are performing as per our expectations, boosting our confidence to remain positive on the same (Under technical coverage- Balrampur Chini/ Dabur/ ITC and HUL-Triangle breakout in the monthly chart). The Pharma sector is oscillating in a thin range, one should keep an eye on the sector (Under technical coverage- Alembic Pharma, IPCA Labs, Sequent Scientific, Shilpa Medicare and Thyrocare).
Sep 10, 2024, 8:54 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
There are some significant recent trends in the market: One, there is weakness in the mid and small caps segments; two, the banking segment which has been a consistent underperformer is exhibiting resilience and is moving up; three, defensives like pharmaceuticals and FMCG are slowly gaining and there are signs of accumulation in these segments. The message from these trends is that there is an increasing preference for quality in the market now. This is in sharp contrast to the irrational exuberance and totally unhealthy trends associated with the SME exchange.
The buy on dips strategy continues to work in this market and, therefore, investors may stay with the dominant trends in the market.
Sep 10, 2024, 8:47 am IST
Lemon Tree Hotels Signs A New Property In Nashik
Lemon Tree Hotel, Nashik, is the newest addition to Lemon Tree Hotels' portfolio. It is anticipated that the property will open in Fiscal Year 2026 and be operated by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited.
Sep 10, 2024, 8:40 am IST
Sona BLW Precision Forgings Raises Rs 2400 Cr Via QIP
On Monday, Sona BLW Precision Forgings Ltd completed its Qualified Institutions Placement (QIP) of Rs 2,400 crore. Sovereign wealth funds and institutional investors showed a great deal of interest in the offer, as seen by the over 5.5 times subscriptions. September 4, 2024, was the QIP's opening date, and it closed on September 9, 2024. Qualified institutional buyers (QIBs) received 34,782,608 equity shares from Sona Comstar at an issue price of Rs 690 for each equity share, plus a premium of Rs 680 for each equity share. The QIP involved a number of the largest investment managers, including Fidelity International, Franklin Templeton, Fidelity Management & Research, Axis Mutual Fund, Aditya Birla Mutual Fund, Norges, BNP Paribas Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund, White Oak, Goldman Sachs Asset Management, and others.
Sep 10, 2024, 8:15 am IST
Nifty Outlook Today
Technically, the index found support near the 34-DEMA, which is placed around the 24,720 level, and witnessed a pullback, leading to the formation of a green candle on the daily scale. However, the index is still positioned below the trend line resistance, which is around the 25,100 level. In the short term, any bounce near 25,100 should be seen as an opportunity to book profits, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
Sep 10, 2024, 8:14 am IST
Bank Nifty Prediction Today
Technically, on the daily scale, the index formed a piercing line candle, indicating strength. If the index manages to hold today's low of around 50,370, a pullback rally towards 51,500-51,800 could be possible in the short term, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
Sep 10, 2024, 7:58 am IST
Nifty Prediction Today
Technically, Nifty remains a sell on rise as as long as it remains below 25,100. On the higher end, the 25,000-25,100 range may act as crucial near-term resistance, where sellers could re-enter. On the lower end, support is placed at 24,800-24,785, below which selling might increase, said Rupak De, Senior Technical Analyst at LKP Securities.
Sep 10, 2024, 7:56 am IST
Nifty Weekly Chart Analysis
According to Axis Securities, since March 2023, the index has maintained its upward trajectory, forming an up-sloping channel that indicates a sustained uptrend. With the current close, the benchmark index has decisively broken out of the eight-week consolidation range (25000-23800). The index is now positioned above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), reinforcing a bullish trend. The underlying trend remains positive, with the weekly and monthly Relative Strength Index (RSI) in positive territory, suggesting continued strength in the near term.
Sep 10, 2024, 7:55 am IST
Nifty Monthly Chart Analysis
As per Axis Securities, the benchmark index has reached an all-time high at 25268, closing near that level, which reflects strong bullish sentiment. The monthly price action has formed a bullish candle with a long lower shadow, indicating robust buying interest on minor corrections. Surpassing the previous month's high on a closing basis further reaffirms the bulls' control. Looking ahead, we maintain a bullish outlook for the coming weeks, with expected upside targets in the 25500-25800 range. Minor corrections toward 25000-24500 are seen as buying opportunities, positioning the index for a near-term target of 25800-26000.
Click it and Unblock the Notifications
Sign in with Google