Closing Bell: Sensex, Nifty end flat amid volatility; FMCG gains, PSU Bank, IT drag

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:

The Bank Nifty index has remained in a consolidation phase, marked by the bulls defending the 45,500 level while the bears have established a hurdle around 45,000. To establish a trending move, the index must break out of this range on either side, providing a clear direction for the market. Currently, the index is trading below its 20-day moving average (20DMA), and a decisive move above this level could trigger positional buying on the long side, potentially changing the landscape of this consolidation phase.

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed lower on September 26 after opening marginally higher. It remained in a narrow band of 62 points through the day before closing 0.05% or 9.9 points lower at 19664.7. Volumes on the NSE were the lowest since July 03. Smallcap index ended in the positive even as the advance decline ratio closed at 0.95:1.

European and Asian stocks retreated on Tuesday, as mounting fears of rates staying elevated for longer sent jitters through risk assets globally and pushed the dollar to a 10-month high. In Asia, investors continue to consider the state of the property sector in China after it emerged that property group Evergrande said it was struggling to organise a process to restructure its debt, prompting weakness in basic resources.

In the first six months of FY24, peak power demand in India touched an all-time high of 239.97 GW on September 1. Yet, August witnessed the highest average power demand of 216 GW as it turned out to be the driest August in a century. Even in September, the first 24 days have seen an average power demand of 211 GW, more than 204 GW witnessed in May and on par with 211 GW in June.

Nifty made a small body on September 26 with no predictive value for the way ahead. A move beyond the 19601-19734 band could result in accelerated move in that direction.

Rupak De, Senior Technical analyst at LKP Securities:

Nifty remained largely range-bound throughout the day as traders appeared uncertain. However, the short-term sentiment remains bearish as Nifty closed below the 21EMA. Looking ahead, the trend is expected to stay bearish as long as Nifty remains below the 19750 level. A support level is established at 19600, below which the index may decline further towards 19250.

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

The Nifty opened on a flat note and consolidated in a narrow range throughout the day to close marginally in the red down ~10 points. On the daily charts we can observe that the Nifty consolidated within the range (19734 – 19601) of the previous trading session and thus formed an Inside bar pattern which makes the extremes of the range crucial levels to watch out for. A breach of this range on either side shall lead to a move in that direction. We are expecting this range to break on the upside. A pullback is expected till 19773 – 19800 where 40 hourly moving averages is placed and above that it can stretch higher till 19880 – 19900 which is the gap area formed on 21st September. On the flipside, a breach below 19600 can lead to a fall till 19440. In terms of levels, 19600 – 19620 is the crucial support zone while 19780 – 19800 shall act as an immediate hurdle zone.

Bank Nifty also consolidated within a narrow range today and closed in the red, down 140 points. Considering the oversold nature of the Bank Nifty we are expecting a pullback over the next few trading sessions. On the upside the pullback is likely towards 45000 – 45200. On the hourly charts the momentum indicator has a positive crossover which is a buy signal and the positive divergence suggest that the momentum on the downside is weakening.

Vinod Nair, Head of Research at Geojit Financial Services:

Trading remained flat as headwinds from the global market and continued selling by FIIs kept domestic investors under vigil. While bargain hunting was visible in small-cap stocks due to the recent correction and favourable valuation compared to large and mid-caps, IT indices slid due to the fear of one more rate hike by the FED and a consequent reduction in spending.

Ajit Mishra, SVP - Technical Research, Religare Broking:

Markets traded dull and ended unchanged amid mixed cues. After the flat start, the Nifty oscillated in a narrow range and finally settled at 19964.70 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein FMCG and auto posted modest gains. The broader indices too showed a similar trend wherein midcap closed flat while smallcap rose nearly half a percent.

The marginal rebound on the global front combined with oversold positions is capping the downside however the tone is still bearish. A decisive move above 19750, which coincides with 20 EMA, may prompt some recovery. Amid all, we reiterate our view to stay stock-specific and avoid aggressive positions.

Aditya Gaggar Director of Progressive Shares:

Indian equities started the day on a flat note and throughout the session, the Index remained rangebound to settle at 19,664.70 with a loss of 9.85 points. Among the sectors, FMCG was the top performer followed by Auto and Metal; on the flip side, Media, PSU Bank, and IT were the laggards.

After DOJI, Nifty50 has made a Spinning Top candlestick pattern at its strong support area of 19,600-19,635. A firm close above 19,790 is a must to start another round of rally.

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

Markets witnessed a listless trading session and lingered in negative territory for most part of the trading session due to weak Asian and European cues. Traders resorted to selective profit-taking ahead of the next week's RBI policy outcome, while external factors like strength in dollar index and rising treasury yields continue to dampen sentiment.

Technically, the Nifty has formed an inside body candle indicating continuation of a range bound trend in the near future. For day traders, 19735 would be the immediate resistance level while 19620 could act as a key support zone. Above 18735, the index could move up till 19780-19800. On the other hand, below 19620 the market could slip till 19550-19520.

ICE Make Refrigeration Unveils growth plans; shares locked at upper circuit

ICE Make Refrigeration share price locked at 5 percent upper circuit as the company announced its ambitious plan for growth at its 14th Annual General Meeting in Ahmedabad. The company is set to invest a significant sum of Rs. 200 crore to expand its production capacity in the next 3 years.

Rupee Close:

Indian rupee ended lower at 83.23 per dollar versus previous close of 83.14.

Market Close

: Benchmark indices ended on a flat note in the volatile session on September 26.

At close, the Sensex was down 78.22 points or 0.12 percent at 65,945.47, and the Nifty was down 9.80 points or 0.05 percent at 19,664.70. About 1791 shares advanced, 1756 shares declined, and 122 shares unchanged.

Eicher Motors, Nestle India, Bajaj Auto, Hero MotoCorp and ONGC were among the top gainers on the Nifty, while losers included IndusInd Bank, Tech Mahindra, Cipla, Kotak Mahindra Bank and Adani Enterprises.

On the sectoral front, except bank, pharma and IT, all other indices ended in the green with FMCG index up 0.5 percent.

The BSE midcap index ended on a flat note, while the Smallcap index added 0.3 percent.

Stock Market LIVE Updates | HSBC View On Bajaj Finance 

-Buy rating, target raised to Rs 9,500 per share
-To convene board meet on October 5 for approval to raise equity capital despite 23 percent tier-1 ratio
-Company’s growth aspirations have increased given benign conditions, new launches
-Bake in capital of Rs 8,000 crore & raise AUM and EPS growth estimate

Stock Market LIVE Updates | DAM Cap View On Dixon Technologies

-Buy rating, target at Rs 6,000 per share
-Strong traction of ramp up in mobiles
-Company to participate in the IT hardware PLI scheme
-Building robust execution capabilities, investments in digitisation, R&D

Stock Market LIVE Updates | Kotak Institutional Equities View On Exide Industries

-Reduce rating, target at Rs 250 per share
-Expect domestic lithium-ion battery demand to grow multi-fold in coming years
-Battery demand growth to be driven by rapid electrification in automotive segments
-Expect demand growth to outpace capacity addition in near term
-Company well positioned to benefit given partnership with SVOLT & first-mover advantage
-Higher capex intensity & commoditised nature of business may weigh on return ratios

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

Indian Rupee depreciated on Tuesday on a positive tone in US Dollar and weak domestic markets. Weak Asian markets and FII outflows also weighed on Rupee. Global risk sentiments deteriorated on renewed housing crisis in China after Evergrande missed a bond repayment. However, decline in crude oil prices prevented a sharp fall in the domestic currency. US Dollar surged to a ten-month high on hawkish Fedspeak. Neel Kashkari, a prominent policymaker said that he expects one more rate hike this year and hold rates higher for longer due to resilience in the US economy. US 10-year treasury yields also rose to 16-year highs.

We expect Rupee to trade with a slight negative bias on risk aversion in global markets amid rising US Dollar and hawkish US Federal Reserve stance. Selling pressure from FIIs may put further downside pressure on Rupee. However, decline in crude oil prices may support rupee at lower levels. Traders may take cues from US consumer confidence and new home sales data which is expected weaker than the previous reading. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.80.

Sensex Today | Market at 3 PM

The Sensex was down 58.75 points or 0.09 percent at 65,964.94, and the Nifty was down 5.00 points or 0.03 percent at 19,669.50. About 1581 shares advanced, 1539 shares declined, and 97 shares unchanged.

Sensex Today | Nifty FMCG index up 0.5 percent supported by Varun Beverages, Colgate Palmolive, Nestle India

Stock Market LIVE Updates | Goldman Sachs View On Bajaj Finance

-Sell rating, target at Rs 6,716 per share
-Announces board meet for capital raise, awaiting clarity on utilisation of proceeds
-Believe investors will watch out for key purpose of this fund raise
-Competitive intensity is set to rise with Jio Fin entering consumer durable space
-Aggressive growth targets beyond 30 percent, management has talked it about earlier

Stock Market LIVE Updates | Nuvama Wealth Management debuts at Rs 2,764 on BSE, hits 5% lower circuit

Nuvama Wealth Management Limited formerly known as Edelweiss Securities Limited listed on both major domestic Stock Exchanges today. On BSE it was trading at 5 percent lower circuit at Rs 2564.10 a share at 2.42pm.

In 2020, PAG, an investment firm, acquired a stake in Edelweiss Financial Services' wealth management business. They announced the demerger and subsequent listing of this business, known as Edelweiss Securities. PAG holds a controlling stake of 56% in Nuvama Wealth, the spun-off entity.

Sensex Today | JSW Infrastructure IPO subscribes over 1.15 times on second day of sale

The public issue of JSW Infrastructure was subscribed 1.15 percent so far on the second day till 2.21pm, with bids coming in for 15.74 crore equity shares against an IPO size of 13.62 crores on September 26.

The category for retail individual investors was subscribed 1.30 times while the quota for non-institutional investors received 1.83 times subscription. The portion for Qualified Institutional Buyers (QIBs) got 0.1 times subscription.

Stock Market LIVE Updates | HSBC View On Maruti Suzuki

-Buy rating, target raised to Rs 12,000 per share
-Believe recent hike in re-investment rate is not necessarily negative for shareholders
-In the short-term, market share has peaked
-In medium-term ‘hybridisation’ of more models could push market share further
-Comapny’s valuation premium to Nifty has shrunk to 33 percent versus historical 50 percent
-Slowdown in demand or failure to launch EVs in coming quarters are downside risks

Sensex Today | BSE Auto Index rose 0.5 percent led by Eicher Motors, Bajaj Auto, TVS Motor Company

Stock Market LIVE Updates | Citi View On Coforge

-Sell rating, target at Rs 3,890 per share
-Company reiterated revenue growth guidance of 13-16 percent CC YoY in FY24
-FY24 gross margin to improve by 50 bps, adjusted EBITDA margin likely to be at FY23 levels
-Decision making remains slow, no change versus last quarter
-However, deal ramp up is happening on time, no delay there
-Company expects FY25 to be better than FY24 as client discussions have picked Up
-Valuations are at 30x 1-year forward consensus EPS

Sensex Today | Market at 2 PM

The Sensex was down 38.91 points or 0.06 percent at 65,984.78, and the Nifty was down 2.20 points or 0.01 percent at 19,672.30. About 1597 shares advanced, 1499 shares declined, and 92 shares unchanged.

Stock Market LIVE Updayes | RVNL emerges lowest bidder for project worth Rs 311.17 crore

RVNL emerges as the Lowest Bidder (L1) for construction of 4 Nos. Tunnels (total Length 1.6km) with ballast less track, Earthwork in formation, Construction of Important Bridges (2nos), Major Bridges (1no), Minor Bridges (25nos), Supply of Stone ballast, Track linking, side drain retaining wall etc. from Km 831.8 to Km 841.9 in Dharakoh Maramjhiri section in connection with third line.

The project cost is Rs 311,17,66,199.68.

Sensex Today | Western Carriers (India) gets SEBI nod for IPO

Western Carriers (India) has received capital markets regulator SEBI's nod to raise funds through an Initial Public Offering (IPO).

According to the draft prospectus, the IPO of the Kolkata-based company comprises of a Fresh Issue of equity shares aggregating up to Rs. 500 crore and an Offer for Sale of up to 93.29 lakh equity shares by the promoter Rajendra Sethia, the Selling Shareholder.

Stock Market LIVE Updates | Ashish Rameshchandra Kacholia offloads 0.56% shares in Delta Corp

Ace investor Ashish Rameshchandra Kacholia has sold 15 lakh shares of Delta Corp, which is equivalent to 0.56% of total paid up equity, via open market transactions at an average price of Rs 144.65 per share.

Sensex Today | Fincare Small Finance Bank Limited has received final observations from SEBI for their proposed IPO

The Bank plans to raise funds via Initial Public Offerings through issue of equity share capital of face value Rs 10 each comprising of fresh issue aggregating upto Rs 625 crore and Offer for sale aggregating up to 17,000,000 equity shares by Promoter and Investor Selling shareholders.

Stock Market LIVE Updates | DB Realty gains 2% on acquiring stake in 3 hotels; stock up 7% in a month

Shares of DB Realty gained 2 percent to Rs 169 apiece on September 26 after the company acquired stake in three hotel companies for more than Rs 2,300 crore.

In the past one month, the stock of this realty major has surged 7 percent as against 1 percent gain in the Sensex benchmark. Earlier, the stock had hit a 52-week high of Rs 180 per share on September 20.

The Mumbai-based realty company is set to acquire shares in Bamboo Hotel Global Centre, Goan Hotels & Realty, and BD and P Hotels. These deals will fall into related party transactions and are done at arm’s length basis. Read More

Stock Market LIVE Updates | Sun Pharma Advanced Research incorporates subsidiary Delaware, US

Sun Pharma Advanced Research Company has incorporated a wholly owned subsidiary namely "SPARCLIFE Inc." in Delaware, US.

The main object of the company is to obtain the services of the WOS which would engage a team of seasoned professionals based in US who coordinates, reviews and monitors the global clinical trials being conducted through various CROs in US by the company.

Sensex Today | JSW Infrastructure IPO subscribed 90%, retail quota booked 2.7 times on Day 2

The maiden public issue of JSW Infrastructure, the first from the JSW Group in the last 13 years, recorded decent subscription numbers on the second day of bidding on September 26. Investors subscribed to 12.23 crore equity shares against an offer size of 13.62 crore, resulting in a subscription rate of 90 percent.

Retail investors remained ahead in terms of support to the offer, buying 2.81 times the allotted quota which is 10 percent of the total offer size, while net institutional investors subscribed 1.36 times.

Qualified institutional buyers, which have the maximum quota of 75 percent in the offer, have bid 3 percent shares of their reserved portion.

Sensex Today | Market at 1 PM

The Sensex was down 141.19 points or 0.21 percent at 65,882.50, and the Nifty was down 32.50 points or 0.17 percent at 19,642. About 1570 shares advanced, 1497 shares declined, and 87 shares unchanged.

Sensex Today | Nifty Bank index shed 0.5 percnt dragged by IndusInd Bank, Bank of Baroda, PNB

Stock Market LIVE Updates | Shivkumar Pandey resigns as Chief Information Security Officer of BSE

Shri Shivkumar Pandey, Chief Information Security Officer (Key Management personnel & Senior Management) has tendered his resignation in order to pursue another opportunity. The resignation shall be effective from close of business hours on December 4, 2023.

Shri Nayan Mehta, Chief – Special Projects (Key Management personnel & Senior Management) has tendered his resignation due to personal and health reasons. The resignation shall be effective from close of business hours on October 12, 2023.

Stock Market LIVE Updates | Anupam Rasayan signs 3 MoUs with Government of Gujarat

Anupam Rasayan has signed three Memorandums of Understanding (MoUs) with the Government of Gujarat for afforestation on a total land area of 150 hectares – 50 hectares located in Narmada district, 50 hectares located in Tapi District and 50 hectares located in Surat District.

This project will be a part of Green Belt Development Drive by development of various lands earmarked by the Gujarat government for the purpose of plantation and maintenance of different kinds of trees.

Sensex Today | Gold pressured by dollar, yields before US inflation data

Gold prices hit a more than one-week low on Tuesday as the U.S. dollar and Treasury yields marched higher, with traders awaiting a key consumer inflation report for more cues on whether the Federal Reserve will hike interest rates once again this year.

Spot gold ticked down 0.2% to $1,912.72 per ounce by 0618 GMT, while U.S. gold futures fell 0.3% to $1,931.50.

Sensex Today | Oil prices slip as high interest rate outlook outweighs tight supply

Oil prices fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight.

Brent crude futures were down 87 cents at $92.42 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude futures were trading 87 cents lower at $88.81.

Stock Market LIVE Updates | Chemicals and Fertilizers Ministry approve to acquire upto 76.1% shareholding in Suven Pharma by Berhyanda

Suven Pharma has received an intimation on September 25, 2023, that the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has granted its approval for acquisition of up to 76.1% shareholding in the company by M/s. Berhyanda Limited, Cyprus (“Acquirer”) by way of transfer of 12,75,37,043 equity shares aggregating to 50.1% of shareholding in the company from promoters of the company (M/s Jasti Property and Equity Holdings Private Limited) and acquisition of up to 6,61,86,889 equity shares aggregating to 26% of shareholding in the company from public shareholders through mandatory open offer.

Stock Market LIVE Updates | Shareholders reappoints S V Arumugam as Managing Director of Bannari Amman Spinning Mills

Shareholders have given approval for reappointment of S V Arumugam as Managing Director of Bannari Amman Spinning Mills, for three years with effect from June 27, 2023 to June 26, 2026. They also approved an appointment of C Sivasamy as an Independent Director of the Company for 5 consecutive years with effect from June 28, 2023 to June 27, 2028.

Stock Market LIVE Updates | Century Textiles rides on realty arm's success in Bengaluru project

Century Textiles and Industries shares traded a percent higher in the morning of September 26 after the company announced the launch of a real-estate project in Bengaluru by its subsidiary Birla Estates.

“The property has been developed in a joint-venture with MS Ramaiah Realty on a prime 52-acre land parcel in North Bengaluru,” the company said.

“North Bengaluru has become one of the fastest-growing business hubs with several establishments setting up operations in the area. We are delighted to launch our third project in the rapidly developing city. With the launch of Birla Trimaya phase 1, we estimate our potential booking value at approximately Rs 500 crore,” said KT Jithendran, managing director of Birla Estates.

Sensex Today | Market at 12 PM

The Sensex was down 45.46 points or 0.07 percent at 65,978.23, and the Nifty was down 1.00 points or 0.01 percent at 19,673.50. About 1729 shares advanced, 1285 shares declined, and 104 shares unchanged.

Sensex Today | BSE Power index rose 0.5 percent supported by JSW Energy, Tata Power, NTPC

Stock Market LIVE Updates | Ashish Rameshchandra Kacholia offloads 0.56% shares in Delta Corp

Ace investor Ashish Rameshchandra Kacholia has sold 15 lakh shares of Delta Corp, which is equivalent to 0.56% of total paid up equity, via open market transactions at an average price of Rs 144.65 per share.