Closing Bell: Nifty below 26,200, Sensex down 264 pts; bank, realty major drag

Indian benchmark indices ended lower on September 27 with Nifty around 26,150. At close, the Sensex was down 264.27 points or 0.31 percent at 85,571.85, and the Nifty was down 37 points or 0.14 percent at 26,179.

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.

The Nifty took a breather after a few days of continuous gains. The sentiment remains strong as the index continues to stay above important moving averages. This strength is likely to persist as long as it remains above 25,900.

On the higher end, a fresh round of rally may begin above 26,300. If the Nifty moves above 26,300, it could potentially rise towards 26,600.

In the last week, the benchmark indices continued positive momentum, the Nifty ends 1.5 percent higher while the Sensex was up by 1030 points. Among Sectors, almost all the major sectoral indices were traded in to the positive territory but Metal and Auto indices outperformed. Metal index rallied 7 percent and Auto index was up by 4.5 percent. During the week, after a positive consolidation market successfully cleared 26000/85000 resistance mark and post breakout positive momentum intensified.

Technically, a bullish candle on weekly charts and uptrend continuation formation on daily and intraday charts indicating further uptrend from the current levels. We are of the view that, the current market texture is bullish but buying on dips and sell on rallies would be the ideal strategy for the short-term traders. For the traders now, 26100/85300 and 26000/85000 would act as a key support zones while 26400-26500/85900-86300 would act as a crucial resistance areas for the bulls. However, below 26000/85000 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions.

For Bank Nifty the medium term texture is bullish but due to temporary overbought conditions, we could see range bound activity in the near future. For traders now, 53500 and 53100 would be the key support zones while 54500-54800 could be the profit booking areas for the bulls. However, below 53100 uptrend would be vulnerable.

Following the recent impressive surge, the benchmark indices experienced a sideways movement today as investors engaged in profit booking at elevated levels. The Chinese market saw sharp gains amidst mixed Asian sentiments, given economic stimulus and attractive valuation. Metals stocks saw a resurgence, while the Pharma and IT sectors saw an uptick on account of weakness in INR. Meanwhile, investors are looking forward to the Q2 earnings report, anticipating improvement in earnings outlook.

Equity markets were in a uptrend this week with all the major indices posting gains. The Nifty-50 and the Sensex-30 index moved more than 1% this week, as Asian markets rallied on the back of broad economic support undertaken by China. BSE Midcap and BSE Smallcap indices were also higher, but underperformed the larger index. On a sectoral basis, most of the indices saw healthy gains with BSE Metals, BSE Oil & Gas and BSE Auto being the major outperformers.

Crude oil price remained under pressure with Brent crude hovering closer to $70 per barrel mark. China’s equity market saw a sharp rally this week amid China’s central bank announcing measures to stimulate their economy. In the US, the market participant will now focus on the core personal consumption expenditures price index data.

After benchmark indices scaled fresh all-time highs in initial trades, investors turned cautious ahead of the key US inflation data and resorted to profit taking in banking, realty and power stocks which saw markets snap 2-day gains. Weak Asian market cues too weighed on the sentiment. However, as the market undertone has been bullish amid robust fund flows, gains in metals, oil & gas and auto shares helped indices erase some of its losses to close off their lows.

#1 Market ends higher for 3rd straight week, frontline indices up over 1% each

#2 Broader markets undeform Sensex & Nifty, Midcap Index & Nifty Bank see minor gains

#3 All sectoral indices end with gains, metal index rise 7 percent, Nifty auto up 5 percent

Indian rupee ended lower at 83.70 per dollar on Friday versus Thursday's close of 83.64.

Indian benchmark indices ended lower on September 27 with Nifty below 26,200.

At close, the Sensex was down 264.27 points or 0.31 percent at 85,571.85, and the Nifty was down 37 points or 0.14 percent at 26,179. About 1900 shares advanced, 1878 shares declined, and 111 shares unchanged.

Power Grid Corp, Bharti Airtel, HDFC Bank, ICICI Bank, Kotak Mahindra Bank were among the top losers on the Nifty, while gainers were BPCL, Cipla, Sun Pharma, Coal India and Reliance Industries.

Mixed trend saw on the sectoral front with auto, metal, IT, pharma, oil & gas up 0.3-2.5 percent, while realty, power, bank, media, FMCG, telecom indices down 0.3-1 percent.

BSE Midcap and Smallcap indices ended on flat note.

A meeting of board of directors of the company is scheduled to be held on October 4, 2024 to consider, discuss and approve fund raising proposal by the company.

#Maintain Outperform with a Target Price of Rs 9,200

#Headwinds slowly receding

#Headwinds to NIM, fees nearing end, final hurdle is credit costs

#Fee income to improve in Q2, while NIM to stabilise from Q3

#Credit cost to improve in H2; see minor EPS So cuts if guidance raised to 2%

#Trading at 4x price-to-book for 23% ROE and 25% growth

The subsidiary, Piramal Capital & Housing Finance, has sold its immovable property comprising land and buildings in Santacruz, Mumbai, for Rs 187 crore to Shoquba Realty.

The bank's board has approved the raising of additional long-term infrastructure bonds aggregating up to Rs 5,000 crore in one or more tranches during the current or subsequent financial year. This fundraising is in addition to the Rs 5,000 crore already raised by the bank in fiscal 2025.

The company has denied claims that its product, Shelcal 500, allegedly failed a CDSCO (Central Drugs Standard Control Organization) quality test. Torrent stated that the sample seized by the CDSCO was not manufactured by the company and is, in fact, non-genuine and spurious. Torrent emphasized that all its products adhere to Good Manufacturing Practices (GMP) and are controlled through pre-established specifications and regulatory norms.

Ola Electric Mobility Limited’s material subsidiary Ola Electric Technologies has received Certification for Compliance

with the eligibility assessment requirements as per the Production Linked Incentive (PLI) Scheme for the automobile and auto

components for its Ola S1 X 2kWh scooter.

Shares of Suzlon Energy fell marginally after the stock was downgraded by Morgan Stanley to 'equalweight' from its earlier rating of "overweight." However, the international brokerage raised its price target on the wind energy solutions provider stock to Rs 88 per share from R 73 earlier, implying an upside of 8 percent from Thursday's closing price.

Suzlon's shares have doubled in value over the last six months, having risen 111 percent and outperforming the Nifty 50 which rose around 31 percent during this period. This outperformance was driven by the strong increase in order book and its improved balance sheet along with cash flows from operations, noted Morgan Stanley. Read More

Shares of Bondada Engineering surged 5 percent in morning trade on September 27 after the company announced bagging an order worth Rs 468 crore from KPI Green.

The news of the order win also boosted trading volumes in the counter as two lakh shares already changed hands so far, higher than the one month daily traded average of one lakh shares.

The order is for the for supply of material and installation of solar power generation plant 130 MWp/100MWac. The order is slated to be executed over the span of the next 12 months.

The IT services company announced a strategic collaboration with Sally Beauty Holdings Inc., an American international specialty beauty retailer. Infosys Topaz will provide enterprise-scale IT efficiencies through hyper-automation to deliver accelerated business value and future-proof the business.

The company has received a work order from the Rural Development Department, Mantralaya, Maharashtra, for the operationalization of the ASSK-GP project in the Konkan, Pune, and Nashik regions. The contract is valued at Rs 155.72 crore and is expected to be completed by September 25, 2025.

The biopharmaceutical company has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company, a subsidiary of Astra Industrial Group, to commercialize its Glucagon-like peptide-1 (GLP-1) products in select countries in the Middle East. Tabuk Pharmaceutical is a leading company in the Middle East and North Africa (MENA) region. GLP-1 is used for treating diabetes and managing chronic weight.

KP Energy on Thursday said it has secured a 30 MW wind power project in Gujarat.

The company will supply the power to Gujarat Urja Vikas Nigam Limited (GUVNL) as per the terms of Power Purchase Agreement (PPA), it said in an exchange filing.

The execution of the project will expand company’s existing IPP (independent power producing) capacity to approximately 50 MW.

PTC Industries received production order from BAE Systems for Supply of Titanium Castings for M777 Ultra-Lightweight Howitzer

Shares of The Tata Power Company jumped to hit a fresh all-time high of Rs 494.85 on NSE after Morgan Stanley upgraded the stock to an 'overweight' rating from 'underweight' earlier.

The global brokerage firm also hiked the price target for Tata Power shares to Rs 577, suggesting an upside of 1 percent increase from the previous closing.

Morgan Stanley analysts highlighted the effective combination of Tata Power's stable, regulated businesses and its market-linked initiatives, including the green platform, transmission, and pumped hydro projects. Read More

Shareholders at the company's Annual General Meeting have approved a stock split, dividing one equity share of Rs 10 face value into 10 equity shares with a Re 1 face value.

With Swiggy filing its draft red herring prospectus (DRHP) for an initial public offering (IPO), the food delivery giant is taking a significant step towards joining its competitor, Zomato, in the public markets. The IPO will include a fresh issue worth Rs 3,750 crore and an offer for sale (OFS) expected to exceed Rs 6,500 crore, bringing the combined IPO size to well over Rs 10,000 crore. Investors looking to diversify away from Zomato will be keeping a close eye on this listing. READ MORE

The Sensex was up 46.91 points or 0.05 percent at 85,883.03, and the Nifty was up 41.50 points or 0.16 percent at 26,257.50.

#1 Company’s August spending market share rose nearly 18 bps MoM, to 15.7 percent

#2 On a YoY basis, spending fell 3 percent, lower than +13 percent for the industry

#3 Fall in spending reflects continued impact of RBI's notification on corporate card spending

Authum Investment & Infrastructure and Mahi Madhusudan Kela have announced an open offer for acquisition of up to 62,98,351 fully paidup equity shares of face value of Rs 5 from the public shareholders of the company, representing 26% of the voting share capital on a fully diluted basisat a price of Rs 864 per equity share aggregating to total consideration of up to Rs 5,44,17,75,264 (assuming full acceptance) payable in cash.