Dilip Parmar, Research Analyst, HDFC Securities
The Indian rupee consolidated in a narrow range with a positive bias as the dollar index retreated and Asian currencies recovered. The index re-balancing-related inflows also supported the rupee in today’s trade. The Dollar is in demand, buoyed by factors like the repricing of the long-term Fed funds rate, high oil prices, and concerns over the direction of travel for both the European and Chinese economies. While the local rupee remained resilient to the greenback amid the central bank’s intervention.
Spot USDINR is expected to trade between 83 to 83.30 amid mixed economic data. Market participants will eye on next week’s RBI monetary policy decision. The Reserve Bank of India (RBI) is likely to keep its repo rate unchanged as India’s inflation is trending down after a surge in vegetable prices in July.
Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
"The Bank Nifty witnessed a resurgence of bearish sentiment as the bears took control, pushing the index lower. Strong resistance has formed at the 20-day moving average (20DMA) located at the 45,000 mark.The immediate support on the downside is situated at 44,200, and a breach below this level could trigger further selling pressure, potentially taking the index down to the 43,800 mark. In this scenario, it's advisable to maintain a "sell on rise" approach as long as the index remains below the 45,000 mark. "
Rupak De, Senior Technical Analyst at LKP Securities
"The Nifty has experienced a significant correction as it was unable to maintain levels above 19,750. On the daily timeframe, the most recent candle has engulfed the bodies of the preceding few days' candles, which suggests a negative sentiment. The prevailing sentiment continues to favor selling during rallies. Looking ahead, the Nifty may decline towards 19,250, with immediate support situated at 19,450. Resistance is positioned at the higher end at 19,600."
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets resumed a negative tone after the recent breather and lost nearly a percent on the monthly expiry day. After the flat start, Nifty gradually inched lower as the session progressed and finally settled at 19523.55 levels. The decline was widespread on the sectoral front wherein IT and FMCG were among the top losers. The broader indices also felt the heat wherein midcap shed over a percent and smallcap closed marginally in the red.
The prevailing weakness in heavyweights across sectors combined with feeble global cues is weighing on the sentiment. After the failed attempt to reclaim 19750, we expect Nifty to inch further lower and test 19400 however the major support is at 19200. Participants should align their trades accordingly and focus more on risk management.
Vinod Nair, Head of Research at Geojit Financial Services
"The selling was broad-based, as investors are on alert given the rise of oil prices. If crude continues to stay above the 90 USD level, it will be a threat to inflation and boil the operational margins. Globally, US GDP data and the FED chief speech will be watched carefully, which will set the future trend. Currently, the combination of higher interest rates and US bond yields are influencing FIIs to stay in the selling mode."
Rupee at close
Rupee ends at 83.19/$ against Wednesday’s close of 83.22/$
Market at close: Sensex & Nifty end at nearly 1-month closing lows
Broad-based losses across the market saw benchmark indices slip deeper into losses as the day progressed. At close, the Sensex was down 610.37 points or 0.92 percent at 65,508.32, and the Nifty was down 193.00 points or 0.98 percent at 19,523.50.
Losers outnumbered gainers as about 1,524 shares advanced, while 2,007declined, and 136 were unchanged.
The end of today's session also marked the end of the September F&O series.Nifty regained losses from the previous F&O series and ended 1.5 percent higher as against the previous series. The Nifty bank also gained nearly 1 percent while the midcap index continued to outperformed with almost 3 percent gains through the September F&O series.
Stock Market LIVE Updates | Cummins India slumps 3% after UBS Securities recommends ‘sell’ on stock
Cummins India shares were down nearly 3 percent on September 28 after UBS Securities gave a ‘sell’ rating on the engine manufacturing company’s stock.
UBS seeing a downside potential for the stock from the current price levels has set a target price at Rs 1,350 per share.
“Best phase of short cycle led earnings momentum is behind. There are more players now in the engine manufacturing segment who are successfully complying with the stringent CPCB 4+ norms. We remain constructive on the domestic revenue growth of the company. However, we are cautious on how it might perform on the exports front,” the brokerage said.
UBS also sees an increasing risk of downgrades on the company over coming quarters.
Sensex Today | Rupee ducks slump in EM currencies, but crude, dollar threats loom
The rupee held its ground so far this year, even as emerging market currencies slumped on rising worries over the Chinese economy and US interest rates souring the sentiment on riskier assets.
However, going ahead, the Indian currency will likely see a tug-of-war between headwinds from high crude oil prices and firm interest rates on one side, and tailwinds from JPMorgan bond index inclusion and possible RBI interventions.
Emerging market currencies have slumped up to 30 percent this year against the US Dollar. Russian ruble has tanked around 30 percent against the dollar so far in 2023 when the Chinese yuan lost around 6 percent. The Indian rupee, in contrast, slipped only 0.5 percent against US dollar. Read More
Stock Market LIVE Updates | Ashwin Dani, co-founder & non-executive director of Asian Paints passes away, stock down 4%
Ashwin Dani, a second-generation scion of the family that co-founded Asian Paints and served as the non-executive director of the company, passed away on September 28 at the age 79, reported CNBC-TV18.
Dani started his journey at Asian Paints in 1968 as a senior executive and rose through the ranks to eventually lead the company. Dani’s contribution was instrumental to the company's growth as the largest paint maker in the country with a group turnover of Rs 21,700 crore.
Over the years, Dani held a number of positions with the business, including director (research and development), works director, full-time director, vice-chairman, and managing director. Dani was known for using research and development to provide cutting-edge concepts to the business and the paints sector
Sensex Today | Market at 3 PM
The Sensex was down 634.51 points or 0.96 percent at 65,484.18, and the Nifty was down 202.70 points or 1.03 percent at 19,513.80. About 1,345 shares advanced, 1,762declined, and 91 were unchanged.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 16077.40 -1.27 | 27.48 -0.76 | 3.89 28.24 |
| NIFTY IT | 31919.05 -2.07 | 11.52 -3.04 | 3.72 17.92 |
| NIFTY PHARMA | 15035.60 -0.82 | 19.35 -1.77 | -0.83 18.34 |
| NIFTY FMCG | 51351.20 -1.87 | 16.25 -0.62 | -0.08 16.80 |
| NIFTY PSU BANK | 5203.35 -0.57 | 20.49 3.28 | 13.99 81.04 |
| NIFTY METAL | 6706.30 -1.05 | -0.25 -1.47 | 2.65 19.38 |
| NIFTY REALTY | 569.65 -1.1 | 31.92 0.78 | 5.89 37.51 |
| NIFTY ENERGY | 27048.60 -0.67 | 4.56 -0.65 | 3.97 6.99 |
| NIFTY INFRA | 6188.90 -0.5 | 17.84 0.06 | 3.68 27.30 |
| NIFTY MEDIA | 2227.25 -1.28 | 11.81 -2.83 | -2.04 10.86 |
Stock Market LIVE Updates | Dr Reddy's Labs incorporates wholly-owned subsidiary in the health and well-being space
Stock Market LIVE Updates | Coforge slapped with a tax demand notice worth Rs 82.9 cr for FY2019-20
Stock Market LIVE Updates | Cholamandalam Investment may launch Rs 2,000 crore QIP today
Cholamandalam Investment and Finance Co Ltd is planning to raise approximately Rs 2,000 crore through a qualified institutional placement (QIP). The QIP is expected to open on September 28, offering an option to upsize based on the demand and response from investors, CNBC TV reported on September 28.
Floor price for QIP likely to be in the range of Rs 1,160-1,180 a share which is a discount of 4-6 percent from the current market price, according to the business television report. It may raise another Rs 2,000 crore via compulsory convertible debentures.
On August 1, the board of Cholamandalam Investment and Finance had given its approval for raising Rs 4,000 crore. Read More
Sensex Today | Nifty IT slumps 2% on surge in US bond yields to the highest level since 2007. Tech Mahindra worst hit, down over 4%
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Tech Mahindra | 1,232.05 | -4.39 | 4.25m |
| LTIMindtree | 5,239.55 | -3.63 | 345.31k |
| MphasiS | 2,408.15 | -2.5 | 185.21k |
| L&T Technology | 4,625.25 | -2.35 | 107.13k |
| Persistent | 5,727.50 | -1.91 | 228.89k |
Sensex Today| Apar Industries Board approves fund raise of Rs 1,000 Cr
Sensex Today| LIC cuts stake in Hindustan Copper to 8.17% from 10.25% from July 19-Sept 27
Sensex Today| KSB Limited receives orders of around Rs 55 Crores from NPCIL
MPC may keep interest rates unchanged: Federal Bank MD & CEO Shyam Srinivasan
Srinivasan added that if there is visibility that vegetable prices are cooling off, then inflation may drop as he does not see further pressure on other items in the food basket.... Read More
Sensex Today| ICRA reaffirms credit ratings of Mahindra Logistics
Stock Market LIVE Updates | CLSA retains 'buy' on ICICI Lombard, TP at Rs 1,550
Buy rating, target at Rs 1,550/sh
Floods in first two quarters, higher growth provides cushion
Motor segment picking up momentum with each passing month
Year-to-date performance stronger than expected
Floods in north India, catastrophe reinsurance trigger is at Rs 40 crore
Stock Market LIVE Updates | Vodafone Idea down more than 3% as market share losses continue
Vodafone Idea shares were down nearly 3 percent in the morning trade on September 28 after the monthly subscription data for July, published by the Telecom Regulatory Authority of India (TRAI), noted a loss of 13.2 lakh subscribers for the company. The TRAI report for June had observed a loss of 12.9 lakh subscribers from Vodafone Idea. As per the recent numbers for July, the company’s market share in the wireless subscribers segment now stands at 19.92 percent.
Stock Market LIVE Updates | Marco Cables & Conductors stock lists at 7.5% premium over IPO price on NSE SME
Marco Cables & Conductors shares listed at 7.5% premium on the NSE SME platform on September 28. The stock opened at Rs 38.70 against the IPO price of Rs 36 per share. The company’s grey market premium (GMP) was at Rs 6, implying a listing price of Rs 42. The IPO was subscribed 30.9 times and the retail portion was subscribed 35.24 times. The IPO opened for subscription on September 21 and closed on September 25. The company raised Rs 18.73 crore through IPO. The price for the issue was fixed at Rs 36 per share. The offer comprised of fresh issue of 2,601,000 equity shares totaling Rs 9.36 crore and an offer for sale (OFS) of 2,601,000 shares totaling Rs 9.36 crore.
Sensex Today | Market at 1 PM
The Sensex was down 341.83 points or 0.52 percent at 65,776.86, and the Nifty was down 106.00 points or 0.54 percent at 19,610.50. About 1,560 shares advanced, 1,475declined, and 106 were unchanged.
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| HDFC Bank | 1,534.50 0.5 | 9.90m | 1,515.42 |
| ICICI Bank | 937.95 -0.55 | 13.25m | 1,245.89 |
| Axis Bank | 1,027.70 0.24 | 8.50m | 877.31 |
| Larsen | 3,017.50 1.77 | 2.75m | 830.51 |
| Reliance | 2,354.85 -0.59 | 3.34m | 792.44 |
Stock Market LIVE Updates | Best IPOs of 2023: Here are the stocks that have gained the most after listing
After a slow start due to bad market conditions, the number of IPOs this year has jumped sharply in the last couple of months and so have the returns from public issues. Top gaining IPO stocks of 2023 Winner: With nine months of 2023 behind us, Cyient DLM, a "design-led manufacturing" company, has performed exceptionally well. The stock is now up 156 percent over its issue price of Rs 265, building on listing gains of 51 percent. READ MORE
Stock Market LIVE Updates | Gensol gains 5% as subsidiary bags order to lease 500 cargo electric vehicles
Gensol Engineering shares traded 5 percent higher intraday on September 28 after the company announced that its subsidiary Gensol EV Lease had bagged an order worth Rs 75 crore for more than 500 Tata Ace Cargo electric vehicles (EV). READ MORE
Stock Market LIVE Updates | Around 1% equity of Happiest Minds change hands at average of Rs 886/share
Stock Market LIVE Updates | Rane Madras board approves setting up of a wholly owned subsidiary in Mexico
Stock Market LIVE Updates | CARE upgrades long-term rating for Indian Hotels to AA+ from AA, outlook stable
Stock Market LIVE Updates | Views from Aditi Nair chief economist, ICRA
India’s current account deficit (CAD) widened to $9.2 billion (-1.1% of GDP) in Q1 FY2024 from $1.3 billion in Q4 FY2023 (-0.2% of GDP), but trailed our forecast led by a healthier-than-anticipated merchandise trade balance,even as the services trade surplus and balance of secondary income were smaller than anticipated.
With the average merchandise trade deficit trending higher in Jul-Aug 2023 relative to Q1 FY2024 levels, and the recent rise in crude oil prices, ICRA estimates the CAD to widen sequentially to $19-21 billion (-2.3% of GDP) in Q2 FY2024.
Overall, ICRA projects the CAD to widen to $73-75 billion (-2.1% of GDP) in FY2024 from $67.0 billion (-2.0% of GDP) in FY2023, building in an average crude oil price of $90/bbl in H2 FY2024.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Vodafone Idea | 11.60 | -3.33 | 172.91m |
| JSW Energy | 422.30 | -2.45 | 2.34m |
| AU Small Financ | 728.05 | -2.37 | 1.07m |
| Navin Fluorine | 4,361.15 | -1.88 | 259.76k |
| Cummins | 1,699.20 | -1.87 | 295.47k |
| Escorts Kubota | 3,258.00 | -1.87 | 149.71k |
| Guj State Petro | 282.15 | -1.86 | 152.52k |
| Ashok Leyland | 176.20 | -1.73 | 3.26m |
| Godrej Prop | 1,553.70 | -1.69 | 138.47k |
| Persistent | 5,750.10 | -1.52 | 72.50k |
Stock Market LIVE Updates | Promoter sell-off hits 6-year high in 2023 - Adani group leads the way:Kotak
In 2023 so far, promoter sell-offs surged to their highest level in six years, with promoters shedding nearly Rs 870 billion ($10 billion) worth of equities. Notably, the Adani Group accounted for a staggering Rs 370 billion of this total, constituting almost 40% of the overall promoter sell-off. The sectors most affected by promoter selling this year include automobiles, capital goods, electric utilities, IT services, and transportation. Additionally, insurance and IT services have witnessed significant promoter selling over the period spanning 2018 to 2023, Kotak report said.
Sensex Today | Market at 12 PM
The Sensex was down 280 points or 0.42 percent at 65,838, and the Nifty was down 85 points or 0.43 percent at 19,631. About 1,910 shares advanced, 1,535 declined, and 162 were unchanged.
Stock Market LIVE Updates | KP Energy gains 3% on successfully commissioning wind power project
Shares of KP Energy opened at Rs 529.70, 3 percent higher on the BSE on September 28. A day before, on September 27, the energy company announced the successful commission of Phase -V of the ISTS connected wind power plant. By 11:30, the stock was trading at Rs 526, 2 percent higher than yesterday's close.
The company has successfully commissioned a further 10.5MW (Phase-V) ISTS connected wind power project comprising of 5 wind turbine generators of 2.1 MW each at the Sidhpur site in Devbhoomi Dwarka. According to the filing, this is a part of the 250.8MW ISTS connected wind power project capacity awarded to Apraava Energy by Solar Energy Corporation of India (SECI). KP Energy is developing the project for Apraava Energy as a contractor under the land and balance of plant contract.
Stock Market LIVE Updates | India April-June Current Account Deficit at $9.2B; Est. -$8.9B
India’s current account deficit was $9.2billion, or 1.1% of GDP in the first quarter of the current fiscal year, compared with $17.9 billion a year earlier, according to a statement from Reserve Bank of India.
Stock Market LIVE Updates | Apollo Tyres wins legal battle, SEBI directed to refund Rs 65 lakh in buyback dispute
Apollo Tyres Ltd announced that the Securities Appellate Tribunal (SAT) has overturned a 2003 Securities Exchange Board of India (SEBI) order related to share buybacks by notified parties. SAT also instructed SEBI to reimburse the company Rs 65 lakh in penalties within four weeks of its decision.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 16223.00 -0.37 | 28.63 0.14 | 4.83 29.40 |
| NIFTY IT | 32239.50 -1.09 | 12.64 -2.07 | 4.76 19.11 |
| NIFTY PHARMA | 15179.05 0.13 | 20.49 -0.83 | 0.11 19.47 |
| NIFTY FMCG | 51849.70 -0.92 | 17.38 0.34 | 0.89 17.93 |
| NIFTY PSU BANK | 5302.95 1.34 | 22.79 5.25 | 16.17 84.50 |
| NIFTY METAL | 6786.10 0.13 | 0.93 -0.30 | 3.87 20.80 |
| NIFTY REALTY | 575.45 -0.1 | 33.27 1.80 | 6.97 38.91 |
| NIFTY ENERGY | 27278.80 0.17 | 5.45 0.19 | 4.85 7.90 |
| NIFTY INFRA | 6239.10 0.31 | 18.79 0.87 | 4.52 28.33 |
| NIFTY MEDIA | 2254.25 -0.08 | 13.16 -1.65 | -0.85 12.20 |
Stock Market LIVE Updates | L&T stock hits record high amid reports of 100% retail AR in buyback
Shares of Larsen & Toubro (L&T) surged 2 percent to hit an all-time high of Rs 3,013 per share on September 28 on BSE ahead of the company’s share buyback bid settlement later today.
Apart from settlement of bids, return of unaccepted equity shares, and payment of consideration to eligible shareholders who participated in the buyback will also take place. The S&P BSE Sensex was flat at 66,071 levels, as of 10:10 am. As per consensus on X, formerly known as Twitter, retail investors shared a 100 percent acceptance ratio (AR) in the buyback.
The Rs 10,000-crore buyback was subscribed 7.2 times (x), led by qualified institutional buyers (QIBs), showed data on the NSE. While QIBs accounted for over 86 percent of the subscriptions, the non-institutional investors (NIIs) accounted for less than 1 percent of the bids, and individual investors were at 12.4 percent. Against the 3.13 crore shares on the offer, the company received offers for 22.5 crore shares for Rs 72,160 crore.
Stock Market LIVE Updates | Shreyas Shipping's successful delisting surpasses 90% ownership
Shreyas Shipping & Logistics Ltd. has completed a successful delisting process through reverse book building, where promoters attained over 90% ownership despite many retail shareholders. Shareholders tendered 4.3 million shares, exceeding the required 4.07 million.
Transworld Holdings offered to buy public shares at an indicative price of Rs. 375. The promoter group holds 70.44% of total issued capital and 71.25% of remaining shares.
The discovered price through the process is Rs. 890.0. Under revised SEBI rules, promoters can accept or counter the price. Approximately 18.55% of total issued capital and 18.76% of remaining shares were successfully bid at or below the discovered price.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Finolex Cables | 1,210.00 | 8.02 | 1.18m |
| C. E. Info Syst | 2,039.00 | 7.48 | 1.13m |
| MCX India | 2,078.55 | 7.31 | 3.75m |
| IOB | 48.10 | 6.89 | 87.44m |
| Central Bank | 53.80 | 6.32 | 52.72m |
| UCO Bank | 45.30 | 5.23 | 40.19m |
| TataTeleservice | 100.95 | 4.67 | 6.44m |
| Tata Inv Corp | 3,414.95 | 4.4 | 1.44m |
| Bank of Mah | 49.25 | 3.9 | 37.59m |
| CSB Bank | 340.70 | 3.35 | 1.02m |
Stock Market LIVE Updates | Bharti Airtel gains on adding 15.17 lakh subscribers in July
Bharti Airtel shares were trading marginally higher in the morning session on September 28 after Telecom Regulatory Authority of India’s monthly subscription data for July published showed a net addition of 15.17 lakh subscribers to the telecom’s services.
The expansion comes after TRAI report for June observed a net addition of 14.1 lakh subscribers. After the July update, the company’s market share stands at 32.74 percent in the wireless subscribers segment.
