Closing Bell: Nifty around 20,100, Sensex gains; oil & gas, realty, metals shine

Rupak De, Senior Technical analyst at LKP Securities:

Nifty remained range-bound throughout the day as the index failed to deliver any decisive breakout from the recent range. The "buy on dips" strategy is expected to be the preferred approach until Nifty falls below 19,900 decisively. On the upside, call writers at 20,100 are likely to defend the index against further upward movement. A sustained trade above 20,100 could potentially trigger a significant rally in the short term.

Deepak Jasani, Head of Retail Research, HDFC Securities:

Nifty fluctuated through September 14 after reaching record highs in early trade. Nifty rose for the second consecutive session and closed 0.17% or 33.3 points higher at 20103.3. Volumes on the NSE were the lowest in several days as buying interest in largecaps petered out at higher levels. Midcap and Smallcap indices gained more than a percent even as the advance decline ratio rose to 2.70:1.

Asian stocks rose on Thursday, as traders felt that a small upside surprise for U.S. inflation was unlikely to push up interest rates. European markets were mixed on Thursday as investors in the region waited on a crucial decision from the European Central Bank on whether to raise euro zone interest rates for a 10th straight meeting.

India's domestic air traffic in August rose 22.81 percent compared to the same month last year but was flat compared to July. Air traffic increased 30.55 percent to 10.06 crore passengers in January-August period as compared to last year's data.

Nifty rose on September 14 but could not hold on to all the gains. In the process it formed a spinning top like pattern suggesting possibility of formation of a short term top. Markets did not witness large scale buying in index pivotals after Nifty made new record highs. Nifty could remain in the 20168-19989 band in the near term. A breach of 19989 could take the Nifty to 19833.

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

While the north-bound journey continued the uptick lacked the firepower as seen in recent sessions as valuations are becoming expensive and investors are taking a cautious route. Rising global crude oil prices are also making investors jittery as this could stoke inflation and force central banks worldwide to maintain the rate hike regime.

Despite early volatility and a range-bound trend thereafter, metals, oil & gas and realty shares sparkled, indicating that traders are willing to take selective bets. On intraday charts the market is holding a higher bottom formation which is indicating that the uptrend wave is likely to continue in the near future.

As long as the Nifty is trading above the 20000 mark the positive sentiment is likely to continue till 20180-20225 levels. On the flip side, below 20000, the selling pressure could accelerate and drag the index up to 19920-19900.

Vinod Nair, Head of Research at Geojit Financial Services:

The market traded range-bound after touching a new high as higher-than-expected US inflation and anticipation of hawkish ECB policy meetings later today impacted investor sentiment. Concern over valuation and inflation trajectory due to increasing oil prices may navigate the market into a consolidation phase in the near-term.

Ajit Mishra, SVP - Technical Research, Religare Broking:

Markets traded volatile on the weekly expiry day and ended marginally in the green. After the initial uptick, profit taking in heavyweights trimmed the gains, followed by range bound movement till the end. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein metal and realty posted strong gains while FMCG ended on a muted note. Besides, the continued recovery on the broader front further boosted the sentiment.

The rotational buying across sectors is helping the index to inch gradually higher amid mixed global cues. We are eyeing 20,300 in the Nifty and expect the 19800-19950 zone to offer cushion in case of any dip. Meanwhile, participants should maintain their focus on stock selection and prefer index majors.

S Ranganathan, Head of Research at LKP Securities:

Banks, Autos & Realty stocks helped Benchmark Indices close in the Green as we approached the festive season. Several stocks were seen buzzing across sectors in the broader markets in today's trade with interested buying witnessed in Sugar stocks on reports of dip in production from Maharashtra on account of deficient rains. Positive Data Points across key metrics in August kept investors on their toes.

Rupee Close:

Indian rupee ended marginally lower at 83.03 per dollar versus previous close of 82.99.

Market Close:

Benchmark indices ended marginally higher in the volatile session on September 14.

At close, the Sensex was up 52.01 points or 0.08 percent at 67,519.00, and the Nifty was up 33.10 points or 0.16 percent at 20,103.10. About 2302 shares advanced, 1243 shares declined, and 145 shares unchanged.

UPL, Hindalco Industries, ONGC, M&M and Eicher Motors were among the top gainers on the Nifty, while losers were Asian Paints, Coal India, ITC, LTIMindtree and Britannia Industries.

On the sectoral front, FMCG index ended with marginal cut, while oil & gas, realty, metal and PSU Bank up 1 percent each.

The broader indices outperformed the main indices with BSE midcap and Smallcap indices gained 1 percent each.

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

Indian Rupee fell on Thursday on positive Dollar and rising crude oil prices. This may impact the external payments. However, positive tone domestic equities prevented a sharp fall in the domestic currency. US Dollar gained on hotter than expected CPI raised rate hike concerns.

We expect Rupee to trade with a slight negative bias on expectations that US Dollar may rise further. Elevated crude oil prices and selling pressure from foreign investors may put further pressure on Rupee. However, any intervention by the Reserve Bank of India and positive domestic markets may support Rupee at lower levels. Traders may remain cautious ahead of retail sales and PPI data from US which is expected softer than previous month. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.30.

Income Tax survey underway at Alkem Laboratories offices in Mumbai, quoting Sources, reported CNBC-TV18.

Stock Market LIVE Updates | UBS View On Interglobe Aviation

-Buy rating, target at Rs 3,300 per share
-P&W issue larger than expected
-3,000 engines to be recalled versus 1,200, turnaround time of 300 days versus 60 earlier
-This represents additional 26 percent of fleet getting grounded for 300 days
-However, impact should ideally be spread over next 3 years
-Company will see higher ASK impact, but better yields & compensation
-Expect company to report minor net loss in Q2FY24 versus estimate of PAT breakeven

Sensex Today | Samhi Hotels IPO subscribed 4% on first day of bidding

The initial public offering of Samhi Hotels saw muted response from investors on the first day of bidding, September 14, as the offer has received bids for 26.73 lakh shares against the issue size of 6.25 crore shares, resulting into a 4 percent subscription.

So far, retail investors provided better support to the issue compared others, buying 21 percent shares of the reserved portion, which is 10 percent of the total offer size.

High networth individuals have subscribed for one percent shares of their portion which is 15 percent of the offer. The portion set aside for qualified institutional buyers (QIB), which is 75 percent, was subscribed 0.005 percent.

Sensex Today | Zaggle Prepaid Ocean Services IPO booked 12% on debut

Business spend management platform Zaggle Prepaid Ocean Services' maiden public issue has been subscribed 12 percent, with bids for 23.01 lakh equity shares against offer size of 1.93 crore shares on September 14, the first day of bidding.

The company intends to raise Rs 563.38 crore via the IPO, which has a fresh issue component of Rs 392 crore, and an offer-for-sale (OFS) portion of 1.04 crore shares worth Rs 171.38 crore at the upper price band.

Further, 75 percent of the offer size has been reserved for qualified institutional buyers (QIBs) including anchor book, which was fully subscribed on September 13, a day before the issue opening. The remaining 15 percent portion is reserved for high networth individuals (HNIs) and the 10 percent for retail investors.

Retail investors have bought 58 percent shares of their portion and that of HNIs (non-institutional investors) 5 percent, while QIBs are yet to show their interest in the IPO.

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

Indian Rupee fell on Thursday on positive Dollar and rising crude oil prices. This may impact the external payments. However, positive tone domestic equities prevented a sharp fall in the domestic currency. US Dollar gained on hotter than expected CPI raised rate hike concerns.

We expect Rupee to trade with a slight negative bias on expectations that US Dollar may rise further. Elevated crude oil prices and selling pressure from foreign investors may put further pressure on Rupee. However, any intervention by the Reserve Bank of India and positive domestic markets may support Rupee at lower levels. Traders may remain cautious ahead of retail sales and PPI data from US which is expected softer than previous month. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.30.

Stock Market LIVE Updates | Jefferies View On Macrotech Developers

-Buy rating, target at Rs 860 per share
-Management believes upturn is structural, methodically growing for long-term sales CAGR
-FY24 pre-sales and cash collection targets are on track
-Even after cutting debt, management sees excess cash surplus in FY24

Sensex Today | Market at 3 PM

The Sensex was up 53.17 points or 0.08 percent at 67,520.16, and the Nifty was up 28.30 points or 0.14 percent at 20,098.30. About 2110 shares advanced, 990 shares declined, and 88 shares unchanged.

Sensex Today | Sheela Foam has completed the acquisition of 35% stake in Furlenco for Rs 300 crore

Rajnish Kumar Appointed Chairman of Mastercard India 

Mastercard today announced the appointment of Rajnish Kumar, former Chairman of the State Bank of India (SBI), as the Chairman of Mastercard India. In this critical, non-executive advisory role, Kumar will guide Mastercard’s South Asia executive leadership team led by Gautam Aggarwal, Division President for South Asia & Country Corporate Officer, India, in navigating the vibrant domestic payments landscape.

Sensex Today| August aviation data shows strong growth in passenger traffic

Domestic air passenger traffic at 12.40 million, up 22.81 percent YoY.

IndiGo market share at 63.3 percent versus 63.4 percent and SpiceJet market share at 4.4 percent versus 4.2 percent, MoM.

Vistara market share at 9.8 percent versus 8.4 percent and AirAsia market share at 9.8 percent versus 9.9 percent, MoM.

Air India market share at 7.1 percent versus 7.5 percent and Akasa Air market share at 4.2 percent versus 5.2 percent, MoM

Stock Market LIVE Updates | Jefferies View On Container Corporation of India

-Buy rating, target raised to Rs 825 from Rs 775 per share
-Road to rail cargo shift is seeing traction as Dadri-Rewari stretch completed
-Faster turnaround time and over 15 percent cost differential is helping rail
-FY24 guidance remains at 10 percent YoY EXIM & 15 percent YoY domestic volume growth
-Believe company should start to regain lost market share as DFC network presence pays off

Stock Market LIVE Updates | L&T partners with BAE Systems for articulated all-terrain vehicle, BvS10 in India

BAE Systems Inc. and Larsen & Toubro Limited (L&T) have partnered to bring the world-leading Articulated All-Terrain Vehicle (AATV), the BvS10, to the Indian market. The two companies have signed an agreement to offer the BvS10 for an Indian Armed Forces programme.

Stock Market LIVE Updates | Insecticides India gets patent from government for Novel Amide Compound for 20 years

The Government of India, The Patent Office has granted the Patent for an invention to Insecticides (India) Limited entitled Novel Amide Compound, method for producing the same, and Miticide for the term of 20 years from September 14, 2017 (Date of Filing).

Stock Market LIVE Updates | Aurionpro Solutions arm bags order for supply of validators & hardware in Mexico

Aurionpro Transit Pte. Ltd., an Aurionpro Solutions subsidiary in transit business, announces an order win for the supply of validators and hardware for the rapid transit bus project in the city of Merida, Mexico.

The project, which has been awarded by the Government of the State of Yucatán, Mexico, will be delivered through MRP Technology Solutions, our partner in the region.

Stock Market LIVE Updates | Intellect Design partners with AFC Commercial Bank to modernise banking operations

Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena announced that AFC Commercial Bank has chosen iGCB’s Core Banking offering, Intellect Digital Core (IDC) to modernise its banking operations. The partnership with Intellect will enable AFC Commercial Bank to deliver a seamless and personalised banking experience to its customers.

Stock Market LIVE Updates | NMDC fixes prices of Lump Ore & Fines:

NMDC has increased Lump Ore prices by Rs 300 to Rs 4,950/tonne and Fines price increased by Rs 300 to Rs 4,210/tonne.

Sensex Today | Market at 2 PM

The Sensex was down 50.18 points or 0.07 percent at 67,416.81, and the Nifty was down 7.10 points or 0.04 percent at 20,062.90. About 2038 shares advanced, 1037 shares declined, and 96 shares unchanged.

Sensex Today | Fitch retains India's growth forecast for FY24 at 6.3%, flags inflation risks

Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent saying the Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, but upped year-end inflation projection on El Nino threat.

The Indian economy grew 7.8 per cent in the April-June quarter of current fiscal on strong services sector activity and robust demand. Read More

Sensex Today | ECB weighs lifting rates to record high even as economy slows

The European Central Bank is set to decide on Thursday whether to raise its key interest rate to a record peak in what should be its final step in the fight against inflation, or take a break as the economy deteriorates.

The central bank for the 20 countries that share the euro faces a dilemma. Even after nine consecutive rate hikes, prices are rising at more than twice its 2% target and are not expected to slow to that level for another two years.

But higher borrowing costs across much of the world and China's economic malaise are taking a toll on economic growth, with a recession in the euro zone now a distinct possibility.

Analysts and investors had been leaning towards a pause in the ECB's rate increases until Reuters reported on Tuesday that the central bank was set to raise its forecast for inflation next year to more than 3%, bolstering the argument for a hike.

Stock Market LIVE Updates | NCLT approves Kirloskar Ferrous Industries' resolution plan for Oliver Engineering

The resolution plan submitted by Kirloskar Ferrous Industries, for Oliver Engineering (the corporate debtor), has been approved by the National Company Law Tribunal, New Delhi Bench, and the said order has been received by the company on September 13, 2023. The said plan was approved by the Committee of Creditors of the corporate debtor. Oliver Engineering is engaged in the business of ferrous casting and machining and has a manufacturing facility in Punjab.

Stock Market LIVE Updates | Cipla founding family’s stake sale in jeopardy over $13 billion valuation target

The sale of a stake in Cipla Ltd. is in jeopardy as potential buyers have balked at the 1.09 trillion rupee ($13.1 billion) valuation members of the founding family are targeting for the Indian firm in a deal, according to people familiar with the matter.

Negotiations between the family members and prospective buyers, including companies in the industry and private equity firms, are no longer moving forward, as the founders are demanding about 1,350 rupees per share, the people said. The price represents a premium of about 10% over Wednesday’s close, according to Bloomberg calculations. Read More

Sensex Today | BSE Smallcap index rose 1 percent led by Kalyani Steels, Andrew Yule, Bombay Dyeing:

Stock Market LIVE Updates | Lloyds Steels Industries signs agreement with Bhabha Atomic Research Centre for transfer of technology

Lloyds Engineering Works, formerly known as Lloyds Steels Industries has entered into agreement with Bhabha Atomic Research Centre (BARC) for transfer of technology. The license will aid the company in executing orders related to desalination. Also, this license is valid for five years from the date of commencement of the agreement.

Stock Market LIVE Updates | Macquarie View On Axis Bank:

-Neutral rating, target at Rs 980 per share
-Reported 1.8 percent RoA for FY23 & 4 percent NIM, 40 bps credit costs & cost to assets of 2.2 percent
-Margins at best case likely to be maintained in FY24
-Cost to asset & credit costs likely to inch up further
-RoA sustainability in the near-term is a key question
-With opex to assets stabilising & margin improving, RoA could expand beyond 1.8 percent
-Will wait for improvements in liability franchise

Kedaara Capital buys significant minority stake in K12 Techno: CNBC-TV18.

Sensex Today | Mohit Ralhan, CEO - TIW Capital:

Wholesale prices remained in deflationary territory for the fifth straight month. However, the pace of deflation declined as a decline in fuel prices moderated to -6% YoY from -12.8% in July. Food inflation continued to remain in double digits although declining on a sequential basis. It was primarily due to a 8.3% fall in vegetable prices, which came as a relief. While it's important to control food and fuel inflation as a high food and fuel inflation dampens sentiment, the sequential increase in manufactured goods prices should be taken as a positive sign. It shows that demand is picking up and manufacturers are able to take on price hikes, although it still remains small.

Sensex Today | WPI inflation rises to 5-month high of -0.52% in August

India's wholesale inflation remained in the deflationary zone for the fifth month in a row in August, data released on September 14 by the commerce ministry showed, although the Wholesale Price Index (WPI) inflation rose to a five-month high of -0.52 percent.

WPI inflation stood at -1.36 percent in July.

The wholesale inflation data comes two days after the statistics ministry released Consumer Price Index (CPI) data for August on September 12, which show India's headline retail inflation rate cooled to 6.83 percent from July's 15-month high of 7.44 percent. Read More

Sensex Today | BSE Oil & Gas index up 1 percent led by IOC, ONGC, Petronet LNG

Stock Market LIVE Updates |Adani Enterprises trades higher on joint venture for green hydrogen marketing in Japan

Adani Global, Singapore, a step-down, wholly-owned subsidiary of Adani Enterprises, on September 14, announced a 50:50 joint venture with Kowa Holdings Asia for sales and marketing of green ammonia, green hydrogen and its derivatives.

The JV will concentrate on marketing of products in Japan, Taiwan and Hawaii, the press release stated. Read More