Stock Market Highlights September 17, 2024: Sensex, Nifty inch up, lifted by rally in auto stocks; markets await Fed decision

Top gainers: Hero Motocorp (3.25%), Bajaj Auto (2.02%), Bharti Airtel (1.68%), NTPC (1.19%), M&M (0.89%) 

Top losers: Tata Motors (-1.36%), Eicher Motors (-1%), Adani Ports (-0.98%), Coal India (-0.96%), JSW Steel (-0.88%)

Jupiter Wagons Limited has announced transformation of its subsidiary, changing the company’s name from Bonatrans India Private Limited to Jupiter Tatravagonka Railwheel Factory Private Limited.

Jupiter Wagons stock declined 3.10% to trade at ₹528.30 on the NSE.

Tata motors (-1.34%), Eicher Motors (-1%), Adani Ports (-0.92%), Coal India (-0.81%), ITC (-0.73%)

Hero Motocorp (3.14%), Bajaj Auto (2.10%), bharti Airtel (1.59%), NTPC (1.44%), M&M (1.06%)

​​MICL Group (Man Infraconstruction)​​ completes 19th Real Estate Project; delivers ‘Aaradhya Evoq’ in Juhu within 2.5 Years

Man Infraconstruction stock rose 1.08% to trade at ₹192.20.

Stocks advanced on BSE at 3 pm on September 17, 2024, were 1,692 against 2,229 stocks that declined, and 113 remained unchanged. Total stocks traded were 4,034. The number of stocks that recorded a 52-week high was 291, and those that hit a 52-week low was 22. 

A total of 330 stocks traded in the upper circuit, and 206 in the lower circuit.

Nupur Recyclers board has approved acquisition of shares of Frank Metals Recyclers Private Limited, a company engaged mainly in the business of manufacturing and trading of Ferrous and Non Ferrous Metal Scrap and also recycling of the same.

Nupur Recyclers stock trades at 113.88 on the NSE, down by 2.09%.

Life Insurance Corporation Of India has decreased its shareholding in equity shares of DCM Shriram Industries Ltd from 6.675% to 4.659%.

LICI stock trades flat on the NSE at ₹1,023.90.

DCM Shriram trades flat at ₹1,080.05

IndusInd Bank has been imposed a penalty of ₹2,950 by Reserve Bank of India for discrepancies pointed out by RBI Chandigarh in Soiled Note Remittance (SNR) sent by Chandigarh Currency Chest.

Shares trade flat on the NSE at ₹1,469.15

A penalty of ₹2,06,85,387/- plus penalty equal to the applicable interest under Section 28AA of the Customs Act, 1962 (“Act”) payable on the duty demanded, under Section 114A of the Act and redemption fine of ₹75,00,000/- under Section 125 of the Act, in relation to the goods imported by the Company in the year 2013 & 2016; and 

A penalty of ₹11,40,797/- plus penalty equal to the applicable interest under Section 28AA of the Act payable on the duty demanded, under Section 114A of the Act and redemption fine of ₹9,50,000/- under Section 125 of the Act, in relation to the goods imported by the Company in the year 2013. 

Shares declined 2.07% to trade at ₹171.86 on the NSE.

Indian stock markets continued their upward trajectory on Tuesday, with both the Sensex and Nifty posting modest gains by early afternoon trading. The BSE Sensex stood at 83,121.55, up 132.77 points or 0.16 per cent from its previous close, while the NSE Nifty50 reached 25,427.80, gaining 44.05 points or 0.17 per cent. 

The positive sentiment was tempered by caution ahead of the U.S. Federal Reserve’s interest rate decision due Wednesday. Market participants are closely watching for potential rate cuts, with former New York Federal Reserve President William Dudley’s call for a half-point reduction fueling expectations. 

ICRA Limited has upgraded the Credit Ratings for Long Term – Fund Based – Term Loan of Ashoka Ankleshwar Manubar Expressway Private Limited, (SPV) a wholly owned subsidiary of Ashoka Concessions Limited, a subsidiary of Ashoka Buildcon.

The ICRA has assigned the Credit Rating for Long Term – Fund Based – Term Loan as [ICRA] AAA upgraded from [ICRA] AA; Outlook revised to stable from Positive.

Ashoka Buildcon stock trades flat on the NSE at ₹249.27

Panacea Biotec on Tuesday said it has reached a settlement agreement with Sanofi Healthcare India over patent infringement litigation for a fully liquid hexavalent vaccine, EasySix.

Under the terms of settlement agreement, Sanofi has agreed that at present, it would not directly or indirectly commercially launch its fully liquid hexavalent vaccine ‘Shan6’ in India, Panacea Biotec said in a regulatory filing.

Further, Sanofi will also withdraw oppositions against the amendment application filed against Panacea Biotec’s patent ‘IN272351’ on hexavalent vaccine before the Indian Patent Office, it added. - PTI

Gold prices on Tuesday increased Rs 29 to Rs 73,525 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for October delivery traded higher Rs 29 or 0.04 per cent at Rs 73,525 per 10 grams in a business turnover of 14,680 lots.

Fresh positions built up by participants led to a rise in gold prices, analysts said.

Globally, gold futures increased 0.10 per cent to USD 2,611.60 per ounce in New York. - PTI

Star Cement has incorporated KOPILI CEMENT (I) PRIVATE LIMITED (‘KCIPL’) in the State of Meghalaya as a Wholly Owned Subsidiary of the Company.

Star Cement stock rose 2.16% on the NSE, trading at ₹212.02

Shares of Bajaj Housing Finance surged after a stellar market debut, touching a fresh high on the second day. The stock surpassed the ₹180-mark, hitting ₹181.48 on the BSE, and ₹181.50 on the NSE, up by 10 per cent on Tuesday.

The company’s market capitalisation rose to ₹1.49 lakh crore.

The stock debuted at ₹150 on the NSE and BSE on Monday, at a premium of 114 per cent over the issue price of ₹70.

DCX Systems informed that vIndustrial Licensing Section, Office of the Development Commissioner Cochin Special Economic Zone (CSEZ), has granted Industrial license to wholly owned Subsidiary Raneal Advanced Systems Private Limited for manufacturing of the following items:

Production, Assembly and Testing of Microwave Submodules for command and guidance units for Missile Subsystems.

Integration and Manufacture of Avionics & Defence Electronic Equipment

Production, Assembly and Testing of Radar Systems and EW Systems.

DCX Systems stock hits upper circuit on the NSE at ₹346.90, higher by 4.99%.

Easy Trip Planners board has approved proposed investment of 30% of the aggregate post money paid-up equity share capital of Rollins International Private Limited 

and also investment of 49% of the aggregate post money paid-up share capital of Pflege Home Healthcare Center LLC.

Easy Trip Planners stock trades flat on the NSE at ₹41.90

Top gainers on the NSE as at 12 noon:

Hero Motocorp (2.99%), Bajaj Auto (1.51%), bharti Airtel (1.39%), Britannia (1.33%), Nestle India (1.31%)

Top losers:

Tata motors (-2.19%), BPCL (-1.28%), Adani Ports (-1.15%), Tata Steel (-1.08%), Maruti (-0.84%)

Stocks advanced on BSE at 12 noon on September 17, 2024, were 1,587 against 2,195 stocks that declined, and 143 remained unchanged. Total stocks traded were 3,925. The number of stocks that recorded a 52-week high was 257, and those that hit a 52-week low was 17. 

A total of 288 stocks traded in the upper circuit, and 193 in the lower circuit.

Modern Insulators approved to invest in 1,38,800 Equity Shares of Swiggy Limited for Rs. 360 per share. 

Modern Insulators stock rises 1.51% to ₹138.25.

RailTel Corporation of India Ltd. has received the work order from Health Insurance TPA of India Ltd. for Service amounting to ₹48.70 crore.

Shares slip 0.77% to trade at ₹466.10 on the NSE.

Zydus Lifesciences board has approved a Business Transfer Agreement to purchase the API business of Sterling Biotech Ltd (SBL), on a going concern basis, on slump sale basis, without values being assigned to individual assets and liabilities, on cash-free and debt-free basis at a pre-defined lump-sum consideration of ₹84 crore.

Zydus Lifesciences shares trade flat on the NSE at ₹1,112.75.

Netweb Technologies has clarified that the company has entered into a reselling arrangement with Beetel Teletech Ltd, for the latter to resell the existing product range of Netweb Technologies India. “Entering into such an arrangement is quite common for businesses like ours. This is neither launching a new product nor is entering into a new market.” 

Netweb Technologies stock slip 0.32% to trade at ₹2,775.85 on the NSE

Aluminium futures (September series) on the Multi Commodity Exchange (MCX) found support at ₹217 early last week and rebounded. On Monday, it closed at ₹231.8.

The contract faces resistance at ₹234. If this level is breached, aluminium futures can establish a fresh leg of uptrend, which can lift the contract to ₹242, its nearest potential barrier. Subsequent resistance is at ₹250.

Alkem Laboratories has incorporated a wholly-owned subsidiary Alkem Wellness Limited.

Alkem Laboratories stock trades at ₹6,276 on the NSE, down by 1.28%.

Amitabh Lal Das, General Counsel, Legal, has tendered his resignation from the services of Bajaj Auto, effective from the close of business hours today i.e., September 17, 2024 due to personal reasons.

JBM ECOLIFE Mobility (P) Ltd, a subsidiary (JV) of JBM Auto Limited, has secured $100 million strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). 

JBM Auto shares trade flat on the NSE at ₹2,033.

Bank Nifty opened today’s session higher at 52,249 versus yesterday’s close of 52,153. But the index fell after opening and is now trading at 52,130.

The advance/decline ratio stands at 4/8, giving the index a bearish bias. Bandhan Bank, up 1.3 per cent, is the top gainer whereas Punjab National Bank, down 1.3 per cent, is the top loser.

Geojit Financial Services’ stock fell 6.42 per cent to ₹158.23 as of 10.57 am on September 17, 2024, following the company’s announcement of an upcoming Rights Issue Committee meeting. The meeting, scheduled for September 19, 2024, will discuss the terms and conditions of a proposed rights issue, including the issue price and rights entitlement ratio. 

Airtel Digital TV has joined hands with Amazon Prime to offer live TV and Prime Lite benefits as part of its new Ultimate and Amazon Prime Lite plan. 

Hindi Ultimate & Amazon Prime Lite 1M - at ₹521 for 30 days

Hindi Ultimate & Amazon Prime Lite 6M - at ₹2,288 for 180 days

Bharti Airtel stock inched up 0.71% to trade at ₹1,647 on the NSE

Marine Electricals (India) Limited has received orders amounting to total of ₹6.87 crore

Stock declined 2.55% to ₹235 on the NSE.

Reliance Power has clarified that it participated in Request for Selection to establish a 500 MW/1000 MWh Battery Energy Storage System (BESS) invited by the Solar Energy Corporation of India (SECI) and is awaiting further communication in this regard.

“Accordingly, we are unable to comment on media speculations or on movement in price in the stock markets,” it said.

Shares trade flat on the NSE at ₹31.13

Piramal Pharma has received SBTi approval for its commitment to reduce Scope 1 and 2 GHG emissions by 42% and Scope 3 by 25% by FY 2030.

Shares trade flat on the NSE at ₹227.42.

Delhivery has confirmed partnership with Team Global Logistics for expanding cross‐border services. “Furthermore, we wish to state that the Company regularly enters into strategic partnerships as part of its business operations to enhance its reach. These partnerships are a routine aspect of the Company’s logistics activities and are conducted in the ordinary course of business,” it said.

Shares inched up 0.53% to ₹423.60 on the NSE.

Nifty auto declines 0.74% to 25,639.15.

Stocks that fell over 2% were Tata Motors (-2.29%), Ashok Leyland (-2.15%), Apollo Tyres (-2.01%)

The rupee appreciated 2 paise to 83.84 against the US dollar in early trade on Tuesday, helped by a weak greenback against major crosses overseas and lower crude oil prices in international markets.

However, a sluggish trend in the domestic equities and fresh foreign fund outflows amid US rate cut expectations restricted the rise in the local unit, forex traders said.

Samvardhana Motherson announced the opening of QIP at a floor price for the Issue, being ₹ 188.85 per Equity Share.

Shares trade flat on the NSE at ₹192.59

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Veefin Group of Companies has announced its third acquisition in end-to-end digital lending platform EpikIndifi, in a cash and equity swap deal valued at around ₹125 crore.

Veefin Solutions stock rose 2.48% on the BSE, trading at ₹699.50

Britannia (1.88%), Apollo Hospitals (1.28%), Divi’s Lab (1.15%), Tata Consumer (0.99%), Hindustan Unilever (0.77%)

Top losers:

Tata Motors (-2.29%), HDFC Life (-1.06%), Eicher Motors (-0.87%), Maruti (-0.80%), TCS (-0.68%)

Indian markets opened near an all-time high on Tuesday, however, investors are in a wait-and-watch mode before the Fed rate cut announcements.

Nifty 50 index opened at 25,416.90 points with a surge of 33 points or 0.13 per cent while the BSE Sensex gained 95 points to open at 83,084.63. Both the indices are near their all-time highs of 25445.70 and 83,184.34.

Firstsource: Company partners with Microsoft Azure OpenAI for digital transformation offerings 

Globus Spirits: Company launches its first Single Malt Whisky under the brand DŌAAB India Craft Whisky 

Strides Pharma Science: Company receives approval from U.S. FDA for generic antidepressant drug Fluoxetine. 

Tarmat: Company received Order worth Rs 139.5 crore from Maharashtra State Infrastructure Development Corporation for highway work. 

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

Thomas Cook: Company capitalizes on Kolkata’s high-potential market with the launch of its store in New Town, Increases consumer access to 8 locations in the city. 

HPL Electric: Company has successfully obtained an order valued at Rs 144 crore for supply of smart meters. 

Artemis Medicare: Company has informed about the capacity addition in the company’s flagship hospital located at Gurugram 

Shapoorji Pallonji Group: Flagship infrastructure firm, Afcons Infrastructure, gets SEBI nod for its ₹7,000 crore IPO 

TVS Motor: Company launches Apache RR310 at starting price of Rs 2.75 lakh, ex-showroom 

Adani Wilmar: Adani Enterprises and Wilmar International are expected to start sale of a minority stake in their consumer joint venture Adani Wilmar.

Krishival Foods: Company approved to make strategic investment in melt ‘n ‘ mellow foods; deal for Rs 90 million

JK Tyre: Company board approved scheme of amalgamation of Cavendish industries with Company 

HEG: CFO of the Company, Gulshan Kumar Sakhuja resigns 

Akme: Exicutive Director of the Company, Ramesh Kumare Jain resigns

SAMIL: Launches QIP to Raise Up ₹6,398.6 Cr, Issue Price ₹186.3-193.79/sh. 

Sandur Manganese: Board of directors approved a proposal to raise up to ₹1,000 crore through the issuance of equity shares via QIP 

Spicejet: Launches QIP to raise up to Rs 3,000 cr at an Indicative Issue price of Rs 61.60/share. 

Reliance Infrastructure: Company to consider fundraising plans on September 19. 

Vedanta: Company says no disruption to alumina refinery operations after water storage breach 

Godrej Agrovet: Temasek sells 1.4% Godrej Agrovet stake. 

Allcargo Terminals: August volumes see marginal declineof 1%, both month-on-month & year-on-year.

Silver rose to approximately $31, reaching a two-month high amid growing speculation that the Federal Reserve may choose for a more aggressive interest rate decrease at this week’s meeting. Markets are currently pricing in a 62% chance of a 50-bp cut at the end of the two-day meeting, compared to 43% on Friday. The odds have shrunk dramatically as media reports rekindled the possibility of a more aggressive easing. Meanwhile, China’s poor economic data sparked demand fears in the world’s largest metal consumer. Data released over the weekend showed that China’s industrial output, retail sales, and fixed asset investments underperformed expectations in August. The urban jobless rate also jumped to a six-month high, while housing prices declined at the fastest rate in nine years.

“Former New York Federal Reserve President William Dudley has called for a half-point rate cut, heightening expectations of an aggressive move by the Fed this Wednesday. Overnight, the Dow Jones hit a new all-time high, while Gift Nifty is trading above the dotted lines, though bullish sentiment may be restrained amid uncertainty over the upcoming rate cut. Nifty is likely to trade within a range of 25,000-26,000, with 26,000 acting as a key resistance. Meanwhile, Bajaj Housing Finance surged 136% on debut, and Dixon Technologies rose 7% following a key manufacturing deal. In terms of strategy, Nifty and Bank Nifty look set for moderate gains, while EXIDE Industries is a recommended buy for the week.”

Gold prices remained steady, hovering near record highs set in the previous session, as markets await the commencement of a US easing cycle, which could begin with an outsized rate cut. Markets are currently pricing in a 62% chance of a 50-bp cut at the end of the two-day meeting, compared to 43% on Friday. The odds have shrunk dramatically as media reports rekindled the possibility of a more aggressive easing. In other news, the Bank of Japan is anticipated to maintain monetary policy stable next week while signalling that further interest rate hikes are on the way and highlighting progress the economy is making in keeping inflation around its 2% target. Investors also processed the news on Sunday that Republican presidential contender Donald Trump was the target of a second assassination attempt. SPDR Gold Trust said its holdings increased by 0.20% to 872.23 tonnes on Monday.

Indian benchmark indices Sensex and Nifty 50 are likely to open flat to positive, as trend in GIFT Nifty suggest a muted start for the broader index. Asian markets were trading mixed. US markets ended mixed on Monday, as investors assessed the likelihood of an upsized rate cut from the U.S. Federal Reserve this week. The Dow Jones Industrial Average rose 228.30 points, or 0.55%, to 41,622.08, the S&P 500 gained 7.07 points, or 0.13%, to 5,633.09 and the Nasdaq Composite lost 91.85 points, or 0.52%, to 17,592.13. Indian markets ended to fresh all-time high and snapped a three-day losing streak on September 16. At close, the Sensex was up 97.84 points or 0.12 percent at 82,988.78, and the Nifty was up 27.25 points or 0.11 percent at 25,383.75

Mahindra & Mahindra launched small commercial vehicle Veero to capture the sub-3.5-tonne SCV market. It will expand its light commercial vehicle (LCV) portfolio with seven new models by 2030.

Bajaj Finserv, Bajaj Finance: The spectacular listing of Bajaj Housing Finance’s puts Bajaj Finance and Bajaj Finserv in focus as the total market cap of the group sees an upsurge. In addition there is news of Bajaj Finserv being knocked out of the Sensex as part of the index rebalancing. 

Trent, which is expected to replace Bajaj Finserv in the Sensex 

Adani Energy Solutions, which is in continuing talks with Kenya Electricity Transmission Co to construct three high-voltage transmission lines, 

Vedanta, which reported a water storage facility overflow at Lanjigarh alumina refinery in Odisha due to heavy rains. 

Strides Pharma has received US FDA approval for its generic Fluoxetine tablets (60 mg). 

Reliance Power has secured a contract for a 500 MW/1000 MWh battery energy storage system from the Solar Energy Corporation of India (SECI). 

Bharat Petroleum Corporation has received a show cause notice from the Central Pollution Control Board for failing to install vapour recovery systems at 28 storage terminals. 

Indo Count Industries’ US arm has acquired 81% stake in Fluvitex USA, Inc. for $19.63 million. The company has an exclusive option to purchase the remaining 19% stake for $4.6 million in the next five years.

JK Tyre has approved the merger of Cavendish Industries with itself. 

TVS Holdings has acquired a 100% stake in its step-down subsidiary, TVS Digital, from TVS Motor Company.

Gold prices held steady on Tuesday to hover near record highs scaled in the previous session, as markets anticipate the beginning of a U.S. easing cycle, with expectations that it might start with an outsized rate cut.

Spot gold was flat at $2,582.84 per ounce. Bullion rose to a record high of $2,589.59 on Monday. U.S. gold futures were also steady at $2,609.90. - Reuters

Japan’s Nikkei share average sank on Tuesday, weighed down by woories of a stronger yen, as investors braced for a super-sized interest rate cut from the U.S. Federal Reserve this week.

The Nikkei dropped 1.5% to 36,023.51, as of 0127 GMT, as the market reopened after a national holiday on Monday, when Japan’s currency hit a more than one-year high against the dollar. The broader Topix index slumped 1.3%. - Reuters

India received 108.5 mm in the first half (1-15) of this month, which is 14 per cent above the normal of 95.2 mm. It helped the overall seasonal rainfall, under the influence of the south-west monsoon, to reach at 108 per cent of its long period average (LPA) between June 1 and September 15.

In June, the rainfall was 11 per cent deficient, while it was 9 per cent surplus and 16 per cent surplus in August. India Meteorological Department (IMD) predicted rainfall across the country to be ‘above normal” (more than 109 per cent of LPA) in September.

Institutional credit to agriculture reached an all-time high of ₹25.10 lakh crore during 2023-24, reflecting the importance of financing in driving agricultural growth, according to RBI Deputy Governor Swaminathan J.

The Securities and Exchange Board of India on Monday, reduced the time taken for trading of bonus shares to two working days.

This will apply to all bonus issues announced on or after October 1.

SBI Cards (SBIC) has been witnessing a volatile trend in asset quality and a rise in credit costs for the past few quarters. It has lost its second position to ICICI Bank in card spending by losing about 290 basis points (bps) of its market share since August 2023. The market share loss in online spending had been even steeper at about 410 bps, whereas for the offline mode, the loss is about 50 bps. For cards in force (CIF), SBIC lost market share of about 100 bps, though it remained the second-largest issuer. We believe that the softening of the capital base has affected the growth, which will continue in the coming quarters too.

Hindalco Industries is the metals flagship company of Aditya Birla Group. It is one of the largest primary producers of Aluminium in Asia. Hindalco operates under three segments – low-cost vertically-integrated Aluminum segment (1.3 mt); world’s largest rolling and recycling Novelis operations (4 mt rolling and 2.5 mt recycling facility); and custom copper smelting (0.42 mt copper cathodes capacity).

The IPO of Northern Arc Capital Ltd (NACL), a systemically important non-deposit taking NBFC, is open for subscription from September 16 to 19. The issue size is ₹777 crore, with a fresh issue of ₹500 crore. NACL is a professionally-run company with no identifiable promoters. A few institutional investors are set to pare their stake. The company proposes to utilise the fresh issue proceeds to meet future capital requirements towards onward lending.

The stock idea that we have for you today is NALCO The downtrend in this stock that was in place since July has ended. The rise on Monday confirms the trend reversal. It also indicates that a fresh leg of upmove has begun. The outlook is bullish, and the share price can go up in the coming days.

The outlook for National Aluminium Company Limited (NALCO) is bullish. The stock has begun the week on a strong note by rising 3.8 per cent on Monday. This rise confirms that the short-term downtrend that was in place since July has ended. It also signals that a fresh leg of upmove has begun.

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