Closing Bell: Sensex gains, closed at 65508 level : While Nifty at 19,523 level
Indian Market
FII AND DII
| FII Sold | 354.35 Cr |
| DII Purchased | 386.28 Cr |
Indian Market News
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- Sensex plunges 610 pts, Nifty near 19,550; IT, FMCG stocks bleed the most
- Nifty IT slumps 2% on surge in US bond yields to the highest level since 2007. Tech Mahindra worst hit, down over 4%
- India April-June Current Account Deficit at $9.2B; Est. -$8.9B
- Apollo Tyres wins legal battle, SEBI directed to refund Rs 65 lakh in buyback dispute
- L&T stock hits record high amid reports of 100% retail AR in buyback
- Bharti Airtel gains on adding 15.17 lakh subscribers in July
- Yatra Online lists at 10% discount of Rs 127.50 vs issue price of Rs 142 on NSE
- Dixon Tech hits 52-week high on subsidiary’s manufacturing deal with Xiaomi
- Apollo Tyres wins legal battle, SEBI directed to refund Rs 65 lakh in buyback dispute
- ICICI Lombard gets 2nd tax notice in 3 months, this time for Rs 1,730-cr dues, stock down 2%
- Amara Raja changes name to Amara Raja Energy & Mobility
- MCX shares in focus as new commodity derivatives platform will launch on October 3
- Apar Industries Board approves fund raise of Rs 1,000 Cr
- KSB Limited receives orders of around Rs 55 Crores from NPCIL
- Vodafone Idea down more than 3% as market share losses continue
- Marco Cables & Conductors stock lists at 7.5% premium over IPO price on NSE SME
- Gensol gains 5% as subsidiary bags order to lease 500 cargo electric vehicles
- Cummins India slumps 3% after UBS Securities recommends ‘sell’ on stock
- Cholamandalam Investment may launch Rs 2,000 crore QIP today
- LIC cuts stake in Hindustan Copper to 8.17% from 10.25% from July 19-Sept 27
- Around 1% equity of Happiest Minds change hands at average of Rs 886/share
- NCL Industries jumps 6% after 42 lakh shares change hands in Rs 94.6 crore block-deal
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Indian Market Action
| SENSEX | -610.37 | -0.92% |
65,508.32 |
| NIFTY50 | -192.90 | -0.98% | 19,523.55 |
| BANK NIFTY | -287.35 | -0.08% | 44,300.95 |
INDIAN MARKET MOVERS
| Larsen | 44.95 1.52 | Tech Mahindra | -59.15 -4.59% |
| Power Grid Corp | 1.40 0.70% | Asian Paints | -131.45 -3.98% |
| Bharti Airtel | 5.40 0.59% | LTIMindtree | -172.00 -3.16% |
| Axis Bank | 5.70 0.56% | Divis Labs | -103.00 -2.73% |
| ONGC | 0.20 0.11% | Wipro | -10.30 -2.48% |
News Updates
India ranks fourth internationally for startups with above $50 million VC funding, survey reveals.
The Startup Genome’s Scaleup Report has indicated that India ranks fourth globally among businesses with more than $50 million in disclosed venture capital (VC) investment. The policy advisory and research organization found that only the US, China, and the UK have reported more startup VC funding than India.
The US had 7,184 scaleups, China 1,491, the UK 623, and India 429 of the 12,400 startups surveyed in 80 locations in 40 nations. India outpaced the UK in scaleup VC investments and tech value. India’s scaleups received $127 billion in VC investment and $446 billion in IT investment.
In the Scaleup report, India has the greatest scaleup rate outside Asia, with over 50% outreach. The research explained the worldwide outreach by stating that start-ups in large nations outside the US scale better if they focus on home markets. Massive domestic markets justify delaying global expansion. Several Indian B2C firms became unicorns without reaching a worldwide audience.
Punit Goenka’s Sebi ban appeal is retained by SAT.
On September 27, the Securities Appellate Tribunal (SAT) reserved an appeal by the former CEO of Zee Entertainment Enterprises Ltd. (ZEEL) challenging the SEBI order barring him from holding director or other key managerial positions in ZEEL and other enterprises. Senior advocates Abhishek Manu Singhvi and Darius Khambata represented Goenka and the Securities Exchange Board of India, respectively.
After five hearings from August 30, the appeal tribunal reserved orders in the plea. The SAT stated at the hearing that “SEBI can’t keep going on with its investigation.” The current ZEEL-Sony combination raises public interest, it added.
SAT asked the SEBI whether it may finish Punit Goenka’s probe. The appellate bench noted that SEBI has frequently requested extensions to probe Supreme Court or SAT charges.
Nomura lifts India from neutral to overweight; stock picks
India was upgraded to “overweight” from “neutral” by Nomura due to a strong top-down narrative and possible benefits from China+1’s encouragement of diversification beyond China.
“We think the structural story of India is now well known as a major beneficiary of the ‘China+1’ theme with a large-liquid equity market,” Nomura said to investors on September 27. The US Federal Reserve’s long-term rate stance and rising commodity prices feeding inflation in America make the Japanese brokerage giant wary about Asian stocks.
If the Fed doesn’t reverse course, increasing US rates and bond yields might deepen the economic slump in 2024. A mild economic slowdown may not boost equities.
They propose ICICI Bank, Axis Bank, L&T, Reliance, ITC, MedPlus Health Services, and equities likely to profit from structural developments like electric car adoption, such as Mahindra & Mahindra and Uno Minda.
Gift Nifty’s $15.25 billion daily turnover is a record.
In September 26, the Gift Nifty index traded 3,86,350 contracts worth $15.25 billion (Rs 1,26,930 crore), a record. It broke the $12.98 billion record set on August 29, 2023.
SGX Nifty, used to predict Indian market openings, became GIFT Nifty in July. The contract is traded at GIFT City’s NSE IX international multi-asset exchange. September 26, 2023 saw 3,09,141 contracts worth $12.19 billion (Rs 1,01,433 crore) in open interest.
Infosys, TCS, HCL Tech target prices raised by Morgan Stanley; ratings
Morgan Stanley boosted the target prices of TCS, Infosys, and HCL Tech while retaining positive ratings. The brokerage firm raised the target due to strong FY25 sales growth, margin improvement, and double-digit EPS growth. Target price for TCS is Rs 3730 with ‘overweight’ rating. The brokerage firm has rated Infosys ‘overweight’ and set a target price of Rs 1640.
Morgan Stanley attributed FY25 revenue growth forecasts to stabilizing macro risks, slowing hyper-scale revenue growth, an expected rebound in BFSI spending in CY24, and significant deal wins and robust order bookings in the second quarter of FY24.
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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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