Closing Bell: Sensex falls, closed at 67,596 level : While Nifty at 20,133 level

 Indian Market 

FII AND DII 

 Indian Market News

• Nifty at 19,900, Sensex down 796 points; major drags are banking, metals, and real estate.
• Asian markets are trading lower; the Nikkei, Hang Seng, and Straits Times are all down 0.2%.

• US stocks finish down as investors seek refuge ahead of the Fed’s decision.

• Gold falls ahead of the US Federal Reserve’s policy decision.

• Oil prices are rising due to supply concerns.

• The dollar strengthens but weakens versus the yen ahead of the FOMC meeting.

• The United Auto Workers union strike has entered its fifth day with no end in sight. 

• The GIFT Nifty indicates a dismal start for India’s broader index.

• Yatra Online IPO is fully subscribed, and the final day of bidding is today.

• GR Infra arm secures Rs 737.17 crore highway development project

• Naveen Jindal has elected to remain on the board of JSPL as a non-executive Chairman.

• Tarsons Products Large Trade | CNBC-TV18 reported that 20 lakh shares (3.8 percent equity) worth Rs 106 crore changed hands in a block deal window.

• Oberoi Realty, Brigade Enterprises, and Mahindra Life drove down the BSE Realty index by approximately 1%.

•  Coforge, Tech Mahindra, and Persistent Systems drove the Nifty Information Technology index down 0.6 percent. 

• The RBI has approved Sashidhar Jagdishan’s reappointment as MD and CEO of HDFC Bank.

• RR Kabel goes public for Rs 1180, a 14% premium over the IPO price.

•  JK Lakshmi Cement will pay Rs 21.60 crore for a 20.80% share in Amplus Helios. 

• Reliance falls 3% following a Rs 4,563-cr block trade, sending the Nifty50 below 20,000.

• MSEDCL’s Rs 646 crore deal boosts Ashoka Buildcon’s stock.

• DroneAcharya Aerial Innovations intends to launch 30 new franchises across India. 

• Tajinder Gupta has been appointed as Director (Power) by the BHEL Board of Directors, effective September 20.

• Sasken Technologies would invest up to Rs 50 crore in companies that specialize in advanced AI/5G/power to expand its IP portfolio and technical capabilities.

• Bharat Dynamics signs Rs 290 crore contract with IAF 

• The Khadi & Village Industries Commission awards NBCC a work order for Rs 150 crore.

• Delhi International Airport has placed an order for BL Kashyap bags worth Rs 167 crore.

• According to CNBC-TV18, 1.9 lakh shares (0.3 percent equity) worth Rs 4,563 crore change hands in a block sale window.

• Fenesta, owned by DCM Shriram, has formed a technical cooperation with Inventure Metal Products Industries LLC in the United Arab Emirates.

• Shelly Verma’s stint as additional CMD of Indian Railway Finance Corporation has been extended by the government by six months.

• Vivek Wahi’s term as Executive Director of the Central Bank of India has been extended by the government till September 2025.

• The government extends Nitesh Ranjan’s term as Executive Director of Union Bank of India by two years.

• Tushar Kant Gupta, Bata India’s head of marketing, has resigned.Indian Market Action

     INDIAN MARKET MOVERS 

Global Market Check

GIFT Nifty

The GIFT Nifty index started slightly negative, losing 21 points, while futures reached 20,078 points after reaching a high of 20,110 points.

US Markets

Stock futures on Wall Street were quiet on Tuesday evening as investors awaited the Federal Reserve’s latest interest rate decision and economic update.

Dow Jones Industrial Average futures were flat, while S&P 500 and Nasdaq 100 futures ticked up less than 0.1% each.

The Federal Open Market Committee’s policy decision is due out on Wednesday, and investors will be closely watching the summary of economic projections and the press conference of Fed chair Jerome Powell for clues about the months ahead.

Wealth management firm Certuity’s Dylan Kremer predicts that investors will be looking for longer-term expectations and a terminal rate, and downplay any inflationary items, such as the oil markets.

Trading has been mostly quiet so far this week.

European Markets

European markets fell on Tuesday due to the start of the US Federal Reserve’s monetary policy meeting.

The Stoxx 600 index was 0.15 percent lower, with retail stocks experiencing the biggest losses at 1.6%.

Banks and oil and gas stocks were up around 1%.

Investors are expecting the US central bank to hold interest rates steady in its latest policy decision on Wednesday, and will assess the move to understand its stance on inflation.

Decisions are also due from central banks in the UK, Switzerland, Turkey, and beyond.

  Asian Markets

Asia-Pacific markets are expected to experience losses from Tuesday as investors await China’s one-year and five-year loan prime rates and the US Federal Reserve’s rate decision. August trade data from Japan was released, and wholesale inflation in South Korea jumped for the first time since July 2022. Japan’s Nikkei 225 fell marginally, while the Topix was near the flatline. In Australia, the S&P/ASX 200 fell 0.11 percent, while South Korean markets gained 0.1% and the Kosdaq slightly increased. Hong Kong’s Hang Seng index futures were at 17,980, lower than the HSI’s last close.

Oil Prices

Oil prices surged over $1 on Tuesday, marking a fourth consecutive session of gains due to weak US shale output and supply concerns from extended production cuts by Saudi Arabia and Russia. Brent crude futures rose by 1.31 percent to $95.67 a barrel, while US West Texas Intermediate crude futures rose by 2.1% to $93.40. The rally has reached its highest since last year, and analysts predict tight oil markets throughout winter.

Dollar Index

The Dollar index closed 0.06 percent lower in futures at 104.79, while the dollar’s value was near Rs 83.11.

Gold Prices

Gold reached a two-week peak on Tuesday, with a dollar pullback. Prices remained narrowly ranging as the Federal Reserve’s policy meeting focused on interest rate outlook and economic projections. Spot gold rose 0.1% to $1,934.10 per ounce, while US gold futures gained 0.2% to $1,956.80.

News Updates

Monetary policy to dominate commodity market sentiments this week

Global markets saw a boost as Chinese regulators boosted domestic consumption, while US inflationary pressures limited gains elsewhere. The US dollar reached a six-month high of 105.43, driven by persistent US inflation. The US Consumer Price Index rose by 0.6% in August, the largest monthly increase since May 2022. Core inflation moderated for the fifth consecutive month to 4.3%, aligning with market expectations. Retail sales also exceeded expectations, demonstrating consumer resilience. This leaves room for potential interest rate hikes in November or December, following an expected pause this month.

Jupiter Life Line Hospitals likely to list with 30% premium today

Jupiter Life Line Hospitals is expected to list with a 30% premium over the issue price of Rs 735 per share on September 18. This is due to robust subscription numbers, strong brand recall in the Mumbai Metropolitan Area (MMR) region, increasing demand in the healthcare sector, and bullish sentiment in the equity markets. The initial public offering of the hospital chain was subscribed 63.72 times during September 6-8, with qualified institutional buyers buying 187.32 times the allotted quota. High net-worth individuals and retail investors also supported the issue, putting in bids 34.75 times and 7.73 times the portion set aside for them. Jupiter Life Line Hospitals operates three hospitals in the Mumbai Metropolitan Area and western region of India.

Primary market booms with 10 public issues lined up to raise over Rs 2,400 cr this week

The primary market is experiencing a surge with 10 companies preparing to issue their initial public issues this week, raising at least Rs 2,400 crore. The first IPOs in the mainboard segment will be held by Telangana-based ethnic apparel retailer Sai Silks Kalamandir and Delhi-based real estate developer Signature Global. The first IPOs will open on September 20 and close on September 22, with Sai Silks aiming to raise Rs 1,201 crore from the issue. The issue includes fresh shares worth Rs 600 crore and an offer-for-sale (OFS) of 2.7 crore equity shares by the promoter group.

PSU bank stocks beat private peers in one-year returns, keep brokerages upbeat

Public sector banks (PSBs) have become the dominant players in the Indian banking sector in the past year, outperforming private counterparts. Analysts predict continued growth in PSU banks due to consolidation efforts, credit growth, and improved asset quality. PSBs like UCO Bank and Punjab & Sind Bank have seen impressive returns of over 187% and 148%, respectively. Bank of Maharashtra and Central Bank of India have also seen significant gains, rising 126.12% and 92.72%, respectively. The Nifty PSU Bank Index, which tracks PSB performance, has surged by 52% over the past year, surpassing the Nifty Bank Index’s 12% gain in the same period.

STOCK IN NEWS 

• Tata Motors: With effect from October 1, Tata Motors, the largest commercial vehicle manufacturer in India, would raise pricing on its products by up to 3%. The price rise will be applied to the entire range of commercial vehicles and is intended to counteract the ongoing effects of previous input expenses.

• Biocon: The board of the biopharmaceutical firm has given its approval for the nomination of Peter Bains as the group CEO, effective as of September 18. He will answer directly to Kiran Mazumdar-Shaw, Chairperson of the Biocon Group. With immediate effect, Bains has resigned from his position as an Independent Director on the Biocon board in order to take on this strategic leadership role.

• RR Kabel: The maker of wires and cables will make its market debut on September 20 and will be the first business to list in the T+2 timeframe after concluding the IPO. The price per share for the issuance has been set at Rs. 1,035.

• Amber Enterprises India: A joint venture agreement was signed by Gurgaon-based Nexxbase Marketing and Amber Enterprises India’s subsidiary ILJIN Electronics (India) for the production, assembling, and design of wearables and other smart electronics devices.

• Prakash Industries: The Bhaskarpara commercial coal mine owned by Prakash Industries has received environmental clearance (EC) from the Indian Ministry of Environment, Forests, and Climate Change. The mining lease will probably go into effect within the upcoming quarter.

• BL Kashyap and Sons: The Delhi International Airport has given the civil engineering and construction firm BL Kashyap and Sons a fresh order worth Rs. 167 crore. For the SAM project, the order includes civil and structural works. At this time, there are 3,005 crores worth of orders in the backlog.

• Blue Star: To raise up to Rs 1,000 crore, the manufacturer of air conditioners opened the qualified institutions placement issue on September 18. The share’s floor price has been set at Rs. 784.55.

• Wipro: To develop Wipro CyberTransform – Intelligent ServiceNow Risk and Security Solutions, the technology services and consulting firm Wipro teamed up with ServiceNow. Organisations will be able to combine their risk, compliance, and security postures more rapidly and successfully thanks to the solution.

• LTIMindtree: As part of the company’s internal integration effort, the fully owned subsidiary, Mindtree Software (Shanghai) Company, China, voluntarily deregistered and closed. LTIMindtree introduced Testing as a Service for Oracle SaaS in the meantime.

• NBCC (India): The Khadi & Village Industries Commission has awarded the state-owned construction firm a work order for Rs 150 crore. The order covers the planning, designing, and execution of forthcoming projects, including the construction of office buildings, residential campuses, and the reconstruction, repair, and renovation of KVIC properties across India.

• HDFC Bank: Sashidhar Jagdishan has been reappointed by the Reserve Bank of India as the bank’s managing director and chief executive officer for a three-year term beginning on October 27, 2023, and ending on October 26, 2026.

• JK Lakshmi Cement: The cement business will purchase a 20.8% stake in Amplus Helios, a special purpose vehicle (SPV). Through a special purpose vehicle (Amplus), the firm is proposing to source 40 MWAC of solar energy for its Durg facility using the captive power plant model. In Chhattishgarh, the SPV is building a 50 MWAC solar power plant at Mungeli, of which 40 MWAC will be purchased by the company for internal use and the remaining 10 MWAC will be sold to third parties.

• Zydus Lifesciences: The pharmaceutical company has purchased 65,06,500 equity shares in Mylab Discovery Solutions, or 6.5% of the company’s total paid-up stock.

• Sasken Technologies: The board of directors of Sasken Technologies, a company that specialises in product engineering and digital transformation, has given the company permission to make a strategic investment of up to Rs 50 crore, either directly or by way of a joint venture with another business with a global footprint. The money will be invested in businesses that offer foundry services, custom ASIC design, and advanced AI/5G/power driven IP licencing. The aforementioned investment will expand Sasken Group’s engineering skills and IP library.\

• DCM Shriram: Inventure Metal Products Industries LLC, a producer of façade building solutions in the construction sector in the United Arab Emirates (UAE), and Fenesta, the leading windows and doors brand owned by DCM Shriram, have collaborated strategically and technically. The aforementioned strategic partnership will advance the facade sector in India.

• Jindal Steel & Power: With effect from October 1, 2023, Naveen Jindal has decided to stay on the board of Jindal Steel & Power in the position of non-executive Chairman. On September 30, 2023, Naveen Jindal’s appointment as Executive Director and Chairman is set to expire.

• Union Bank of India: Nitesh Ranjan’s tenure as the bank’s executive director has been extended by two more years by the Indian government. The current term of Nitesh will end on March 9, 2024.

• Central Bank of India: Vivek Wahi’s tenure as the bank’s executive director has been extended by the national government until September 30, 2025. The current term for Vivek will end on March 9, 2024.

• Indian Railway Finance Corporation: With effect from October 15, 2023, Shelly Verma will have the additional charge of Chairman and Managing Director of Indian Railway Finance Corporation for an extra six months, as sanctioned by the Central Government. Director (Finance) of IRFC is Shelly Verma.

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Nifty above 19,700, Sensex up 385 points; gains in capital goods, real estate, and banks

Force Motors announces August production of 3,032 automobiles.

Power Mech Projects climbs more than 2% after receiving a Rs 625 crore order.

Hitachi Energy India rises nearly 4% after receiving an order.

Quant Mutual Fund invests Rs 86 crore in JM Financial, while Valiant Mauritius Partners sells 0.8% of its holding.

Baring Private Equity sells Rs 34.7 crore in PG Electroplast shares.

Small Cap World Fund and New World Fund sell Rs 884.43 crore in Shriram Finance shares.

Nazara Technologies will offer 57.42 lakh preferential shares to SBI Funds at Rs 714 per share.

Cochin Shipyard Large Trade | According to CNBC-TV18, 8.6 lakh shares (0.7 percent e

Data from China | Exports were down 8.8% in August, while imports were down 7.3% year on year.

Indian Railways awards Responsive Industries a contract for the Garib Rath Initiative.

CNBC-TV18 reported that Bikaji Foods International Large Trade | 14.1 lakh shares (0.6 percent equity) worth Rs 71.3 crore change hands at Rs 507 per share.

PVR INOX stock rises as SRK’s ‘Jawan’ hits theaters, and the industry anticipates a blockbuster opening.

L&T rises on rumours of a possible order from Saudi Aramco for a gas project.

Varroc Engineering to acquire a 26% share in AMP Energy SPVs TCS forms strategic cooperation with JLR’s digital unit

Tata Motors August Auto Sales | JLR UK sales are down 23.6% year on year at 1,479 units versus 1,935 units.

Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell 

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