Market Highlights, Sept 19: Sensex, Nifty end at record closing high after US Fed announces rate cut

Stock Market Highlights: Despite a choppy session, the day ended in favor of bulls, as many as 30 stocks of the Nifty50 index ended in the green with gains led by NTPC, Titan, and Nestle India

4:13 PM

Stock Market Tech View: Key levels to watch on Sensex, Nifty

After a gap up open, market consistently facing selling pressure at higher levels.

We are of the view that the larger texture of the market is still in to the positive side but fresh uptrend rally possible only after dismissal of 25,500 on Nifty and 83,500 on Sensex.

Above 25,500/83,500, the indices could retest the level of 25,600/83,770.

Further upside may also continue which could lift the indices till 25,675/84,000. On the other side, below 25,500/83,500, it could slip till 25,300-25,285/82,900-82,700.

Views by: Shrikant Chouhan, Head of Equity Research, Kotak Securities

3:52 PM

Stock Market Comment: Why Mid, SmallCaps fell on Thursday?

The benchmark indices concluded with a minor gain after hitting record highs post the US FED's more than expected interest rates cut of 50 bps and hinted for further reduction.

The substantial rate cut sparked concerns over global slowdown, resulting in profit booking in mid & small cap trading at premium valuation. Meanwhile, domestic heavyweight sectors like banking and FMCG saw buying interest, driven by foreign inflows and the RBI's monetary easing expected in October.

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

3:50 PM

Bond Market Updates: 10-year yield on Govt securities harden over 1%

>> Yields on 10-year G-sec rose 1.3% after the US Fed cut rates by 50 bps

>> 10-year yield end at 6.868% on Thursday

3:48 PM

Rupee Closing: Rupee gains 7 paise vs US Dollar

>> Rupee ends at 83.68 per US dollar 

3:45 PM

Stock Market Closing Bell LIVE Updates: SmallCap index slips 1% after Fed's rate cut

>> BSE MidCap index falls 0.5%, SmallCap 1%

>> The indices slipped up to 2% intraday

3:43 PM

Stock Market Closing Bell LIVE Updates: IT stocks reverse gains, Metals, PSBs other laggards

>> Nifty PSU Banks, and Metal indices lost 0.6% each on Thursday

>> Nifty IT, which gained 4% intraday, ended 0.3% lower

>> Nifty Pvt Bank, on the flipside, hit record high

3:40 PM

Stock Market Closing Bell LIVE Updates: Winners outpace losers on Sensex today

>> NTPC, Nestle India, Titan Company, Kotak Bank, Maruti Suzuki, and HUL were top Sensex gainers today

>> HCL Tech, TCS, Adani Ports, L&T, JSW Steel, and SBI were top Sensex losers today

3:38 PM

Stock Market Closing Bell LIVE Updates: Nifty holds 25,400 amid Fed's 'dovish' rate cut

>> NSE Nifty50 closes at 25,415.80, up 38.25 points or 0.15% today

>> NSE Nifty50 hit a record high of 25,611.95 intraday

3:36 PM

Stock Market Closing Bell LIVE Updates: Sensex ends at fresh closing high as Fed delivers jumbo cut

>> BSE Sensex ends at 83,184.8, up 236.57 points or 0.29%

>> BSE Sensex touched an all-time high of 83,773.61 intraday after US Fed cut rates by 50 bps

3:14 PM

Stock Market LIVE Updates: Vodafone Idea confirms SC dismissed cuurative petition regarding AGR dues

Stock Market LIVE Updates: Vodafone Idea clarified today that the curative petition it had filed with the Supreme Courth to re-compute AGR dues has been dismissed.

The company, in an exchange filing, said "This is to inform you that the Hon’ble Supreme Court vide its judgment dated August 30, 2024, published on website today (i.e. 19 September 2024) has dismissed the curative petition filed by the Company and other telecom operators, in the AGR matter."

3:01 PM

Stock Market LIVE Updates: 3 PM market update

Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50, off from the record levels they hit at open, were steady even as they were dragged down by a fall in Oil and Gas, Metal and PSB stocks, among others.

At 3 PM, the BSE Sensex was at 83,183, up 235 points, or 0.28 per cent, while the Nifty 50 was at 25,418, up 40 points, or 0.16 per cent.

2:56 PM

Stock Market LIVE Updates: MTNL shares drop 5% after PNB downgrades co's loan account to NPA

Stock Market LIVE Updates: Shares of state-owned telecommunications service provider Mahanagar Telephone Nigam (MTNL) fell 4.65 per cent to Rs 52.41 during intra-day deals on Thursday.

The fall in the stock price follows MTNL's announcement to the exchanges, in which it said that Punjab National Bank (PNB) has downgraded the loan accounts of the company to NPA on September 9, 2024, due to non-payment of interest and installment. READ MORE

2:52 PM

Stock Market LIVE Updates: Neogen Chemicals up 13% on favourable demand outlook; zooms 46% in 2 weeks

Stock Market LIVE Updates: Neogen Chemicals shares hit a new high of Rs 2,140, as it rallied 13 per cent on the BSE in Thursday’s intra-day trade on favourable demand outlook.

 

The stock of the specialty chemicals maker is trading higher for the sixth straight day, surging 40 per cent during the period. In the past two weeks, the stock has zoomed 46 per cent. READ MORE

 

2:39 PM

Stock Market LIVE Updates: Nifty PSU Bank declines 2% amid Vodafone Idea's AGR concerns

Stock Market LIVE Updates: The Nifty PSU Bank index, which monitors the performance of public sector banks, fell by as much as 1.80 per cent, hitting an intraday low of 6,556.25 on Thursday, September 19, 2024.

Analysts link the index's decline to a major drop in Vodafone Idea's stock price after the Supreme Court rejected telecom companies' plea to re-evaluate adjusted gross revenues (AGR), while also affirming the government's existing AGR demands. READ MORE

2:28 PM

Stock Market LIVE Updates: Mid, SmallCap indices bleed; US Fed's rate cut to blame? Analysts weigh

Stock Market LIVE Updates: Broader market indices-- Nifty MidCap 100 and Smallcap 100-- plunged over 1 per cent and nearly 2 per cent respectively in the afternoon deals. The fall comes after the US Federal Reserve cut 50 basis points (bps) interest rate in a meeting that happened late evening on Wednesday.

Neeraj Chadawar, Head of Fundamental and Quantitative Research at Axis Securities reckons the next 3-5 trading sessions remain critical in the global market, as investors will monitor any further signals of carry trade unwinding with this 50 bps rate cut move. READ MORE

2:14 PM

Stock Market LIVE Updates: EIH to sublease Trident Hotel, Cochin, land and building to Concept Hospitality

Stock Market LIVE Updates: EIH Associated Hotel today announced that its board of directors has decided to sub lease the land along with building and fittings at Bristow Road, Willington Island, Kochi, Kerala, known as Trident Hotel, Cochin for the residual period of Head Lease which ends on 27 April 2032 to Concept Hospitality.

2:04 PM

Stock Market LIVE Updates: 2 PM market update

Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50, off from the record levels they hit at open, were dragged down by a fall in Oil and Gas, Metal and PSB stocks, among others.

At 2 PM, the BSE Sensex was at 83,149, up 201 points, or 0.24 per cent, while the Nifty 50 was at 25,403, up 25 points, or 0.1 per cent.

 

1:46 PM

Stock Market LIVE Updates: Archies ties up with premium brands for curated gifting options this festive season

Stock Market LIVE Updates: Archies today announced that it has entered into strategic partnerships with a host of premium brands for the upcoming festive season. 

The company has teamed up with renowned names such as Ajmal & Sons, Cadbury, Ferrero Rocher, and Casa Decor, to offer a curated collection of gifting options.

The collaboration aims to provide customers with a seamless and diverse gifting experience, featuring an exclusive range of products from luxury fragrances, premium chocolates, stylish home décor, and unique stationery items, the company said in an exchange filing. 

1:36 PM

Stock Market LIVE Updates: Firstsource begins operations in Australia and NZ with headquarters in Victoria

Stock Market LIVE Updates: RP-Sanjiv Goenka Group company, Firstsource Solutions, a global provider of specialist domain-led Business Process Services (BPS), today announced the beginning of its operations in Australia and New Zealand.
 

The company, in an exchange filing, said, "The company will be headquartered in Victoria, Melbourne."

Firstsource added that it plans to partner with Victorian education institutions to set up an innovation lab focused on AI, engineering, robotics, and digital experimentation. 

 

1:30 PM

Stock Market LIVE Updates: Religare Enterprises becomes debt free, pays of Rs 163 crore debt to JM Financial

Stock Market LIVE Updates: Religare Enterprises today announced that it has repaid the outstanding term loan and interest of Rs 163.75 crore, to JM Financial Products and JM Financial Credit Solutions.

The company added that with this repayment, it has become and external debt free entity.

The company, in an exchange filing, said, "Religare Enterprises Limited has today on its due date fully repaid the outstanding term loan and interest amounting to Rs 163.75 crore drawn from JM Financial Products Limited and JM Financial Credit Solutions Limited in the year 2022. Upon such re-payment, the Company has now become an external debt free entity."

1:19 PM

Stock Market LIVE Updates: 'The Dot Plot indicates an additional 50 bps of rate cuts by the Fed by year end'

Stock Market LIVE Updates: “The FOMC has started easing by cutting rates 50 basis points in line with market expectation. So, it is clear now that the worse than expected July employment data was the turning point. The Dot Plot is indicating an additional 50 bps of rate cuts by year end. The focus is clearly back to maximum employment mandate of Federal reserve.

This looks like an apt decision from risk-management perspective, the economic cost of this pre-emptive 50 bps cut is lower than the cost of waiting and then being forced into a bigger cut later if incoming data suggest further deterioration in the labor market. Also note it is usually too late to cut rates by the time the evidence of labor-market deterioration is clear.

Globally the other central bank which matters now is Bank of Japan. It has got competing considerations such as hot wages and inflation data pointing to the need to adjust policy rates higher versus the risk of market bumps that would call for more patience.”

Views By: Siddharth Chaudhary, Senior Fund Manager – Fixed Income, Bajaj Finserv AMC

 

1:11 PM

Stock Market LIVE Updates: GE T&D stock hits 5% lower circuit as promoters begin stake sale via OFS

Stock Market LIVE Updates: GE T&D India shares were locked in a 5 per cent lower circuit on the National Stock Exchange (NSE), registering an intraday low of Rs 1,606.85 per share, after promoters began offloading partial stake via offer for sale (OFS) mechanism.

In a stock exchange filing on Wednesday, GE T&D said promoters, Grid Equipments Private Limited and GE Grid Alliance B.V., propose to sell an 11.7 per cent stake in the company through the stock exchange mechanism. READ MORE

1:03 PM

Stock Market LIVE Updates: 1 PM market update

Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50, off from the record levels they hit at open, were trading higher, following Federal Reserve Chiar Jerome Powell's announcement of a 50bps rate cut on Wednesday evening.

At 1 PM, the BSE Sensex was at 83,198, up 250 points, or 0.30 per cent, while the Nifty 50 was at 25,420, up 42 points, or 0.16 per cent.

12:57 PM

Stock Market LIVE Updates: Aavas Financiers board okays raising funds of Rs 630-cr via NCDs; shares up

Stock Market LIVE Updates: Shares of housing finance company Aavas Financiers surged up to 2.93 per cent to hit an intraday high of Rs 1,867.30 per share on Thursday, September 19, 2024. 

 

The rise in Aavas Financiers came after the company approved issuance of non-convertible debentures (NCDs) to raise Rs 630 crore. NCDs are a type of debt instrument used by companies and institutions to raise funds from the public or institutional investors. READ MORE

12:51 PM

Stock Market LIVE Updates: IMFL maker Tilaknagar to invest Rs 8 crore in ready-to-pour mixer brand Bartisans

Stock Market LIVE Updates: Indian-Made Foreign Liquor (IMFL) maker Tilaknagar Industries today announced a strategic investment of Rs 8 crore, through a mix of primary investment and secondary acquisition, to own a significant minority stake in Round the Cocktails Private Limited, makers of 'ready-to-pour' premium mixer brand, Bartisans. 

The company, in an exchange filing, said, post this investment, Tilaknagar Industries will hold a 36.17 per cent share of the equity share capital in the company on a fully-diluted basis. 

It added that the founders of Bartisans will continue to own 56.54 per cent share of the equity share capital, with the rest marked for the pool for Employee Stock Ownership Plan.

The company further said that upon Bartisans achieving certain pre-agreed milestones, the definitive agreements provide an option for Tilaknagar to invest or acquire further shares held by other shareholders as per a pre-determined valuation methodology.

12:44 PM

Stock Market LIVE Updates: 'Rate cuts are possible in India, with CPI inflation below the RBI’s target'

Stock Market LIVE Updates: “The Fed’s 50 bps rate cut comes as a positive surprise, signalling confidence in its inflation control measures. Markets reacted predictably—yields and stocks edged up, and gold rose. A weaker dollar will help US exports and improve the global economic outlook. The Fed also projects two more 25 bps rate cuts in 2024 and additional cuts through 2025 and 2026, which is positive for the global outlook. In India, with CPI inflation below the RBI’s target, similar rate cuts are possible. However, the key challenge remains liquidity in our system, as banks have sufficient deposits but are cautious in lending.”

Views By: Deepak Shenoy, Founder & CEO, Capitalmind

12:42 PM

Stock Market LIVE Updates: Shilpa Medicare appoints Dr Sridevi Khambhampaty as CEO of Shilpa Biologicals

Stock Market LIVE Updates:  Shilpa Medicare today announced that it has appointed Dr Sridevi Khambhampaty as CEO of its subsidiary, Shilpa Biologicals. 

 

12:31 PM

Stock Market LIVE Updates: Power Mech bags Rs 865 crore O&M project from Vedanta subsidiary

Stock Market LIVE Updates: Power Mech Projects today announced that it has received an order worth Rs 865 crore, from a Vedanta subsidiary for the operation and maintenance of a 3x600 MW thermal power plant.

The company, in an exchange filing, said, "We are pleased to inform that the company has received an order worth Rs 865 crore."

The company added that the project involved "operation and maintenance (O&M) of 3X660 MW supercritical thermal power plant of Talwandi Sabo Power Limited (a subsidiary of Vedanta Limited) at Banawala village, Mansa District, Punjab."

12:23 PM

Stock Market LIVE Updates: Nifty creates history: Hits 59th new high in 2024, most no of times in a yr

Stock Market LIVE Updates: The NSE Nifty 50 index today hit a fresh life-time high at 25,611.95 on the back of 50 basis points interest rate cut by the US Federal Reserve, a first in the last four years. Today's market rally was led by FMCG stocks with some support from select IT and financial shares.

With today's new summit, the NSE Nifty 50 index registered its 59th new all-time high in the calendar year 2024, surpassing its previous best of 58 new highs in the year 2021. READ MORE

12:12 PM

Stock Market LIVE Updates: Fed rate cut - 'Valuations (in India) are rich and this may limit near-term upside'

"Historically, Fed easing cycles have been particularly supportive for emerging market equities, in absence of a recession. However, it is important to assess whether the US economy is heading for a soft landing or into a hard landing (recession), as this will determine the market sentiment through the rate cut cycle.

Sentiment for domestic equities in India, in the near-term, will depend on the prevailing global market sentiment (especially, expectations of soft / hard landing of the US economy). The Indian economy in itself is on a solid footing and compares favorably over other Emerging Markets. Valuations however are rich, and this may limit the near-term upside unless there is a runaway global rally. Moreover, if the probability of a global hard landing rises, Indian equities could witness higher volatility.

Soft (global) landing scenario: A prudent strategy would be near-term caution, plus staggered investment along with preference for large caps and longer investment horizon.

Hard (global) landing scenario: Some profit booking might be desirable, especially in mid/small caps along with buy in market dips."

Views By: Unmesh Kulkarni, Managing Director Senior Advisor, Julius Baer India