Sensex ended the day with the gain of 384 points to 84,928 and Nifty jumped 148 points to 25,939 on Monday, September 23, 2024. Nifty Bank hit fresh record high in trade today. Nifty Bank surged 312 points to 54,105 and Nifty Midcap soared 503 points to 60,712 on September 23, 2024. Meanwhile, PSU Banks shares witnessed rally in trade on Monday.
Earlier, stock market indices, Sensex and Nifty 50, continued their ascend on Monday, building upon the record highs achieved at the opening bell. As of 11:45 AM, the Sensex was up by 143 points (0.26%) at 84,680, while the Nifty 50 had gained 72 points (0.38%) to reach 25,867.
Sectoral indices also contributed to the market's positive performance, with Nifty Pharma and the bank indices leading the way with 0.20% and 0.32% increase, followed by Auto and Realty sectors, which rose by 1.05% and 1.56% respectively. The broader market, including Small Cap and Mid Cap indices, was also gaining momentum, with early morning gains of 0.62% and 0.57% respectively.
Internally, the market's bullish sentiment was further bolstered by the strong performance of major US stock indices, which concluded the previous week at near-record highs. This positive sentiment was largely driven by the Federal Reserve's decision to reduce interest rates by 50 basis points, which has encouraged investors to allocate more capital to riskier assets.
Stocks like M&M, NTPC, Bharti Airtel, SBI, Kotak Bank, and Adani Ports are top gainers. Meanwhile, stocks like ICICI Bank, HCL Tech, Infosys, and IndusInd Bank are top bears.
Realty, Pharma, PSU Banks, Oil & Gas, And Auto are top contributors.
Last week, Sensex jumped by 1,438.40 points or 1.73% and even touched new lifetime high of 84,694.46. While Nifty 50 rallied by 393.70 points or 1.6% and also hit a new record high of 25,849.25.
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Sep 23, 2024, 3:23 pm IST
Google, Nvidia To Enhance AI focus, Investments In India
Technology giants Google and Nvidia will enhance their engagement in India with more focus on leveraging artificial intelligence technology in the country, top officials of the companies said on Monday after meeting Prime Minister Narendra Modi. Graphics Processing Unit (GPU) major Nvidia CEO Jensen Huang said the Prime Minister has always been keen on learning about artificial intelligence, its potential and opportunities for India, according to a PTI report. "I have enjoyed so many meetings with the Prime Minister. He's such an incredible student, and every time I see him, he wants to learn about technology, artificial intelligence, the potential and opportunity for India, the impact on India, society and industry," Huang said. Huang's Nvidia is estimated to have 88 per cent market share in the GPU segment which is in huge demand for AI workloads across the world. He said India is home to some of the world's greatest computer scientists which is a great opportunity.
Sep 23, 2024, 2:43 pm IST
Mercury EV Tech Surges Amid Fundraising Announcement And Strategic Milestones
Mercury EV Tech Ltd, a key player in the electric vehicle (EV) sector and listed on the BSE Smallcap Index, saw its stock rise sharply on Monday. The company's shares surged by approximately 4.2%, reaching an intraday high of Rs 108.39 per share, compared to the previous closing price of Rs 104.02. This movement brings the stock closer to its 52-week high of Rs 143.8, a marked improvement from its 52-week low of Rs 44.02.
Earlier this month, Mercury EV Tech's board approved a significant fundraising initiative through a preferential share issue. The company will issue up to 1,57,41,000 equity shares, or nearly 1.57 crore shares, at Rs 75 per share, which includes a face value of Re 1 per share and a premium of Rs 74 per share. This capital raise is expected to generate a maximum of Rs 118.05 crore.
Sep 23, 2024, 2:27 pm IST
MIC Electronics Hits 5% Upper Circuit On Railway Contract Wins
MIC Electronics Ltd witnessed a significant surge in its stock price today, hitting a 5 per cent upper circuit to reach an intraday high of Rs 103.56 per share, up from its previous close of Rs 98.63. The stock's 52-week range spans from a high of Rs 114.74 to a low of Rs 23. With a market capitalization of Rs 2,495 crore, MIC Electronics has been a multibagger, delivering returns of 315 per cent over the past year, 7,740 per cent over three years, and a staggering 17,000 per cent over five years. The company's three-year compound annual growth rate (CAGR) of 336 per cent further emphasizes its remarkable stock performance.
In early September, MIC Electronics secured two significant contracts from the Indian Railways. The Western Railway Zone's Ratlam Division awarded the company a contract worth Rs 86.44 lakh for the supply and installation of telecom equipment for foot overbridges at 14 stations.
Sep 23, 2024, 2:25 pm IST
Gold Price Rally Continues In India, Sept 23: Yellow Metal Prices Scale Fresh High
Gold prices in India continues to shine as yellow metal prices hit record high on Monday after momentum created by Federal Reserve’s interest rate cut and ongoing Middle East tension. 1 gram of 22k gold price in India on January 1, 2024 stood at Rs 6387 and today the price climbed to unprecedented high of 6980. 22k gold price today surged by Rs 200 to hit fresh high of Rs 69,800/10 grams and 100 grams of 22 carat yellow metal prices surged by Rs 2000 to Rs 6,98,000. 24k gold prices today soared by Rs 220 to Rs 76,150/10 grams and 100 grams of 24k precious metal prices today rose by Rs 2200 to settle at Rs 7,61,500 on September 23, 2024.
18k gold prices today witnessed new high of Rs 57,110/10 grams after gain of Rs 160 and 100 grams of 18 carat precious metal prices today zoomed by Rs 1600 to Rs 5,71,100.
Sep 23, 2024, 1:53 pm IST
NBCC Arm Secures Rs 1,261 Crore Contract for AIIMS Project in Darbhanga
HSCC (India), a wholly owned subsidiary of NBCC (India), has been awarded a Rs 1,261 crore contract for the establishment of the All India Institute of Medical Sciences (AIIMS) in Darbhanga, Bihar.
The board of directors of Godfrey Phillips has considered the matter of issuing bonus shares. The company will seek clarification from the Reserve Bank of India (RBI) regarding the issuance of bonus shares to non-resident shareholders, including those under Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI).
Mankind Pharma's board has approved a plan to raise up to Rs 10,000 crore through non-convertible debentures (NCDs) and commercial papers on a private placement basis.
Sep 23, 2024, 12:43 pm IST
Adani Total Gas Shares Surge Following 5 Million Funding from Global Lenders
Adani Total Gas has secured a significant financial boost from international lenders, entering into a financing framework that supports future funding aligned with its business plan. The initial financing, amounting to 5 million, includes an initial commitment of 5 million and was executed with five major global lenders: BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.
Sep 23, 2024, 12:25 pm IST
Ipca Laboratories Board to Discuss Business Consolidation in US Market
The board of directors of Ipca Laboratories will meet on Monday, September 30, 2024, to discuss the integration and consolidation of its US generics formulations business. The proposal involves merging the generics business of M/s. Bayshore Pharmaceuticals LLC, a wholly-owned step-down subsidiary, into Unichem Pharmaceuticals (USA) Inc., a wholly-owned subsidiary of Ipca’s main subsidiary. This move aims to consolidate all of Ipca Group's US generics formulations operations under a single entity.
Sep 23, 2024, 12:09 pm IST
Aster DM Healthcare Signs Lease with Aparna Construction for New Hospital
Aster DM Healthcare, through its wholly owned subsidiary Sri Sainatha Multispecialty Hospitals, has entered into a lease agreement with Aparna Constructions and Estates to establish a new Aster Woman and Children Hospital in Hyderabad.
Sep 23, 2024, 11:58 am IST
Vodafone Idea Stock Jumps On .6 Billion Deal With Nokia, Ericsson & Samsung Amid AGR Setback
Vodafone Idea's share price surged by more than 8% in early trading on Monday after the telecom giant announced a significant .6 billion deal with Nokia, Ericsson, and Samsung. This deal is a crucial part of Vodafone Idea's ambitious three-year capital expenditure (capex) plan. The announcement triggered a sharp rise in Vodafone Idea's share price, which soared as much as 8.96% to Rs 11.42 per share on the Bombay Stock Exchange (BSE). This spike came after the company confirmed the deal in a stock exchange filing on September 22.
SpiceJet has successfully raised INR 3000 crore through its recently concluded Qualified Institutional Placement (QIP), which was significantly oversubscribed by investors. The QIP, which opened on September 16 and closed on September 18, received an overwhelming response from qualified investors, demonstrating strong confidence in the company’s growth prospects. The QIP attracted a diverse pool of top-tier institutional investors and mutual funds, reaffirming the market’s belief in SpiceJet’s ability to navigate industry challenges and capitalise on the growing demand in the aviation sector. Prominent global investors including Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Limited ODI, Tata Mutual Fund, Discovery Global Opportunity Ltd, Societe Generale ODI, Authum Investment and Infrastructure Limited, Bandhan Infrastructure Fund, White Oak, Carnelian Bharat Amrikaal Fund, 360 ONE Equal Opportunity Fund and The Jupiter Global Fund have all demonstrated their confidence by participating in the QIP.
Sep 23, 2024, 11:40 am IST
SAMIL Closes QIP With Strong Investor Demand, Raised USD 771 Million
Samvardhana Motherson International Limited (“SAMIL”) successfully concluded its capital raise of INR 6,437 Crores (USD 771 Mn approx.) on September 20th, 2024. The issue garnered strong interest from both domestic and foreign institutional investors, leading to substantial demand over the issue size. Over 95% of allocations were made to marquee long-only investors such as mutual funds, insurance and pension funds, foreign institutional investors (“FIIs”) etc. The issue resulted in the further diversification and strengthening of the shareholder base. SAMIL has become one of the few successful issuers of Equity and Compulsorily Convertible Debentures in a composite issuance (equity of INR 4,937 Crores and CCDs of INR 1,500 crores). The transaction subscription was done at a share price of INR 190/share while the floor price as per SEBI ICDR regulations was INR 188.85/share.
Sep 23, 2024, 11:27 am IST
India Gold Prices Continues To Surge On The Third Consecutive Day
India gold prices today for 10 grams of 24-carat gold are Rs. 76,150/- and similarly, 22-carat gold rates in India today are Rs. 69,800/- for 10 grams. Yellow metal prices had an increase of Rs. 220/- and Rs. 200/- for both pure and standard gold respectively.
Inox Wind Inks Pact With ICICI Bank-Led Consortium For Rs 2,200 Crore Finance Facility
Wind energy solutions provider Inox Wind on Monday said it has signed an agreement with a consortium led by ICICI Bank to tie up Rs 2,200 crore finance facility. This limit is likely to be enhanced further to Rs 2,400 crore as per the working capital assessment done by the lead bank (ICICI Bank), Inox Wind Limited (IWL) said in a statement.
DOMS Industries Limited (“DOMS”), India's leading stationery and art material brand, has announced the completion of its strategic investment to acquire a 51.77% equity stake in Uniclan Healthcare Private Limited (“Uniclan”), a growing producer of baby diapers, wipes, and other baby hygiene products. The acquisition makes Uniclan a subsidiary of DOMS. As a part of the transaction, the Company has acquired 71,16,080 equity shares for a total consideration of ₹ 54.88 crore, of which ₹ 28.88 crore shall be primary infusion, which will be utilized towards capacity expansion, debt repayment and funding working capital requirements by Uniclan.
Sep 23, 2024, 10:17 am IST
Inox Wind Signs A Consortium Agreement With Banks For Rs 2,200 cr Facilities
Inox Wind Limited (IWL), India’s leading wind energy solutions provider, announced today that it has signed a consortium agreement with a group of banks led by ICICI Bank for limits of ~ Rs 2,200 crores. This limit is likely to be enhanced further to ~ Rs 2,400 crores as per the working capital assessment done by the lead bank (ICICI Bank). The limits extended are largely non-fund based [bank guarantees (BGs) and letter of credits (LCs)]. The limits have been sanctioned on the financial strength of IWL’s balance sheet and without the requirement of any corporate guarantees or any other support from Gujarat Fluorochemicals Ltd. (GFL). IWL’s recent fund raised as well as its operational ramp up have led to its balance sheet becoming net cash positive.
Sep 23, 2024, 9:37 am IST
Crude Oil Volatility To Continue?
Rahul Kalantri, VP Commodities, Mehta Equities: Crude oil witnessed high price volatility and slipped from their highs in the international markets on Friday but managed to gain for the second straight week after Fed rate cuts and Middle-East tensions. Crude oil prices also gained after the U.S. crude oil stocks slipped to one year lows. The U.S. is also planning to fill its SPR, which supported crude oil prices at lower levels. Weakness in the dollar index and OPEC+ postponement of restoration of outputs until end of 2024 also aided crude oil prices. However, Chinese demand concerns are limiting gains of crude oil. We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at .50-69.70 and resistance at .90-72.40. In INR terms, crude oil has support at Rs5,910-5,840 while resistance is at Rs 6035-6,110.
Sep 23, 2024, 9:29 am IST
Sensex, Nifty At New Lifetime High
Sensex and Nifty 50 touched yet another new lifetime high of 84,843.72 and 25,910.35. Both the benchmarks are chasing 85,000 and 26,000 levels. Broad-based buying was witnessed across sectoral indices with exception of volatility in private banks and IT stocks. Here is the latest performance of Sensex and Nifty
Sep 23, 2024, 9:25 am IST
Rupee Vs Dollar Today
Indian rupee traded at 83.5 against US dollar at the interbank forex market. Weakness in dollar continues, after US Federal Reserve trimmed key rates aggressively by 50 bps and hinted at two more cuts in 2024. As per Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, Key support levels for the rupee are seen at 83.60-83.65, while resistance lies in the range of 83.40-83.30.
Sep 23, 2024, 8:45 am IST
Bank Nifty Outlook
As per brokerage Prabhudas Lilladher, BankNifty finally conquered above the previous peak of 53357 zone, to hit the new high above 54000 levels with upside potential visible and is anticipated to rise further with majority of the frontline banking stocks beginning to gain strength. The index would have the next immediate target of 55100 levels as mentioned earlier with 52000 zone as the important support zone.
Sep 23, 2024, 8:45 am IST
Nifty 50 Outlook Today
Prabhudas Lilladher: Nifty indicated a big bullish candle after a short period of consolidation to gain strength scaling all-time new high breaching above the 25800 zone with sentiment getting much better. The index has almost reached the 25900 level and with the frontline stocks gaining momentum, has much steam to achieve the next target of 26300 level in the coming days.
Sep 23, 2024, 8:45 am IST
Sensex Outlook Today
Prabhudas Lilladher: Sensex maintaining the support near the significant 20DMA zone of 82407 levels has indicated a big bullish candle breaching almost 1.61% retracement level of 84480 above the resistance barrier and can anticipate further rise with next targets of 85500 and 86000 levels visible in the coming days. The support for the week would be seen at 83400/25400 while the resistance would be seen at 86000/26300 levels
Sep 23, 2024, 8:24 am IST
Upcoming IPOs This Week
The Indian primary market is buzzing as 11 Initial Public Offerings (IPOs) are scheduled for launch next week. This surge in IPO activity indicates a thriving market with growing investor interest. Not only will the market witness these new IPOs, but 14 fresh listings are also lined up, promising a week full of action for investors.
Sep 23, 2024, 8:17 am IST
Weak crude and copper prices raise concerns?
Sunil Damania, Chief Investment Officer, MojoPMS: The much-anticipated 50 bps Fed rate cut has finally materialised, with signals from the Federal Reserve indicating additional cuts in 2024, 2025, and 2026. Markets have responded positively, as this could prompt a shift from debt to equities, potentially leading to a melt-up scenario. There is speculation that the RBI might follow suit in its upcoming monetary policy meeting on October 9th. However, market sentiment will remain sensitive to geopolitical developments, corporate earnings growth, and the global economy's health. Weak crude and copper prices raise concerns about the robustness of global recovery. Currently, ample liquidity is driving indices higher, and we see no immediate catalyst that could significantly reduce this liquidity. While we maintain a constructive outlook on the market, we anticipate that the rally from this point forward may be more selective, with sector rotation likely—sectors that outperformed previously may not lead the next leg of the rally.
Sep 23, 2024, 8:15 am IST
Market Weekly Outlook
Vinod Nair, Head of Research, Geojit Financial Services: After a sideways start, the market gained momentum with a surprise 50 bps rate cut by the US FED. The apprehension of a slowdown in growth was eased slightly after the lower-than-expected US jobless claim. The data pointed to a soft landing of the US economy at the start of the rate cut cycle. However, the IT index failed to rebound, mainly due to layoffs and the depreciation of USD. Strong monsoon and festive demand cheer the auto index with an outperformance. Though the global economy went through a rate-cut cycle, the BOE stuck to a cautious tone and kept the rate unchanged, citing inflation pressure. On the other hand, BoJ kept its rate unchanged as expected as the central bank adopted a wait-and-watch approach after raising the interest rate in July. We have seen a sectorial rotation among investors to large caps, especially in consumption, staples, auto, finance, and realty. In the short term, investors are being cautious on export-oriented sectors like pharma and IT due to depreciation in the dollar.
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