Market Highlights, Sept 18: Sensex, Nifty retreat from record highs, end in red ahead of Fed outcome

Stock Market Highlights: As many as 33 constituent stocks on the Nifty50 ended in the red, dragged by TCS, Infosys, HCL Tech, Tech Mahindra, and Wipro, with a fall of up to 3.50 per cent

3:52 PM

Stock Market Tech View: 'Nifty Bank is supporting market sentiment'

Nifty50
On the daily charts, we can observe that the Nifty has been rangebound between 25,250 – 25,500 since the last four trading sessions. We expect this consolidation to breakout on the upside and target levels of 25,700 from short term perspective. Support is placed in the zone of 25,200 – 25,150.

 

Bank Nifty

Bank Nifty clearly has been leading the upmove with contributions starting to come in from the key heavyweights of the index. The upmove is likely to continue towards 53,350 which is the previous swing high, and the support base now shifts upwards to 52,200 – 52,100 zone.

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

3:50 PM

Stock Market Tech View: Key levels to watch on Nifty amid US Fed rate decision

The Nifty index reached a new all-time high ahead of the important announcement from the Federal Reserve about interest rates. However, some traders decided to take profits at these higher levels, which caused the market to close about 130 points below its peak for the day.
 

Lately, Nifty has been moving within a small range. On the downside, there is support at 25,300. If Nifty falls below this level, it could lead to a further drop towards the 24,900-25,000 range. On the upside, 25,500 is acting as a resistance level, meaning it may be difficult for the market to move above this point in the short term.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:48 PM

Stock Market Comment: 'Investor caution is evident ahead of US Fed outcome'

The Indian market experienced a minor profit booking with underperformance by midcaps. Mixed signals from global markets emerged ahead of the anticipated FOMC rate cut decision which is seemingly priced in a 25-bps cut.

Investors assess the potential for a short-term underperformance of equity given the elevated valuation and correction of metal prices. Commodities, including oil prices, are steadily declining, suggesting a potential tempering of economic growth. Investor caution is evident as gold prices rise, likely due to anticipated dollar weakness following the rate cut

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

3:44 PM

Stock Market Closing Bell LIVE Updates: Mid, SmallCap indices end in red, VIX soars

>> Nifty MidCap index falls 0.7% today

>> Nifty SmallCap index slips 0.4%

>> Fear gauge, India VIX, on the flipside, soared 6%

3:42 PM

Stock Market Closing Bell LIVE Updates: IT index falls 3%, Pharma 1.5%

>> Nifty IT index declines 3% ahead of the likely US Fed's rate cut announcement

>> Nifty Pharma fell 1.5%, and the Nifty Metal index 0.8%

>> Nifty Bank, on the other hand, rose 1.08%

3:39 PM

Stock Market Closing Bell LIVE Updates: Bajaj twins, HDFC Bank limit downside on Sensex; IT stocks weigh

>> Bajaj twins, Nestle India, HDFC Bank, ICICI Bank, SBI, L&T, M&M, and IndusInd Bank were the top Sensex gainers today, Sept 18

>> TCS, Infosys, Tech M, HCL Tech, Sun Pharma, Tata Motors, Tata Steel were the top Sensex losers on Wednesday

3:36 PM

Stock Market Closing Bell LIVE Updates: Nifty gives up 25,400 ahead of Fed rate outcome

>> NSE Nifty50 ends at 25,377.55, down 41.points or 0.16%

>> Nifty50 index touched a lifetime high of 25,482.20 during the day

3:34 PM

Stock Market Closing Bell LIVE Updates: Sensex slips ahead of US Fed decision tonight

>> BSE Sensex ends at 82,948.23, down 131.43 points or 0.16%

>> The index hit a record high of 83,326.38 intraday today

3:27 PM

Motisons up 12% ahead of board meet for stock split; zooms 101% in 31 days

Shares of Motisons Jewellers hit a new high of Rs 287.85 on the BSE on Wednesday, surging 12 per cent in the intraday trade, ahead of the board meeting on Thursday to consider stock split. At 02:50 PM, the stock was trading 9.6 per cent higher at Rs 281.75, as compared to 0.23 per cent decline in the BSE Sensex. READ MORE

3:16 PM

Stock Market LIVE Updates: Aurobindo Pharma arm receives EIR from USFDA for Andhra Unit; stock down 2%

Stock Market LIVE Updates: hares of the pharmaceutical company, Aurobindo Pharma, dropped 2.09 per cent to Rs 1,519.55 on the BSE during the intraday deals on Wednesday. The company's stock price fell following the news that the US Food and Drug Administration (USFDA) has issued the Establishment Inspection Report (EIR) for the new injectable facility of Eugia Steriles, which is a wholly-owned subsidiary of Eugia Pharma Specialities and a step-down subsidiary of the company. READ MORE

3:03 PM

Stock Market LIVE Updates: 3 PM market update

Stock Market LIVE Updates: Indian equity benchmark indices were off their record highs and trading in the red, ahead of the much anticipated US Federal Reserve's policy decision announcement later in the day.

At 3:00 PM, the BSE Sensex was down 119 points, or 0.14 per cent, at 82,960, while the Nifty50 was at 25,379, down 39 points, or 0.15 per cent.

3:00 PM

Stock Market LIVE Updates: Bondada Engg sudsidiary bags Rs 10.20 cr deal to supply 8mtr poles to Bharti Airtel

Stock Market LIVE Updates: Bondada Engineering today announced that it has received an order from Bharti Airtel to supply it with  metre poles in Haryana. 

The company, in an exchange filing, said, "We wish to inform the stock exchange that one of the subsidiaries of Bondada Engineering, namely Bondada Green Engineering has received work orders from Bharti Airtel"

The company added that the deal includes supply of 8 metre height pole, weighing 82 kg each, and including plate, bracket, cross section for cable GBPA for GI Poles, apart from the supply of 6 metre height GI poles, each weighing 60 kg, (Hot Dipped galvanised), without Base GBPA FOR GI Poles to Haryana.

2:45 PM

Stock Market LIVE Updates: Heritage Foods to set up new ice cream plant at Shamirpet, Telangana for Rs 204 cr

Stock Market LIVE Updates: Heritage Foods today announced that its board of directors has approved the proposal to set up a new ice cream manufacturing facility at Shamirpet, Telangana.
 

The company, in an exchange filing, said, "We wish to inform you that the Board of Directors of our Company, at its meeting held on 18th September,2024, has approved the proposal for setting up a new ice cream manufacturing facility at Shamirpet, Telangana."

It added that the new facility will cater to the growing demand for ice creams in the region. 

The facility is expected to be commissioned by November, 2025 and will involve a capital investment of approximately Rs 204 crore. 

2:34 PM

Stock Market LIVE Updates: SBI raises Rs 7,500 crore via Tier 2 bonds

Stock Market LIVE Updates: State Bank of India (SBI) today announced it has raised Rs 7,500 crore on Wednesday, at a coupon rate of 7.33 per cent through its second Basel III compliant Tier 2 bond issuance for the current financial year. 

The company, in an exchange filing, said, "The bonds are issued for a tenor of 15 years, with call option after 10 years and each anniversary dates thereafter and are rated AAA with stable outlook from CRISIL Ratings Limited and CARE Ratings Limited."

It added that the issue attracted an overwhelming response from investors with bids in excess of 3 times against the base issue size of Rs 4,000 crore. 

The total number of bids received was 77, indicating participation from a diverse set of qualified institutional bidders. 

Based on the response, the bank has decided to accept Rs 7,500 crore at a coupon rate of 7.33 per cent.

 

2:28 PM

Stock Market LIVE Updates: Jupiter Wagons declares FY24 interim dividend of Rs 1, Oct 7 as record date

Stock Market LIVE Updates: Jupiter Wagons today announced an interim dividend of Rs 10 per share for the financial year 2024-25, and set October 7 as the record date for the same.

The company, in an exchange filing, stated, "We wish to inform that the Board of Directors of the Company, at its meeting held today, i.e., 18th September, 2024 has, inter alia, approved the following matters:

... Declared an Interim Dividend @ 10% i.e. Rs 1 per equity share of ₹ 10/- each fully paid up for the Financial Year 2024-25. The payment thereof shall be made on or before 17th October, 2024."

It added, "The Board of Directors of the company has fixed Monday, 7th October, 2024 as the 'Record Date' to ascertain the names of the eligible shareholders."

2:16 PM

Stock Market LIVE Updates: Tata Power subsidiary bags 400 MW hybrid project from Maha discom; stock down

Stock Market LIVE Updates: Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has successfully secured a letter of award (LoA) from the Maharashtra State Electricity Distribution Company (MSEDCL), a wholly owned entity under the Maharashtra government, for the development of a 400 MW Wind-Solar Hybrid project in Maharashtra.

The company, in an exchange filing, said, the deal includes an original contracted capacity of 200 MW, along with a greenshoe option for an additional contracted capacity of 200 MW.

 

2:07 PM

Stock Market LIVE Updates: Lupin enters into non-exclusive patent license agreement with Takeda Pharmaceutical

>> Lupin Limited has entered into a non-exclusive patent license agreement with Takeda Pharmaceutical Company Limited to commercialise Vonoprazan Tablets in the Indian market.

>> The drug will be marketed under the brand name Lupin’s Lupivon® and will be available in two strengths - 10 mg and 20 mg.

1:58 PM

Stock Market LIVE Updates: SBI Card approves fund raise worth Rs 5,000 crore

>> The Board of Directors of the company, at its meeting held today, has approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs 5,000 crore in one or more tranches, on private placement basis.

 

1:49 PM

Stock Market LIVE Updates: Indian Hume Pipes increases capacity at Dhule plant

>> The production capacity of the company’s factories at Walwa and Dhule, Maharashtra, is proposed to be increased

>> Stock trades 1 per cent lower
 

1:39 PM

Stock Market LIVE Updates: MCX stock has doubled from June low; up 340% in 16 months; here's why

Stock Market LIVE Updates: Shares of Multi Commodity Exchange of India (MCX) hit a new high of Rs 5,966.55 as they rallied nearly 6 per cent on the BSE in Wednesday's intraday trade. 

The stock of the exchange and data platform company was trading higher for the fourth straight day, gaining 13 per cent during the period. 

MCX share price has more-than-doubled, soaring 105 per cent from its June month low of Rs 2,917. In 16 months, it has skyrocketed 340 per cent from a level of Rs 1,356 on the BSE. READ MORE

1:28 PM

Reliance Power shares lock in 5% upper circuit on bourses: Here is why

Stock Market LIVE Updates: Shares of Anil Ambani-led Reliance Power rallied northward to get locked in the 5 per cent upper circuit of Rs 32.98 on the BSE during the intra-day deals on Wednesday. Nearly a total of 126.24 lakh equity shares of Reliance Power worth around Rs 126.24 crore exchanged hands on the BSE and NSE. The trading of the stock has been halted for the day.
 

The uptick in the stock price follows the news that Vidarbha Industries Power (VIPL) ceased to be a subsidiary of Reliance Power, and the entire obligations of the company as a guarantor on behalf of VIPL stand fully settled, resulting in the release and discharge of the corporate guarantee. READ MORE

1:18 PM

Stock Market LIVE Updates: HEG, Graphite India soar up to 12.5% today; here's what's driving the rally

Stock Market LIVE Updates: HEG share price zoomed 12.5 per cent to Rs 2,376 per share on the BSE on Wednesday after ICICI Direct maintained its 'Buy' rating on the stock with a target price of Rs 2,520 per share on the stock. ICICI Direct's 12-month target price suggested a 19.3 per cent upside in the stock from Tuesday's closing level of Rs 2,111.5 per share.

According to ICICI Direct, the ongoing global shift towards Electric Arc Furnace (EAF) route, coupled with expansion led volume growth, augurs well for the company. READ MORE

1:02 PM

Stock Market LIVE Updates: 1 PM market update

Stock Market LIVE Updates: Indian equity benchmark indices were off their record highs and were still trading higher, ahead of the much anticipated US Federal Reserve's policy decision later in the day.

At 1:00 PM, the BSE Sensex was up 66 points, or 0.08 per cent, at 83,145, while the Nifty50 was at 25,430, up 11 points, or 0.05 per cent.

12:55 PM

Stock Market LIVE Updates: Maithan Alloys increases stake in Electrosteel Castings; invests Rs 5 crore more

Stock Market LIVE Updates: Maithan Alloyes today announced that it has increased its stake in Electrosteel Castings to 0.33 per cent, from 0.29 per cent earlier.

The company, in an exchange filing, said it has made the acqiusition of an additional 0.04 per cent stake in the company for a consideration of Rs 4.99 crore.

12:54 PM

Stock Market LIVE Updates: DCM Shriram Industries gains 4% as BSE clears merger proposal

Stock Market LIVE Updates: DCM Shriram share price today: Shares of DCM Shriram Industries climbed 3.8 per cent to Rs 200 per share on the BSE on Wednesday. The gain in DCM Shriram Industries share price came after the BSE issued "no adverse" observations against the companies proposed merger plan.

At 11:00AM, DCM Shriram Industries share price was trading 3.66 per cent higher at Rs 199.55 as against the Sensex's 0.21-per cent rise. READ MORE

12:42 PM

Stock Market LIVE Updates: ICICI Bank's market cap tops Rs 9 trillion; stock hits new high

Stock Market LIVE Updates: ICICI Bank’s market capitalisation (market cap) touched Rs 9 trillion mark after its share hit a new high of Rs 1,280, up 1 per cent on the BSE, in Wednesday’s intra-day trade.

 

In one week, the stock of the second largest private sector bank in India has outperformed the market by gaining 3.5 per cent, as compared to the 1.9 per cent rise in the BSE Sensex. The bank’s market cap hit Rs 9.01 trillion in intra-day trade on Wednesday. READ MORE

12:38 PM

Stock Market LIVE Updates: India overtakes China for first time ever in key MSCI equities index

Stock Market LIVE Updates: India has overtaken China for the first time ever in a key MSCI equities index, bolstered by steady economic growth and strong flows.

India's weight in the MSCI investible large-, mid- and small-cap index has risen to 2.35 per cent, greater than China's weight of 2.24 per cent, Morgan Stanley said in a note on Tuesday. READ MORE

12:27 PM

Stock Market LIVE Updates: Inox Wind up 3%; receives LoI from IGREL Renewables for 550 Mw wind project

Stock Market LIVE Updates: Inox Wind share price today rose 3.4 per cent to Rs 253.1 per share in the intraday trade on the BSE. The share price was close to Inox Wind's stock's record high of Rs 254.2 per share, touched on September 16, 2024.
 

The rise in Inox Wind shares came after the company received a Letter of Intent (LoI) from IGREL Renewables Ltd for execution of 550 megawatt (Mw) wind capacity on turnkey basis. READ MORE

 

12:14 PM

Stock Market LIVE Updates: Reliance Infra rises 8% on paring debt, resolving power business dispute

Stock Market LIVE Updates: Reliance Infrastructure shares soared as much as 8 per cent and registered an intraday high of Rs 254.4 per share, after the company informed that it has pared down its debt.

On top of that, the company also announced that it has resolved the disputes related to the transfer of its Mumbai power business to Adani Energy Solutions. READ MORE

 

12:04 PM

Stock Market LIVE Updates: Infy, TCS, LTIM: Pivot levels to track on IT stocks as Fed readies rate cut

Stock Market LIVE Updates: The NSE Nifty IT index has taken a sharp hit, and was down 3 per cent to 42,200 levels on profit-taking in intra-day deals on Wednesday just hours before the US Federal Reserve policy decision tonight. In comparison, the NSE Nifty 50 index was seen trading on a flat note at 25,400 levels. READ MORE