Stock Market Live Updates: Sensex, Nifty trade flat as investors await Fed rate decision

The shares of G R Infraprojects were trading at ₹1,639.85, down by ₹4.75 or 0.29 per cent on the NSE today at 10.50 am, a day after G R Infraprojects Limited completed the sale of its wholly-owned subsidiary, GR Aligarh Kanpur Highway Private Limited (GAKHPL), to Bharat Highways InvIT.

IntellectAI, the AI-focused business unit of Intellect Design Arena, announced the launch of its wealth platform, WealthForce.AI, for the Middle East market. 

Intellect Design Arena stock trades flat on the NSE at ₹986.95.

APL Apollo Tubes has appointed Pankaj Sharma as the Chief Human Resource Officer (CHRO), w.e.f today

Aurobindo Pharma informed that USFDA had conducted a Pre-Approval Inspection (PAI) of the new injectable facility of Eugia Steriles Private Limited (a 100% subsidiary of Eugia Pharma Specialities Limited and a stepdown subsidiary of the Company), situated at Parawada Mandal, Anakapalli District, Andhra Pradesh, from March 28, 2024 to April 05, 2024. The Unit has now received the Establishment Inspection Report (EIR) and the inspection is closed.

Aurobindo Pharma stock slid 0.92% on the NSE, trading at ₹1,538.20.

MOIL is looking at joint ventures with the states of Gujarat and Madhya Pradesh to mine manganese ore, Chairman Ajit Kumar Saxena said at an event on Wednesday.

The miner is also eyeing critical minerals domestically and overseas, Saxena said. 

Bajaj Finance (2.66%), PFC (2.61%), REC (1.74%), Shriram Finance (1.53%)

REC Limited, one of India’s infrastructure financing companies, signed non-binding Memorandums of Understandings (MoUs) with renewable energy developers for projects worth approximately ₹1.12 lakh crore.

The MoUs were signed on the sidelines of the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gujarat. The company stated that these projects, slated for implementation over the next five years, cover a broad range of renewable energy initiatives, including solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and advanced energy storage solutions like Battery Energy Storage Systems (BESS) and pumped storage.”

Nifty 50 began today’s session at 25,402 versus yesterday’s close of 25,419. The index is now hovering around 25,430.

The advance/decline ratio stands at 33/17, giving the index a bullish bias. Hero MotoCorp, up 2.6 per cent, is the top gainer whereas Tech Mahindra, down 3.1 per cent, is the top loser.

Mid- and small-cap indices appear mixed. Nifty Financial Services, up 0.8 per cent, is the top performing sectoral index whereas Nifty IT, down 0.6 per cent, has lost the most.

The Finance Ministry issued a budget circular to kick off the budget exercise for fiscal year 2025-26. The budget is likely to be presented on February 1 next year.

This will be Finance Minister Nirmala Sitharaman’s eighth successive budget, and she has already surpassed Former Prime Minister Morarji Desai’s record of presenting six successive budgets. Overall, Desai presented 10 budgets, and Sitharaman is expected to surpass that record, too, during the third term of the Modi Government.

Garden Reach Shipbuilders & Engineers Limited (GRSE) has been upgraded from ‘Schedule S’ to ‘Schedule A’ CPSE by the Government of India. 

Shares trade flat on the NSE at ₹1,729.75

Heinz India Private Limited (“HIPL”) merged with Zydus Wellness Products Limited (“ZWPL”), a wholly owned subsidiary company, has received an Order in Form DRC-07 from the Office of Assistant Commissioner of State Tax, Jurisdiction - Patna Special, Bihar under section 73 of the Central Goods and Services Tax Act, 2017 (“the Act”) alleging short payment of tax for FY 2019-20 amounting to ₹ 10.51 million (including penalty of ₹ 0.55 million), on account of alleged availment of excess input tax credit.

Zydus Wellness stock slips 0.85% to trade at ₹2,151.60 on the NSE

Adani Energy Solutions informed regarding claims filed by Reliance Infrastructure that the parties have mutually agreed to settle all disputes and withdraw all claims filed in connection with the share purchase agreement dated 21st December 2017.

Adani Energy Solutions stock trades flat on the NSE at ₹989.85

Inox Green Energy Services announced that its privately held renewable power generation platform, IGREL Renewables Ltd., has raised Rs 300 crore equity capital, eventually resulting into a single digit dilution.

Inox Green Energy Services stock rose 1.61% on the NSE, trading at ₹209.79

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Inox Wind Limited (IWL) has received a Letter of Intent (LoI) from IGREL Renewables Ltd (IGREL) for execution of 550 MW wind capacity on turnkey basis.

Shares trade flat on the NSE at ₹244.98.

Vaibhav Global Limited (VGL) announced that CARE Ratings Limited has upgraded its long-term bank facilities rating from “CARE A” to “CARE A+” with stable outlook.

Vaibhav Global stock inched up 0.16% on the NSE, trading at ₹309.90

G R Infraprojects informed the receipt of consideration from Bharat Highways InvIT, a wholly owned subsidiary namely GR Aligarh Kanpur Highway Private Limited (“GAKHPL”) transferred to Bharat Highways InvIT.

GR Infraprojects stock declined 1.86% on the NSE, trading at ₹1,614.

Vidarbha Industries Power Limited (VIPL) ceases to be a subsidiary of Reliance Power and the entire obligations of the Company as a Guarantor on behalf of VIPL stands fully settled resulting in release and discharge of Corporate Guarantee, Undertakings and all obligations and claims thereunder in relation to the outstanding debt of VIPL amounting to Rs 3872.04 Crore.

Reliance Power stock trades at its upper circuit on the NSE at ₹32.97, higher by 5%

Reliance Infrastructure has settled and paid its entire obligations with Edelweiss Asset Reconstruction Company Limited (Edelweiss) with respect to the Non Convertible Debentures issued by the Company, in consideration of an amount of ₹235 crore.

Reliance Infra stock surges 4.75% to trade at ₹246.80 on the NSE.

Honasa Consumer’s Mamaearth announced its presence in Canteen Stores Department (CSD) under the Ministry of Defence, across India. 

Honasa Consumer stock slips 0.98% on the NSE, trading at ₹475.

Bajaj Finance (2.13%), Shriram Finance (1.94%), Hero Motocorp (1.76%), Bajaj Finserv (0.96%), ITC (0.67%)

Top losers:

Tech Mahindra (-2.39%), Wipro (-2.26%), Infosys (-2.16%), LTIMindtree (-2.01%), TCS (-1.88%)

India’s Hindalco Industries plans to start solar modules manufacturing and set up a plant in the western state of Gujarat, two people familiar with the matter told Reuters on Tuesday.

The company, owned by cement to fashion retail conglomerate Aditya Birla Group, is evaluating a five-year plan in the competitive sector, one of the sources said.

Hindalco has identified land in port town Mundra in Gujarat, the second person said.

India’s No.2 aluminium maker, Hindalco Industries, is yet to get board approval and finalise its capital expenditure plans, both sources said. - Reuters

Crude oil futures traded lower on Wednesday morning as an industry report showed an increase in inventories in the US. At 9.22 am on Wednesday, November Brent oil futures were at $73.37, down by 0.45 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $69.61, down by 0.50 per cent. September crude oil futures were trading at ₹5941 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5989, down by 0.80 per cent, and October futures were trading at ₹5856 against the previous close of ₹5902, down by 0.78 per cent.

The Indian stock market opened on a mixed note Wednesday as investors eagerly awaited the U.S. Federal Reserve’s interest rate decision later in the day. The Sensex opened slightly lower at 83,037.13, while the Nifty50 started the day at 25,402.40, both marginally down from their previous closes.

Global markets showed cautious optimism ahead of the Fed’s announcement, with most Asian stocks rising in early trade. However, U.S. stocks closed nearly flat on Tuesday, giving up earlier gains that had pushed the S&P 500 and Dow Industrial Average to record highs.

The market size of logistics grew at a CAGR of 11 per cent from FY19 till FY24 and it is projected to reach a market size of ₹35.3 trillion by FY29. While expenditure on logistics as a % of GDP is at a relatively higher 13 per cent, it is expected to drop to high-single-digits on improving connectivity and efficiencies through formalisation of the economy. 

Silver was trading at $30.50 as traders braced for a key policy decision from the Federal Reserve, which is expected to decrease interest rates for the first time in four years. Markets remain divided on the extent of the decrease, with odds for a massive 50 basis point cut now at 65%, up from 25% a month ago. Meanwhile, the dollar gained ground as a surprisingly high retail sales reading indicated that consumer spending remains reasonably strong. Retail sales in the United States unexpectedly rose 0.1% in August from the previous month, confounding estimates of a 0.2% fall and following an upwardly revised 1.1% increase in July.

Gold prices remained stable as market investors braced for the Federal Reserve’s expected decision to cut interest rates for the first time in more than four years. Retail sales in the United States unexpectedly increased by 0.1% in August, implying that the economy remained stable throughout the third quarter. The Fed will announce its interest rate decision later in the day, following which Chair Jerome Powell will conduct a press conference. The Fed’s last rate drop occurred in March 2020, amid the COVID-19 pandemic. Markets are currently putting in a 64% chance of a 50 basis point relaxation at the end of the two-day meeting, compared to 43% on Friday. The likelihood of a 25 basis point rate drop have shrunk dramatically after reports rekindled the prospect of further aggressive easing.

NTPC: Government approves NPCIL-NTPC JV company to take up Nuclear Power Generation 

SKF India: Company initiates a separation of its automotive business, separation of automotive business with objective of separate listing on Nasdaq Stockholm

Mirza International: Company Launches 100% Wholly Owned Unit, Genesis Brands Pvt Ltd, For Expanding Footwear Retail and E-commerce Operations. 

Vakrangee: Company partners with star health insurance to offer health insurance products 

Infosys: Company partners with Metro Bank to accelerate digital transformation. 

Indo Count: Company unit acquired majority stake in fluvitex USA, entity being acquired belongs to manufacturing of all kinds of textile products like pillows, comforters, and similar filled products 

Oil upstream stocks: Government scraps windfall tax on petroleum crude as global prices cool.

Hindalco: Evaluating solar module production plans for next 5 years 

Tilaknagar Industries: Company gets Rs 103.6 million as partial subsidy from government of Maharashtra 

NIBE Ltd: Government of Maharashtra has confer the status of “Mega Project” under package Scheme of Incentives Policy, 2019, its proposed manufacturing facility at MIDC, Shirdi, Ahemdnagar 

Doms Industries: Company acquires majority stake in Uniclan Healthcare for Rs 54.88 crore 

Avantel: Company received order worth Rs 93.9 million from Newspace india for supply, installation and commissioning of ground segment hub 

KCP: High court of judicature at madras has passed an order in favor of Company

Torrent Power: Company receives LoI Maharashtra State Electricity Distribution for “Supply of 1,500 MW Energy Storage Capacity from Pumped Hydro Storage Project 

Indo Tech: Company received letter of award worth Rs 425.6 million for supply of 4 NOS of 192 MVA transformers 

Kernex/Railtel: Kavach system operationalized on 108 km Kota-Sawai Madhopur section; 54 km/month pace. 

Rattan India: Company’s unit launches two electric motorcycles— RV1 and its premium variant. 

REC: Company has signed non-binding MoUs with RE developers aggregating about ₹ 1.12 lakh crore which will be implemented over a period of 5 years. 

Tata Power: Company’s solar cell unit in Tamil Nadu to be fully functional by October: CEO Praveer Sinha 

DCM Shriram Industries: Company receives BSE observation letter for composite scheme of arrangement 

Tata Motors: TML SecuritiesTrust sells 1.15 crore shares of Tata Motors as part of DVR swap. 

Biocon: LIC raises stake in Company to 5.023% from 4.982%. 

TVS Holdings: Company unit to acquire additional securities in emerald haven town and country; deal for Rs 25 million, entity being acquired belongs to real estate, construction sector 

Hindustan National Glass: Mr. Amal Chandra Saha Appointed as Non-Executive Independent Director of the Company

Dhanuka Agritrch: ICRA Limited has withdrawn the rating of AA (stable) and A1+ assigned for the bank facilities of the Company.

Utkarsh Small Finance Bank: RBI approves variable remuneration to be paid to MD & CEO for fy24 & fixed remuneration for FY25

Mankind Pharma: Board meeting on September 20 to consider and approve raising of funds. 

Satin Creditcare: Company to consider fund raising via NCDs on private placement basis on September 20 

Mphasis: Company appoints Ajay Arya as Head of Mergers & Acquisitions.

Zydus Life: Company to acquire Sterling Biotech’s fermentation-based API business for Rs 84 crore.

VST Ind: Ace investor Radhakishan Damani cuts stake in VST Industries.

Market pundits do not seem to be too enthused about the impending rate cuts by the US Federal Reserve, the first in over four years.

For one, a 25-basis point (bp) rate cut is already baked into the prices and may not move the needle much for the benchmark indices which are trading at or near historically-high valuations. A 50-bp rate cut may jolt the markets into action but the effects are likely to be temporary, as participants digest the reasons for the larger cut and reflect on the health of the global economy. Lastly, rates cuts in India are likely to happen with a lag, most likely in the last quarter of CY24.

The Reserve Bank of India’s clampdown on unsecured lending has forced banks and non-banking financial companies (NBFCs) to focus on secured lending products such as gold loans. With gold prices surging almost 25 per cent in the last one year, and lenders ramping up digital on-boarding steps, gold loans have surged in the 12 months ending June 2024.

Data from RBI and from quarterly reports of NBFCs shows that outstanding gold loans have grown 20-30 per cent in the last one year. Even as NBFCs dominate this segment, scheduled commercial banks alone have seen a 30 per cent YoY growth in gold loan outstanding as of June 2024 at ₹1,23,776 crore.

In a significant regulatory overhaul, the Competition Commission of India (CCI) issued a sweeping notification late last night, announcing comprehensive amendments to its General Regulations. These changes mark a significant step in refining the enforcement of competition law in India, aimed at making the implementation of CCI’s orders more robust, transparent, and accountable.

Among the most noteworthy provisions is the introduction of a formal framework for monitoring the implementation of orders issued by the Commission. This crucial addition underscores CCI’s intent to ensure strict compliance with its directives, especially in matters relating to mergers, commitments and settlements in the context of anti-competitive practices and other significant competition law cases.

A drop in food and fuel prices saw wholesale inflation based on the Wholesale Price Index (WPI) drop to a four-month low of 1.31 per cent in August, data released by the Commerce & Industry Ministry on Tuesday showed. This is in contrast to retail inflation, based on Consumer Price Index, which rose a tad to 3.7 per cent in the month.

India’s trade deficit widened to nearly $30 billion in August as gold-led merchandise imports surged to over $64 billion while merchandise exports declined to around $35 billion, data released by Commerce & Industry Ministry showed. Ballooning trade deficit has an impact on the rupee which closed at 83.75 against a dollar on Tuesday.

“Exports are facing huge challenges on current global circumstances,” Commerce Secretary Sunil Barthwal said in a monthly briefing told reporters, in regard to the monthly trade data. Rising shipping costs and a slowdown in China coupled with recessionary trends in Europe and the US were also impacting exports, he said. 

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

The share price of Lloyds Metals and Energy has moved up sharply over the last few days. The outlook is bullish. Strong support is around ₹800. Immediate resistance is at ₹825. If this holds on its first test, a dip to ₹810-₹800 is a possibility in the next few days.

Here’s an interesting stock idea: The stock idea that we have for you today is Lloyds Metals & Energy. The stock has moved up very well over the last few days and is looking strong on the charts. The outlook is bullish and the share price can go up further in the coming days.