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
Stock Market Highlights, Wednesday, September 18, 2024: Benchmark equity indices, the BSE Sensex and NSE Nifty50, retreated from record high levels to settle in the red on Wednesday, ahead of the US Fed policy decision scheduled to be announced later in the day.
The BSE Sensex shed 131.43 points or 0.16 per cent to settle at 82,948.23. The index had hit a fresh high level of 83,326.38 during intra-day trade on Wednesday.
Meanwhile, the NSE Nifty also scaled a record high level of 25,482.20 before ending Wednesday's session at 25,377.55, down 41 points or 0.16 per cent from its previous close.
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. Conversely, Shriram Finance, Bajaj Finance, Bajaj Finserv, Nestle India, and HDFC Bank were among the 19 Nifty50 stocks that ended higher, with gains of up to 4.22 per cent on Wednesday.
From the BSE space, 19 constituent stocks on the Sensex ended lower, dragged by TCS, Infosys, Tech Mahindra, HCL Tech, and Sun Pharma, down up to 3.46 per cent. Meanwhile, Bajaj Finance, Bajaj Finserv, Nestle India, and HDFC Bank ended in the green with gains of up to 3.36 per cent.
The Nifty index was the top laggard among the setoral indices, settling with a loss of 3.05 per cent, dragged by Mphasis, TCS, and Persistent Systems.
In contrast, financial and banking sectors bucked the trend, with Nifty Financial Services, and Bank Nifty indices ending higher by 1.40 per cent and 1.06 per cent respectively. Meanwhile, Nifty Private Bank, and PSU Bank indices also eked out gains of up to 0.96 per cent.
In contrast, financial and banking sectors bucked the trend, with Nifty Financial Services, and Bank Nifty indices ending higher by 1.40 per cent and 1.06 per cent respectively. Meanwhile, Nifty Private Bank, and PSU Bank indices also eked out gains of up to 0.96 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.
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
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
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.
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%
>> 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%
>> 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
>> 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
>> 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
>> 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
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.
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
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.
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
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.
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
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.
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
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."
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."
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First Published: Sep 18 2024 | 7:57 AM IST