Closing Bell: Nifty around 20,050, Sensex up 246 pts; metal, oil & gas, PSU Banks shine

Ajit Mishra, SVP - Technical Research, Religare Broking:

Markets edged higher after a day of pause and gained nearly half a percent. After the flat start, Nifty witnessed a gradual up move and finally settled at 20,070 level; up by 0.38%. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein energy and banking posted decent gains while auto and IT ended lower. The broader indices too took a breather and ended in the green.

We reiterate our positive view on markets and suggest continuing with stock-specific approach, with a focus on index majors and other heavyweights. Among the sectoral pack, banking, financials and IT hold prominence for further up move, so align positions accordingly.

Dilip Parmar, Research Analyst, HDFC Securities:

Indian rupee consolidated in the narrow range ahead of the August US CPI release. It will probably lay the groundwork for a reasonably hawkish FOMC meeting this time next week. The Fed will as per the Dot Plots, hold out the threat of one further hike this year. This should keep the dollar reasonably bid well in the near term.

In the near term, spot USDINR has resistance at 83.15 and support at 82.80. The bias remains bullish for the pair as long as it holds the level of 82.70.

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

The Nifty opened on a flat note and traded with a positive bias throughout the day to close with gains of around ~70 points. On the daily charts we can observe that the Nifty consolidated within the range 20110 – 19914 of the previous trading session. The daily and hourly momentum indicator are providing divergent signals and hence a consolidation is likely in the near term. Moreover, after witnessing a sharp run-up during the last few trading sessions a consolidation is likely. The range of consolidation is likely to be 20100 – 1980.

During this consolidation we can expect sector rotation and stock specific moves. Overall, the short-term outlook is positive, and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19865 – 19810 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.

Bank Nifty was the star performer today as it managed to breach the previous day high of 45894 and closed above that indicating that it has started next leg of upmove. On the upside it has the potential to retest the swing high of 46370 and above that 46500. Daily and hourly momentum indicator has a positive crossover which is a buy signal.

Rupak De, Senior Technical analyst at LKP Securities:

Bulls successfully regained control from bears, pushing Nifty back above the 20,000 mark. Notably, it closed above this threshold, marking a historic closing high for Nifty.

The prevailing sentiment remains optimistic, contingent on put writers safeguarding the 19,900 level. A drop below 19,900 could unsettle put writers, potentially triggering market corrections.

On the upside, the 20,100-20,150 range is poised to act as resistance. A clear breakthrough above 20,150 might propel Nifty into a sustained upward trend.

Pranav Haridasan, MD & CEO, Axis Securities:

Nifty crosses 20K, a move of more than 12-13% of this fiscal year. Unlike earlier moves, this rally is broad-based with constant sector rotation. In the current rally, we have witnessed significant outperformance from small and mid-cap names compared to a large-cap index like Nifty50.

At this juncture, we believe it will be prudent for investors to take some risk off the table and shift from higher beta stocks to large caps and defensives. Amongst the small and mid-cap universe, we recommend investors stick to companies with a proven track record of generating wealth for investors through prudent capital allocation and efficient business operations.

Santosh Meena, Head of Research, Swastika Investmart:

The Nifty PSU Bank index has broken out to multi-year highs, gaining more than 10% in September alone. The chart pattern suggests that this is just the beginning of a rally, but intermediate corrections cannot be ruled out.

Investors can add the top three PSU banks, State Bank of India (SBI), Bank of Baroda (BoB), and Punjab National Bank (PNB), to their portfolios. They can also allocate a small portion of their portfolio to smaller PSU banks, as these stocks are high-beta and have the potential to generate higher returns.

The 4600-4450 range has become a strong support zone for the Nifty PSU Bank index. If the index sustains above this level, it could move up to the 5800-6000 range.

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

The bulls took charge and dominated the market, resulting in the formation of a bullish engulfing candlestick pattern on the Bank Nifty index. This pattern signifies a potential reversal of the previous bearish sentiment.

The lower-end support for the index is now established in the range of 45,700-45,600, serving as a strong cushion for the bulls and providing a crucial level of defense against any downward pressure.

Looking ahead, the immediate hurdle on the upside is situated at the 46,000 mark. A successful breach above this level would likely pave the way for further upward momentum, with potential targets at 46,300 and 46,600 levels.

Vinod Nair, Head of Research at Geojit Financial Services:

The domestic indices resumed its upward trajectory despite weak global cues. The cooling of domestic CPI inflation to 6.83% in August and the rise in industrial production data reaffirmed the robustness of the Indian economy. The contraction in the UK economy and rise in oil prices have created a level of uncertainty in the global market. Also, investors await US inflation data today, which holds global significance as it will provide insights into the Fed's policy outlook.

Rupee Close:

Indian rupee ended marginally lower at 82.98 per dollar versus previous close of 82.92.

Market Close

: Benchmark indices ended higher on September 13 with Nifty around 20,050.

At close, the Sensex was up 245.86 points or 0.37 percent at 67,466.99, and the Nifty was up 76.80 points or 0.38 percent at 20,070. About 2113 shares advanced, 1427 shares declined, and 126 shares unchanged.

Grasim Industries, Coal India, Bharti Airtel, Tata Consumer Products and Titan Company were among the major gainers on the Nifty, while losers included HDFC Life, Jio Financial, L&T, M&M and Adani Ports.

Among sectors, metal and oil & gas up 1 percent each and PSU Bank index up 4 percent, while capital goods, auto and Information Technology indices ended on a negative note.

The BSE midcap index made smart recovery from the day's low and ended flat, while Smallcap index added 0.8 percent.

Stock Market LIVE Updates | UBS View On Multi Commodity Exchange of India

-Buy rating, target raised to Rs 2,100 from Rs 1,950 per share
-Strong operational metrics
-Robust momentum in options ADV
-Tech transition is key near-term trigger, plan to complete by September end
-Raise EPS estimate by 26% in FY24 & 3-6% in FY25-26
-Factoring in strong traction in options volume & operating leverage

Stock Market LIVE Updates | HSBC View On Mahindra and Mahindra

-Buy rating, target raised to Rs 1,800 from Rs 1,700 per share
-Tractor business surprised positively this year, underlying monsoon trends not encouraging
-See downside risk to FY25 tractor growth
-Well compensated for by continued traction in SUV biz
-SUV production at 36,000-38,000 units/month, now at par with order intake run-rate
-Stock is trading at 16.3x FY25 core EPS

Stock Market LIVE Updates | Jefferies View On Can Fin Homes

-Buy rating, target at Rs 970 per share
-No major issues were detected at other branches post detailed review
-Can Fin Homes has tightened internal controls post fraud
-Housing loan demand is steady
-Management retained loan growth guidance of 18% in FY24
-Management expects NIMs to be range-bound despite tailwind from repricing of loans
-Existing provision will absorb slippages from restructured book per management

Stock Market LIVE Updates | KEC International wins order of Rs 1,145 crore

KEC International has secured a prestigious turnkey order of Rs 1,145 crores in its Transmission & Distribution (T&D) business for design, supply and installation of 380 kV overhead transmission line in the Kingdom of Saudi Arabia (KSA).

Stock Market LIVE Updates | Goldman Sachs View On Sapphire Foods India

-Buy rating, target at Rs 1,800 per share
-Expect a potential recovery starting Q3
-Q2 is a seasonally weak quarter for QSR sector
-In FY24, Q2 will be weaker than usual because of ‘Adhik-mas’
-CWC scheduled in India from early October to mid-November will be a catalyst

Sensex Today | Market at 3 PM

The Sensex was up 311.85 points or 0.46 percent at 67,532.98, and the Nifty was up 96.40 points or 0.48 percent at 20,089.60. About 1892 shares advanced, 1212 shares declined, and 86 shares unchanged.

IRB Infrastructure Developers Large Trade | 1.1 crore shares (1.8 percent equity) worth Rs 35 crore change hands at Rs 32.10 per share, reported CNBC-TV18.

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

Indian Rupee depreciated on Wednesday on strong Dollar and surge in global crude oil prices. However, positive domestic markets and upbeat macroeconomic data from India cushioned the downside. India’s CPI declined to 6.83% in August 2023 as compared to 7.44% in July 2023. Industrial production also increased unexpectedly by 5.7% in July 2023 as compared to 3.7% in June 2023. US Dollar gained on expectations that fed may hike interest rates one more time this year.

We expect Rupee to trade with a slight negative bias on rising US Dollar and surge in crude oil prices. Risk aversion in global markets may also weigh on Rupee. However, positive tone in domestic markets may support Rupee at lower levels. Traders may remain cautious ahead of US CPI data. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.30.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Rising crude prices positively impact oil exporters and negatively impact oil importing countries like India. Every 10 dollar rise in Brent crude prices widens India’s Current Account Deficit by 0.5%. Consequently this depreciates the INR and leads to imported inflation. Also rising crude prices impact the profit margins of companies that use oil as input. So, the impact on the stock market will be negative. But now in India the markets are ignoring the rising crude prices. The reason is that the positive impact of good GDP growth, decent corporate earnings and sustained fund flows to the market is neutralising the negative impact of rising crude. The situation might change if Brent crude rises to $100."

Nifty PSU Bank touch fresh record high led by J&K Bank, Punjab National Bank, Central Bank of India

Nifty PSU Bank index on a roll, hits all time high

European markets opened lower Wednesday as investors gear up for the latest U.S. inflation data for August, set to be released later today.

Sensex Today | Market at 2 PM

The Sensex was up 285.97 points or 0.43 percent at 67,507.10, and the Nifty was up 84.80 points or 0.42 percent at 20,078. About 1774 shares advanced, 1292 shares declined, and 101 shares unchanged.

Emkay Investment Managers, the asset management arm of Emkay Global Financial Services announced the appointment of Mr. Manish Sonthalia as the Chief Investment Officer at the firm.

Sensex Today | OPEC+ cuts to tighten oil market sharply in fourth quarter, says IEA

The extension of supply cuts by OPEC+ to the end of 2023 will lock in a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it stuck by its estimates for demand growth this year and next.

OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market. This month, oil benchmark Brent breached $90 a barrel for the first time this year after Saudi Arabia and Russia extended their combined 1.3 million barrels per day (bpd) cuts until the end of the year.

Output curbs by OPEC+ members of more than 2.5 million bpd since the start of 2023 have so far been offset by higher supplies from producers outside the alliance, including the United States, Brazil and still under-sanctions Iran.

Sensex Today | BSE Smallcap index up 0.5 percent supported by Coffee Day, IOL Chemicals, PDS

Stock Market LIVE Updates | Zydus Lifesciences receives EIR for the injectables manufacturing facility at Ahmedabad

Zydus Lifesciences has received the EIR report from the USFDA for the inspection conducted at the injectables manufacturing facility at Zydus Biotech Park located at Changodar, Ahmedabad from 5th to 13th June, 2023. The inspection was a cGMP Inspection and had ended with NIL observations.

Stock Market LIVE Updates | HSBC View On Tata Chemicals

-Buy rating, target at Rs 1,100 per share
-Soda ash prices in China have increased sharply
-Believe price increase in soda ash could be temporary & normalise soon
-Capacity expansions in India, US & Kenya over next years should support growth
-China capacities remain a risk, though note not really a crisis situation
-Stock currently trades at 15x PE based on FY25 EPS

JUST IN | SAT will continue hearing Zee Entertainment-SEBI case on September 14

Stock Market LIVE Updates | Coal India stock edges up on Rs 24,750-crore capex plans

Shares of Coal India Limited jumped on September 13, recovering partly from a nearly 3 percent loss to the stock a day before.

Wednesday's rise in the share price comes on the back of the company's plans to make a capital investment of nearly Rs 24,750 crore on 61 First Mile Connectivity (FMC) projects over the next couple of years to boost eco-friendly coal transportation.

The projects, which will be set up in three phases, will have a combined capacity of 763.5 million tonnes per annum (MTPA) on completion. Read More

Stock Market LIVE Updates | RVNL JV bags order worth Rs 245.7 crore from Western Railway

RVNL-MPCC (JV) emerges as the lowest bidder (L1) for all civil engineering works (Earthwork, Blanketing, Retaining Wall /Boundary Wall/ Side Drain, Major Bridges, Minor Bridges and LHS/RUB, LCs, Construction of Station Buildings, Platform, Subways cover over Platforms, Staff Quarters, Passenger Amenities, Circulating Area, approach roads, Offices, Service Buildings, watering, Sanitation, protection works etc. and Supply of 50 mm Machine Crushed Stone Ballast, Complete track works including linking of Track works in connection with Gauge Conversion work between Nadiad- Petlad (37.26 kms) of Vadodara Division of Western Railway. The project cost is Rs 245,71,80,973.69. The RVNL share is 74% and MPCC Share is 26%.

Stock Market LIVE Updates | NTPC stock darts up on Unit 1 trial of Telangana power project

Shares of NTPC Limited traded 1 percent higher at Rs 237 in early trade on September 13, recovering marginally after the stock fell over 3 percent on September 12. This comes after the state-run power major announced that it has completed Unit-1 of 800 megawatts (MW) of the Telangana Super Thermal Power project.

The installed capacity of NTPC Limited and NTPC group has reached 57,838 MW and 73,824 MW, the company said in an exchange filing on September 12. Read More

Sensex Today | Market at 1 PM

The Sensex was up 251.11 points or 0.37 percent at 67,472.24, and the Nifty was up 75.80 points or 0.38 percent at 20,069. About 1735 shares advanced, 1310 shares declined, and 98 shares unchanged.

Stock Market LIVE Updates | ABB invests $280 million in new robotics factory in Sweden

ABB is spending $280 million on a new robotics factory in Sweden, the Swiss engineering and technology group said on Wednesday, to meet growing demand triggered by customers moving production from Asia closer to their home markets.

ABB, whose products range from industrial motors and drives, to chargers for electric vehicles, will build the new factory at its site in Vasteras, eastern Sweden.

The new facility, due to open in 2026, will have 50% more production capacity than its old site and employ 1,300 people, ABB said.

Sensex Today | BSE Metal index up 1 percent led by Coal India, NMDC, SAIL India

Stock Market LIVE Updates | Ajmera Realty plans to monetise land parcels to pare debt

Listed real estate developer Ajmera Realty and Infra India Limited is looking to monetise its land holdings to reduce debt. The company has around 1.2 crore sqft of land (carpet area) in different parts of Mumbai. It has invested in the land parcels and added value by resolving challenges, said Ajmera Realty executives, during an investor call on the company’s Q1FY24 results. Read More

Stock Market LIVE Updates | Tata Elxsi partners with Ateme to enable fastest launch of FAST Services

Tata Elxsi announced a strategic alliance with Ateme to deliver a pre-integrated FAST (Free Ad-Supported Television) channel deployment solution.

Stock Market LIVE Updates | HPL Electric partners with Wirepas Oy for smart metering

HPL Electric & Power has entered in to strategic partnership with Wirepas Oy to reshape the landscape of smart metering in India.

Stock Market LIVE Updates | Gensol Engineering board approves allotment of 4.05 lakh equity shares to non-promoters

The board of directors of Gensol Engineering at their meeting held on September 13, 2023, have approved the allotment of 4,05,383 equity shares of face value of Rs 10 each, at an issue price of Rs 1480.08 per equity share (including a security premium of Rs 1470.08 per share) to nonpromoter.