Closing Bell: Sensex, Nifty end flat; power, metal shine, PSU Bank, FMCG drag

Market Close | Sensex, Nifty end flat

Indian equity indices ended on a flat note in the volatile session on September 24 after Nifty crossing 26,000 for the first time. At close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40.

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.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Although markets ended on a lacklustre note after a volatile session, key benchmark indices hit new milestones signifying that liquidity flows has remained strong as investors are confident of India's long term growth story.

Vinod Nair, Head of Research, Geojit Financial Services

Domestic benchmarks are attempting sustain new highs, driven by the US Fed’s aggressive rate cut. Meanwhile, the Chinese central bank’s rate cut, and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks. Conversely, FMCG and banking stocks exhibited declines due to profit-booking at higher levels. In the near term, strong inflows from FIIs, driven by the US Fed’s dovish outlook and expectations of a rate cut by the RBI in October, are expected to maintain momentum.

Ajit Mishra – SVP, Research, Religare Broking

Markets traded in a subdued manner, closing nearly unchanged after a recent rally. Following a flat opening, Nifty moved within a narrow range for most of the session but briefly tested a new milestone of 26,000. Sector-wise, metals, energy, and IT posted decent gains, while FMCG and financials saw profit booking. Broader indices followed a mixed trend, leading to a flat market breadth.

We maintain a consolidation view but with a positive bias, driven by rotational buying in heavyweights. Focus on stock selection and use dips to accumulate quality stocks, as Nifty holds strong support around 25,600-25,800 zone.

Aditya Gaggar Director of Progressive Shares

The markets witnessed both bullish and bearish activity in today's trade as after a muted opening, the Index corrected a bit and oscillated in a thin range before the IT counters supporting the Index to surpass the psychological barrier of 26,000; however, towards the end of the session, wiped-off majority of its gains to settle at 25,940.40.

Among the sectors, Metal was the top gainer followed by IT and Auto while PSU Banking was the major laggard. The diverging trend was seen in the Broader markets where Midcaps outperformed the Frontline Index while Smallcaps ended the session in red.

A Spinning Top candlestick pattern was formed at record levels which indicates indecisiveness between the bulls and bears. A strong move above 26,000 will open doors for 26,100 while on the lower side, the zone of 25,800-25,850 will serve as a strong support area.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty traded within a narrow range today, taking a breather after a three-day rally. The short-term sentiment remains positive, with the index staying above the critical 21-day EMA, supported by a bullish crossover in the daily RSI.

However, for the rally to continue, the Nifty must decisively break above the 26,000 level. Until then, we expect range-bound movement, with the index fluctuating between 25,800 and 26,000 over the next few hours to a few days.

Currency Check | Rupee closes lower

Indian rupee ended 12 paise lower at 83.67 per dollar on Tuesday against Monday's close of 83.55.

Market Close | Sensex, Nifty end flat; power, metal shine, PSU Bank, FMCG drag

Indian equity indices ended on a flat note in the volatile session on September 24 after Nifty crossing 26,000 for the first time.

At close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40. About 1871 shares advanced, 1946 shares declined, and 84 shares unchanged.

Biggest Nifty gainers were Tata Steel, Hindalco Industries, Power Grid Corp, Tech Mahindra and Adani Enterprises, while losers included SBI Life Insurance, HUL, Grasim Industries, UltraTech Cement and Shriram Finance.

On the sectoral front, metal index up 3 percent, oil & gas index up 0.6 percent, Power index rose 1.4 percent. On the other hand, PSU Bank, FMCG and Telecom were down 0.5-1 percent.

The BSE midcap and smallcap indices ended on a flat note.

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IPO Check | Manba Finance IPO Subscribed at 59.57 times

QIB – 3.53 times

NII – 130.67 times

Retail – 61.12 times

Overall – 59.57 times

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Stock Market LIVE Updates | Man Industries snaps 2-day gain

Brokerage Call | HSBC maintains ‘buy’ rating on Kalyan Jewellers, target Rs 810

#1 Think Kalyan is midway into its value-creation journey driven by aggressive network rollout

#2 Continued exponential growth will act as a key catalyst in our view

Kotak sees a long runway for growth for SHK, given its established and sticky relationships in the growing Indian market....Read More

Sensex Today | Nifty 50 adds Rs 5.84 lakh crore in terms of investor wealth during the session

Sensex Today | Bajaj Auto, Shriram Finance, Bharti Airtel gained most in the rally from 25,000 to 26,000

Brokerage Call | Emkay initiate ‘buy’ on GMR Power, target Rs 180

#1 Numerous optionality prop up bull case target to Rs 205

#2 Core thermal assets (1,650 MW) are nearing optimal performance on coal tie-ups

#3 PPAS of 90 percent capacity, improving debt metrics

#4 Incremental smart meter contracts, monetisation, & disputes settlement provide optional value

Sensex Today | Nifty has risen by 10x since the level of 2,600 recorded on Sept 2005

Sensex Today | 1.02 million shares of Inox Wind change hands in block trade: Bloomberg

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Brokerage Call | HSBC upgrade IIFL Finance to ‘hold’, target raises to Rs 540 from Rs 350

#1 RBI lifted gold loan business restrictions, normalisation of business is a strong tailwind

#2 Upgrade FY25-27 EPS estimates by 6-16 percent

#3 Stock is up 65-70 percent from March 2024 lows

#4 Current valuations price in most positives

Stock Market LIVE Updates | AstraZeneca Pharma gets approval to import, sell, and distribute Durvalumab Solution

The company has received approval to import, sell, and distribute Durvalumab Solution for infusion (Imfinzi) from the Central Drugs Standard Control Organisation, Directorate General of Health Services, Government of India. Durvalumab is used to treat adults with biliary tract cancer (BTC).

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas

Spot gold, after rising 0.30% yesterday, is trading steady at $2,629 currently. The metal was up yesterday on disappointing manufacturing PMI data out of the US, though services PMI data topped the forecast. S&P Global US manufacturing PMI (September preliminary) came in at 47 Vs the forecast of 48.60, while S&P Global US Services PMI (September preliminary) was noted at 55.40 Vs the estimate of 55.20.

Today, the US Dollar index is slightly weaker at 100.80 as the China’s Central Bank slashed 7-day report rate by 0.20% to 1.5% and reserve requirement ratio by 0.50%. Gold is expected to range trade between $2,600 and $2,650 as the US 10-year yields are firmer. Dip buying is preferred with a major near term upside target of $2,700.

Brokerage Call | CLSA downgrades Fusion Finance to 'underprform', cuts price target to Rs 260

#1 Downgrade to Underperform from Outperform, target cut to Rs 260/sh from Rs 550/sh

#2 Recently disclosed higher credit costs for Q2 indicates that collection efficiency has not improved

#3 Collection efficiency had dipped at end of Q1 and indicates it has not improved in past 2 months

#4 Co undergoing multiple process and leadership changes

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Shares of JTL Industries Ltd jumped 8 percent on September 24 after the company informed the exchanges that a meeting of the board of directors is set to take place on October 3 to consider split of shares, issue of bonus shares.

The company said the board will consider split of equity shares of the company having a face value of Rs 2 each. It will also consider the proposal to issue bonus shares to the company's equity shareholders and increase the authorised share capital of the company.

Moreover, consequent alteration of memorandum of association of the company will be considered by the board and any other item with the permission of the chairman, the firm’s statement said.

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Probes focused on the fees some banks have charged, says report...Read More

Sensex Today | 1.07 million shares of Trent traded in a block: Bloomberg

Stock Market LIVE Updates | Sansera Engineering shares extend gains on 12th day

IPO Check | Manba Finance IPO Subscribed at 53.60 times

IPO Check | Manba Finance IPO Subscribed at 50.69 times

QIB – 3.41 times

NII – 114.79 times

Retail – 56.05 times

Overall – 53.60 times

Sensex Today | Nifty50 index recovers more than 70 points from day's low

Stock Market LIVE Updates | R Systems appoints Srikara Rao as Chief Technology Officer – Cloud, Cyber Security Services

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Brokerage Call | Motilal Oswal reiterates 'buy' rating on ICICI Lombard, raises target price of Rs 2,650

IPO Check | Manba Finance IPO Subscribed at 50.69 times

QIB – 3.06 times

NII - 108.21 times

Retail – 53.25 times

Overall – 50.69 times

There is a substantial opportunity for India from the shift in supply chains from China, though the transition will take years as firms navigate the complexities of relocating operations, JPMorgan’s Chief Executive Officer Jamie Dimon said in a separate interview with CNBC-TV18...Read More

Hold Northern Arc Capital: Prashanth Tapse, Senior VP (Research), Mehta Equities

Listing of Northern Arc Capital was slightly below street expectation despite receiving healthy subscription response, as the market sentiment has been subdued since the opening trades.

Post listing, we continue to believe that investors should continue to HOLD because of an opportunity to hold stake in a diversified financial services platform dedicated to addressing the retail credit needs of under-served households and businesses in India.

Northern Arc Capital share is well-positioned for a sustained growth in the long term with company's strong sectoral focus on MSME, microfinance, and consumer finance. Hence, we believe the market could give Northern Arc Capital a premium multiple for its leadership position which may result in the company delivering a healthy post listing.

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