Closing Bell: Sensex gains, closed at 67,838 level : While Nifty at 20,192 level
Indian Market
FII AND DII
| FII Purchased | 294.69Cr |
| DII sold | 50.80 Cr |
Indian Market News
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- The Nifty is about 20,200, and the Sensex is up 320 points; autos are up, while oil and gas are down.
- The Nifty PSU Bank index increased by 0.5 percent, led by UCO Bank, Indian Overseas Bank, and the Central Bank of India.
- European indexes were trading higher after the European Central Bank raised interest rates by 25 basis points for the tenth time in a row, raising the main rate to a record high of 4%.
- Ashok Leyland enters a joint venture with TVS Mobility worth up to Rs 40 crore.
- The Syschem India Board of Directors will meet on September 22 to determine the pricing of the Rights Issue.
- Yatra Online IPO received a 7% subscription on its first day.
- On the final day of bidding, the RR Kabel IPO was subscribed to 4.78 times.
- United Spirits files an appeal with the Joint Commissioner of Commercial Taxes against an order relating to the application of the GST rate on royalty income.
- Mishra Dhatu Nigam rises 3% as a result of favorable management commentary.
- GMM Pfaudler will pay $7 million for Professional Mixing Equipment.
- Abbott India’s stock rises 2% after the company promises to resolve concerns at its Goa plant.
- Schneider Electric Infrastructure has a new Managing Director and CEO, and the stock is up 2%.
- Restaurant Brands Asia Large Trade | CNBC-TV18 reported that 12.54 crore shares (25.4 percent equity) worth Rs 1,494 crore changed hands in a block deal window.
- Patel Engineering JV is the lowest bidder for the irrigation project.
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Indian Market Action
| SENSEX | 319.63 | +0.47% |
67,838.63 |
| NIFTY50 | 89.25 | +0.44% | 20,192.35 |
| BANK NIFTY | 230.65 | +0.50% | 46,231.50 |
INDIAN MARKET MOVERS
| Bajaj Auto |
286.00 5.90% |
BPCL | -6.50 -1.81% |
| Bharti Airtel | 21.20 2.32% | Asian Paints | -43.60 -1.35 % |
| M&M | 35.10 2.24% | Jio Financial | -3.15 -1.30 % |
| Hero Motocorp | 66.45 2.22 % | HUL | -31.10 -1.24% |
| Grasim | 41.25 2.14% | TATA Cons. Prod | -8.65 -0.98% |
Global market check
GIFT Nifty
The GIFT Nifty index started slightly positive, gaining 24 points, while futures reached 20,232 points after reaching a high of 20,241 points.
US Markets
The Dow Jones Industrial Average rose by 0.96% to 34,907.11 on the first day in three, marking the highest rally in over a month.
The 30-stock index closed above its 50-day moving average for the first time since September 1, and the blue-chip average’s best day since August 7.
The S&P 500 gained 0.84 percent to 4,505.10, while the Nasdaq Composite moved 0.81 percent higher to 13,926.05.
Arm shares surged 24.7 percent after the chip design company started trading, with investors hoping the biggest tech offering of the year could start a sleepy IPO market.
European Markets
European stock markets closed higher on Thursday due to the European Central Bank’s decision to hike interest rates by 25 basis points, marking a 10th consecutive hike.
The pan-European Stoxx 600 index ended 1.52 percent higher, building on a 0.3% increase before the announcement.
The basic resources sector also saw a 4.2% increase after China’s central bank cut the reserve requirement ratio on most banks by 25 basis points to boost its economy.
Asian Markets
Asia-Pacific markets rose ahead of China’s August data on house prices, unemployment rate, retail sales, and urban investment.
Japan’s Nikkei 225 climbed 1.06 percent, while the Topix gained 0.98 percent.
Softbank’s shares surged over 3%, while Arm’s shares surged almost 25% on the Nasdaq.
In Australia, the S&P/ASX 200 rose 1.56 percent.
South Korea’s Kospi advanced 0.65 percent, while the Kosdaq remained flat.
Hong Kong’s Hang Seng index futures reached 18,171, higher than the HSI’s last close of 18,047.92.
Oil Prices
Oil prices surged on Thursday, with U.S. crude reaching $90 a barrel due to increased expectations of tighter supply. West Texas Intermediate crude (WTI) reached its highest level since November 2022 at $90.04 per barrel, while Brent crude reached a 10-month high at $93.47. The International Energy Agency warned that Saudi Arabia and Russia’s extended oil output cuts could result in a substantial market deficit for the rest of 2023, driven by a significant supply shortfall through the fourth quarter.
Dollar Index
The Dollar index rose 0.47 percent in futures to 105.26, while the dollar’s value was near Rs 83.06.
Gold Prices
Gold prices reached a three-week low on Thursday due to higher-than-expected US producer prices data and retail sales figures. This raised concerns about longer-term US interest rates, boosting the dollar and bond yields. Spot gold rose 0.1% to $1,909.19 per ounce, its lowest since August 25, while U.S. gold futures fell 0.1% to $1,930.70. The hotter inflationary data and higher yields continue to pressure the spot gold market, according to David Meger, director of metals trading at High Ridge Futures.
News updates
RBI announces list of upper layer NBFCs for 2023-2024
The Reserve Bank of India (RBI) has released a list of 15 upper layer non-banking finance companies (NBFCs) for 2023-2024 under scale-based regulation. The list includes LIC Housing Finance, Bajaj Finance, Shriram Finance, and Tata Sons Pvt Ltd. The RBI issued the Scale Based Regulation (SBR) on October 22, 2021, categorizing NBFCs into base, middle, upper, and top layers. The regulation also provides a methodology for identifying NBFCs in the upper layer based on asset size and scoring methodology.
Julius Baer’s Mark Matthews on factors that make him ‘bullish on India’
Julius Baer’s Mark Matthews is optimistic about India’s potential to reverse the structural decline in the rupee, which could attract foreign investors. Matthews believes that the stable rupee will take longer to change investors’ views, and the longer it remains stable, the easier it will be to attract them. He also believes that India’s ability to accommodate the manufacturing sector and government efforts to build physical infrastructure are crucial for the country’s growth story.
Yatra Online raises Rs 348 crore from anchor investors ahead of IPO
Yatra Online, India’s third-largest online travel company, has raised Rs 348.75 crore from 33 anchor investors before its IPO on September 14. The investors included Morgan Stanley, Goldman Sachs, Societe Generale, BNP Paribas Arbitrage, Elara India Opportunities Fund, Whiteoak Capital, and Quantum-State Investment Fund. Other investors included ICICI Prudential Mutual Fund, Mirae Asset, Tata Mutual Fund, Bandhan Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and Edelweiss Trusteeship.
RR Kabel IPO fully subscribed on second day of bidding
RR Kabel’s Rs 1,964-crore public issue, backed by TPG, has been fully subscribed 1.39 times on the second day of its bidding. The offer size of 1.33 crore shares was met with bids for 1.85 crore equity shares. High net worth individuals bought 2.1 times the allotted quota, while qualified institutional buyers bought 1.65 times the portion set aside for them. Retail investors bid for 95% shares of the reserved portion, which is 35% of the offer, while employees bought 1.52 times. The consumer electrical goods manufacturer has reserved Rs 10.8 crore worth shares for its employees, who will receive them at a discount of 98 per share.
Stock in News
NTPC: To amend the joint venture agreement (JVA) dated February 28, 2008, the state-owned power production corporation has inked a supplementary joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL). In 2008, NTPC and UPRVUNL inked a joint venture agreement to create Meja Urja Nigam (MUNPL).
Schneider Electric Infrastructure: The business announced that Udai Singh has been appointed as managing director (MD) and managing director (CEO) for a period of three years, effective as of September 15. Arnab Roy also gave notice of his resignation from the firm as a non-executive director on September 14.
Bharat Forge: The UAE-based global aerospace and technology company Paramount has expanded its manufacturing and development collaboration with the Indian industrial conglomerates Bharat Forge and Kalyani Strategic Systems in order to supply Paramount’s international clients with a wider selection of armoured vehicles made in India. For the Indian Army, their current relationship creates KM4 armoured vehicles.
Strides Pharma Science: The United States Food & Drug Administration (USFDA) has given preliminary approval for Dolutegravir 50mg tablets manufactured by subsidiary Strides Pharma Global Pte Limited, Singapore. The product is medically and bioequivalently equivalent to ViiV Healthcare Company’s Tivicay tablets, a reference listed drug (RLD).
Tata Power: Associated Through a special purpose vehicle (SPV), Tata Power Renewable Energy and Xpro India inked a power delivery agreement (PDA) for the construction of a 3.125 MW AC group captive solar facility. The aforementioned captive solar power facility will be built, run, and maintained by the SPV. In addition to supporting the usage of renewable energy for Xpro India’s polymer manufacturing industry, the aforementioned facility, which is located in Achegaon (Maharashtra), is anticipated to produce 7.128 million units of power annually.
Alkem Laboratories: At a few of the company’s locations and subsidiaries, the Income Tax Department is conducting a survey. The business claimed that it was working closely with the IT Department’s representatives. The company’s operations are unaffected by this.
Patel Engineering: The Maharashtra Krishna Valley Development Corporation has chosen Patel Engineering, a Mumbai-based infrastructure company, and its joint venture partner as the lowest bidder for an irrigation project for Rs 249.96 crore. The contract’s company share is worth Rs. 99.98 billion. The project, which would take 30 months to complete, includes building a pipeline distribution network for the Nira Deoghar Right Bank Main Canal.
Lemon Tree Hotels: The hotel group has signed licence agreements for two new properties to operate as Lemon Tree Hotel and Lemon Tree Resort, respectively, in Junagadh, Gujarat, and Chitwan, Nepal. By FY25, the Lemon Tree Hotel in Junagadh is anticipated to open, and by FY24, the Tigerland Safari – A Lemon Tree Resort in Chitwan, Nepal.
Kahan Packaging: On September 15, the Mumbai-based provider of bulk packaging solutions will list its shares on the BSE SME. For ten trading days, the stock will be traded on the Trade-for-Trade category. Shares are being offered for Rs. 80 each.
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Nifty above 19,700, Sensex up 385 Closing Bell 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.
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