Closing Bell: Nifty, Sensex end nearly 2% higher after hitting record highs; Hindalco, Bharti Airtel surge around 4%

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened on a flat note and was consolidating during the first half. A sharp upmove during the last hour of the session helped the index to post a strong close with a gain of ~470 points. on the daily charts, we can observe that the Nifty has broken out of a sideways consolidation on the upside. the next leg of the upmove towards 25500 – 25700 has begun. Support base shifts higher towards 25100 from short-term perspective.

Bank Nifty also broke out of consolidation on the upside and has started its upmove towards 52000 – 52500. Prices are sustained above key daily moving averages, which is a sign of strength. So, there is a case for the momentum to continue over the next few trading sessions.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Across the board buying support lifted both benchmark Sensex & Nifty to fresh record highs as falling US bond yields and expectations of a rate cut by the US Federal Reserve in next week's policy meeting fuelled massive optimism. Although the US CPI data may not be encouraging for aggressive rate cuts, recent economic readings showed the economy could be facing challenges going ahead, and hence the Fed may go for a rate cut.

With retail money continuing to flow in despite concerns of stretched valuations in local markets, investors remain upbeat about India's resilient economy in a slowing global economy. Technically, Nifty closing above 25200 is a good sign, and the next resistance is above 25580. And by September end, there is a high possibility that Nifty can touch and trade in the range of 25600-25700 levels.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

The rupee traded flat within a narrow range, closing at 83.96, as the dollar index also remained stable near 101.72 following a volatile session the previous day, with a low of 101.25. The US CPI data came in line with expectations at around 2.5%, supporting positive fund flows and increasing the likelihood of US interest rate cuts, with markets pricing in a potential 1% reduction by the end of December. Given these factors, the rupee is expected to stay range-bound between 83.80-84.10, with sideways movements near the current lows.

Narendra Solanki, Head Fundamental Research, Anand Rathi Shares and Stock Brokers

Indian markets opened in green on the back of positive Asian markets buoyed by a tech-fueled rally on Wall Street overnight during the afternoon session markets further gained in strength and traded sharply higher as traders preferred to buy large-cap stocks. The markets further gained strength on news of China cutting rates by 50 bps on $5 trillion mortgages as soon as this month to boost consumption came out ahead of a European Central Bank (ECB) policy meeting later in the day; providing much much-needed sentimental boost to the markets.

Vinod Nair, Head of Research, Geojit Financial Services

The bulls took charge towards the end of the day and lifted the indices to a new high, mirroring the bullish global trend. The rate-cut optimism across the globe (ECB & US Fed) has provided a positive impetus to the global market. The subsequent leg of the rally will be influenced by the outcome of domestic inflation and IIP data while the corporate core earnings are forecast to improve in Q2 on a QoQ basis.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty has broken out of its recent consolidation on the daily chart, indicating a rise in optimism. Additionally, the index has been sustaining above the critical 21-day EMA, a near-term moving average. The RSI on the daily chart shows a bullish crossover, reinforcing the positive sentiment. The trend is expected to remain strong, as the index closed above the recent consolidation high. On the upside, the rally could potentially continue toward the 25,470–25,500 range, while support is seen at 25,100.

Ajit Mishra – SVP, Research, Religare Broking Ltd

The markets reached a new high on the weekly expiry day, gaining nearly two percent. While the session remained subdued for the most part, strong buying in heavyweight stocks across sectors propelled the index sharply upward in the final hours. As a result, the Nifty closed at 25,388.90, up 1.9%. All sectors contributed to the rally, with metals, auto, and energy leading the gains. The broader indices also followed suit, with the midcap index hitting a new high.

This surge has reversed the previous weakness, positioning Nifty to potentially test the 25,550+ zone. On the downside, the 24,900-25,150 range is expected to provide support in the event of any dip. Participants should focus on sectors and themes displaying consistent trends and prioritize large-cap and major midcap stocks for fresh buying opportunities.

Market@close | Indices end near record high; Sensex gains 1,400 pts, Nifty settles above 25,300

The Sensex was up 1,439.55 points or 1.77 percent at 82,962.71, and the Nifty was up 470.40 points or 1.89 percent at 25,388.90. About 2,228 shares rose, 1,564 fell, and 103 were unchanged.

All Nifty 50 stocks, barring Nestle ended in the green, with Hindalco, Bharti Airtel and NTPC leading the gains. Along with that, all sectoral indices also posted gains. Metals, automobiles, capital goods, technology and power sectors surged 2-4 percent.

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Stock Market@3 | Sensex, Nifty trade at new highs

At 3:01 pm, the Sensex was up 1,392.61 points or 1.71 percent at 82,915.77, and the Nifty was up 449.30 points or 1.80 percent at 25,367.80. About 2045 shares advanced, 1,367 declined, and 80 unchanged.

Stock Market LIVE Updates | What's fueling D-Street bulls?

A significant number of short positions have accumulated in the system. As these shorts are being covered, it is driving the upward momentum in both the Nifty and Bank Nifty. This short-covering is contributing to the accelerated pace of the current market rally, said Nirav Harish Chheda, Technical and Derivatives analyst, Nirmal Bang.

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Stock Market LIVE Updates | Investors' wealth surged by Rs 5.14 lakh crore

Sensex surged over 1000 points and Nifty soared above 25,250 on F&O expiry day. Investors gained Rs 5.14 lakh crore as the market capitalisation of all listed companies on BSE surged by Rs 5.14 lakh crore to Rs 465.9 lakh crore.

Stock Market LIVE Updates | Thermax Partners With Ceres For Green Hydrogen Production With Electrolysis Cell Manufacturing In India

Stock Market LIVE Updates | SOM Distilleries unveils India’s first beer with a twist cap

SOM Distilleries and Breweries has unveiled India’s first twist cap beer with its "Woodpecker Premium Beer". Woodpecker Premium Beer which will be a first in India will feature a "never-seen twist-style cap. This pioneering innovation marks a significant shift in how beer is enjoyed in the country, providing beer lovers with novelty and unprecedented ease and convenience," the company said.

Not only is SDBL launching the first twist cap in India for the first time, but Woodpecker Premium Beer is also making its debut in Karnataka—one of SDBL’s fastest-growing and most promising markets, it added.

Stock Market LIVE Updates | Nifty, Sensex surge over 1%

Benchmark indices surged to over 1 percent amid volatility on Weekly F&O expiry day. At 14:15 hrs IST, the Sensex was up 864.45 points or 1.06 percent at 82,387.61, and the Nifty was up 294.10 points or 1.18 percent at 25,212.60. About 1,973 shares advanced, 1,406 declined, and 91 were unchanged.

Stock Market LIVE Updates | Tembo Global partners with European Giant, stock hits upper circuit

Tembo Global Industries announced a significant strategic partnership with a leading European company to establish a state-of-the-art arms and ammunition manufacturing facility in India. The newly signed Memorandum of Understanding (MoU) marks a pivotal moment for Tembo Global as it expands its footprint into the defense manufacturing sector, the company said.

The MoU outlines a comprehensive partnership wherein the European company will lend its expertise to assist in the establishment of the new manufacturing plant. The agreement also includes a strategic buy-back arrangement, under which the European partner will purchase a significant portion of the firearms produced by Tembo Global Industries Limited. This move is set to solidify Tembo Global’s position within the defense industry and enhance its operational capabilities.

Stock Market LIVE Update | Bajaj Holdings announces dividend

Bajaj Holdings And Investment Ltd. will pay an interim dividend of Rs 65 (650%) per equity share of face value of Rs 10 for the financial year ending March 31, 2025.

Crypto Check | Bitcoin surged above $58,000

The cryptocurrency market surged on Thursday, fueled by US core inflation data that slightly exceeded expectations, reducing the chances of a major rate cut by the Federal Reserve next week. As of 1:30 pm IST, Bitcoin climbed 2.4% to $58,058, while Ethereum gained 1% to $2,362.

Other major cryptocurrencies also saw gains: BNB rose 5.6%, Solana increased 2.2%, Dogecoin advanced 2%, Toncoin was up 2%, Cardano surged 4.5%, and Shiba Inu added 1.2%.

Expert view | Vinay Paharia, CIO, PGIM India Mutual Fund

The market tide seems to be turning in favour of high-growth and high-quality companies. Markets have seen significant volatility in FY25, especially after the union election results. From 1st June 2024 onwards, the tide seems to be turning, especially post the election results. High-growth and high-quality companies have outperformed low-growth and low-quality companies by about 10% in this period.

# Market fabric is changing. It has now once again started favouring high-growth and high-quality companies.

# This is driven by expectations of a dovish interest rate environment.

# Earnings expectations remain strong for high-growth and high-quality companies. However, expected earnings in the cyclical segments of the market have started weakening.

Commodity Check | Gold rangebound on mixed US CPI data

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

Gold is currently up nearly 0.20% as it is changing hands at $2518. Yesterday, spot gold closed with a loss of 0.20% at $2411 on mixed US CPI data (August). Headline August US CPI was up 0.2% MoM, and up 2.5% YoY, down from 2.90% in July. Both the estimates were in line with the forecasts; however, core CPI rose 0.3% MoM Vs forecast of 0.2%.

The US yields recovered on the mixed data. Today's US data on tap include PPI (August) and jobless claims. Markets will closely monitor PPI data as this data forms a part of PCE data. The European Central Bank may cut rates by 25 bps at its monetary policy meeting today.

Overall, gold continues to trade in a familiar range. Support is at $2500/$2470. Resistance is at $2532/$2550. Dip buying is a favoured strategy.

Stock Market LIVE Updates | Relief for Adani Power, stock edges up

In a relief for Adani Power, the Supreme Court has restored custody of Coastal Energen to the successful resolution applicants, Adani Power and Dickey Alternative Investment Trust (DAIT).

The decision comes after Adani Power and DAIT challenged the NCLAT's interim order from September 6, which had granted custody of the company to the Resolution Professional (RP). On August 31, Adani Power and DAIT had paid Rs. 3,335 crore to lenders to take over custody of the company.

Stock Market LIVE Updates | Airtel Business and Sparkle sign agreement for Blue‐Raman capacity between India and Italy

Bharti Airtel's B2B arm Airtel Business has signed an agreement with Sparkle, the first international service provider in Italy and a top global operator, for additional capacity on a diversified low latency route between Asia and Europe. Under the agreement, Airtel will take capacity from Sparkle on the Blue‐Raman Submarine Cable Systems, which will connect India to Italy.

With this additional capacity, Airtel will further diversify its global network across multiple international submarine cable systems to serve the growing demand for data services in India and neighbouring countries, the company said in a filing.

Stock Market LIVE Updates | Vedanta unit plans expansion, stocks gains

Vedanta's unit, Vedanta NICO, is planning to expand its nickel and nickel sulphate production capacity. The company sees significant opportunities for exporting nickel sulphate to Northeast Asia, the company said in statement to Reuters.

Stock Market LIVE Updates | Aurionpro Solutions bags order worth over Rs 200 crore from Municipal Corporation of Panvel

Aurionpro Solutions announced a significant order win from the Municipal Corporation of Panvel, with the company being appointed as the Technology Partner for the Panvel Safe City initiative. This project will involve the installation of advanced surveillance and smart city technologies, transforming the city's safety and security infrastructure.

The contract is a five-year deal valued at over Rs 200 crores. The initial phase of project implementation will be executed over the next 12 months, followed by a long-term maintenance and support phase.

Stock Market LIVE Updates | Jain Irrigation signs MoU with Sher-e-Kashmir University to offer technology-driven solutions to farmers

Stock Market LIVE Updates | Minda Corp board approves fundraise of up to Rs 1,000 cr via issue of shares, QIP

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Brokerage Call | Morgan Stanley raises price target for PNB Housing Finance

#1 Overweight Call, Target Raised To Rs 1,500/Sh From Rs 1,025/Sh

#2 After Balancesheet Repair & Franchise Rebuilding, Assess That Co Can Deliver Loan Growth

#3 See Re-rating Up To 2.5x FY27 P/B Over 12-18 Months As Loan Growth, RoA & RoE Expand

#4 Following A Sharp Rally, Profit Taking, Stock Supply & Rate Cuts Could Be Headwinds

#5 But See Profit Taking, Stock Supply & Rate Cuts As Transient

#6 Focus More On Structural Re-rating

Stock Market LIVE Updates | Bajaj Auto stock hits record high, extends rally to 4th-day on PM E-Drive outlay

Shares of Bajaj Auto Limited surged over 3 percent to attain a fresh all-time high of Rs 11,779 in morning trade on September 12 after the Union Cabinet approved the PM E-Drive scheme with an outlay of Rs 10,900 crore for two years to bolster the adoption of electric vehicles (EVs) in India. This is Bajaj's fourth consecutive day of gains on the bourses.

The scheme offers subsidies totalling Rs 3,679 crore to promote the use of battery-powered two and three-wheelers, ambulances, trucks, and other emerging electric vehicles. Recently, the company reported strong sales figures for August, with a 16 percent year-on-year increase in total vehicle wholesales, including exports, totaling 3.9 lakh units. Domestic sales also saw a 24 percent rise YoY, reaching 2.53 lakh units in August compared to 2.05 lakh units in the same month last year. In the current fiscal year, Bajaj Auto's overall sales grew by 10 percent YoY to 18 lakh units, comprising 15 lakh two-wheelers and 2.7 lakh three-wheelers.

Anand James, Chief Market Strategist, Geojit Financial Services

Nifty 50's slippage to 24,900 evolved as expected, even though it took almost half a day to diffuse upside momentum. But we maintain yesterday’s stance that this region could reignite bulls to re-group, and potentially aim for 25,150 again. Direct fall below 24,800 would let bears into the game again, but free falls may not unfold today.

Stock Market LIVE Updates | Engineers India jumps over 7% on securing order worth Rs 4,681 crore so far in FY25

Shares of Engineers India surged over 7 percent to Rs 224 each following the announcement that the company secured new business worth Rs 4,681 crore for the current fiscal year (FY25) as of August 31, 2024. This boost has lifted the company's order book to approximately Rs 11,350 crore.

So far this year, this engineering and technical services stock has skyrocketed over 27 percent, outperforming the benchmark Nifty 50's 15 percent gain. The stock previously reached a new 52-week high of Rs 304 on July 12, 2024.

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Brokerage Call | Axis Securities initiates buy rating on Va Tech Wabag; ups target price by 30%

Brokerage Axis Securities has initiated coverage on Va Tech Wabag Ltd (VTW) with a buy rating and increased its target price to Rs 1700 a share, up 30 percent from current market price. The brokerage supports the recommendation due to strong industry tailwinds, improving profitability, a robust order book, and expanding offerings.

The brokerage said the firm is well-positioned to capitalize on the growing water security and conservation market as global regulatory bodies allocate more resources to water conservation and tighten regulations on industrial waste. This shift has led to increased municipal and industrial spending on water infrastructure, creating significant opportunities for experienced players like VTW, it said. In recent years, VTW has enhanced its business mix, leading to improved profitability and cash flow, with EBITDA margins exceeding 13% in FY24, up from 8-9% previously.

Stock Market LIVE Updates | Maruti Suzuki launches CNG variant of Swift hatchback

Maruti Suzuki has launched the CNG variant of its hatchback model Swift on September 12, with a strong claim of a fuel efficiency of 32.85 km/kg, along with added features such as six airbags, along with Electronic Stability and Hill Hold Assist.

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