Indian stock market erased early gains, pulling back from their record high levels in the mid-session of Monday, September 16. Currently, Sensex and Nifty are in red with marginal dips, after the benchmarks touched a new all-time high of 83,184.34 and 25,445.70 respectively in the early trade.
Heavyweights such as Bajaj Finance, Hindustan Unilever and Bajaj Finserv were top bears down by 2-3%.
The Bajaj twin stocks are down after parent Bajaj Group's yet another NBFC debuted on the exchanges. Bajaj Housing Finance made a stellar debut on the stock market on Monday, September 16, delivering impressive returns to investors. The company's shares were listed at Rs 150 apiece on the Bombay Stock Exchange (BSE), reflecting a premium of 114.29% over the issue price of Rs 70 per share. Similarly, on the National Stock Exchange (NSE), Bajaj Housing Finance shares began trading at Rs 150 per share.
The key domestic and global economic data, such as China's PBoC loan prime rate (September), US Core Retail Sales (MoM) (Aug), US Industrial Production (MoM) (Aug), US Fed Interest Rate Decision, US FOMC Economic Projections, US FOMC Press Conference, US Initial Jobless Claims, and India's WPI Inflation (YoY) (Aug), Bank Loan Growth, Trade Balance (Aug), and India FX Reserves (USD), are going to act as an anchor for the market perspective this week.
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Sep 16, 2024, 2:59 pm IST
Laurus Labs Shares In Focus
The cutting-edge new research and development facility of Laurus Labs Ltd. has been formally opened at IKP Knowledge Park, Plot No. DS15, Kolthur Shamirpet Medchal Telangana. The facility was opened by Dr Satyanarayana Chava, the founder and CEO of Laurus Labs, as well as other senior members of the management team. Hon. Shri Duddilla Sridhar Babu Garu is the Minister of Information Technology, Electronics & Communications, Industries & Commerce, and Legislative Affairs - Government of Telangana. The state-of-the-art facility is designed to promote innovation and further the company's goal of creating "Chemistry for Better Living."
Sep 16, 2024, 2:19 pm IST
Rajnish Wellness Shares In Focus
Rajnish Wellness has fixed Friday, October 11, 2024 as the record date for 5:1 stock split.
Sep 16, 2024, 1:41 pm IST
PSU Stocks In Focus
PSU stocks including Maharatna, Navratna and Miniratnas will be in focus ahead as reports stated that Indian government may push capital spends for CPSEs, with an aim for “dividend consistency” as it works on finalising new capital management guidelines for government-backed companies.
Sep 16, 2024, 1:08 pm IST
Reliance Power Shares Up 5%
The Anil Ambani stock surged to hit 5% upper circuit after the company bagged Battery Storage Contract of 500 MW/1000 MWh in India's Renewable Energy sector.
Sep 16, 2024, 12:45 pm IST
25 Bps Or 50 Bps Rate Cut By Fed?
The US Federal Reserve is widely expected to cut its benchmark interest rates on September 18 but the key question is will it be a 25 or 50 basis point cut as markets think that there is a bigger chance that the Fed will move aggressively. The CME FedWatch tool shows that interest rate traders are currently pricing in a 60 percent probability of a 50 basis point cut on Wednesday while top economists more or less expect a 25 basis point reduction from its current fed funds rate of 5.25-5.50 percent.
Sep 16, 2024, 12:23 pm IST
Swiggy IPO Filing This Week?
India's food-delivery giant, Swiggy Ltd, is reportedly gearing up to file for its initial public offering (IPO) as early as this week. According to individuals familiar with the matter, Swiggy is aiming to raise over billion from the offering. This comes as the Bengaluru-based company awaits final approval from the Securities and Exchange Board of India (SEBI), with the exact size and timing of the offering still under consideration.
Sep 16, 2024, 11:44 am IST
Proximus Opal Successfully Completes The Offer For Sale (OFS) To Comply With The Minimum Public shareholding criteria
Route Mobile Limited, a leading global cloud communications platform service provider to enterprises, over-the-top (OTT) players, and mobile network operators, announced today that its promoter entity, Proximus Opal S.A., has successfully divested a 6.03% stake in the company through an Offer for Sale (OFS) on Sep 12 and 13, 2024, in addition to the 1.95% sell down that was completed on 26 July 2024, to comply with the minimum public holding requirement of 25%. The OFS was oversubscribed and received strong participation from long-only marquee investors. With this development, Proximus Opal, part of the Proximus Group, has reduced its holding in Route Mobile from 83.11% to below 75% and is compliant with the minimum public shareholding criteria, in accordance with the regulatory guidelines set by the Securities and Exchange Board of India (SEBI).
Sep 16, 2024, 11:14 am IST
Jindal Steel and Jindal Renewable Sign A MoU
Jindal Steel & Power Limited (JSPL) and Jindal Renewable Power Private Limited (JRPL) have announced a landmark Memorandum of Understanding (MOU) to implement India’s biggest investment in green hydrogen by any Indian steelmaker till date. This collaboration underscores a major commitment by both companies towards decarbonisation and green energy leadership in India’s steel industry. The MOU outlines JSPL’s plan to integrate green hydrogen into its Direct Reduced Iron (DRI) units in Angul, Odisha. This initiative represents a significant leap towards low emission steel production. In the first phase, Jindal Renewables will develop a green hydrogen generation capacity of up to 4,500 tons per annum set to commence by December 2025. In addition, the project will also entail supply of 36,000 tons of oxygen per annum that will be used in the Angul steelworks. JRPL will also be supplying ~3GW of renewable energy to JSPL’s facilities, reducing the steelmaker’s dependence on coal fired energy by 50% in the next 2-3 years. This integration of green energy is expected to drastically lower the company’s carbon footprint.
Sep 16, 2024, 10:26 am IST
Post Listing View On Bajaj Housing Finance By Swastika Investmart Ltd.
Bajaj Housing Finance, the housing finance arm of the renowned Bajaj Group, made a spectacular stock market debut, listing at Rs. 150 per share, a staggering 114% premium over its issue price of Rs. 70. This blockbuster performance was widely anticipated, given the IPO's overwhelming subscription of 67.43 times and the sky-high grey market premium. The listing reflects investors' unwavering confidence in the company's robust financials, backed by the prestigious Bajaj Group.
Sep 16, 2024, 10:14 am IST
Systematix Corporate Services Ltd. Announces Fund Raise Of Rs 103.12 Cr & Launch Of Alternative Investment Funds
Systematix Corporate Services Limited (“SCSL”), an integrated financial services on BSE Limited, is pleased to announce a fund raise of Rs 103.12 Crores through preferential allotment of equity shares at Rs 1531 per share. This fundraise marks an important chapter in Systematix's growth journey, reinforcing the trust and belief of marquee investors in the company's strategic vision and operational excellence. The funds raised will fuel strategic initiatives across Systematix's diverse business verticals, including the launch of two Alternative Investment Funds (AIFs) - Category I and Category III, scaling the Margin Trading book, Strengthening the Wealth Management, Capitalizing the Institutional and HNI/Retail broking divisions and Accelerate the growth of IB and ECM businesses. Systematix has demonstrated robust consolidated financial performance, with profit after tax soaring from Rs 1.32 crores in FY-20 to Rs 53.35 crores in FY-24, representing a CAGR of 152%.
Sep 16, 2024, 10:12 am IST
Infosys Collaborates With Life Insurance Corporation Of India To Accelerate Digital Transformation
Infosys today announced its collaboration with the Life Insurance Corporation of India (LIC), the largest life insurance company in India, to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement). As part of the collaboration, Infosys will enable the creation of a cutting-edge NextGen Digital Platform, which will focus on delivering seamless omnichannel engagement and data-driven hyper-personalized experiences to LIC’s customers, agents and employees. The NextGen Digital Platform will enable LIC realize the objectives of DIVE, which is to deliver best in class digital initiatives for all its stakeholders, customers, intermediaries and the marketing team. The platform will also serve as an open platform, enabling swift integration with FinTech companies and Bancassurance partners.
Sep 16, 2024, 9:59 am IST
Nifty Derivative Outlook By Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 26000 for Calls and 25000 for Puts while monthly contracts have highest open interest at 25000 for Calls and 25000 for Puts. Highest new OI addition was seen at 26500 for Calls and 22400 for Puts in weekly and at 27000 for Calls and 25200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.63%, decreased future index shorts by 7.54% and in index options by 22.10% increase in Call longs, 19.97% increase in Call short, 46.95% increase in Put longs and 26.11% increase in Put shorts.
Last two days’ upsides were challenged by the Bollinger upper band. With oscillators in short term periodicities continuing to be overbought, it may require a pull back before we get back on to the 25500-800 trajectory. Dips to 25255 would be within our expectations, that may be stretched up to 25200, without needing to abandon upswing possibilities, but a drop beyond 25150 could signal re domination of bears.
Sep 16, 2024, 9:39 am IST
Adani Green, Adani Power To sign 6,600 MW hybrid solar and thermal power supply agreement with Maharashtra State DISCOM
The world's largest renewable energy company, Adani Green Energy Limited (AGEL), will enter into a long-term Power Purchase Agreement (PPA) under the terms of the Letter of Intent (LOI) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply 5 GW (5000 MW) of solar power to Maharashtra state from the world's largest renewable energy park, which is being developed at Khavda in Kutch District of Gujarat. The LOI was awarded to Adani Power Limited as permitted under the tender conditions. In order to supply Maharashtra state with 1496 MW (net) of thermal power from a new 1600 MW Ultra-supercritical thermal power plant, Adani Power Limited (APL) will sign a long-term Power Supply Agreement (PSA) with MSEDCL.
Sep 16, 2024, 9:35 am IST
Market Opens Higher Amid Mixed Global Cues
The key Indian indices began trading higher on Monday, with the Sensex at 83,033.82 and Nifty opening at around 25,500. The Fed's comments on the economic outlook will be closely watched by the market, as global equity markets will be heavily centered on the Fed's rate move on Wednesday.
Sep 16, 2024, 9:15 am IST
Rupee Vs Dollar
Indian rupee began steady at 83.91 per dollar on Monday against Friday's wrap up of 83.89.
Sep 16, 2024, 9:07 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Globally equity markets will be focused on the Fed rate action on Wednesday which is likely to influence the stock market trend in the near-term. The first rate cut by the Fed in four years is a foregone conclusion, the only uncertainty is about the extent of the rate cut, that is, whether the cut will be 25 bp or 50 bp. The market will also be keenly watching the Fed commentary on the evolving economic outlook.
Nifty which has rallied 16.7% YTD is one of the best performing stock indices in the world. Even though India’s economic fundamentals and corporate earnings are strong, the single most important factor driving the Indian market now is the sustained domestic liquidity flows into the market. The resilience of the Indian market despite elevated valuations has forced FIIs to turn buyers in the cash market, where they bought on all days last week.
Since the undertone of the market continues to be bullish, it makes sense to remain invested. Among sectors, IT and pharma are showing strength.
Sep 16, 2024, 8:58 am IST
Samvardhana Motherson International Share Price In Focus
Samvardhana Motherson International via its wholly owned subsidiary MSSL Consolidated Inc. has announced to subscribe upto 36,39,010 Class A Ordinary shares of REE Automotive Ltd. at a price of USD 4.122 per share translating upto 11% on a fully diluted basis and upto 19% nondiluted basis shareholding in REE Automotive Ltd, as per a regulatory filing.
Sep 16, 2024, 8:33 am IST
FED meeting expectations from Swapnil Aggarwal, Director, VSRK Capital
The forthcoming Federal Reserve meeting on September 17-18, 2024, generated a lot of anticipation, with many expecting a 0.25 basis point rate reduction. Lower interest rates often make borrowing cheaper, which is advantageous for homeowners looking for lower mortgage rates. The reduction in borrowing costs may promote demand in the home market as well as encourage refinancing activity.
Historically, a rate cut has often fueled optimism in the stock market, as it reduces corporate borrowing costs and increases consumer spending power. However, the market’s reaction will depend on the motivations behind the Fed’s decision. If the rate cut is in response to concerns about a slowing economy or rising unemployment, the positive market effect could be muted. Conversely, if the Fed is cutting rates due to low inflation and a stable growth outlook, markets may rally in response to the more favourable borrowing environment. All eyes are on the Fed as it navigates this complex economic landscape.
Sep 16, 2024, 8:05 am IST
Nifty Prediction Today By Rupak De, Senior Technical Analyst at LKP Securities
The index remained range-bound throughout the day. On the higher end, it faced resistance at the rising trendline on the daily chart. On the lower timeframes, the RSI has entered a bearish crossover, signaling an early indication of a potential bearish momentum reversal. In the near term, the trend may remain sideways. Support is observed at 25,150–25,200, while resistance is seen at 25,460.
Sep 16, 2024, 8:05 am IST
Market Outlook By Rajesh Bhosale, Equity Technical Analyst, Angel One
After a brief pause last week, the primary uptrend has resumed with prices forming new higher highs and higher lows on the daily chart. This trend suggests that corrections are getting shorter, reflecting a strong bullish undercurrent where minor dips are quickly bought into. Moving forward, dips towards key support levels can be viewed as buying opportunities. While there are no immediate signs of weakness, the momentum oscillator RSI Smoothened has failed to surpass its previous high, signaling a '2-Point Negative Divergence' on the daily chart. With the upcoming Fed policy, booking profits at higher levels would be wise to account for potential volatility. For levels, 25200 serves as immediate support, while Thursday's rally point of 25000 - 24970 is seen as strong support. On the higher side, 25500 – 25600 could act as resistance, as it aligns with the 'Bearish Wolfe Wave' reversal zone, followed by 25800 being the next retracement resistance. Traders should monitor these levels closely and set up their trades accordingly. This week also saw sector rotation, with defensive sectors performing well initially, but struggling later, while previously underperforming sectors like PSU Banks and Realty picked up. Traders should focus on identifying the right themes for outperformance opportunities.
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