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Closing Bell: Sensex, Nifty end flat; metal, realty down, banks shine
Market Close | Sensex, Nifty end flat
Indian benchmark indices ended flat in the rangebound trading session on September 3. At close, the Sensex was down 4.40 points or 0.01 percent at 82,555.44, and the Nifty was up 1.10 points at 25,279.80.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.
Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One
The Indian equity markets started the session on a flat note with the benchmark index struggling to continue its positive stature. Led by a narrow range-bound move, the Nifty50 index managed to extend its winning streak but only by a whisker. The index settled the session just one point higher at 25280.
From a technical standpoint, the market levels have seen little alteration, with the Nifty index fluctuating within a narrow range of about 90 points without a clear trend. Additionally, the market breadth suggests a strong tug of war between the Bulls and Bears.
Looking ahead, 25200 is poised to act as a key support for the benchmark, while a solid support zone is expected within the 25100-25000 range. On the higher end of the spectrum, 25350-25400 is anticipated to act as intermediate resistance, followed by the sturdy hurdle of 25500 in the comparable period.
Looking ahead, it is crucial to monitor the recent movement in the high beta index BankNifty, as any potential increase in buying activity following a prolonged consolidation phase could inject the necessary momentum into the markets. Nonetheless, given the apparent fatigue in the benchmark index, it's essential to adopt a pragmatic approach.
Prashanth Tapse, Senior VP (Research), Mehta Equities
Markets ended flat in a lacklustre trading session as investors exercised caution on the back of weak Asian and European cues. Also the markets have been hitting new highs in the recent upsurge and hence investors are a bit sceptical about taking further bullish bets.
Vinod Nair, Head of Research, Geojit Financial Services
Amid mixed global signals and the absence of significant new catalysts, aside from the anticipated Fed rate cut, which is already factored in, the domestic market took a breather. Mild caution emerged due to a recent slowdown in manufacturing activities, which indicates a slowdown in demand. However, predictions of an above-normal monsoon extending through September and accelerated capex by the GoI in the H2FY25 boosted consumption and rural based stocks like FMCG stocks.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty opened on a flat note and consolidated during the day to close marginally in the green up ~1 point. On the daily charts we can observe that the Nifty has been inching higher steadily helped by sector rotation. We shall continue to ride the upmove.
On the upside we expect Nifty to target levels of 25500. On the downside the crucial support base is placed at 25160 – 25120 where the key hourly moving averages are placed. We shall continue to ride the upmove with a trailing stoploss mechanism.
The Bank Nifty has finally showed some spark and is now inching higher towards 51950 - 52000 zone which coincides with the 61.82% Fibonacci retracement level. The support base shifts higher towards 51300 – 51200 from short term perspective.
Currency Check | Rupee closes lower
Indian rupee ended lower at 83.96 per dollar on Tuesday versus Monday's close of 83.92.
Market Close | Sensex, Nifty end flat; metal, realty down, banks shine
Indian benchmark indices ended flat in the rangebound trading session on September 3.
At close, the Sensex was down 4.40 points or 0.01 percent at 82,555.44, and the Nifty was up 1.10 points at 25,279.80. About 1909 shares advanced, 1857 shares declined, and 113 shares unchanged.
Top Nifty gainers were SBI Life Insurance, ICICI Bank, HDFC Life, Shriram Finance and Bajaj Finserv, while losers were ONGC, Infosys, Bajaj Finance, JSW Steel and Adani Ports.
Among sectors, bank and capital goods indices were up 0.5 percent each, while media, power, metal, realty and oil & gas down 0.5-1.5 percent.
The BSE midcap index ended with marginal gains and the smallcap index rose 0.5 percent.
Sudarshan Chemical Share Price LIVE Today | Company in race for coatings & pigments maker Heubach GmbH
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| ICICI Bank | 1,250.25 | 1.65 | 16.24m |
| HDFC Bank | 1,638.85 | 0.73 | 16.57m |
| Axis Bank | 1,193.00 | 0.35 | 6.46m |
| SBI | 824.80 | 0.32 | 9.58m |
| Kotak Mahindra | 1,785.15 | 0.28 | 4.78m |
| IDFC First Bank | 75.04 | 0.04 | 17.90m |
Brokerage Call | Morgan Stanley keeps 'overweight' call on Kaynes Technologies, target Rs 3,845
#1 Government approval for Kaynes Semicon Semiconductor plant in Gujarat is positive
#2 The pending government approval remained an area of investor concern
#3 Company had earlier indicated that its OSAT venture could garner incremental potential revenue
Brokerage Call | HSBC maintains 'reduce' rating on Rallis India, target Rs 251
#1 Tuning business model to play on strengths, a well-executed plan can bolster competitive position
#2 Planning to double domestic CP market share
#3 Company plans to seed revenue over next 4-5 years; turning selective on exports
#4 Maintain reduce given industry headwinds
Markets@3 | Sensex, Nifty trade flat
The Sensex was up 43.99 points or 0.05 percent at 82,603.83, and the Nifty was up 15.60 points or 0.06 percent at 25,294.30.
IPO Check | Gala Precision Engineering IPO subscribed 40.31 times on Day 2
QIB – 4.59 times
NII – 95.83 times
Retail – 36.63 times
Employee Reserved – 95.51 times
Overall – 40.31 times
IPO Check | Baazar Style Retail IPO subscribed 20.95 times on Day 3
QIB – 24.46 times
NII – 47.30 times
Retail – 7.60 times
Employee Reserved – 31.76 times
Overall – 20.95 times
Quess Corp Share Price Today | Stock snaps four-day fall to hit 52-week high on demerger update, staff addition
Shares of staffing company Quess Corp have snapped a four-day losing streak to rise nearly 7 percent and test the 52-week high of Rs 824 on September 3, on the back of higher manpower addition and the likelihood of completion of demerger by this fiscal. Read More
IPO Check | Kross Ltd's Rs 5 billion India IPO to open on Sept 9 and closes on Sept 11
JM Financial Share Price Today | Share price at highest level in four levels
Jindal Stainless Stock Price LIVE Today | 5.14 million shares traded in a two blocks: Bloomberg
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| HFCL | 154.00 | 4.3 | 3.08m |
| Sterlite Techno | 132.85 | 1.3 | 45.13k |
| Avantel | 174.95 | 1.21 | 162.04k |
| INDUS TOWERS | 443.45 | 1.07 | 85.51k |
| GTL Infra | 2.63 | 0.77 | 16.41m |
| Vodafone Idea | 15.16 | 0.73 | 18.18m |
| Tata Comm | 1,976.35 | 0.6 | 13.31k |
| MTNL | 59.62 | 0.24 | 308.32k |
| Tejas Networks | 1,343.95 | 0.19 | 9.67k |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Optiemus Infra | 560.40 | -1.29 | 21.29k |
| Railtel | 494.05 | -1.15 | 156.69k |
| Bharti Airtel | 1,564.20 | -0.59 | 46.13k |
| TataTeleservice | 95.51 | -0.39 | 1.52m |
| ITI | 301.80 | -0.31 | 27.11k |
| OnMobile Global | 83.20 | -0.12 | 27.05k |
Stock Market LIVE Updates | Signature Global shares trade lower post Rs 828.2 crore block deal
57.2 lakh shares (4.1 percent equity) worth Rs 828.2 crore of Signature Global change hands at Rs 1,449 per share in the morning trade.
Share Market Today | Spot USDINR to trade between 83.75-84.20
Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
Indian Rupee depreciated today on positive US Dollar and overnight gains in crude oil prices. However, FII inflows cushioned the downside.
We expect Rupee to trade with a slight negative bias on positive tone in the US Dollar and a correction in the domestic markets. However, fresh FII inflows may support the Rupee.
Traders may take cues from ISM manufacturing PMI data from US today and jobs data later this week. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20.
Stock Market LIVE Updates | Sammaan Capital shares down for eight straight session
D-Link India Share Price Live Today | Shares gains 11%, most in eight weeks
Stock Market LIVE Updates | Godrej Industries records fresh all-time high, jumps 7% on heavy volumes
Godrej Industries surged seven percent in trade on September 3, as heavy trading volumes caused the counter to record a fresh all-time high. Over 12 lakh shares exchanged hands in trade on the bourses, over 300 percent higher than the one-month daily traded average of four lakh shares. READ MORE
Stock Market LIVE Updates | FIEM Industries shares rise 5% as Kotak initiates coverage with a 'Buy'
Shares of FIEM Industries - makers of automotive lighting - soared around 5 percent after Kotak Securities initiated coverage on with a 'Buy' call and a price target of Rs 2,140 on the stock, nearly 40 percent higher from previous close. FIEM's product portfolio is versatile across different technologies, Kotak's note said, implying the rise in electric vehicle adoption may not disrupt the auto components maker's business. READ MORE
AU Small Finance Bank Share Price Live | 11 million shares traded in a block: Bloomberg
IPO Check | Baazar Style Retail IPO subscribed 11.48 times on Day 3
QIB – 4.06 times
NII – 32.86 times
Retail – 6.49 times
Employee Reserved – 29.47 times
Overall – 11.48 times
IPO Check | Gala Precision Engineering IPO subscribed 31.64 times on Day 2
QIB – 4.5 times
NII – 68.75 times
Retail – 30.95 times
Employee Reserved – 84.58 times
Overall – 31.64 times
Brokerage Call | Citi keeps 'sell' rating on Tech Mahindra, target Rs 1,260
#1 Growth is still difficult in the current environment
#2 BFSI is improving but it is slow & gradual
#3 There are 10-15 actions in play to drive margin
#4 Focus is on costs to drive margins initially followed by pyramid optimisation
#5 Some part of the margin improvement will be invested back
#6 Wage hikes to be reviewed in October
Star Health Share Price Today | 3.76 million shares change hands in two bunches: Bloomberg
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Zee Entertain | 137.76 | -2.99 | 12.94m |
| Sun TV Network | 804.80 | -0.7 | 249.71k |
| Dish TV | 14.52 | -0.62 | 4.45m |
| Network 18 | 93.80 | -0.52 | 1.95m |
| TV TodayNetwork | 272.65 | -0.05 | 165.97k |
Stock Market LIVE Updates | Vedanta announces third interim dividend
Mining major Vedanta Ltd on September 2 said its board approved third interim dividend of Rs 20 per share for FY25.
"The Board of Directors of Vedanta Limited, at its meeting held today i.e. Monday, September 2, 2024, has considered and approved the third Interim Dividend of Rs 20 per equity share on face value of Re 1 per equity share for the Financial Year 2024-25 amounting to Rs 7,821 crore," said Vedanta in a stock exchange filing.
The record date for the purpose of payment of dividend shall be September 10, 2024.
Markets@1 | Sensex, Nifty trade flat
The Sensex was down 21.80 points or 0.03 percent at 82,538.04, and the Nifty was down 2.70 points or 0.01 percent at 25,276.00. About 1796 shares advanced, 1558 shares declined, and 72 shares unchanged.
Mangalam Organics Share Price Today | Promoter buys 3,29,019 equity shares
Godrej Industries Share Price Today | Stock price gains most in 11 months
IPO Prediction | Expect decent listing gains from ECOS India IPO
Prashanth Tapse, Senior VP (Research), Mehta Equities
Despite valuations placed slightly on the higher side and 100% OFS, ECOS India managed to receive a healthy response on the last day of the issue from all types of investors especially from QIB Category who demanded 136x times to the limit.
We believe the investor demand has come considering the company's asset-light model, extensive network across 109 cities and strong relationships with Fortune 500 and BSE 500 companies position it well to capitalize on the growing corporate mobility market and its presence in high-growth sectors like IT, healthcare and e-commerce underscore its potential for continued growth.
Considering market mood and sectorial high-growth factors, we can expect a decent listing gain over and above 20% against the issue price of Rs 334 per share. We had recommended our investors to “SUBSCRIBE WITH RISK” which can generate decent listing gains over and above 20% on the issue price on the back of market optimism.
Post listing, on valuation front, it can move from reasonable valued to stretched valuations which would be reason for profit booking attempts at high levels.
Share Market News | Nilesh Shah of Kotak MF at CII event
Happiness, dharma, and governance are linked to savings. As Indians we know how to save, but when it comes to investment there is scope for improvement.
90 percent of investments went to assets which were not making real returns. Only 7 percent of allocation went to assets which were making real returns.
Share Market News | Vishal Kampani, JM Financial at CII event
The transition should not create wealth for select people. Therefore, it is important to go long term. It is important to have strict rules for traders, so it improves the market infrastructure.
In my career I have never seen this kind of strength in primary markets. Every single IPO we do today, domestic investors are leading the way. Domestic investors are MFs, family offices, etc. Back in COVID 19, the foreign investors were leading in IPOs.
The OFS YTD number is Rs 87,000 crore (selling). A large part of this number is being invested back in equity markets.
IPO Check | Baazar Style Retail IPO subscribed 8.96 times on Day 3
QIB – 0.88 times
NII - 26.55 times
Retail – 5.96 times
Employee Reserved - 28.26 times
Overall – 8.96 times
GACM Technologies Stock Price Live Today | Company promoter to increase their stake
The promoters and promoter group of GACM Technologies intend to increase their stake in the company by participation in preferential allotment of equity shares warrants as announced by the company.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Mazagon Dock | 4,494.35 | 7 | 484.49k |
| Bombay Burmah | 2,625.85 | 6.82 | 34.91k |
| Quess Corp | 819.75 | 6.27 | 36.28k |
| Godrej Ind | 1,127.15 | 6.25 | 36.77k |
| Poly Medicure | 2,494.05 | 4.94 | 10.30k |
| Gland | 1,916.35 | 4.53 | 26.92k |
| Prism Johnson | 172.55 | 4.45 | 88.30k |
| Kaynes Tech | 4,856.90 | 4.29 | 57.57k |
| SBI Card | 773.80 | 4.01 | 164.70k |
| Sanofi India | 7,069.25 | 3.67 | 2.57k |
Stock Market News | World Bank raises India’s FY25 growth forecast to 7% from 6.6% earlier
#1 India’s medium-term growth will remain strong
#2 India’s growth will remain strong at 7 percent in FY25
#3 Indian economy will grow at an average of 6.7 percent over FY26-FY27
KPI Green Stock Price Today | Arm gets LoI to set up solar power projects with 7 MW capacity
