Closing Bell: Sensex up 260 pts, Nifty above 26,000 led by media, power, realty

The record run continued on Dalal street on September 25 as the Nifty index managed to close above 26,000 for the first time led by energy, metal and media names. At close, the Sensex was up 255.83 points or 0.30 percent at 85,169.87, and the Nifty was up 63.80 points or 0.25 percent at 26,004.20.

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.

Markets experienced a volatile session but managed to extend their upward trend, with a sharp rally in the last half hour pushing Nifty to close near the day's high at 26,004.15. Throughout most of the day, the tone was subdued, while sectoral performance was mixed. Energy and realty sectors posted gains, whereas IT and FMCG lagged. Profit-taking in midcap and smallcap stocks put pressure on market breadth.

We maintain our bullish outlook amid ongoing consolidation and recommend focusing on stock selection aligned with sectoral trends. Besides rate-sensitive sectors, we observe strong momentum in metal and power stocks, while the current correction in IT presents a buying opportunity. Traders should plan their positions accordingly.

Nifty opened mild in the red and consolidated with a positive bias during the day to close with gains of ~64 points. On the daily charts, we can observe that the Nifty dipped towards 25850 – 25875 support zone and resumed its upmove. The hourly moving averages absorbed the selling pressure and restricted further slide. The Nifty is likely to continue its upmove towards 26300 which is the weekly upper Bollinger band. The support zone is placed at 25850 - 25800.

Bank Nifty also consolidated with a positive bias and witnessed subdued price action on account of monthly expiry. The consolidation is likely to break out on the upside and we expect the bank Nifty to rally towards 55000 from short term perspective. There can be some consolidation, however the uptrend is intact. Crucial support is placed at 53800 – 53600.

The Nifty made another lifetime high as bulls seemed in no mood to back down, despite a weak start. The sentiment is likely to remain positive as long as it remains above 25,900, where aggressive put writing was visible.

Technically, the Nifty has sustained above its very short-term moving average. Furthermore, no reversal is visible in the momentum indicator. Therefore, we might witness a range-bound to positive move in the near term. Resistance on the higher end, is seen at 26200-26250.

Markets were extremely range-bound for most of the trades, but winding up of short positions ahead of tomorrow's monthly expiry triggered a small rally towards the end which saw both benchmark indices, Sensex & Nifty, closing above their psychological levels of 85000 and 26000 respectively. However, broader market weakness due to profit-taking could be a signal that the current rally may face intermittent hurdles due to global uncertainty and rising Middle East conflict.

For major part of the session, the Index remained rangebound but a sudden spurt in the last hour of the trading session propelled the Index to end the session at 26,004.15 with gains of 63.75 points. On the sectoral front, Media was the top performer followed by Energy and Realty while PSU Banking and IT were the major laggards. Mid and Smallcaps corrected by 0.63% & 0.42% and underperformed the Frontline Index.

As indicated yesterday, the Index has virtually tested its immediate support of 25,850 and reversed to form a bullish candle on the daily chart suggesting a trend continuation to rally till 26,200 while the support level is shifted higher to 25,950.

Indian rupee ended 7 paise higher at 83.60 per dollar on Wednesday versus Tuesday's close of 83.67.

In the volatile session the Indian equity indices ended on strong note on September 25 with Nifty above 26,000 for the first time.

At close, the Sensex was up 255.83 points or 0.30 percent at 85,169.87, and the Nifty was up 63.80 points or 0.25 percent at 26,004.20. About 1637 shares advanced, 2148 shares declined, and 104 shares unchanged.

Power Grid Corp, NTPC, Axis Bank, Grasim Industries, Bajaj Finserv were among the top gainers on the Nifty, while losers are LTIMindtree, Tech Mahindra, Tata Consumer, Tata Motors and Titan Company.

BSE Midcap and Smallcap indices down 0.5 percent each.

On the sectoral front, power, metal, media and realty indices up 0.5-3 percent, while FMCG, PSU Bank and IT down 0.5-1 percent.

Indian Rupee edged higher today on weak US Dollar and improved risk sentiments amid China’s economic stimulus. S&P Global projected India’s 2024-25 GDP forecast at 6.5%, unchanged from its previous projection. US Dollar also weakened on the back of disappointing economic data from the US and expectations of further rate cuts by the US Federal Reserve.

US CB consumer confidence fell to 98.7 in September from 105.6 in August and forecast of 103.9. Richmond Manufacturing Index also fell to -21 in September from -19 in August.

We expect Rupee to trade with a positive bias amid improved global risk appetite and weak tone in the US Dollar. However, elevated crude oil prices may cap sharp upside. Traders may take cues from new home sales data from the US and speeches by FOMC members. USDINR spot price is expected to trade in a range of Rs 83.40 to Rs 83.75.

#1 Reports say company is likely to sell down up to 3 percent of loans in order to rapidly bring down its LDR

#2 Selling loan is important for quicker normalisation of operations

#3 Target price raised to factor in a higher multiple for bank & for its NBFC subsidiary

#1 Revision in transaction fees to comply with SEBI's true-to-label norms

#2 Ceteris paribus, rise in transaction fees would result in a 5 percent increase in F26 EPS

#3 Large proprietary & high frequency traders will be particularly sensitive to the rise

#4 Need to see what will be impact on trading volumes

Coromandel International has acquired an additional equity stake in Baobab Mining and Chemicals Corporation, Senegal through Coromandel Chemicals Limited, a wholly-owned subsidiary of the Company.

Max Estates announces New York Life Insurance Company's acquisition of a 49% stake in Max Towers and Max House for Rs 391 crore, maintaining a 51 percent stake in both assets.

Aditya Birla Renewables Ltd raised Rs 2,500 crore via non-convertible debentures (NCDs), including a base issue of Rs 2,000 crore and a Rs 500 crore green shoe option, on September 24, 2024.

The Sensex was up 8.35 points or 0.01 percent at 84,922.39, and the Nifty was down 17.90 points or 0.07 percent at 25,922.50.

Shriram Properties has launched a new project under the ‘Codename - Pudhiya Chennai’, a prestigious apartment project situated in the vibrant Thirumazhisai neighbourhood of Chennai.

The company has entered into Investor Relations Support Service Agreement on 24th September, 2024 with Ernst & Young LLP for providing Investor Relations Support Services.

Adani Green Energy at its AGM approved material related party transaction by its subsidiary Adani Renewable Energy Sixty Four with TotalEnergies Renewables Singapore Pte.

The board will meet on September 27 to consider raising funds through the issuance of permissible instruments or securities, in one or more tranches, via private placement, qualified institutional placement, preferential issue, or any other method.

Distributor Procter & Gamble Bangladesh has terminated the Distribution Agreement with Gillette India, effective December 31, 2024. Due to this termination, the company will see a proportionate drop in net sales under this agreement. For FY24, net sales under the said Distributor Agreement accounted for 2% of the company’s total net sales. There is no material impact on the company’s profits due to this termination.

Indian Energy Exchange (IEX) stock fell over 4 percent on September 25, extending losses for the second straight session following the government’s reported plans to go ahead with the market coupling proposal.

Market coupling is a model where buy bids and sell bids from all power exchanges in India will be aggregated and matched, to discover a uniform market clearing price (MCP). Read More

The board has approved the demerger of the company’s hospitality and real estate business via a Composite Scheme of Arrangement.

Delta Penland, a subsidiary of Delta Corp, is a newly incorporated company that will carry on the hospitality and real estate business. As per the share entitlement ratio, Delta Penland will allot one new equity share for every one equity share held by eligible shareholders in Delta Corp.

#1 Company on track for FY25 guidance; all eyes on H2 order inflows

#2 Backlog to support growth trends; supply chains remain a monitorable

#3 Key to watch in post Q2 management commentary would be updates on pipeline orders

#1 Company aims to grow revenue to USD 2 billion+ with 25 percent EBITDA margin by FY30

#2 Revenue guidance achievable & led by higher contribution of innovator CDMO contracts

#3 Despite ongoing capex, company expects 1x net debt to EBITDA by FY30 from 3.4x in FY24

#4 FY25/26 EBITDA estimates increase by 4-10 percent on stronger margin

Ravi Lahoti, Chief Audit Executive of the Bank, has decided to pursue alternate opportunities, and has, accordingly, tendered his resignation from the services of the Bank vide letter dated September 23, 2024.

The RPG Group company launched its Qualified Institutions Placement (QIP) issue on September 24. The floor price has been fixed at Rs 976.64 per share.

Mindspace REIT announced its strategic partnership with Princeton Digital Group (PDG) to develop PDG’s flagship and largest data center

campus in India, at Mindspace Airoli West.

The company has executed an Assignment Agreement and Term Sheet with Zee Entertainment Enterprises for the assignment of satellite and media rights of its 37 films for six years, commencing from August 25, 2027, for 25% more compared to the previous agreement.

HEG Limited shares rose close to 10 percent in the morning trade on September 25 after the company said it fixed October 18 as the record date for determining entitlement of shareholders for a stock split. Following the announcement, the stock jumped 9.86 percent to Rs2,537 on the National Stock Exhcange (NSE). READ MORE

#1 Revision in transaction fees to comply with SEBI's true-to-label norms

#2 Ceteris paribus, rise in transaction fees would result in a 5 percent increase in F26 EPS

#3 Large proprietary & high frequency traders will be particularly sensitive to the rise

#4 Need to see what will be impact on trading volumes

The company has fixed October 18, 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub-division / split of existing equity shares of the company, such that 1 equity share of the company of the face value of Rs 10 each fully paid up be sub-divided/split into 5 equity shares of the company of face value of Rs 2 each fully paid up, ranking pari passu in all respect.

The board will meet on September 27 to approve the commercial terms for the proposed issuance of non-convertible debentures (NCDs). In July, the board had approved raising funds through the issuance of NCDs up to Rs 2,000 crore in one or more tranches, on a private placement basis.

The board will meet on September 27 to consider raising funds through the issuance of permissible instruments or securities, in one or more tranches, via private placement, qualified institutional placement, preferential issue, or any other method.

The board will meet on September 30 to consider an alteration in the share capital of the company by sub-dividing or splitting the existing equity shares having a face value of Rs 10 each. In the same meeting, the board will also consider the appointment of new directors, if any.

The JSW group is not "withdrawing" its proposed Rs 40,000 crore electric vehicle (EV) and battery project from Odisha, a senior company official said on September 24.

The company's announcement comes after a section of media reported that the JSW group plans to shift its EV and battery project from the eastern state to Maharashtra. Read More

Snowman Logistics approved resignation of Sunil Prabhakaran Nair as Chief Executive Officer & Whole-time Director, and Key Managerial Personnel, with effect from the close of business hours of 30 November, 2024.

Ans also approved appointment of Padamdeep Singh Handa as Whole Time Director & Chief Executive Officer, and Key Managerial Personnel, of the Company with effect from 01 December, 2024.

Man Infraconstruction has secured the Occupancy Certificate (OC) for the F-wing of its "Atmosphere O2" project in Mulund West, Mumbai within ~3.5 years of its launch.

The company successfully delivered 2.8 million square feet of carpet area ahead of schedule, showcasing its expertise and

commitment to timely project completion.

Max Estates announced closure of the transaction with New York Life Insurance Company acquiring 49 percent stake in Max Towers and Max House (Phase I & II), by deploying Rs 391 crore. Both are rent-yielding operational commercial assets located in Noida and Delhi. Max Estates continue to hold a 51 percent stake in both SPVs.