Sensex ended the day with the gain of 376 points to 81,559 and Nifty 50 surged 84 points to 24,936 on September 9, 2024. Nifty Bank surged 540 points to 51,117 and Nifty Midcap slipped 154 points to 58,347. Sarveshwar Foods Ltd shares today hit 10% upper circuit after the company initiated strategic partnership with NBFCs to enhance financial support to its associated farmers. Current market price of Sarveshwar Foods shares on BSE is Rs 10.64 per share with gain of 9.92% in trade today. The top gainers of trade today include ITC, HUL, and ICICI Bank. Banks and FMCG sector shares witnessed rally today.
Earlier, Indian stock market opened on a bearish note with Sensex slipping below the 81,000 mark, and Nifty 50 falling under 24,800 levels. Broad-based selloff across sectoral indices along with weak global market and lack of domestic triggers, has led to the downtrend in Sensex and Nifty.
Sensex and Nifty touched an intraday low of 80,895.05 and 24,753.15 respectively at the opening bell.
Nifty Midcap and Nifty Smallcap dipped between 1-1.5%. While India's volatility index was broadly flat. Bank Nifty dipped by slipped by nearly 105 points. Except for FMCG, all sectoral indices were in red with oil and gas stocks, PSU Bank, Metal, Media, and Auto stocks underperforming the most.
Also, much awaited IPO of Bajaj Housing Finance will open today. The issue size is of Rs 6,560 crore.
Investors were particularly cautious as fears of further rate cuts by the Federal Reserve (Fed) loomed large over the market.
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Sep 09, 2024, 2:51 pm IST
Sarveshwar Foods Partners With NBFCs, Shares Hit 10% Upper Circuit
Small cap company from the FMCG sector Sarveshwar Foods Ltd shares today hit 10% upper circuit after the company initiated strategic partnership with NBFCs to enhance financial support to its associated farmers. Current market price of Sarveshwar Foods shares on BSE is Rs 10.64 per share with gain of 9.92% in trade today. Sarveshwar Foods has a market capitalisation of Rs 1041.46 crore. Sarveshwar Foods shares offered stunning returns of 132% in last 1-year and gained 24% in last 1-week only.
Sarveshwar Foods Begins Key Alliance With NBFCs: According to the regulatory filing of Sarveshwar Foods dated September 9, 2024, “drawing on a rich history of commitment to quality and community, Sarveshwar Food Limited recognizes the vital role that farmers play in its operations. These new collaborations are aimed at providing essential financial resources, enabling farmers to invest in modern agricultural practices and infrastructure. Through these partnerships, Sarveshwar Food Limited seeks to fortify the agricultural ecosystem and ensure the stability and growth of its supply chain.”
Gold prices in India today steadied as traders are keenly looking forward to US inflation report scheduled to come this week to boost their bets on the size of a likely rate cut by Federal Reserve later this month. 22K gold prices today stood at Rs 66,800/10 grams and 100 grams of 22 carat precious metal prices today remained stable at Rs 6,68,000. 24k gold prices today stayed unchanged at Rs 72,870/10 grams and 100 grams of 24 carat precious metal prices today remained neutral at Rs 7,28,700. It is worth mentioning here that silver prices slipped by Rs 5,900 and jumped by just Rs 2500 last 10-days (beginning from August 31 to September 9).
18k gold prices today stood at Rs 54,660/10 grams and 100 grams of 18 carat precious metal prices today are retailing at Rs 5,46,600. Meanwhile, 1 gram gold rate today for 22k gold prices is Rs 6,680 and 1 gram gold price today for 24k gold is retailing at Rs 7,287. 1 gram gold price today for 18 gram gold stood at Rs 5466.
Sep 09, 2024, 2:27 pm IST
Balu Forge Industries Shares Hit 52-Week High, Jumps Over 11% Today
Small cap company engaged in engineering sector, Balu Forge Industries Ltd shares today jumped 11.35% to Rs 856.65 per share. Balu Forge Industries shares today hit fresh 52-week high. Earlier, Balu Forge Industries fixed September 20, 2024 as the record date for final dividend of Re 0.15/- per equity share of Rs 10/- each for financial year 2023-24. Balu Forge Industries shares offered 200% return in last 3-months. The company has a market capitalisation of Rs 9021.33 crore.
Sep 09, 2024, 1:36 pm IST
Tata Power Grants Contracts Worth Rs 11,481 Crore to Local Suppliers in Odisha
Tata Power-led Odisha Discoms have awarded contracts totaling Rs 11,481 crore to local contractors and suppliers, according to an official statement. Over the past three years, since assuming control of Odisha’s power distribution, the Discoms have placed orders worth Rs 8,690 crore with local MSMEs and Rs 2,791 crore with non-MSMEs.
Sep 09, 2024, 12:52 pm IST
Ami Organics’ Surat Facility Cleared by Japan's Pharmaceutical and Medical Devices Agency
Ami Organics has successfully completed a Good Manufacturing Practices (GMP) inspection conducted by Japan's Pharmaceutical and Medical Devices Agency at its Surat manufacturing unit. The facility has been officially declared GMP compliant following the inspection.
Sep 09, 2024, 11:48 am IST
Bandhan Bank Goes live With Collection Of Goods and Services Tax (GST)
Bandhan Bank today announced that it has launched the facility to collect Goods and Services Tax (GST), through the online and offline modes from its customers as well as noncustomers. Paying GST has just become easier for the customers of the Bank and other tax payers. Under this authorization, Bandhan Bank customers and others can pay their Goods and Services Tax in a fast, seamless and convenient manner through the Bank’s Retail Internet Banking, and Corporate Internet Banking platforms. They can also pay the tax at any of the Bank branches using Cash, Cheque or Demand Draft. Bandhan Bank is now present in 35 out of 36 states and UTs, serving more than 3.44 crore customers through a robust network of over 6300 banking outlets, across India.
Sep 09, 2024, 11:35 am IST
Gold Prices In India Hold Steady For The Second Day In A Row.
Gold prices in India today were ₹ 72,870/- per 10 grams of 24-carat gold and ₹ 66,800/- for 10 grams of 22-carat gold on 9th September. India gold rates stayed constant since yesterday, with no significant change in the pure and standard gold variants.
Suzlon Announces India's Largest Wind Energy Order Of 1,166 MW From NTPC Green Energy Ltd.
After reporting strong FY 25 Q1 results, Suzlon Group, today announced bagging India’s largest wind energy order from NTPC Green Energy Limited for 1166 MW. Suzlon will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy Limited (a wholly owned subsidiary of NGEL) and one project of IndianOil NTPC Green Energy Pvt. Ltd. (A group company of NGEL) in the state of Gujarat. This win takes Suzlon’s largest‐ever cumulative order book close to 5 GW as of 03rd September 2024. Girish Tanti, Vice Chairman, Suzlon Group, said, " We are delighted to partner with NTPC Green Energy Limited, the renewables arm of India largest utility NTPC Limited, in our capacity as the nation’s premier Wind Energy OEM. This landmark collaboration reaffirms our commitment to accelerating India’s renewable energy transition. Notably, this marks our first direct wind energy order from NGEL, signaling Suzlon’s triumphant return to the PSU customer segment.”
Sep 09, 2024, 10:53 am IST
Mahindra Last Mile Mobility Ltd To Launch Electric Four-Wheeler ‘e-ZEO’
On World EV Day, Mahindra Last Mile Mobility Limited (MLMML), the pioneer in transforming last mile mobility in India with its market-leading e3Ws, has revealed the name of its all-new commercial electric four-wheeler. MLMML’s latest breakthrough in sustainable mobility: the all-new electric four-wheeler will be called ‘eZEO’. The name ‘e-ZEO’, stands for "Zero Emission Option", unequivocally conveys the environmental benefits of the electric vehicle. It resonates with the Company’s mission: to electrify the last-mile transportation and help customers prosper in their lives. Ms. Suman Mishra, MD & CEO of Mahindra Last Mile Mobility said, "Having led the charge in the last mile electric three-wheeler vehicle space, it gives us immense pleasure to reveal the brand name of our four-wheeler, ‘e-ZEO’, on World EV Day. This name resonates deeply with our purpose and aligns with global efforts to accelerate EV adoption, particularly in the sub-two-tonne category. Backed by the Mahindra trust, the ‘e-ZEO’ is poised to reshape urban logistics and drive prosperity for our customers.”
Sep 09, 2024, 10:33 am IST
Sarveshwar Food Ltd Initiates Strategic Partnerships WIth NBFCs To Extend Financial Support To Its Associated Farmers
Sarveshwar Food Limited, an emerging player in the agri-food sector based in Jammu, is pleased to announce that it has initiated strategic partnerships with certain Non-Banking Financial Companies (NBFCs) to enhance financial support for farmers—who are the backbone of the company’s supply chain—and drive improvements within the agricultural sector. The partnerships will offer farmers improved access to funding, including working capital and investments for agricultural infrastructure.
Sep 09, 2024, 10:17 am IST
Epic Energy Ltd Inks A JV Agreement With Fenfeo Automotive Pvt Ltd
Epic Energy Limited (EPIC )has signed a Joint Venture Agreement with Fenfeo Automotive Private Limited, Coimbatore to set up a Electric Vehicle Charger manufacturing unit in Coimbatore with an installed capacity of 15,000 Chargers per annum. A Joint Venture Company will be set up under the Agreement, with EPIC owning 76% of the Equity and Fenfeo owning 24% of the Equity. The JV Agreement also envisages expanding the initial installed capacity across multiple locations in India depending on the demands of the market. Nikhil Morsawala, CFO of EPIC said, "We have estimated a modest outlay of Rs 500 lakhs in this JV inclusive of CAPEX and OPEX. This will enable us to roll out 15,000 Chargers per annum.”
Sep 09, 2024, 9:36 am IST
Top Gainers And Losers
Gainers: ICICI Bank, HUL, Infosys, TCS, and HCL Tech are top gainers of Sensex in the early trade. However, the gains are marginal due to broad-based bearish trend.
Losers: Stocks lik NTPC, Adani Ports, Tata Steel, Power Grid, and M&M fell sharply by 1.5-2%, emerging as top losers.
Sep 09, 2024, 9:32 am IST
Sensex, Nifty Starts Monday With Bear Run
In the opening bell, Sensex lost its 81,000 mark, and Nifty struggled to float over 24,800 zone. Broad-based selloff across sectoral indices along with weak global market and lack of domestic triggers, has led to the downtrend in Sensex and Nifty.
Sep 09, 2024, 9:27 am IST
Stocks To Buy Today?
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on Monday. These are - BUY KALYAN JEWELLERS cmp 648 Stop Loss 634 Target 680; BUY VRL LOGISTICS cmp 576 Stop Loss 564 Target 600; and BUY ARCHIES cmp 31.53 Stop Loss 30.50 Target 34.
Sep 09, 2024, 9:25 am IST
Accumulate High Quality Largecaps, Pharma
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: Market is likely to turn volatile in the coming days as indicated by the spurt in CBOE VIX by 12% to 23.50. Two factors are likely to weigh on markets: one, the outcome of the US presidential elections and two, the Fed decision on rate cut. The presidential election is tight now and can go both ways. The market will be concerned about a possible Trump victory and its consequences on policy, particularly on trade tariffs, which markets fear can trigger a trade war. The other concern is regarding the Fed rate action: whether the Fed will cut by 25bp or 50 bp in September. 25 bp cut may be inadequate in the context of the slowing economy and 50bp cut may confirm recession fears. This dilemma has to be resolved by the Fed chief Powell in his message." Vijayakumar added, "Investors may wait and watch for clarity on these crucial developments. Meanwhile, weakness in the market can be used to slowly accumulate high quality largecaps and defensives like pharmaceuticals."
Sep 09, 2024, 9:25 am IST
Rupee Nears Record Low, Hits 84 Mark
Indian rupee weakened further to touch near record low by crossing 84 mark against US dollar in the early trade at forex market. Last week, rupee fell marginally to settle at 83.9475 per dollar. As per reports, rupee and government bonds are looking for further clarity on the size of rate cut by the US Federal Reserve in the upcoming policy meeting, as the last week's US job data.
Sep 09, 2024, 8:28 am IST
Guide To Traders
Ajit Mishra – SVP, Research, Religare Broking: Traders are advised to manage their positions carefully on both the long and short sides, and avoid averaging down on loss-making trades during this uncertain phase.
Sep 09, 2024, 8:28 am IST
Technical outlook for market this week:
Ajit Mishra – SVP, Research, Religare Broking: Technically, the recent decline in Nifty has disrupted the index's upward momentum, pushing it below its short-term 20-day exponential moving average (DEMA). The next significant support level is around 24,500, aligned with the 50 DEMA. In the event of a recovery, the 25,100-25,350 range is likely to serve as a strong resistance zone. Sectorally, defensive stocks like FMCG and pharma are expected to show resilience during this correction, while other sectors, especially PSU stocks, may face continued selling pressure as they exhibit signs of a breakdown from a distribution pattern.
Sep 09, 2024, 8:28 am IST
What Will Drive Market This Week?
Ajit Mishra – SVP, Research, Religare Broking: Looking ahead to the coming week, global market developments will be closely watched, with a particular focus on the US. Traders and investors will initially react to weaker-than-expected US job data, which has reignited discussions about the size of the US Federal Reserve's anticipated interest rate cut. While markets have largely priced in a 25-basis point rate cut, any adjustment beyond that could provide a positive surprise in the short term. Additional crucial data, including the US inflation report on September 11 and the Producer Price Index (PPI) on September 14, will offer further insight into the Fed's potential monetary policy moves. On the domestic front, investors will keep an eye on key economic indicators, with the release of India's Index of Industrial Production (IIP) and Consumer Price Index (CPI) on September 12. These data points will provide important cues for the market's trajectory, especially amid concerns about global economic headwinds.
Sep 09, 2024, 8:25 am IST
Weekly Outlook For Nifty
Shrey Jain, Founder & CEO, SAS Online – a deep discount broker: Technically, Support for Nifty is breached on the downside which was seen at 24900 – 24850 which was its point of polarity. A lower support for Nifty is now at 24525 – 24550 while any upward shift can be from this level but below this, we may witness further selling pressure.
Sep 09, 2024, 8:23 am IST
Market In Previous Session
The Indian stock market ended Friday's session on a grim note, marking its steepest fall in weeks as both the Sensex and Nifty plummeted over 1%. Frontline indices took a significant hit, weighed down by concerns over global economic conditions and the impending US jobs report. The losses dragged the Nifty below the 24,900 mark, while the Sensex nosedived more than 1,000 points to settle at 81,184.
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