Closing Bell: Sensex, Nifty end marginally lower; realty, PSU banks shine, FMCG drags

Market Close | Sensex, Nifty end marginally lower

Indian equity indices ended marginally lower with Nifty at 25,350 on September 13. At close, the Sensex was down 71.77 points or 0.09 percent at 82,890.94, and the Nifty was down 32.40 points or 0.13 percent at 25,356.50.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Shrikant Chouhan, Head of Equity Research, Kotak Securities:

Equity markets saw a strong performance this week with the benchmark and most of the sectoral indices posting gains. The Nifty-50 and the Sensex-30 index gained ~2% this week. Most of the sectoral indices ended the week with gains, with the exception of BSE Energy and BSE Oil & Gas indices.

Sentiments in global equity markets remained positive, as US macro data provided broad comfort in inflation management, even as labor data disappointed a bit. Meanwhile, the recent correction in global oil prices on increased concerns about global demand is a positive for the Indian economy.

India’s CPI inflation at 3.7%, remained steady in August 2024. Comfortable domestic inflation and benign global conditions should provide leeway to the RBI. In Europe, the ECB lowered its deposit rate by 25 basis points to 3.50%. The focus in the coming week will on the upcoming US Fed meet as they approach towards monetary easing.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened on a positive note and consolidated during the day to close marginally in the red down ~32 points. On the daily charts we can observe that after the sharp upmove in the previous trading session Nifty has consolidated. The price action is along expected lines and can continue over the next couple of trading sessions. The undertone is bullish, and it is likely to resume its upmove once the consolidation phase is complete. The upside is likely towards 25500 - 25700. Support is placed in the zone of 25200 – 25150.

Bank Nifty broke above the previous day high and continued its upmove. It managed to close in the green up with gains of 166 points. Positive crossover on the daily and hourly momentum indicator supports the upmove in the case of Bank Nifty. The level of 52000 is acting as a stiff resistance and a move beyond it could lead to a rally towards 52500 – 52600. Support zone is 51500 – 51400.

Prashanth Tapse, Senior VP (Research), Mehta Equities

After a sharp fall in early trades, key indices recouped most of their losses to end marginally lower on select profit-taking in power, oil & gas and FMCG shares. Markets were mostly range-bound after Thursday's sharp upsurge and investors could now be in a wait and watch mode ahead of next week's Fed policy meeting.

Rupak De, Senior Technical Analyst at LKP Securities

The index remained range-bound throughout the day. On the higher end, it faced resistance at the rising trendline on the daily chart. On the lower timeframes, the RSI has entered a bearish crossover, signaling an early indication of a potential bearish momentum reversal.

In the near term, the trend may remain sideways. Support is observed at 25,150–25,200, while resistance is seen at 25,460.

Market This Week

#1 Market reverses last week’s losses, Sensex & Nifty rise 2% each

#2 Broader markets outperform, Midcap index & Nifty Bank rise up to 3% each

#3 All sectoral indices ex-Nifty PSE end with gains, IT & FMCG index up nearly 3% each

Ajit Mishra – SVP, Research, Religare Broking

The markets saw lackluster trading on Friday, ending slightly lower as they took a breather following a strong surge. After a flat opening, the Nifty fluctuated within a narrow range throughout the session and ultimately closed at 25,344.

Sectoral performance was mixed, with realty and metals showing solid gains, while FMCG and energy declined. Meanwhile, the broader indices outperformed the benchmark, each rising by over half a percent.

The swift recovery in US markets, along with the recent uptick in foreign inflows, is driving this upward movement. We remain bullish and recommend using any interim dips to accumulate high-quality large-cap and large mid-cap stocks.

Vinod Nair, Head of Research, Geojit Financial Services

The market took a breather and ended on a flat note after the previous day’s sharp uptick. Despite domestic CPI inflation being within RBI's target band, the increase in food prices may influence the central bank to remain prudent on rates.

Higher liquidity from FIIs to the domestic market and a slide in US 10-year yield increased the prospects of the FED rate cut, which will aid domestic sentiment.

Currency Check | Rupee closes higher

Indian rupee ended 8 paise higher at 83.89 per dollar on Friday versus Thursday's close of 83.97.

Market Close | Sensex, Nifty end marginally lower; realty, PSU banks shine, FMCG drags

Indian equity indices ended marginally lower with Nifty at 25,350 on September 13.

At close, the Sensex was down 71.77 points or 0.09 percent at 82,890.94, and the Nifty was down 32.40 points or 0.13 percent at 25,356.50. About 2363 shares advanced, 1431 shares declined, and 102 shares unchanged.

Wipro, Bajaj Finance, Bajaj Finserv, Axis Bank and IndusInd Bank are among the major gainers on the Nifty, while losers are ITC, Adani Ports, HDFC Life, Coal India and SBI Life.

BSE Midcap index up 0.5 percent, while smallcap index up 1%.

Among sectors, except FMCG, power and oil & gas, all other indices ended in the green with IT, media, metal, realty and PSU Bank up 0.5-1.7 percent.

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#2 Company is expected to implement remediation measures to address the issues

#3 Currently, there is no major product pending for approval & is built into estimate from this site

#4 Await clarity on impact of remediation measures on ongoing business

#5 Expect a 36 percent earnings CAGR over FY24-26

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#2 Believe current price doesn’t fully reflect challenges in its key Lucknow Market

#3 There is execution risk at new hospitals

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Markets@3 | Sensex, Nifty trade marginally lower

The Sensex was down 57.67 points or 0.07 percent at 82,905.04, and the Nifty was down 40.40 points or 0.16 percent at 25,348.50.

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#4 Like the strategy & update estimates for BlinkIt upwards

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#2 OEMs have been guiding down on volume guidance, especially in EU

#3 Further newsflow on weakness in demand could result in stock’s underperformance

#4 Build-up of inventory could result in stock’s underperformance over near-term

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#6 If funds are raised via equity route, could see EPS dilution

#7 Valuations at 38/32x FY25/26 EPS provide little comfort

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Further, approved the proposal to infuse primary funds not exceeding Rs 150 crores into Moonshine by way of subscription to its Compulsory Convertible Preference Shares

Also, approved issuance of up to 25,07,146 fully paid up equity shares of the company having face value of Rs 4 each, at an issue price of Rs 954.27 per equity share aggregating to Rs 2,39,24,94,213.42, to the existing shareholders of Moonshine, as consideration other than cash, for the acquisition of 13.61% of the equity share capital, on fully diluted basis, of Moonshine.

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The NCLAT has approved the settlement agreed to between Lakhsdeep Group and the Committee of Creditors of JHL vide its order dated September 12, 2024.

The company, as strategic partner under the aforesaid arrangement, shall enter into an agreement to acquire ~64% equity stake of JHL within 30 days of NCLAT order.

The company proposes to enter into option agreement for acquisition of remaining ~36% equity stake.

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