Closing Bell: Nifty around 20,000, Sensex gains; all sectors except IT in the red

Rupak De, Senior Technical analyst at LKP Securities:

Nifty witnessed a correction as sellers exerted pressure around the 20,100 level. However, the correction was contained, thanks to put writers at 19,900 who helped shield the market from further declines. In the short term, the headline index Nifty is expected to maintain its strength as long as it stays above the critical short-term support level of 19,780. On the higher end, a decisive move above 20,100-20,150 could propel Nifty toward 20,500 in the short term.

Dilip Parmar, Research Analyst, HDFC Securities:

Indian rupee outperforms among the Asian currencies on the central bank’s dollar selling ahead of the inflation data. The expectation of ease in India’s inflation numbers and better industrial output, which will be released after the market closes, supported the rupee in today’s trade. Spot USDINR has support at 82.80 and resistance at 83.15. In the short term, the pair is likely to consolidate in a narrow range before heading higher while the medium-term trend remains bullish.

The greenback is marginally better bid as the market sits and waits for tomorrow’s August US CPI release and ECB monetary policy decision. A hawkish tone from the US CPI data and a hike from the ECB could push the greenback further higher.

Deepak Jasani, Head of Retail Research, HDFC Securities:

Nifty swung between gains and losses on Sept 12 after scaling a fresh all-time at 20,110.35 in early trade. At close, Nifty was almost unchanged, falling 0.02% or 3.2 points at 19993.2. Volumes on the NSE were the highest in many weeks as a broad based sell-off led to bottom fishing by some. Broad market indices fell much more than the Nifty even as the advance decline ratio dipped sharply to 0.18:1.

Asian markets were mostly down Tuesday as traders nervously await US inflation data, while lingering concerns about China's economy remain a millstone. European stocks traded mixed on Tuesday as investors looked ahead to the release of U.S. inflation data along with the ECB policy meeting this week for directional cues.

Nifty closed almost flat after opening higher on the 8th day of rise. Broad market sell-off has dented sentiments to some extent. While Nifty may not fall much in the near term, the broad market indices may take time to find a bottom. Nifty could remain in the 20110-19865 band for the near term.

Prashanth Tapse, Senior VP (Research), Mehta Equities:

Bulls struggled in today’s trade but the positive takeaway was that Nifty ended a tad below the dotted lines and, most importantly, was able to sustain near its psychological 20000 mark. Investors refrained from placing fresh bullish bets ahead of the critical US CPI data to trickle in tomorrow which could influence the Fed policy path scheduled on September 20.

Also, partly denting sentiments was the spike in WTI oil prices to $88 a barrel and which are now flirting at their highest level in over ten months underpinned by tightening supplies and expectations that OPEC+ leaders would extend output cuts through the rest of the year. On the technical front, the make-or-break support for Nifty is seen at 19757 mark.

Vinod Nair, Head of Research at Geojit Financial Services:

The level of pessimism has risen in the stock market leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale. The correction is happening on midcaps while large caps are maintaining their strength.

This cautious trend can prevail in the short-term, but the end-game is on the rise of the domestic economy, surprising upside in corporate earnings, and change in domestic investment patterns, which is expected to continue on a long-term basis.

Shrikant Chouhan, Head of Research (Retail), Kotak Securities:

Markets showed first signs of cooling off after seven straight sessions of gains as key indices ended mixed in a session marked with volatility in early trades but turned range-bound thereafter. Sluggishness in other Asian and European gauges also prompted investors to take a cautious route and resort to selective profit-taking.

Technically, the medium term texture of the market is still positive, but in the near future we could see a range bound activity. For traders, 19900-19850 could be the key support levels while 20100-20150 could be the immediate resistance areas for the bulls.

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

The Nifty opened gap up however it was unable to sustain at higher levels and sold off. It closed marginally in the red down ~3 points after rising for seven consecutive trading sessions. The fall was more severe in the broader market with the Midcap and Small Cap Index correcting ~4% each. We believe that the index is due for consolidation after a sharp rally in the last seven trading sessions. The range of consolidation is likely to be 20100 – 19800.

Momentum indicators on the daily and hourly time frame are providing divergent signals which could lead to sideways consolidation. Thus, both price and momentum indicator suggest that there could be consolidation over the next few trading sessions. Overall, the short-term outlook is positive and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19865 – 19810 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.

Bank Nifty has also witnessed a sell off past opening higher and closed negative for the day. We believe that there could be a consolidation in the range of 45800 – 45000 from short term perspective. Daily and hourly momentum indicator are providing divergent signals which could lead to a consolidation in the near term.

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities view on Bank Nifty:

After a remarkable upward movement over the past week, the market experienced selling pressure from higher levels. Call writers have significantly increased open interest at the 46,000CE strike, which is now acting as a strong resistance level. On the downside, key support is seen at 45,200, and if it manages to hold this support, we could witness some recovery towards 45,600 or 45,800 levels.

Rupee Close:

Indian rupee ended 11 paise higher at 82.92 per dollar versus previous close of 83.03.

Market Close:

Benchmark indices ended with little change in the highly volatile session on September 12.

At close, the Sensex was up 94.05 points or 0.14 percent at 67,221.13, and the Nifty was down 3.10 points or 0.02 percent at 19,993.20. About 689 shares advanced, 2882 shares declined, and 118 shares unchanged.

Top gainers on the Nifty included TCS, L&T, Infosys, Divis Labs and UltraTech Cement, while BPCL, Power Grid Corp, NTPC, Adani Enterprises and Coal India were among the top losers.

Except Information Technology (up 1 percent), all other sectoral indices ended in the red with auto, capital goods, power, oil & gas, metal and realty down 1-3 percent each.

The BSE midcap index shed 3 percent, while Smallcap index declined 4 percent.

Stock Market LIVE Updates | Nomura View On Hindustan Unilever

-Buy rating, target at Rs 2,950 per share
-For Q2FY24, anemic demand, GPM to improve but OPM to remain muted
-Expect weak Q2 as demand is unchanged with limited signs of improvement
-Significant step up in A&P to drag down EBITDA growth
-Q2FY24 demand trends, volume growth in low single-digits YoY, same as Q1
-GPM to improve QoQ, step up in A&P to caps OPM expansion

Sensex Today | Midcap Index is set for the biggest single-day fall of 2023

Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas:

Indian Rupee appreciated on Tuesday as domestic markets hit fresh record highs after Nifty breached the 20,000 mark for the first time on Monday. Suspected RBI intervention and fresh FII inflows also supported the local currency. However, a strong Dollar and surge in crude oil prices capped sharp gains. US Dollar gained on higher for longer interest rate story in the US.

We expect Rupee to trade with a slight positive bias on positive tone in domestic equities. Weak European and Asian markets on one hand and positive Indian markets may attract fresh foreign inflows. However, concerns over rising crude oil prices may limit the upside. Traders may remain cautious ahead of India’s CPI and IIP data today and US CPI data tomorrow. USDINR spot price is expected to trade in a range of Rs 82.50 to Rs 83.30.

Stock Market LIVE Updates | Bernstein View On Zomato

-Outperform rating, target raised to Rs 120 per share
-Continues to raise profitability bar with break-even 3 quarters ahead of target
-Strong execution & profit has reinforced investor confidence
-Stock has graduated from 'GMV Multiple' to 'Profit Multiple'
-Medium-term EV/EBITDA multiple look reasonable

Stock Market LIVE Updates | Axiscades Technologies partners with Cantier

Axiscades Technologies announced a strategic partnership with Cantier, a Singapore-based powerhouse in Manufacturing Execution Systems (MES), with a specialisation in Industry 4.0 integration.

Sensex Today | Market at 3 PM

The Sensex was up 154.20 points or 0.23 percent at 67,281.28, and the Nifty was up 15.20 points or 0.08 percent at 20,011.50. About 551 shares advanced, 2611 shares declined, and 75 shares unchanged.

Sensex Today | Gold eases as investors await US inflation data for Fed policy outlook

Gold prices eased into a holding pattern on Tuesday as investors awaited U.S. inflation figures that could provide an updated view on interest rates after the Federal Reserve kept the door open to further policy tightening.

Spot gold was down 0.1% at $1,919.29 per ounce by 0725 GMT, while U.S. gold futures dipped 0.3% to $1,942.10.

Stock Market LIVE Updates | Cholamandalam Investment likely to float a QIP of Rs2,000 cr this week, base price of QIP is seen at about Rs1,140/share:CNBC

Stock Market LIVE Updates | Shyam Metalics incorporates wholly owned subsidiary in Netherlands 

Shyam Sel and Power, a material wholly owned subsidiary of Shyam Metalics has incorporated a wholly owned subsidiary company in Netherlands named SHYAM GLOBAL B.V. on September 8, 2023 and registered on September 11, 2023 as per the extract received from Netherlands Chamber of Commerce.

Sensex Today | Nifty Auto index shed -nearly 2 percent dragged by Tube Investment, Sona BLW, Bharat Forge

Stock Market LIVE Updates | Macquarie View On Hindustan Unilever

-Outperform rating, target at Rs 2,950 per share
-Channel checks point to steady demand trends
-Expect 3% YoY EBITDA growth, 7% YoY PAT growth for Q2FY24
-Expect flattish YoY EBITDA margin
-Believe festive demand & steady moderation of price cuts should aid volume in H2

Sensex Today | Market at 2 PM

The Sensex was up 51.23 points or 0.08 percent at 67,178.31, and the Nifty was down 11.00 points or 0.06 percent at 19,985.30. About 526 shares advanced, 2629 shares declined, and 72 shares unchanged.

Sensex Today | BSE Oil & Gas index down 2.5 percent dragged by Petronet LNG, HPCL, GAIL India

Sensex Today | Aamir Makda, Commodity & Currency Analyst at Choice Broking:

Crudeoil price remained range bound for past couple of sessions and trading in range of 7200 – 7300. Crude prices remained stable ahead of US CPI data to be release on Wednesday. Also, OPEC+ has announced further output cut which have fueled the price.

Immediate support would be at 20-EMA level on Intraday chart placed at 7200 level and if price sustains through this level, we may expect further upward move in Crude towards 7375. Key resistance would be at previous week’s high at 7315.

Goldman Sachs View On Hindustan Unilever

Stock Market LIVE Updates |

-Neutral rating, target at Rs 2,725 per share
-Volume & margin trends likely to continue lagging peers in FY24
-Near-term headwinds for home care volume growth continue
-Revenue growth to be muted as price growth likely to turn negative for rest of FY24
-QoQ EBITDA margin expansion unlikely as increased ad spend offsets gross margin
-Lower FY24/25/26 EPS by 1-2% to build in slower pace of volume & margin recovery

Stock Market LIVE Updates |Gallant Ispat to set up a new direct reduced Iron Kiln at Uttar Pradesh

The Board of Directors of Gallant Ispat approved the setting up a new Direct Reduced Iron Kiln having a capacity of 1,65,00O MTPA at the company's manufacturing facilities at Gorakhpur, Uttar Pradesh. The total investment towards the project which is expected to be operational in the first quarter of FY2025 is Rs 125 Crores. The project will be fully financed out of internal accruals.

Stock Market LIVE Updates | L&T shares surge to record high as buyback price raised to Rs 3,200 apiece

Shares of Larsen & Toubro rose 3 percent and hit a record high of Rs 3,008 on September 12, a day after the company raised the floor price of its Rs 10,000-crore mega-buyback programme by nearly 7 percent to Rs 3,200 apiece.

Previously, the floor price was set at Rs 3,000 per share. The revision of the floor price came on the back of a surge in L&T's share price since the announcement of the buyback programme back on July 25. Shares of L&T have surged nearly 15 percent since then to scale a its previous record high of Rs 2,928.70. The previous floor price offered investors just a 3.7 percent premium from Monday's closing price of Rs 2,894.20.

Stock Market LIVE Updates | Coal India Rs 24,000 crore impetus for 61 eco-friendly FMC projects

Coal India Limited (CIL) has planned a capital investment of around Rs 24,750 Crores in the next few years on 61 First Mile Connectivity (FMC) projects. To come up in three phases, these projects combined will have a capacity of 763.5 million tonnes per annum (MTPA) when completed.

Sensex Today | Market at 1 PM

The Sensex was down 63.63 points or 0.09 percent at 67,063.45, and the Nifty was down 41.80 points or 0.21 percent at 19,954.50. About 554 shares advanced, 2579 shares declined, and 83 shares unchanged.

Sensex Today | Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services:

The markets yesterday touched new highs crossing 20,000. This was driven by continued liquidity in the markets with improved commentary on Capex which can drive earnings visibility beyond FY24. Frontline stocks still remain attractive, we can see some correction in Mid and Small caps which have materially outperformed the frontline indices which has resulted in above average PE expansion.

Stock Market LIVE Updates | Nomura View On Cement 

-Another price hike in East India with effect from September 11
-Cement prices hiked by Rs 35/bag
-This comes after Rs 35/bag hike announced in first week of September
-Nuvoco & Dalmia would benefit most due to highest exposure in the region

Stock Market LIVE Updates | Kinetic Engineering stock flat after 3% jump; promoters to infuse Rs 28 crore

Shares of Kinetic Engineering were trading flat in late morning on September 12, after opening up 3%.

On September 11, promoters of the engineering and automobile component manufacturing company, Kinetic Engineering, announced that it would be infusing Rs 28 crore in the company including a purchase of Rs 27.42 crore worth equity shares at Rs 120 per share and 80,000 optionally convertible cumulative preference shares (OCCPS) at Rs 120 as well.

Stock Market LIVE Updates | Gufic Biosciences gains on Aussie, Brazilian nod to pain-killer drug

Gufic Biosciences shares traded 3 percent higher intraday on September 12 after drug regulators of Brazil and Australia gave the green light to its pain-killer drug.

“The company has received approval from the Therapeutic Group Administration (TGA), Australia and the National Health Surveillance Agency (ANVISA), Brazil, for Parecoxib Sodium 40 mg Lyophilized Powder for Injection. It will be used for short-term treatment of acute pain and post-operative pain in adult patients,” the company said in a regulatory filing at the exchanges.

Stock Market LIVE Updates | Transformers and Rectifiers board approves fundraising upto Rs 120 crore

Transformers and Rectifiers India board approved issuance of up to 10000011 equity shares of face value of Re 1 each at an issue price of Rs 120 per equity shares on a preferential basis through private placement (Preferential Issue) to the persons/proposed allottee belonging to Non Promoter Category.

Stock Market LIVE Updates | Uno Minda to acquire remaining 3.8% stake in Uno Minda Europe for €1.3 million

The board of directors of Uno Minda has approved the acquisition of remaining 3.81 percent stake of Uno Minda Europe Gmbh (Step Down-Subsidiary of the Company) held by Mr. George Hutter at a consideration of Euro 1.3 Million by SAM Global Pte Ltd (Wholly Owned Subsidiary of the Company). Post-acquisition, Uno Minda Europe Gmbh will become wholly owned subsidiary of the company.