Sensex, Nifty snap 4-day losing run; Bajaj Fin gains 4.5%, IT stocks weigh

Closing Bell on September 25, 2023: The broader markets ended with steady gains with the BSE MidCap index advancing 0.46 per cent, and the BSE SmallCap 0.12 per cent

3:59 PM

Tech View :: 'Nifty may see pullback rally till 19,880'

Nifty50
Nifty witnessed wild swings in both directions ultimately closed absolutely flat, and thus forming a doji pattern on the daily charts. Doji pattern indicates indecision among market participants regarding the direction. It is trading right in the support zone 19,600 – 19,650, and considering the sharp decline in the past few trading sessions, a pullback appears highly probable.

On the hourly momentum indicator, we can observe a positive divergence and also a positive crossover, which suggests that a pullback is likely. The pullback can be till 19,820 – 19,880 where key hourly moving averages and the gap area formed on 21st September is placed. In terms of levels, 19,600 – 19,620 is the crucial support zone while 19,820 – 19,880 shall act as an immediate hurdle zone.

 

Bank Nifty

Bank Nifty has witnessed a pullback from the 78.6% fiboancci retracement level (44,400) and alco closed with decent gains. We expect a pullback in the Bank Nifty as well. On the upside the pullback is likely towards 45,000 – 45,200. On the hourly charts the momentum indicator has a positive crossover which is a buy signal and the positive divergence suggest that the momentum on the downside is weakening.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:56 PM

Comment :: 'Investors are shifting away from stocks tied to global economy'

The day presented a mixed picture in the market, with sectors such as Realty, Banking, and Consumer Durables performing well while IT and Pharma struggled. Investors were actively repositioning, shifting away from stocks tied to the global economy and focusing on the domestic economy. Concerns loomed over a potential global economic slowdown due to the prolonged period of high interest rates. While the domestic market is witnessing good registration and consumption demand ahead of the festival season, India's entry into JP Morgan's Emerging Markets Government Bond Index is benefiting the financial sector in anticipation of a reduction in funding costs.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:53 PM

Currency check :: Rupee ends 21 paise weak

3:52 PM

BSE Stats :: Market remains equally divided between gainers and losers

3:51 PM

Buzzing stock :: Bajaj Finance raises over 4% on fund raise plan

3:50 PM

Buzzing stock :: Religare Enterprises lose 7% as Burmans make open offer

>> Family makes open offer for 26% stake at Rs 235 apiece for Rs 2,116 crore

3:48 PM

Buzzing stock :: Delta Corp sinks 18% on Rs 16,822-cr tax notice

3:46 PM

Broader markets :: Mid, SmallCap indices outshine large-cap peers

3:45 PM

Sector check :: Financial Services index ekes out 0.5% gain led by Bajaj Finance

3:44 PM

Sector check :: IT stocks end weak; Infy, Wipro fall 1% each

3:43 PM

Sector check :: Indiabulls Realty, Sobha zoom up to nearly 9%

>> Reports suggest India is planning $7.2 billion housing loan interest subsidy scheme

3:40 PM

Sectoral trends :: Realty index gains in fag-end; IT ends weak

3:38 PM

Sensex Heatmap :: Bajaj twins, pvt banks save the day for the index

3:37 PM

Closing Bell :: Nifty holds 19,650

3:36 PM

Closing Bell :: Sensex snaps 4-day losing run, ends flat

3:29 PM

JPMorgan adding Indian bonds will see public finances scrutinised

While global asset managers play a small role in the Indian market, inflows have been picking up since the government loosened rules in 2020 on the bonds foreigners can own. India’s weighting will reach a maximum 10% in the JPMorgan’s benchmark index, which accounts for $213 billion in assets, once the government bonds are included from June next year. READ MORE

3:22 PM

Sugar shares in focus; Balrampur, Dwarikesh, Dhampur, Dalmia rally up to 8%

Sugar production for the current season is estimated to be lower than the previous season with Maharashtra seeing higher ratoon crop, along with uneven distribution of rainfall, resulting in lower production. Uttar Pradesh is expected to produce marginally higher sugar than last year on account of higher acreage and better yield. In Karnataka, like Maharashtra, lower yield led to lower production. READ MORE

3:00 PM

Pricey valuations threaten best Indian media stocks rally in 14 years

Optimists are focusing on the upcoming pipeline of movies, two of which feature India's biggest superstars, and a potential boost to advertisement spending. READ MORE

2:51 PM

Senior Nomura banker barred from exiting China amid investigations: Report

The travel restriction is linked to Wang's time at Industrial & Commercial Bank of China Ltd., where he worked before joining Nomura in 2018, according to the report. READ MORE

2:39 PM

ALERT:: MTNL plans Rs 3,126 cr fund raise; stock soars 9%

MTNL has placed a Special Resolution ahead of its upcoming AGM on Friday September 29 to approve issue of non-convertible debentures on private palcement basis worth Rs 3,126 crore.

2:27 PM

Market check:: Sensex exhibits volatility, down over 100 pts again

2:15 PM

ALERT:: Jyothy Labs marginally up; Care Ratings reaffirms credit rating

Care Ratings has reaffirmed its credit rating as CARE AA; Stable and CARE A1+ for Jyothy Labs long-term bank facilities and commercial paper, respectively.

2:08 PM

Is Bajaj Finance preparing to fight Jio Fin with fund raise? Analysts weigh in

The Board of Bajaj Finance is scheduled to meet next week to consider proposal for raising of funds through any or all of various methods including by way of preferential issue or QIP. READ MORE

1:53 PM

Monsoon starts withdrawing from India, 8 days after normal date of Sept 17

Withdrawal of the monsoon from northwest India marks the beginning of its retreat from the Indian subcontinent. Any delay in the monsoon's retreat means a longer rainy season, which can significantly impact agricultural production, particularly for northwest India where monsoon rainfall plays a crucial role in the Rabi crop production. READ MORE

1:39 PM

Nomura retains negative view on rupee despite JPMorgan index inclusion

Actual inflows may be smaller with some real money managers that they tracked already invested about 2%-3% on average, the brokerage said. READ MORE

1:27 PM

Strides Pharma soars 8% on USFDA nod for drug to treat heart diseases

Meanwhile, Strides said the board is scheduled to meet on September 25, to consider the combine CDMO interests of the group to become one of India's top specialty pharmaceuticals CDMOs. READ MORE

1:13 PM

COMMENT on On Bajaj Finance's fund raise plan

While Bajaj Finance (BAF) remains well capitalized with a Tier I capital of ~23% in Jun '23, we believe the fundraising is predominantly to support BAF's long-term growth ambitions. Bajaj Finance (BAF) entered FY24, registering a solid performance across performance metrics – new customer additions and AUM growth. The management has also been optimistic about sustaining growth momentum and has revised its AUM growth guidance for FY24. We expect BAF to clock a strong AUM growth of ~28% CAGR over FY23-25E.

 

Additionally, as put out in its Long Range Strategy (LRS), the company will look to foray into new segments such as Microfinance, Auto and tractor financing. Thus, robust growth visibility in existing segments and new products scaling up and contributing to medium-to-long-term growth could have prompted the management to consider the capital raise.

 

Considering a capital raise of 15% of its net worth (i.e upto 10,000 CR), BAF's RoE dilution could be around ~2%, bringing it largely in line with its long-term guidance of 21-23% vs. our current estimates (pre-capital raise) of 23-24.5%. Similarly, it would also be book value accretive with a possible increase of 11-13% in BVPS (Book vValue pPer Share). 

 

 - Dnyanada Vaidya, Research Analyst - BFSI, Axis Securities 

12:57 PM

India loosening its planned restrictions on laptop, tablet imports

India is doing away with a compulsory licensing requirement for tech importers, and will instead only ask such companies to register under its so-called import management system, people familiar with the policy said. READ MORE

12:46 PM

ALERT:: Hero MotoCorp announces new price for Karizma XMR; stock down nearly 1%

Hero MotoCorp today announced the new price of the Karizma XMR. The new price will be Rs 1,79,900 onwards (ex-showroom, Delhi) w.e.f. October 1st, 2023. Hero Karizma XMR will be available at current introductory price of Rs 1,72,900, till September 30, 2023. 

 

12:34 PM

Market check:: Sensex rebounds, gains over 250 pts from day's low